TCRAP_Public/190524.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 24, 2019, Vol. 22, No. 104

                           Headlines



A U S T R A L I A

ARGUS GLOBAL: Second Creditors' Meeting Set for May 31
EASTERN GOLDFIELDS: To be Recapitalized as Ora Banda Mining
FAUNCE INVESTMENT: First Creditors' Meeting Set for June 4
GUVERA LIMITED: Second Creditors' Meeting Set for June 3
HVPS HOLDINGS: First Creditors' Meeting Set for May 31

JUST "1" CALL: Second Creditors' Meeting Set for June 4
KAMATA HOMES: First Creditors' Meeting Set for May 31
MORTGAGE HOUSE 2019-1: S&P Assigns B(sf) Rating to Class F Notes
MWSCLMS PTY: First Creditors' Meeting Set for June 3
PEPPER RESIDENTIAL No.24: S&P Assigns B(sf) Rating to Class F Debt

SWIM LOOPS: Jump Swim School Placed Into Administration
VENROY HOLDINGS: First Creditors' Meeting Set for May 29
WARREN ROSS: First Creditors' Meeting Set for June 3
WINEMAKING TASMANIA: First Creditors' Meeting Set for May 31


C H I N A

CAR RENTAL: Fitch Cuts LT IDR to 'B+', Outlook Stable
URUMQI GAOXIN: Fitch Confirms 'BB+' LT IDR, Outlook Stable


I N D I A

ADEA POWERQUIPS: CARE Cuts INR6.06cr Loan Rating to D, Not Coop.
AKSHAT AGRO: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
AMRUT COTTON: ICRA Maintains 'B+' Rating in Not Cooperating
ANINDITA STEELS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
BRAHMAGIRI DEVELOPMENT: CARE Assigns 'B' Rating to INR6.09cr Loan

CYMBIO PHARMA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
DIVINE TITANIUM: ICRA Assigns B- Rating to INR12cr Term Loan
EARTH BUILDPROP: Insolvency Resolution Process Case Summary
ESSAR STEEL: NCLAT Reserves Order on ArcelorMittal's Takeover Bid
GOYAL CATTLE: CARE Cuts INR5.25cr LT Loan Rating to D, Not Coop.

HAMSA MINERALS: ICRA Lowers Rating on INR10cr Loan to D
INDIRA PRIYADARSHINI: Ind-Ra Maintains D Rating in Non-Cooperating
INNOVATIVE TEXTILES: Ind-Ra Withdraws 'D' LT Issuer Rating
JAI SAI: Insolvency Resolution Process Case Summary
JEEVAN MATA: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable

JIND INDUSTRIAL: CARE Cuts INR6.37cr LT Loan Rating to D, Not Coop.
JOHNSON JEWELERS: Ind-Ra Affirms 'B+' Long Term Issuer Rating
JOT IMPEX: Insolvency Resolution Process Case Summary
KANDLA PACKAGING: CARE Maintains B+ Rating in Not Cooperating
KRISHNA STONE: Ind-Ra Affirms 'D' LT Issuer Rating in Not Coop.

KRUSHI UTPANNA: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
KVK BIO: Ind-Ra Maintains 'D' Rating in Non-Cooperating Category
LALWANI INDUSTRIES: Ind-Ra Affirms 'BB' Long Term Issuer Rating
LAXMI TRANSMISSIONS: ICRA Maintains 'B' Rating in Not Cooperating
N.C. JOHN: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating

NATVAR COTEX: ICRA Withdraws 'B' Rating on INR6cr Cash Loan
NOVELTY REDDY: CARE Cuts INR10cr LT Loan Rating to B+, Not Coop.
ODYSSEUS LOGOS: Ind-Ra Assigns 'BB' Rating to INR82MM Term Loan
PAN INDIA: ICRA Lowers Rating on INR641cr LT Loan to 'D'
RAMANI HOTELS: ICRA Withdraws B Rating on INR18.64r Term Loan

RASHMI MOTORS: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
REAL VALUE: CARE Cuts INR140cr NCD I Rating to D, Not Coop.
SINHA SQUARE: CARE Cuts INR9.42cr LT Loan Rating to D, Not Coop.
SMS CONSTRUCTIONS: ICRA Maintains 'B' Rating in Not Cooperating
SOUTH EAST: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating

SRINIVASA AGRO: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
SRINIVASAN CHARITABLE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
SRINIVASAN HEALTH: Ind-Ra Maintains 'D' Rating in Non-Cooperating
SWASTIK INFRA-LOGIC: Ind-Ra Migrates B+ Rating to Non-Cooperating
TD TOLL: ICRA Lowers Rating on INR301.4cr Term Loan to D

TK TOLL: ICRA Downgrades Rating on INR370.95cr Loan to D
VITTHAL GAJANAN: CARE Maintains D Rating in Not Cooperating
WORKSPACE METAL: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating


N E W   Z E A L A N D

MARTIN AIRCRAFT: Winds Up Business as Funding Runs Dry


S I N G A P O R E

DINERS CLUB: Fitch Affirms 'BBsf' Rating on Class C Notes
SWEE HONG: Expects to Post Net Loss for Q3 Ended March 31

                           - - - - -


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A U S T R A L I A
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ARGUS GLOBAL: Second Creditors' Meeting Set for May 31
------------------------------------------------------
A second meeting of creditors in the proceedings of Argus Global
Pty Ltd has been set for May 31, 2019, at 11:00 a.m. at Level 15,
50 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 30, 2019, at 4:00 p.m.

Joseph Hansell and John Park of FTI Consulting were appointed as
administrators of Argus Global on May 1, 2019.

EASTERN GOLDFIELDS: To be Recapitalized as Ora Banda Mining
-----------------------------------------------------------
Stuart McKinnon at The West Australian reports that the rebirth of
Eastern Goldfields has taken another step forward with
institutional and high net worth investors stepping up to meet a
shortfall of funds needed to recapitalise the failed gold producer
as Ora Banda Mining.

According to The West Australian, clients of broker Hartleys have
met a AUD6 million shortfall from a AUD7.6 million rights issue
while the company will raise a further AUD22.4 million via a
convertible note issue.

The report says the AUD30 million raised easily meets the AUD22
million minimum required for the completion of a deed of company
arrangement previously agreed to by creditors.

Of the AUD30 million, AUD13.3 million will be used to settle the
claims of creditors, who will also take up shares in the new entity
as part of a debt for equity swap. Trans-Atlantic private equity
fund Hawke's Point will emerge as Ora Banda's biggest shareholder.

The report relates that Ora Banda's new managing director David
Quinlivan said the capital raising was the last phase of the
transaction and the successful receipt of commitments for AUD30
million demonstrated market support for the new vision for the
company.

The West Australian says the new entity is planning to spend AUD20
million over 18 months at its flagship Davyhurst project, 120km
north-west of Kalgoorlie, to shore up resources and reserves ahead
of a definitive feasibility study eyeing a restart of the
historically troubled plant.

The project has a resource of 21Mt at 2.6 grams per tonne for 1.8
million ounces spread over 23 deposits. Ora Banda intends to focus
on just five advanced deposits comprising 9.2Mt at 2.8g/t for
840,000oz.

Shareholders will meet on June 7 to vote on the recapitalisation
and refloat of the company on the ASX, the report notes.

Eastern Goldfields collapsed in November last year after a AUD75
million plan to recapitalise the cash-strapped miner fell through.
The former company's major shareholder and executive chairman
Michael Fotios was declared bankrupt last month, the report notes.

                      About Eastern Goldfields

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100% interest
in the Davyhurst and the Mt Ida gold projects, which are located to
the north-west of Kalgoorlie. It also holds interests in Siberia,
Riverina, Callion, Waihi, and LOI projects. The company was
formerly known as Swan Gold Mining Limited and changed its name to
Eastern Goldfields Limited in December 2015.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- Eastern Goldfields Limited
- Monarch Nickel Pty Ltd
- Monarch Gold Pty Ltd
- Carnegie Gold Pty Ltd
- Siberia Mining Corporation Pty Ltd
- Mt Ida Gold Operations Pty Ltd
- Ida Gold Operations Pty Ltd
- Pilbara Metals Pty Ltd
- Mt Ida Gold Pty Ltd
- Eastern Goldfields Mining Services Pty Ltd
- Siberia Gold Operations Pty Ltd

FAUNCE INVESTMENT: First Creditors' Meeting Set for June 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Faunce
Investment Pty Ltd will be held on June 4, 2019, at 10:00 a.m. at
Suite 508, 147 King Street, in Sydney, NSW.

William James Hamilton of WJ Hamilton was appointed as
administrator of Faunce Investment on May 23, 2019.

GUVERA LIMITED: Second Creditors' Meeting Set for June 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Guvera Limited
has been set for June 3, 2019, at 4:00 p.m. at the offices of
Romanis Cant, at Level 2, 106 Hardware Street, in Melbourne,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 31, 2019, at 5:00 p.m.

Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were
appointed as administrators of Guvera Limited on April 18, 2019.

HVPS HOLDINGS: First Creditors' Meeting Set for May 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of HVPS
Holdings Pty Ltd will be held on May 31, 2019, at 11:00 a.m. at the
offices of G S Andrews Advisory, at 22 Drummond Street, in Carlton,
Victoria.  

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of HVPS Holdings on May 21, 2019.

JUST "1" CALL: Second Creditors' Meeting Set for June 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of Just "1" Call
Pty. Ltd. has been set for June 4, 2019, at 12:00 p.m. at the
offices of Oldhams Advisory, at Level 20, 300 Queen Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 31, 2019, at 4:00 p.m.

Glen Oldham of Oldhams Advisory was appointed as administrator of
Just "1" Call on April 17, 2019.

KAMATA HOMES: First Creditors' Meeting Set for May 31
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Kamata Homes
Pty Ltd will be held on May 31, 2019, at 9:30 a.m. at Oaks on
Collins - 480 Collins Street, in Melbourne, Victoria.

Andrew Schwarz and Benjamin Conrad of AS Advisory were appointed as
administrators of Kamata Homes on May 21, 2019.

MORTGAGE HOUSE 2019-1: S&P Assigns B(sf) Rating to Class F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Series 2019-1. Mortgage House RMBS
Series 2019-1 is a securitization of prime residential mortgages
originated by Mortgage House of Australia Pty Ltd.

The ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support is
sufficient to withstand the stresses we apply. The credit support
for the rated notes comprises note subordination. Subordination
provided to the 'AAA (sf)' rated notes exceeds our opinion of the
minimum 'AAA (sf)' level of credit support."

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  RATINGS ASSIGNED

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

  Series 2019-1

  Class      Rating         Amount (A$ mil.)
  A-1        AAA (sf)       255.00
  A-2        AAA (sf)        21.00
  AB         AAA (sf)         5.70
  B          AA (sf)          6.30
  C          A (sf)           5.20
  D          BBB (sf)         3.00
  E          BB (sf)          1.80
  F          B (sf)           0.50
  G          NR               1.50

  NR--Not rated.


MWSCLMS PTY: First Creditors' Meeting Set for June 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of MWSCLMS Pty
Ltd will be held on June 3, 2019, at 11:00 a.m. at the offices of
Hayes Advisory, at Level 16, 55 Clarence Street, in Sydney, NSW.

Alan Hayes of Hayes Advisory was appointed as administrator of
MWSCLMS Pty Ltd on May 22, 2019.

PEPPER RESIDENTIAL No.24: S&P Assigns B(sf) Rating to Class F Debt
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.24. Pepper Residential Securities
Trust No.24 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination. Subordination provided to
the 'AAA (sf)' rated notes is in excess in our opinion of the
minimum 'AAA (sf)' level of credit support.

-- The underwriting standard and centralized approval process of
the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
class A notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of cross-currency swaps to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1-u notes and the euro
dollar payments on the class A1-GEUR notes.

  RATINGS ASSIGNED

  Pepper Residential Securities Trust No.24

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$150.00
  A1-a       AAA (sf)        A$166.20
  A1-GEUR    AAA (sf)       EUR100.00
  A2         AAA (sf)         A$90.30
  B          AA (sf)          A$54.50
  C          A (sf)           A$21.00
  D          BBB (sf)         A$15.00
  E          BB (sf)           A$9.00
  F          B (sf)            A$7.50
  G          NR                A$9.00

  NR--Not rated.

The exchange rate applicable to the class A1-u notes is US$0.6944
per Australian dollar. The exchange rate applicable to the class
A1-GEUR notes is EUR0.6192 per Australian dollar. The class A1-a
and class A1-GEUR note sizes are to be determined.

SWIM LOOPS: Jump Swim School Placed Into Administration
-------------------------------------------------------
The Sydney Morning Herald reports that Jump swim school franchise
has collapsed, with administrators appointed to its main trading
company Swim Loops on May 20, adding to the uncertainty for some
franchisees hit by the company's litany of problems.

The problems with Jump were first revealed in an investigation by
The Age and Sydney Morning Herald in January this year with dozens
of franchisees paying hundreds of thousands of dollars for the
construction of swim schools and still waiting for a refund or for
the build to start up to two years later.

The franchise is operated through the company Swim Loops, which is
owned by Ian Campbell, the founder of Jump, the report says.

According to the report, Glenn O'Kearney of GT Advisory and
Consulting was appointed as administrator to Swim Loops following a
wind up application brought by Barry Ryle and Dorothy Ryle from
Western Australia, which is listed for June 11.

Jump operates more than 60 swimming school franchises around
Australia, and runs schools in New Zealand, Brazil, Singapore and
the United States. Swim Loops represents a majority of the
Australian franchisees, the report notes.

Associated business Jump Loops continues to trade but faces a wind
up application in Victoria on June 6, according to SMH.

SMH relates that Mr. O'Kearney said his appointment relates only to
Swim Loops and does not extend to or affect any other separate
related legal entities.

The administrator said while he investigated Swim Loops it would be
"business as usual" for Jump franchisees and staff, and he would
ask the court to allow sufficient time for the investigations, the
report relays.

"Over the course of the coming weeks, the administrator will be
assessing the financial position of the company with a view to
developing a recommendation for the future of the company for
consideration by creditors," the report quotes Mr. O'Kearney as
saying.

According to SMH, the administrator said Mr. Campbell intends to
submit a Deed of Company Arrangement (DOCA) proposal for
consideration by creditors in "an effort to provide a better
outcome for stakeholders than if the company was placed into
liquidation".

A spokesperson for Jump said the administration would allow it to
negotiate with creditors and would not have an impact on the wider
group of companies nor its trading franchises who are independent
owners, SMH relays.

"The company has been hamstrung with ongoing legacy issues with
multiple leases on premises that were unable to gain approvals,"
the spokesperson, as cited by SMH, said. "This has resulted in an
increase in costs and legal expenses that were simply no longer
viable for the company."

The spokesperson said no swim schools would be closed as a result,
the report relays.

Mr. Campbell said earlier this year about 80 franchisees were still
waiting for a swim school site or development approval, adds SMH.

VENROY HOLDINGS: First Creditors' Meeting Set for May 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Venroy
Holdings Pty Ltd will be held on May 29, 2019, at 11:00 a.m. at
Level 1, 84 Pitt Street, in Sydney, NSW.

David Joseph Levi of Levi Consulting Pty Ltd was appointed as
administrator of Venroy Holdings on May 17, 2019.

WARREN ROSS: First Creditors' Meeting Set for June 3
----------------------------------------------------
A first meeting of the creditors in the proceedings of Warren Ross
Enterprises Pty Ltd will be held on June 3, 2019, at 4:00 p.m. at
55 Berry Street, in Wagga Wagga, NSW.

Timothy Gumbleton and Andrew Bowcher of RSM Australia Partners were
appointed as administrators of Warren Ross on May 22, 2019.

WINEMAKING TASMANIA: First Creditors' Meeting Set for May 31
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Winemaking
Tasmania Pty Ltd As Trustee for the Winemaking Tasmania Unit Trust,
Winemaking Tasmania Holdings Pty Ltd and Winemaking Tasmania (T'ee)
Pty Ltd, will be held on May 31, 2019, at 4:00 p.m. at The Old
Woolstore Apartment Hotel, 1 Macquarie Street, in Hobart,
Tasmania.

Andrew Reginald Yeo and David Raj Vasudevan of Pitcher Partners
were appointed as administrators of Winemaking Tasmania on May 22,
2019.



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C H I N A
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CAR RENTAL: Fitch Cuts LT IDR to 'B+', Outlook Stable
-----------------------------------------------------
Fitch says the long-term issuer default rating of Car Rental Co.,
Ltd. has been lowered from 'B+' to 'B', and the outlook is stable.


The downgrade is based on one-off leverage that is higher than
Fitch's expectations, and Fitch expects the company to be less
likely to leverage effectively in the next two to three years.

The key rating driver

growth strategy puts leverage on pressure: From the perspective of
fleet size, it is China's second-largest car rental company, and
the company’s continued large investment in increasing market
share has increased its fleet size, resulting in high leverage.
Expected and recurrent free cash flow is negative. The adjusted
operating cash flow (FFO) adjusted net leverage ratio has risen
from 3.4 times at the end of 2016 and 4.3 times at the end of 2017
to 5.1 times at the end of 2018. Fitch believes that given the plan
to strengthen its position in the growing market, it is unlikely
that it will continue to leverage in the next few years –
although the company is implementing new vehicle acquisition
arrangements to cut cash outlays.

Vehicle Purchase Arrangement Increases Accounts Payable: As soon as
2017, the new vehicle purchase arrangement will be implemented.
Under this arrangement, once the vehicle has the right to purchase
the vehicle with less cash advance, the supplier will also agree to
the predetermined price and The terms repurchase the vehicle at a
glance, thereby reducing the uncertainty of the disposal of the
vehicle. Since then, the expansion of the use of this arrangement
has led to a significant increase in the amount (classified as
accounts payable) that should be paid to suppliers due to the
purchase of a car. The classification of the above amounts as
accounts payable helps to comply with the requirements of the loan
contract, but Fitch regards the company's purchase payables as
debt.

Changes in privatization are expected to be limited: on April 9,
2019, the newly revised privatization plan announced in February
2019 was announced. Fitch believes that privatization will not
cause a significant change in business and financial conditions in
the short term. Specifically, according to the revised
privatization plan, once the existing shareholder Ctrip
International Co., Ltd. has joined a consortium led by the chairman
to acquire shares held by the public, the transaction does not need
to bear more debts. In addition, a recently arranged syndicated
loan has restrictions on leverage and related coverage and regular
financial reporting requirements. This should help the company
maintain a certain degree of financial transparency after
privatization.

In December 2018, a three-year, $195 million syndicated loan
agreement was signed and the proceeds from the loan were used to
pay off its US dollar bonds due in 2018. The use of syndicated
loans reduced the short-term refinancing risk and proposed new
de-leveraging targets.

Leading in the industry; fierce market competition: At one glance,
it is still a leading car rental company in China. In 2018, the
company's fleet expanded by 19% to more than 77,000, covering more
than 300 cities. The Chinese car rental market is expected to
maintain steady growth in the medium term due to income growth, the
gap between the number of drivers and owners, and the rapid growth
of domestic self-driving tour. As a result of the high brand
awareness of major market participants, the fleet is large and
expanding, and the business covers the whole country, so it can
strengthen its market-leading position.

However, competition in the Chinese car rental and service market
will continue to be fierce and vulnerable to disruptive technology.
At the same time, it not only competes fiercely with traditional
car rental operators such as car rental companies in China but also
faces new entrants such as various travel services supported by
technology companies and car manufacturers. Fitch believes that
market competition will remain fierce in the medium term, which may
have an impact on the pricing and profit margins.

Rating derivation summary

At the glance, it is China's second-largest car leasing company,
which is a market leader, which is a supporting factor for its
rating – despite rating with Fitch Ratings such as Brazil's
leading car rental operator, Localiza Rent a Car SA (BB/Steady).
Compared with other car rental operators, the scale of operations
is small and the financial situation is weak. In addition, compared
with China's largest auto dealer Guanghui Auto Service Co., Ltd.
(BB-/stable), it has a higher leverage ratio, smaller scale of
operations and greater capital expenditure requirements. A glimpse
of ratings is not affected by national rating caps,
parent-subsidiary or business environment factors.

Key Ratings Assume

Fitch's key rating assumptions in this issuer rating study include:


- A net increase of 19,000 units and 5,000 units in 2019 and 2020
respectively

- a compound annual growth rate of 11% for revenues between 2018
and 2022 ( 14% in 2018)

- EBITDA margin from 4119 to 2022 is 41%-44% (41% in 2018)

- No dividends from 2019 to 2022 (2018 undistributed)

Recovery rating assumption:

Hui Reputation is based on the liquidation value for recovery
analysis because the liquidation value is higher than the value of
continuing operations. A clear liquidation value is mainly derived
from the value of its fleet. The company's used car disposal record
is good and the profit and loss from the disposal are small, while
China's used car market is huge and has a large circulation.
Therefore, Fitch believes that the 70% mortgage rate is an
achievable and reasonable assumption.

The recovery rate for advanced unsecured debt is rated 'RR4'
because China is classified as a "fourth" country in the
creditor-friendly dimension according to Fitch's "Recycling Rating
Standardization". The issuer's recovery rating for assets held in
such countries is limited to 'RR4'. The future development factors
that may result in a positive rating action for Fitch alone or
collectively include:

- FFO adjusted net leverage (including purchases and payables)
continues to be less than 4.5 times (5.1 times in 2018)

The future development of factors that may individually or
collectively, lead to negative rating actions taken by Fitch
include:

- the FFO adjusted net leverage (including the purchase of
accounts payable) is consistently higher than 6.0 times

- the ratio of EBITDA to interest paid less than 3 times the
sustained flow of illiquidity: Hey hold a year-end 2018 available
cash and about 469 million yuan in cash as well as credit line
unused 254 million yuan, is not sufficient to cover the company's
short-term debt totaling 2.167 billion yuan's (if you take out a
new vehicle The short-term debt of the purchases made under the
purchase arrangement is 1.153 billion yuan.

Full Rating Action List

Car Rental Co., Ltd.
Long-term issuer default rating down from 'B+' to 'B'; outlook
stable

senior unsecured rating down from 'B+' to 'B', recovery rating
rated 'RR4'

coupon The rating of 5.875% and the $400 million bond due in 2022
is downgraded from 'B+' to 'B', and the recovery rate is rated as
'RR4'.

URUMQI GAOXIN: Fitch Confirms 'BB+' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Rating has confirmed Urumqi Gaoxin Investment Development
Group Co., Ltd. (Urumqi High-tech Group) long-term foreign currency
and local currency issuer default rating is 'BB+', the outlook is
stable.

Urumqi High-tech Group is a district-level urban infrastructure
developer in the Urumqi High-tech Industrial Development Zone
(High-tech Zone (New Urban Area)) in the Xinjiang Uygur Autonomous
Region in northwestern China. It is also a state-owned subsidiary
of the High-tech Zone (New Urban District). One of the companies.

Key rating drivers

association with the government: Urumqi High-tech Group's internal
rating with Fitch High-tech Zone (new urban) government credit
status associated with assessment, but not identical. This
correlation is based on the following factors: The legal status of
Urumqi High-tech Group and the degree of government shareholding
and control are "very strong". The government's previous support
and expected support are "strong", and the social and political
impact of default is "Medium", the financing impact is "very
strong." These factors also mean that the Urumqi High-tech Group is
highly likely to receive special support from local authorities
when needed. According to its rating criteria, Fitch classifies
Urumqi High-tech Group as a government-related enterprise.  

The legal status and the degree of government shareholding and
control are "very strong": Urumqi High-tech Group is still directly
wholly-owned and regulated by the Urumqi High-tech Industrial
Development Zone (New Urban Area) State-owned Assets Supervision
and Administration Commission (New Urban SASAC). The company's
directors and senior executives are mainly appointed or nominated
by the High-tech Zone (New Urban District) government, and their
major decision-making, financial planning and bond issuance needs
to be approved by the government.

The government's previous support and expected support is "strong":
Urumqi High-tech Group regularly receives capital injection and
operating subsidies from the government of the High-tech Zone (new
urban area). In 2017 and 2018, the company received capital
injections of RMB 1.7 billion and RMB 1.4 billion respectively; in
the past 10 years, it has received capital injections of RMB 7.8
billion, which is equivalent to approximately 30% of the company's
total assets at the end of 2018. In 2017 and 2018, the company's
subsidies increased slightly too about 110 million yuan per year,
mainly used to offset interest expenses.

The social and political impact of default is "medium": In 2018,
Urumqi High-tech Group continued to develop infrastructure in the
high-tech zone (new urban area) to attract enterprises to settle in
the development zone. Most of the company's revenue comes from the
government, which is its major customers in infrastructure
development and maintenance and property leasing. Urumqi High-tech
Group also provides financial services such as small loans and
guarantees to enterprises in the high-tech zone (new urban area).
In addition, the company has rapidly expanded its investment in
local companies over the past two years. The company's default will
have an impact on the long-term economic development of the
high-tech zone (new urban area).

The financing impact of default is "very strong": Urumqi High-tech
Group is the most important investment and financing platform under
the government of the High-tech Zone (New Urban District). It is
responsible for providing public services to local and high-tech
enterprises, including the government since 2017. Infrastructure
project financing under the Social Capital Partnership (PPP) model.
About 80% of Urumqi High-tech Group's operating income in the past
three years came from the high-tech zone (new urban) government. In
addition, the company's microfinance and guarantee business
benefits companies that are unable to obtain commercial bank loans.
Fitch expects that if Urumqi High-tech Group defaults, local
infrastructure investment growth will slow down in the medium term,
and local private and public sector financing costs will rise
sharply.

Weak independent credit status: Fitch's assessment of Urumqi
High-tech Group's independent credit status is not higher than the
'b' range is based on the company's income sustainability during
the economic downturn is "medium", and Fitch assesses its cost
control and resources The management level is "weaker." In 2015 and
2016, Urumqi High-tech Group's leverage ratio was 5 to 6 times; the
company expanded its debt in 2017, and its 2018 profitability
weakened due to rising operating costs, resulting in a doubling of
leverage at the end of 2018. Up to 12 times. Fitch expects Urumqi
High-tech Group's profitability to decline from 2019 to 2021, and
its management expects its gross margin to fall from the current
50% to 30% in 2021.

Urumqi High-tech Group may slightly expand its debt to meet the
investment needs of projects under construction and expand its
equity investment portfolio. At the end of 2018, the ratio of the
company's net debt to Fitch's EBITDA is 12 times, and the indicator
will rise to about 14 times by the end of 2021. Fitch expects
Urumqi High-tech Group's EBITDA interest coverage ratio to be
approximately 1 to 1.5 times between 2019 and 2021.

Rating Sensitivity Factors

If Fitch's assessment of the credit status of the High-tech Zone
(new urban area) changes, or the commitment of the High-tech Zone
(New Urban District) Government to provide support to the Urumqi
High-tech Group changes, or Fitch's commitment to the High-tech
Zone ( The change in the government's ability to provide Urumqi
High-tech Group with subsidies, subsidies, or other legal resources
permitted by national policies and regulations may trigger a rating
action against Urumqi High-tech Group.

If Urumqi High-tech Group has increased its previous and expected
government support, or the social and political impact of the
company's default, its independent credit status has significantly
increased to the internal credit status of Fitch's high-tech zone
(new urban area). If the evaluation results differ within four
sub-levels, Fitch may raise the company's rating. If Fitch
determines that any key rating drivers for Urumqi High-tech Group
are weakening, it may downgrade the company's rating.

Full Rating Action List

Urumqi High-tech Investment Development Group Co., Ltd.

Long-term foreign currency issuer default rating confirmed as
"BB+"; stable outlook

The long-term local currency issuer default rating is confirmed as
"BB+"; the outlook stable

coupon rate is 5.2%, and the 273 million senior unsecured notes due
in 2020 are rated as "BB+"



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

ADEA POWERQUIPS: CARE Cuts INR6.06cr Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Adea Powerquips Private Limited (APPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.06       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE B; Stable
                                   based on best available
                                   information

   Short-term Bank      1.40       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE A4 based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking monthly No default statement (NDS) from APPL
to monitor the ratings vide e-mail communications dated April 30,
2019, March 30, 2019 and February 28, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the monthly NDS for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on APPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

The revision in the rating assigned to the bank facilities of Adea
Powerquips Private Limited takes into account the ongoing delay in
the debt servicing of the entity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
debt servicing of the company.

Adea Powerquips Private Limited (APPL) was incorporated on November
18, 2010 with its registered office and manufacturing plant
situated at Hooghly, West Bengal and the company started its
commercial operations since January 2016. The company is engaged in
manufacturing of overhead transmission line hardware, fittings,
conductor accessories, bus bar clamps and connectors ranging from
11kV to 1200kV lines and substations. APPL is an ISO 9001:2008
certified company.

Liquidity position: The liquidity position of the company remained
stressed as reflected by its on-going delay in debt servicing.

AKSHAT AGRO: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Akshat Agro
Milling Company Private Limited's Long-Term Issuer Rating of 'IND
BB- (ISSUER NOT COOPERATING)' in the non-cooperating category and
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:   

-- The 'IND BB-' rating on the INR150 mil. Fund-based working
     capital limit+ are withdrawn; and

-- The 'IND BB-' rating on the INR99 mil. Term loans* due on
     December 2019 are withdrawn.

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

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in February 2013, Akshat Agro Milling has been running
a 120,000-tonne-per-annum flour mill since June 2014.

AMRUT COTTON: ICRA Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR17.70 crore bank facilities of
Amrut Cotton Industries continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          16.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-           1.70      [ICRA]B+ (Stable) ISSUER NOT
   term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1994, ACI was started as a cotton trading concern.
In 2007, it had set-up its own new manufacturing unit for cotton
ginning with its plant located at Gondal, Gujarat. The plant is
currently equipped with 30 ginning machines with the installed
production capacity of 250 bales per day. In FY2017, the firm
diversified into processing groundnuts. From FY2017 onwards,
revenue from sale of cotton bales and peanuts will the major
revenue sources. The firm was promoted and managed by Mr. Suresh V
Senepara along with 8 family members, being partners, having a long
experience of more than a decade in cotton industry.

ANINDITA STEELS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Anindita Steels
Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- The 'IND BB+' rating on the INR250 mil. Fund-based limits are
     withdrawn; and

-- The 'IND BB+' rating on the INR33.2 mil. Non-fund-based limits

     are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as the agency
has received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Anindita Steels is promoted by Subhash Chand Tulsyanand and Deepak
Rungta.

BRAHMAGIRI DEVELOPMENT: CARE Assigns 'B' Rating to INR6.09cr Loan
-----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Brahmagiri Development Society (BDS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.09       CARE B; Stable Assigned

   Short-term Bank
   Facilities           1.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BDS are tempered by
small scale of operations with cash losses during the review
period, leveraged capital structure and weak debt coverage
indicators, working capital intensive nature of operations and
highly fragmented industry with intense competition from large
number of players. The rating, however, continue to derive strength
from long track record of operations of the society, increasing
scale of operations during the review period, comfortable working
capital cycle and satisfactory infrastructure facilities and
resources.

Going forward, the ability to improve its scale of operations,
profitability, capital structure and debt coverage indicators
coupled with ability to expand its membership base.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with cash losses during the
review period: The entity has been in existence since 1999 and the
scale of operations remained small at INR12.91 crore along with a
low net worth base of INR0.52 crore as on March 31, 2018. The
corpus fund of BDS has been declining over the review period
mainly on account of accretion of the losses to the funds.

Leveraged capital structure and weak debt coverage indicators

The capital structure of BDS marked by overall gearing stood
leveraged at 26.97x as on March 31, 2018, deteriorated from 0.70x
as on March 31, 2017 primarily due to increase in the borrowings
from members to fund the operations of the society. Further, the
society has been making net losses during the review period which
resulted in deterioration of the net worth. The debt coverage
indicators marked by SBID Interest was negative in back of
operational losses incurred during FY17 and FY18. Similarly, TD/GCA
and TD/CFO also stood negative during the review period. The
operational losses incurred was on back of higher cost of raw
material and under absorption of the fixed overheads.

Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw materials
price movements: BDS faces stiff competition in the business from
large number of established and unorganized players in the market.

Competition gets strong with the presence of unorganized players
leading to pricing pressures. However, improved demand scenario of
products in the country enables well for the society.

Key Rating Strengths

Long track record of operations of the society: The Brahmagiri
Development Society (BDS) has been in existence since 1999 and has
an objective of playing an active role in assisting the farming
community in Wayanad attain self-sufficiency. The Society aims to
expand its horizon of farmer friendly activities with support from
all quarters. The club society has members who are businessmen,
professionals, politicians etc. who contributed towards the
development of the society. BDS has 10,256 members as on March 30,
2019.

Increasing scale of operations during the review period: The total
operating income of the society has been increasing during the
review period at CAGR of 57.61% and stood at INR12.91 crore in FY18
as against INR11.33 crore in FY17 and INR4.56 crore in FY16 on back
of increase in the capacity utilization resulting in the increase
in the volume of meat produced and sold during the FY18.

Comfortable working capital cycle: The operating cycle of the
society remained comfortable at 26 days in FY18 as against 8 days
in FY17 on back of a comfortable inventory period of 30-35 days in
FY18 and average creditor period of about 20-25 days in FY18. The
society, sells the processed meat through various outlets under
their own franchise and provides credit period of about 25 days to
the customers. Further, it receives payment within 20 days, hence
the average debtor period stood comfortable at 23 days in FY18. BDS
enjoys a credit period of 20-25 days, hence the average creditor
period stood at 19 days in FY18. The average utilization of the
cash credit facility remained almost full during the 12-month
period ended March 31, 2019.

Satisfactory infrastructure facilities and resources: BDS has a
plant spread over 13 acres of land and processes stock, which is
meat, procured through various self-help groups registered with the
BDS. The 40-crore cattle breeding programme undertaken by the
Kudumbashree Mission with the assistance of NABARD in Wayanad and
Kannur also provide livestock to the plant. BDS procures the
live-stock, for meat processing, from Andhra, Tamil Nadu, UP etc.
and sells through its own outlets spread across Kerala.

Liquidity position

The liquidity position, of the society, marked by current ratio and
quick ratio stood at 0.81x and 0.56x, respectively, as on March 31,
2018 as compared to 2.19x and 1.48x, respectively, as on March 31,
2107 due to relatively high account payable and working capital
bank borrowing as compared to account receivable and inventory.
While the cash flow from operating activities was negative, the
unencumbered cash & bank balance as on March 31, 2018 was INR0.50
crore. The unutilized portion of cash credit facility remains
almost nil on an average for the 12-month period ending March 31,
2019 and there had not been any instance of overdrawing from the
account.

The Brahmagiri Development Society (BDS) came into existence in
1999 with an objective of playing an active role in assisting the
farming community in Wayanad attain self-sufficiency. The society
also aims at empowering the farmers to tap modern technologies and
mechanisms to improve their financial condition. The activities
undertaken by the society include scientific fodder production,
construction of cattle shed and bio-gas plants, distribution of
azolla plants and implementation of Watershed Development programs
with the assistance of the National Bank for Agriculture and Rural
Development (NABARD) and the Western Ghats Development Programme
(WGDP). One of the latest initiatives of BDS is 'Malabar Meat', by
setting up a meat processing factory of 12 ton capacity in order to
provide assistance to the farmers and better living conditions.

CYMBIO PHARMA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cymbio Pharma
Private Limited (CPPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits assigned with IND

     BB/Stable/IND A4+ rating; and

-- INR3.91 mil. Term loan due on March 2020 assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect CPPL's small scale of operations as indicated
by revenue of INR248.5 million in FY18 (FY17: INR205.3 million).
Revenue grew at a CAGR of around 32.6% during FY15-FY18, driven by
a rise in sales coupled with an increase in herbal extracts
capacity. The company booked revenue of INR330.2 million in
11MFY19.

CPPL derives around 90% of its revenue from a single customer and
up to 80% of its supplies from a single supplier, which exposes it
to concentration risk, despite the long-term agreements.

The ratings also factor in CPPL's modest liquidity position as
indicated by 88.1% average use of its working capital limits for
the 12 months ended April 2019. At FYE18, the company had cash and
cash equivalents of INR0.4 million (FYE17: INR0.3 million). Cash
flow from operations was positive at INR40.4 million in FY18 (FY17:
INR54.0 million), due to an improvement in its net working capital
cycle to 65 days (85 days), offset by an increase in tax expenses
to INR18.2 million (INR10.0 million).

However, the ratings are supported by CPPL's strong credit metrics
as indicated by net financial leverage (adjusted net debt/operating
EBITDA) of 0.9x in FY18 (FY17: 1.5x, FY16: 3.5x) and gross interest
coverage (operating EBITDA/gross interest expense) of 11.6x (13.2x,
13.1x). The improvement in net financial leverage was attributed to
an increase in absolute EBITDA to INR64.8 million (INR56.8 million)
and a decline in debt to INR57.9 million (INR87.4 million).
However, the interest coverage deteriorated due to an increase in
interest cost, owing to the increase in working capital utilization
to support its growing scale of operations.

The ratings are also supported by CPPL's healthy EBITDA margins of
26.1% in FY18 (FY17: 27.7%) with a return on capital employed of
65% (FY17: 36%). The marginal decline in margins was due to an
increase in raw material prices. During 11MFY19, CPPL recorded an
EBITDA margin of 26.2%.

The ratings benefit from CPPL's promoters' experience of around
three decades in the herbal extraction industry.

RATING SENSITIVITIES

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

Positive: An increase in the scale of operations along with an
improvement in the absolute EBITDA, leading to an improvement in
the credit metrics, all on a sustained basis, will be positive for
the ratings.

COMPANY PROFILE

Incorporated on September 14, 1998, as a flagship company of the
Karle group, CPPL manufactures and exports herbal extracts,
cosmeceutical products, and beverage extracts.

DIVINE TITANIUM: ICRA Assigns B- Rating to INR12cr Term Loan
------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Divine Titanium
Private Limited (DTPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Fund-       12.00      [ICRA]B-(Stable); Assigned
   Based-Proposed
   Term Loan           

Rationale

The assigned rating is constrained by the weak financial profile of
DTPL as reflected by its modest scale of operations, coupled with
net losses over the last three years. This led to a negative net
worth base, weak debt coverage indicators, and high working capital
intensity of operations due to an elongated receivables position
and high inventory levels. The rating is also constrained by the
vulnerability of DTPL's profitability to inventory price and
exchange rate fluctuation risks with no formal hedging policy in
place. ICRA notes the high product concentration risk, with one
product contributing nearly 60-70% to the company's total revenues
as well as the high customer concentration risk, with the top five
customers accounting for 57% of the total sales in FY2019.

The rating, however, favourably factors in the extensive experience
of DTPL's promoters spanning over three decades in the chemical
trading business, and the financial flexibility in the form of
timely advances from its parent, Classic Solvents Private Limited
(CSPL).

Outlook: Stable

ICRA expects DTPL to continue to benefit from the extensive
experience of its promoters in the chemical trading (mainly
titanium dioxide (TiO2)) business. The outlook may be revised to
Positive if healthy scale-up in revenues, along with notable
improvement in profitability, and timely recovery of debtors
strengthen its liquidity and financial risk profile. The outlook
may be revised to Negative if continued loss, or strain on the
working capital cycle, or any debt-funded capital expenditure,
weakens its liquidity profile.

Key rating drivers

Credit strengths

Extensive experience of promoter in chemical trading industry;
established association with TiO2 manufacturers - DTPL is promoted
by CSPL, which in turn is promoted by Mr. Dhiren Bhuta, the
company's managing director, who has over three decades of
experience in the chemical trading business. Mr. Bhuta is also a
promoter of another Group concern, Unicolor Textiles, which is
engaged in the same business sector. The Group enjoys established
associations with leading TiO2 manufacturers, like Kerala Minerals
and Metals Limited (KMML) and Travancore Titanium Products Limited
(TTPL), and enjoys healthy relationships with them.

Financial flexibility by way of timely advances from parent, CSPL -
CSPL, which holds a 99.99% stake in DTPL, advanced INR11.63 crore
to DTPL till December 31, 2018 towards setting up of a 700-MT
manufacturing facility for TiO2 at Bhiwandi, Maharashtra. The
directors also infused INR1.21 crore as on December 31, 2018. CSPL
extends timely advances to DTPL as and when required, providing
rating comfort.

Credit challenges

Modest scale of operations with net losses over last three fiscals,
adverse capital structure and weak debt coverage indicators: The
company's scale of operations is modest at absolute levels, as
reflected by operating income (OI) of INR9.12 crore in FY2018 and
INR4.84 crore in FY2019 (as per provisional estimates). The
company's profitability remains weak, as reflected by net losses
over the last three fiscals owing to high finance expenses and
depreciation charges. Capital structure is stretched given negative
net worth while debt coverage indicators also remain weak, as
reflected by interest cover and DSCR of below 1 time and TD/OPBDIT
of 18.88 times in FY2018.

High product and customer concentration risks: The company's
product profile consists of chemicals like TiO2, Barium Sulphate,
Lithoclass, Delta, etc. DTPL faces high product concentration risk
as its key product, TiO2, accounted for 63% of the total sales in
FY2018 and FY2019. The company primarily caters to customers in
paint and coating, plastic and paper industries, and the customer
concentration risk is high with the top five customers accounting
for 57% of the total sales in FY2019 (38% in FY2018).

High working capital intensity of operations given stretched
receivables and high inventory levels: The company's working
capital intensity remains high due to its elongated receivables
position and high inventory holding period, given the high lead
time for imports. DTPL generally maintains 45-60 days of inventory.
Debtors outstanding over six months remained high at 37% of the
total receivables as on March 31, 2019 (as per provisional
estimates), and recovery of these remains critical from a credit
perspective.

Vulnerability of profitability to volatilities in exchange rates
and chemical prices: The prices of TiO2 and other chemicals are
highly volatile. DTPL maintains an inventory of 45-60 days,
exposing it to price fluctuation risk. The company is also exposed
to forex risk given ~25-50% of its purchases are through imports,
and there is no firm hedging policy in place.

Liquidity position

DTPL had an outstanding term loan (loan against property) of
INR9.96 crore as on March 31, 2019, towards which it has scheduled
repayment obligations of INR0.90-1.0 crore over the next three
years. Its liquidity position is weak with negative cash accruals
and no working capital finance at its disposal. However, it
receives timely financial support from its parent, CSPL, and
directors (Rs. 2.18 crore in FY2018 and INR0.75 crore in FY2019),
providing comfort to some extent.

Divine Titanium Private Limited was incorporated in 2010 by Mr.
Dhiren Bhuta as a wholly-owned subsidiary of CSPL to manufacture
and trade in chemicals. The company markets chemical products
manufactured by itself, KMML, TTPL, Anhui Annada Titanium Industry
Co. Limited, Tronox Pigments Limited (USA), and Star Egypt. Its key
customers are paint and coating, paper and plastic manufacturers.
The company deals in multiple chemicals, though the bulk of the
trading revenue is derived from a single product, namely TiO2.

DTPL reported a net loss of INR0.67 crore on an OI of INR9.12 crore
in FY2018, compared to a net loss of INR4.40 crore on an OI of
INR5.84 crore in FY2017.

EARTH BUILDPROP: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Earth BuildProp Private Limited
        B-100, Second Floor, Naraina
        Industrial Area, Phase 1
        New Delhi 110028

Insolvency Commencement Date: May 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: November 9, 2019

Insolvency professional: Rakesh Kumar Gupta

Interim Resolution
Professional:            Rakesh Kumar Gupta
                         C/o PARM & Associates LLP
                         701, Vikarant Tower, Rajendra Place
                         New Delhi 110008
                         E-mail: rkg.delhi.ca@gmail.com
                                 irp.earthbuildprop@gmail.com

Classes of creditors:    Real Estate Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sanjay Kumar Jha
                         308-309, Verdhman Fortune Mall
                         GT Karnal Road
                         Ind Area, Azadpur
                         Delhi 110033
                         E-mail: sanjayjhafcs@gmail.com

                         Mr. Rakesh Kumar Jain
                         Flat No. J6, Second Floor
                         Pocket 9A, Jasola
                         New Delhi 110025
                         E-mail: sirshree.rakesh@gmail.com

                         Mr. Tarun Jain
                         805, Padma Tower-I
                         Rajendra Place
                         New Delhi
                         E-mail: info@jainpartners.com

Last date for
submission of claims:    June 4, 2019


ESSAR STEEL: NCLAT Reserves Order on ArcelorMittal's Takeover Bid
-----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal on May 21 reserved its order over a batch of petitions
against ArcelorMittal's INR42,000-crore takeover bid for Essar
Steel Ltd. as well as the distribution of funds among the creditors
of the debt-ridden company.

A two-member bench headed by Chairman Justice SJ Mukhopadhaya asked
all parties, including ArcelorMittal, to file their written
submissions by May 22.

During the proceedings, senior advocate Kapil Sibal appearing for
Standard Chartered Bank, a secured creditor of Essar Steel,
questioned the addition of working capital in the final resolution
amount.

According to the report, Sibal said INR42,000 crore coming should
not be touched and the profit made by Essar Steel should be left
with the company only.

"Working capital is revenue generated from going concern. It can
not be added," BloombergQuint quotes Sibal as saying.
"ArcelorMittal cannot touch it. It's not their money."

Sibal said their argument that it's an accounting thing, cannot
stand here, BloombergQuint relays.

"ArcelorMittal bid should be INR42,000 crore plus INR4,000 crore,
which is INR46,000 crore," he said.

BloombergQuint meanwhile reports that senior advocate Harin P
Rawal, appearing for Essar Steel Asia Holdings Ltd., a shareholder
of Essar Steel, raised the issue of ineligibility of ArcelorMittal
under section 29 (A) of the Insolvency & Bankruptcy Code.

According to BloombergQuint, Mr. Rawal said ArcelorMittal Chairman
and CEO LN Mittal has stakes in two defaulting firms owned by his
brothers as a promoter.

"Whatever be the share, the fact is that he [LN Mittal] was holding
share as a promoter and hence he is ineligible under section 29 (a)
of IBC," the report quotes Mr. Rawal as saying.

Senior advocate UK Chaudhary appearing for Prashant Ruias raised
the issue of Subrogation.

According to him, Ruias who had given a personal guarantee to SBI
for loans of Essar Steel, the bank cannot claim the money after
lender are getting their dues, BloombergQuint adds.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar
Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip)
and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore
slurry from the beneficiation plant (located near the iron ore
mines in Dabuna and Kirandul) to the pellet plant (located near the
Paradip and Vizag ports). A large portion of the iron ore pellets
produced are intended for captive consumption by ESIL's steel plant
at Hazira for cost optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted
Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.

GOYAL CATTLE: CARE Cuts INR5.25cr LT Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goyal Cattle Feed Industries (GCFI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.25       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB-; Stable
                                   based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking monthly No default statement (NDS) from GCFI
to monitor the ratings vide e-mail communications dated April 30,
2019, March 30, 2019 and February 28, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the monthly NDS for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on GCFI's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

The revision in the rating assigned to the bank facilities of Goyal
Cattle Feed Industries takes into account the on-going delay in the
debt servicing of the entity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
debt servicing of the entity and currently the account is
classified as Non-Performing Assets.

Goyal Cattle Feeds Industries (GCFI) was established in 1990 as a
proprietorship entity by Mr. Rajendra Agarwal. Since its inception,
the entity has been engaged in processing of pulses like Rahar Dal,
Matar Dal and trading of Masur dal, Moong Dal. The processing plant
of the entity is located at Raipur, Chhattisgarh with a processing
capacity of 12000 metric ton per annum.

Liquidity position: The liquidity position of the entity remained
stressed as reflected by its on-going delay in debt servicing.

HAMSA MINERALS: ICRA Lowers Rating on INR10cr Loan to D
-------------------------------------------------------
ICRA has revised the rating of bank facilities of Hamsa Minerals to
[ICRA]D from [ICRA]B- (Stable) and [ICRA]A4. The ratings continue
to remain in the 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-Fund-     3.50       [ICRA]D ISSUER NOT COOPERATING
   Based-Cash                     revised from [ICRA]B- (Stable);
   Credit                         Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category


   Long-term-Fund-     3.35       [ICRA]D ISSUER NOT COOPERATING
   based TL                       revised from [ICRA]B- (Stable);
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category


   Short Term-Fund-   10.00       [ICRA]D ISSUER NOT COOPERATING
   Based                          revised from [ICRA]A4; Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category


   Long Term/Short     2.35       [ICRA]D ISSUER NOT COOPERATING
   Term-Unallocated               revised from [ICRA]B-
                                  (Stable)/A4; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Rationale
The rating downgrade follows the delays in debt servicing by Hamsa
Minerals & Exports to its lender(s).

Incorporated in 2004, Hamsa Minerals & Exports is a partnership
firm engaged in granite quarrying and exporting dressed granite
blocks to countries such as China, Hong Kong, Taiwan and
Switzerland. Initially, the firm was into iron ore exports business
and subsequently got 100 per cent EOU (Export Oriented Unit)
certificate from Vishakhapatnam SEZ to export squared and dressed
granite blocks.

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

The detailed rating action is:

-- INR238.4 mil. Term loan (Long-term) due on August 2028
     maintained in the non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note:  ISSUER NOT COOPERATING; the ratings were last reviewed on
March 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Indira Priyadarshini Hydro Power is sponsored by the Ind Barath
group of companies, which is mainly engaged in the power
development business. The company was incorporated to set up a
4.8MW run-of-the-river hydel power plant in Kangra district,
Himachal Pradesh.

INNOVATIVE TEXTILES: Ind-Ra Withdraws 'D' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Innovative
Textiles Limited's (ITL) Long-Term Issuer Rating to 'IND D' from
'IND BB+'. The Outlook on the earlier rating was Stable. The agency
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- The 'IND D' rating on the INR528.89 mil. Term loans* due on
     March 2024 downgraded and withdrawn;

-- The 'IND D' rating on the INR210 mil. Fund-based limits+
     downgraded and withdrawn; and

-- The 'IND D' rating on the INR130 mil. Non-fund-based limits#
     downgraded and withdrawn.

*Downgraded to 'IND D' from 'IND BB+'/Stable before being
withdrawn

+ Downgraded to 'IND D' from 'IND BB+'/Stable/'IND A4+' before
being withdrawn

# Downgraded to 'IND D' from 'IND A4+' before being withdrawn

KEY RATING DRIVERS

The downgrade reflects ITL's over dues with respect to the packing
credit limit for more than 60 days during the three months ended
April 2019 owing to a delay in export shipments.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies.

COMPANY PROFILE

Incorporated in 1993, ITL was previously engaged in the
manufacturing of yarn, fabric and garments. However, the company
sold its yarn plant in January 2019 and is now focusing only on
fabric and garments manufacturing in Nagpur.

JAI SAI: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: Jai Sai Ram Steel Private Limited
        Plot No. 130, Ground Floor, Block AA
        Shalimar Bagh, Delhi 110088

Insolvency Commencement Date: May 16, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: November 11, 2019

Insolvency professional: CA Madhu Juneja

Interim Resolution
Professional:            CA Madhu Juneja
                         4704. Ashoka Enclave, Plot No. 8A
                         Sector 11, Dwarka
                         New Delhi 110075
                         E-mail: madhujun94@gmail.com
                                 jaisairamirp@gmail.com

Last date for
submission of claims:    May 29, 2019


JEEVAN MATA: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jeevan Mata
Textiles Private Limited (JTPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR47.50 mil. Proposed term loan* assigned with Provisional   

     IND BB+/Stable rating;

-- INR10.00 mil. Proposed fund-based working capital limit*
     assigned with Provisional IND BB+/Stable/Provisional IND A4+
     rating; and

-- INR49.50 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facilities by JTPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect JTPL's modest scale of operations, albeit its
revenue increased 21.63% to INR950 million in FY18, driven by a
rise in orders and new customer acquisition.

The ratings also reflect the modest liquidity position of JTPL,
indicated by an average maximum fund-based working capital limit
use of 98.16% for the 12 months ended April 2019. However, JTPL's
average closing month balance utilization of the fund-based working
capital limit was 75.70% during the 12 months ended April 2019.
JTPL's cash flow from operations turned negative to INR4.77 million
in FY18 (FY17: INR0.08 million). Cash and cash equivalent declined
to INR0.20 million in FY18 from INR0.34 million in FY17.

The ratings factor in JTPL's modest credit metrics. In FY18, JTPL's
interest coverage (operating EBITDA/gross interest expense) was
2.78x (FY17: 2.02x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 3.70x (4.75x). The improvement in the
credit metrics was primarily on account of a higher proportionate
rise in absolute EBITDA than the increase in external borrowings
and associated interest obligations.

JTPL will incur a capex of INR60 million on the purchase of air jet
looms in FY20. The capex will be funded by a term loan of INR47.50
million and an unsecured loan of INR12.50 million. In view of the
capex and a likely increase in the fund-based limits, Ind-Ra
expects the credit metrics of JTPL to marginally deteriorate in
FY20.

The ratings, however, are supported by JTPL's healthy EBITDA margin
of 1.6% in FY18 (FY17: 1.4%). The EBITDA margin improved due to a
marginal decrease in raw material cost. Moreover, the company's
ROCE was 15.40% in FY18 (FY17: 11.60%).

The ratings are also supported by the promoter's decade-long
experience in the textile industry.

RATING SENSITIVITIES

Negative: Any time and cost overrun in the capex, leading to
deterioration in the credit metrics or a stretch in the liquidity,
could be negative for the ratings.

Positive: The successful implementation of the capex, leading to an
improvement in the scale of operations while maintaining the credit
metrics on a sustained basis, could lead to positive rating
action.

COMPANY PROFILE

Formed in 2012, JTPL is engaged in the processing and job work of
grey fabrics at its facility in Bhiwandi. Its registered office is
in Bhiwandi, Thane (Maharashtra).

JIND INDUSTRIAL: CARE Cuts INR6.37cr LT Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jind Industrial and Manufacturing Works Pvt. Ltd. (JIMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.37       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   based on best available
                                   information

   Short-term Bank      0.30       CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE A4 based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking monthly No default statement (NDS) from JIMPL
to monitor the ratings vide e-mail communications dated March 30,
2019, April 30, 2019, May 8, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the monthly NDS for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on JIMPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

The revision in the rating assigned to the bank facilities of Jind
Industrial And Manufacturing Works Private Limited takes into
account the on-going delay in the debt servicing of the entity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in the
servicing of term loan installments of the company.

Incorporated in July 2006, Jind Industrial and Manufacturing Works
Private Limited (JIMPL) was promoted by Mr. Sushil Kumar Agarwal
and Mr. Nitin Agarwal, based out of Jamshedpur, Jharkhand. Since
its inception, the company has been engaged in manufacturing of
oxide paints, welding electrode, barbed wire and crowbars with an
installed capacity of 140 metric tonnes per month at its plant
located at Jamshedpur, Jharkhand.

Comment on liquidity position: The liquidity position of the
company remained stressed as reflected by its on-going delay in
debt servicing.

JOHNSON JEWELERS: Ind-Ra Affirms 'B+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Johnson Jewelers'
(JJ) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR150 mil. Fund-based working capital limits affirmed with
     IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects JJ's continued weak credit metrics due to
modest EBITDA margins, which are the result of volatility in gold
prices and the trading nature of the business.  The metrics
deteriorated on a yoy basis in FY19 (provisional numbers) because
of an increase in debt, and the consequent rise in interest costs.
The interest coverage was 1.12x in FY19 (FY18:1.24x) and net
financial leverage was 7.4x (7.01x). The EBITDA margin rose to 2.8%
in FY19 (FY18: 1%) because of a decline in purchases; the RoCE was
13% (12%).

The rating factor in JJ's medium scale of operations. The revenue
declined to INR902 million in FY19 (FY18: INR2,025 million) owing
to a fall in orders.

Additionally, the ratings are constrained by the company's tight
liquidity position, with 98% average utilization of its working
capital limits during the 12 months ended March 2019. The cash flow
from operations remained negative at INR31.40 million in FY19
(FY18: negative INR31.54 million).

The ratings, however, continue to benefit from the founders'
experience of over 10 years in the jewelry trading business.

RATING SENSITIVITIES

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

Positive: A substantial improvement in the EBITDA margins, leading
to an improvement in the credit metrics, on a sustained basis,
could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1996 as a proprietorship firm, JJ is engaged in
retail and wholesale trading of gold, diamond, silver and other
precious gem-studded jewelry. The firm has its own showroom in
Ahmedabad, which is run by Mr. Anil Soni.

JOT IMPEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Jot Impex Private Limited
        1/204, Ground Floor, Sadar Bazar
        Delhi Cantt, New Delhi 110010
        India

Insolvency Commencement Date: May 14, 2019

Court: National Company Law Tribunal, New Delhi Bench-II

Estimated date of closure of
insolvency resolution process: November 9, 2019

Insolvency professional: Mr. Akhilesh Kumar Gupta

Interim Resolution
Professional:            Mr. Akhilesh Kumar Gupta
                         A-16/4, Vasant Vihar
                         New Delhi 110057
                         E-mail: akhilesh@llca.net

                            - and -

                         Luthra & Luthra Restructuring And
                         Insolvency Advisors LLP
                         A/16/9, Vasant Vihar
                         New Delhi 110057
                         E-mail: jipl.irp@llca.net

Last date for
submission of claims:    May 29, 2019


KANDLA PACKAGING: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kandla
Packaging Private Limited (KPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       12.00      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE had, vide its press release dated February 16, 2018, placed
the rating(s) of KPPL under the 'issuer non-cooperating' category
as KPPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. KPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email April 24, 2019, April 25, 2019, May 3, 2019, May 7,
2019, May 8, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

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

The ratings take into account, KPPL's decline in scale of
operations with moderate profit margins, modest liquidity position,
leveraged capital structure and moderate debt coverage indicators,
high competition in packaging industry as well as construction
industry along with susceptibility of volatility in prices of raw
materials.

It also takes into account experienced and resourceful directors.
Detailed description of the key rating drivers At the time of last
rating on February 16, 2018 the following were the rating strengths
and weaknesses (Updated for the information available from
Registrar of Companies):

Key rating weaknesses

Decline in scale of operations and moderate profit margins: During
FY18, the company has registered de-growth of 52.11% and stood
moderate at INR33.14 crore as against INR69.20 crore during FY17.
However, profit margins have remained moderate marked by PBILDT and
PAT margin of 11.06% and 0.81% respectively during FY18 as against
margins of 9.94% and 4.12% during FY17.

Leveraged capital structure and moderate debt coverage indicators:
As on March 31, 2018, Capital structure of the company has improved
but continued to remained leveraged marked by overall gearing ratio
stood at 2.12x as against 2.40x as on March 31, 2017 owing to
moderate net worth base with high debt level. Further, During FY18,
debt coverage indicators have also declined and remained moderate
marked by interest coverage ratio stood at 2.36x as against 4.58x
during FY17 and Total debt to GCA has also declined and stood at
6.59x as on March 31 2018 as against 3.09x as on March 31 2017.

Modest liquidity: As on March 31, 2018, Liquidity of KPPL has
marginally improved but remain modest marked by unity current ratio
and below unity quick ratio at 1.07x and 0.50x respectively (0.98x
and 0.65x respectively during March 31, 2017). Working capital
cycle has elongated and stood at 132 days in FY18 as against 49
days in FY17. Cash and bank balance remained low at INR 1.09 crore
as on March 31, 2018 as against INR 0.36 crore as on March 31,
2017. Cash flow from operating activities (CFO) declined at
remained at INR 2.81 crore during FY18 as against INR 6.69 crore
during FY17.

High competition in packaging industry as well as construction
industry along with susceptibility of volatility in prices of raw
materials: The Indian packaging industry is a combination of
organized large Indian and International companies and the
unorganized small and medium local companies. The organized sector
of the industry constitutes less than 5% of the companies in the
overall industry but it controls over 70% of the market by volume.
KPPL operates in a competitive segment of the packaging industry as
well as civil construction industry which are affected from low
profitability due to highly fragmented industry, high raw material
prices, low entry barriers, presence of large number of unorganized
players with capacity additions by existing players as well as new
entrants. This situation is likely to increase the level of
competition which might put further pressure on profitability.

Key Rating Strengths

Experienced and resourceful promoters: KPPL's operations are
presently managed by four directors of the company namely
Mr.Dayalrajan Pillai, Mr. Kaushik Pinara, Mr. Somesh Rathod and Mr.
Raj Kangad. All are holding healthy experience in the same line of
business.

Kutch (Gujarat) based KPPL was incorporated as a private limited
company in January, 2004 by Mr. Dhanpat Parekh and Mr. Pravin
Agarwal. However, KPPL was taken over by present management i.e.
Mr. Dayalrajan Pillai, Mr. Kaushik Pinara, Mr. Raj Kangad and Mr.
Somesh Rathod who are also directors of KPPL in FY13. KPPL is
engaged in the manufacturing of corrugated boxes and trading of
salt. From September 2014 onwards, it also commenced civil
construction work through its division named Siddharth Associates.
KPPL operates from its sole manufacturing facility located in Kutch
(Gujarat).

KRISHNA STONE: Ind-Ra Affirms 'D' LT Issuer Rating in Not Coop.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Krishna Stone
Industries Private Limited's Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limit (long- and short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR3.90 mil. Term loan (long-term) affirmed with IND D (ISSUER

     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects the classification of the account as a
non-performing asset on 13 May 2019 due to tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1989, Krishna Stone Industries processes boulders
and crushed sand. It has two stone crushing units, one each in
Haldwani and Sitarganj, which have an installed capacity of 200
tons per hour and 500 tons per hour, respectively.

KRUSHI UTPANNA: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Krushi Utpanna
Bazar Samitee's proposed bank loan rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'Provisional IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR700 mil. Proposed bank loan migrated to non-cooperating
     category with Provisional IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on May
24, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1931, Krushi Utpanna Bazar Samitee is a Latur-based
agricultural produce market committee, mainly involved in the
trading of husked wheat, jowar, gram, green gram, pigeon pea,
soybean, and jaggery. It has five warehouses with a total storage
capacity of 9,300 metric tons.

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

The detailed rating action is:

-- INR35 mil. Working capital facility (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note:  ISSUER NOT COOPERATING; the ratings were last reviewed on
March 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KVK Bio Energy, sponsored by MMS Steel & Power Pvt Ltd (95% stake)
and KVK Energy & Infrastructure Private Limited (5% stake), owns a
15MW biomass-based power plant in Chhattisgarh.

LALWANI INDUSTRIES: Ind-Ra Affirms 'BB' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lalwani Industries
Limited's (LIL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable.

The instruments-wise rating actions are:

-- INR14 mil. Fund-based limits affirmed with IND BB/Stable
     rating; and

-- INR91 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects LIL's continued small scale of operations
as indicated by revenue of INR259.34 million in FY18 (FY17:
INR244.03 million). The growth in revenue was driven by higher
trading of nickel and moly oxide. In FY19, the company booked
revenue of INR300 million.

The ratings remain constrained by the company's modest EBITDA
margins attributed to the trading nature of business. Its return on
capital employed was 7% in FY18 (FY17: 10%). The margins declined
to 2.22% in FY18 (FY17: 3.03%), mainly due to an increase in raw
material cost, and manufacturing and overhead expenses. LIL's
credit metrics remained modest with gross interest coverage
(operating EBITDA/gross interest expense) deteriorating to 3.3x in
FY18 (FY17: 4.1x) owing to the decline in operating margin. During
FY18, the company reported net leverage (net debt/operating EBITDA)
of 0.6x. The company had a net cash position in FY17.

The rating factor in LIL's modest liquidity position as reflected
by 61.85% maximum use of its fund-based limits during the 12 months
ended April 2019. In FY18, cash flow from operations turned
negative to INR41 million (FY17: INR48 million) due to a decline in
EBITDA to INR5.75 million (INR7.4 million).

However, the ratings continue to draw comfort from the management's
experience of over two and a half decades in the ferroalloy
industry.

RATING SENSITIVITIES

Positive:  An improvement in the scale of operations while
maintaining the credit metrics, all on a sustained basis, will lead
to positive rating action.

Negative: A decline in the scale of operations along with a
sustained deterioration in the profitability margin will lead to
negative rating action.

COMPANY PROFILE

LIL manufactures ferroalloys including Ferro silicon magnesium,
Ferro aluminum, ferrochrome, ferromolybdenum, and nickel magnesium.
The company also trades in manganese ore, moly oxide, and nickel.
Its manufacturing facility is located in South 24 Parganas, West
Bengal.

LAXMI TRANSMISSIONS: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the long term and the short term ratings for the bank
facilities of Laxmi Transmissions (LT) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term           10.00       [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short term Non      30.00       [ICRA]A4 ISSUER NOT
   fund based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Laxmi Transmissions was set up in 1993 as a partnership firm. The
firm is involved in execution of contracts on turnkey basis for
installation of substation and connecting lines. LT has a proven
track record of execution of projects for major government
departments and is registered as class A contractor with
Transmission Corporation of Andhra Pradhesh (APTRANSCO),
Transmission Corporation of Telangana Limited (TSTRANSCO),
Telangana State Northern Power Distribution Company Limited
(TSNPDCL), Andhra Pradesh Northern Power Distribution Company
Limited (APNPDCL), Chhattisgarh State Power Transmission Company
Limited (CSPTCL) and others.

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

The instrument-wise rating actions are:

-- INR340 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR26 mil. Non-fund-based working capital facility migrated to

     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
21, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1943, N.C. John & Sons manufactures floor coverings
made of coir, jute, rubber, and sisal. The company generates 95% of
its revenue from exports to the EU and the US.

NATVAR COTEX: ICRA Withdraws 'B' Rating on INR6cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating assigned to Natvar Cotex
Pvt. Ltd., based on the no-objection certificate provided by its
banker.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-
   Cash Credit          6.00      [ICRA]B (Stable); Withdrawn

   Fund based-
   Term Loan            0.08      [ICRA]B (Stable); Withdrawn

   Unallocated
   Limit                1.46      [ICRA]B (Stable); Withdrawn

Incorporated in June 2013, Natvar Cotex Pvt. Ltd. is engaged in raw
cotton ginning and pressing. Its manufacturing facility in Rajkot,
Gujarat, is equipped with 30 ginning machines and a pressing
machine with a total manufacturing capacity of ~51 Metric Tonnes
Per Day (MTPD). The promoters of the company have extensive
experience in the cotton industry by virtue of their earlier
association with other entities engaged in related business
sectors.

NOVELTY REDDY: CARE Cuts INR10cr LT Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Novelty Reddy and Reddy Motors Private Limited (NRRM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       10.00      CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB- on the basis of
                                   best available information

   Short-term Bank       1.50      CARE A4; Issuer not
   Facilities                      cooperating; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 12, 2018, placed the
rating(s) of NRRM under the 'issuer non-cooperating' category as
NRRM had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. NRRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating takes into account experienced and resourceful
promoters, moderate scale of operations with thin profitability
margins, weak capital structure, authorized dealer of MSIL linking
the fortunes of NRRM with MSIL, intense competition from other OEM
dealers, cyclical nature of industry and working capital intensive
nature of operations with weak liquidity.

Detailed description of the key rating drivers

At the time of last rating on January 12, 2018 the following were
the rating strengths and weaknesses: (updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

Moderate scale of operations with thin profitability margins: The
company continues to operate in moderate scale with operating
income reduced by 14.7% to INR77.47 crore in FY18 (as against
INRRs.90.87 crore in FY17) on account of reduced sales volume
during FY18. Being in dealership business, the company earns
commission of about 2.5% on the cars, 15% on spare parts and 35% on
the accessories. As most of the revenue comes from the sale of
cars, the profitability of NRRM is on lower side. PBILDT margin of
the company has improved by 34 bps to 3.64% during FY18 (as against
3.30% during FY17). However, PAT margins stood low at 0.29% in
FY18.

Weak capital structure: The capital structure of the company
represented by overall gearing deteriorated from 3.18x as on
March 31, 2017 to 4.06x as on March 31, 2018 on account of availing
of loans during FY18. On account of high debt levels, the total
debt to GCA remained high at 34.57x in FY18 as against 18.93x in
FY17. The interest coverage ratio of the company remained moderate
at 1.32x in FY18 (1.34X in FY17).

Working capital intensive nature of operations with weak liquidity
position: The operating cycle of the company is on the higher side
on account of higher inventory period of about 47 days on account
of dealership business, wherein the company is required to showcase
all variants of vehicles of MSIL. Liquidity position of the company
is weak on account of low cash & bank balance of INR0.21 crore as
on March 31, 2018 and high dependence on external borrowings.

Authorized dealer of MSIL linking the fortunes of NRRM with MSIL:
NRRM is the authorized dealer of products of MSIL and revenue of
NRRM is closely linked to the success of MSIL's models in market.
Higher market share of MSIL, launch of new models and vehicles
especially in the executive sedan segment by MSIL coupled with
overall increase in demand of PVs, is expected to help NRRM to
increase its revenue going ahead. The company earns its revenue
primarily from sale of cars, apart from some portion from sale of
spare parts and accessories and remaining from services.

Intense competition from other OEM dealers: While the company
(along with its associate), are the exclusive dealers for MSIL in
West Godavari district, there does exist intense competition from
dealers of other OEMs, especially due to proximity of the region to
Vijayawada, where dealers of most other OEMs such as Tata Motors,
Hyundai, Mahindra, etc. are also located.

Cyclical nature of the industry: The auto industry is inherently
vulnerable to the economic cycles and is highly sensitive to the
interest rates and fuel prices. A hike in interest rate increases
the costs associated with the purchase leading to purchase
deferral. Fuel prices have a direct impact on the running costs of
the vehicle and any hike in the same would lead to reduced
disposable income of the consumers, influencing the purchase
decision. The company thus faces significant risks associated with
the dynamics of the auto industry.

Key rating strengths

Experienced and resourceful promoters: NRRM was started by Managing
Director Mr. Ramakrishna Reddy who has 15 years of experience in
trading activities of prawns feed, automobile dealership and
distribution of automobile lubricants. He entered into the field of
automobile dealership by starting Reddy & Reddy Automobiles
(authorized dealer of Hero Motocorp Limited), Reddy & Reddy Motors
(authorized dealer of MSIL). The other companies in Reddy & Reddy
Group are Reddy & Reddy Imports & Exports and
Nexus Feeds Ltd. Other directors of the company also have around a
decade of experience.

Novelty Reddy & Reddy Motors Private Ltd (NRRM) was incorporated in
2007, by Mr. G. Rama Krishna Reddy. NRRM is an authorized dealer
for Maruti Suzuki India Ltd (MSIL) based in Bhimavaram and Tanuku
(both in Andhra Pradesh). The company has dealership for selling
entire range of passenger cars, spares and accessories of MSIL.
NRRM belongs to Reddy and Reddy Group which has diverse interests
including trading of prawns feed, authorized dealership of MSIL and
Hero Honda.

ODYSSEUS LOGOS: Ind-Ra Assigns 'BB' Rating to INR82MM Term Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Odysseus Logos LLP's
(OLLLP) term loan as follows:

-- INR82 mil. Term loan due on June 2029 assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The rating reflects OLLLP's short operational track record as the
project commenced operations in April 2018. Since the commissioning
of the project, the average plant load factor was 20.6%, and the
grid and machine availability was about 100%. However, the
management expects power generation to improve in the next few
months on stabilization of operations.

The project has a weak debt structure as reflected by the absence
of key project finance features such as an escrow account, a cash
flow waterfall mechanism, and a debt service reserve account. The
rated debt will amortize in 120 equal monthly installments, which
commenced from July 2018 and will end in June 2029.

The rating is constrained by a tight liquidity position as
indicated by a low cash balance of INR0.8 million as on March 13,
2019 (FY18: INR10.05 million). On an average, OLLLP receives 70% of
its bill payments from Vignan Foundation for Science Technology and
Research University (VFSTRU) within one month of billing and the
remaining is cleared within four-to-five months as per the energy
settlement procedure adopted by Andhra Pradesh Southern Power
Distribution Company Limited. The detailed methodology to
understand the settlement procedure was not made available to
Ind-Ra for its analysis. The management expects to create
two-quarters of debt service reserve account on a voluntary basis
and has requested the same with the bank. OLLLP has fixed deposits
of INR2 million, which is not lien marked to the lender yet.

The rating also factors in the project's moderate operating risk
with operation and maintenance contracts yet to be executed. Ind-Ra
has considered operation and maintenance cost of INR0.9 million per
MW, which is in line with those of other Ind-Ra rated peers'. Any
significant increase in the operating expenses beyond the specified
level may impact the rating.

The rating also reflects the project's moderate supply risk. Since
there is no independent solar resource study being undertaken, the
P90, P75 and P50 values are not known. However, a Techno-Economic
Viability study was conducted in 2017, indicating reasonable solar
radiation of 5.34/kwh/m^2 which is in line with Ind-Ra's peers'.

The rating factors in the partnership structure of the business.
The firm derived 40% of its revenue of INR13.57 million in FY18
from the printing business. However, as per the management, the
revenue from other activities has reduced to less than 10% in FY19
and the printing activity will be completely hived off in FY20,
thereby generating revenue solely from the sale of solar power.

The rating benefits from OLLLP's 25-year power supply agreement
with VFSTRU at a fixed tariff of INR6.99 per unit for the initial
15 years and INR5.99 per unit for the subsequent years. VFSTRU was
co-founded by one of OLLLP's partners. The agreement stipulates
termination charges equivalent to the electricity charges for the
period of 24 months in case of termination or consumption of power
from any alternative supplier. However, the management expects the
agreement will be renewed upon expiry, given the common management
personnel between VFSTRU and OPPPL's partners. Ind-Ra attributes
moderate-to-high level of uncertainty related to third-party power
sale since the contracts in such instances are weaker than the
long-term contracts signed with state-owned distribution
utilities.

The rating is also supported by minimum technology risk as the
project is based on polycrystalline solar photovoltaic modules
purchased from Canadian Solar Incorporation, one of the reputed
solar module suppliers with an operational history of over five
years in India. The technology has a demonstrated operational
record of over 30 years, mitigating technology-related risks and
performance of solar modules.

RATING SENSITIVITIES

Negative: Lower-than-expected energy generation, any significant
payment delays from the counterparty, continued commingling of
solar revenues and revenues from the printing business, could lead
to a downgrade.

Positive: Operational and financial performance higher than
Ind-Ra's base case estimates and consistent maintenance of
liquidity in the project could lead to an upgrade.

COMPANY PROFILE

Odysseus Logos LLP (OLLLP), has set up a 2MW (2.4DC) grid
interactive solar photovoltaic power project at Gandlaparthy
Village, Raptadu Mandal, Ananthpur District in Andhra Pradesh.
Abhimanyu Lavu and Lavu Papu Rao are the partners.

PAN INDIA: ICRA Lowers Rating on INR641cr LT Loan to 'D'
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Pan India Infraprojects Private Limited (PIIPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Loans     641.00       [ICRA]D; revised from
                                    [ICRA]BB- (Negative)

   Long-term,          559.00       [ICRA]D; revised from
   Unallocated                      [ICRA]BB- (Negative)
   Limits              
                                    
Rationale

The rating downgrade factors in the delays by the company in
servicing its debt repayment obligations due to its stretched
liquidity position, owing to its weak accruals, slow progress on
monetisation of some of the Group infrastructure projects,
stretched receivables cycle following delays in availing of
disbursements by the project special purpose vehicles (SPVs), and
significant debt repayments. This has necessitated additional
funding support from the promoter/promoter Group entities. The
Group, through Essel Infraprojects Limited (EIL), is in the process
of selling its stakes in its solar, transmission and certain road
projects. The progress on the same has, however, remained slow,
which in turn has accentuated the liquidity pressures for PIIPL.
The high levels of pledged shareholding of the promoter Group in
its key listed entities, further limits its ability to support the
operating entities.

Improvement in PIIPL's liquidity position aided by asset
monetisation in a time-bound manner and improvement in the Group's
financial flexibility are the key rating sensitivities.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of key managerial and technical personnel in
various segments of infrastructure development: The management has
extensive experience in engineering procurement construction (EPC)
projects across various segments, which include among others, road,
power transmission, solar, waste management and water distribution.
PIIPL has successfully executed a number of these projects.

Credit challenges

Stretched liquidity position: The liquidity position of the company
is stretched, owing to its weak accruals, slow progress on
monetisation of some of the Group infrastructure projects,
stretched receivables cycle following delays in availing of
disbursements by the project special purpose vehicles (SPVs), and
significant debt repayments. As PIIPL is the nodal EPC agency for
the infrastructure business of the Essel Group, it receives
milestone-linked payments from its respective project special
purpose vehicles (SPVs). However, it extends advances to its
sub-contractors. This has resulted in increased funding
requirements for the company, which were being partly met by loans
and advances from the Group companies. Through EIL, the Group is in
the process of selling its stakes in its solar, transmission and
certain road projects. The progress on the same has, however,
remained slow, which in turn has led to liquidity pressures for
PIIPL.

Reduced financial flexibility of the Group: The rating factored in
the high likelihood of the promoter Group extending financial
support to PIIPL. The high levels of pledged shareholding of the
Group in its key listed entities, has further limited its ability
to support the operating entities.

Weak cash accruals in FY2018 and FY2019: The company's operating
profit margin (OPM) moderated to 4.6% in FY2018 from 11.1% in
FY2017 owing to the execution of low margin projects. This resulted
in weakened accruals for the company in FY2018. Given the order
book, the cash accruals in FY2019 remained modest (vis-à-vis the
debt repayments).

Cash flows dependent on SPVs' ability to achieve financial closure
for projects: PIIPL derives its entire revenues from the execution
of contracts awarded to its Group project-specific SPVs. Hence, its
cash flows are highly dependent on the SPVs' ability to achieve
financial closure for the projects in a timely manner and
subsequent disbursements for the SPVs in a timely manner.

Liquidity position
PIIPL's liquidity position is stretched, with accruals being
inadequate for meeting its debt repayment obligations,
necessitating additional funding support, which was being primarily
provided by the promoter / promoter Group entities. The Group,
through EIL, is in the process of raising additional funds by way
of stake sale in its solar, transmission and certain road projects.
The progress on the same has, however, remained slow, which in turn
accentuated the liquidity pressures for PIIPL, as is evident from
the delays in servicing its debt repayment obligations.

PIIPL is part of the Essel Group and functions as the nodal EPC
agency for various projects undertaken by the Group. PIIPL is
involved in sectors like road, power transmission, solar, waste
management, water distribution, etc. EIL, the Essel Group's holding
company in the infrastructure segment, bids and executes projects
through project-specific SPVs. These SPVs award the project
management/execution contracts to PIIPL, who in turn sub-contracts
projects to various contractors.

The company was incorporated in 2000 as Pan India Infrastructures
Private Limited (Pan India), a wholly-owned subsidiary of EIL, held
entirely by Mr. Subhash Chandra and family. PIIPL was formed in
FY2013 when the erstwhile Pan India was merged with a Group
company, Essel Sports Private Limited (ESPL). Subsequently, PIIPL
merged the operations of its wholly-owned subsidiary, Essel Urban
Infrastructures Private Limited (EUIPL), with itself in FY2014.
PIIPL is currently held entirely by two entities that are directly
or indirectly held by the Essel Group's promoters, Mr. Subhash
Chandra and family.

For the 12-month period ended March 31, 2018, PIIPL reported a
profit after tax (PAT) of INR6.0 crore on an operating income (OI)
of INR3,440.6 crore, as against a net loss of INR54.1 crore on an
OI of INR1,454.3 crore for the 12-month period ended March 31,
2017.

RAMANI HOTELS: ICRA Withdraws B Rating on INR18.64r Term Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a stable
outlook and the short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING assigned to the INR38.00-crore bank facilities of
Ramani Hotels Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           18.64      [ICRA]B (Stable) ISSUER NOT
   Limits-Term                     COOPERATING; Withdrawn
   Loans                
                                   
   Fund based           15.50      [ICRA]B (Stable) ISSUER NOT
   Limits-Cash                     COOPERATING; Withdrawn
   Credit               
                                   
   Unallocated           3.86      [ICRA]B (Stable)/[ICRA]A4
   Limit                           ISSUER NOT COOPERATING;
                                   Withdrawn

Rationale
The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request of the company, and on
the basis of the no objection certificate received from its
banker.

Ramani Hotels Limited (RHL) is a part of Ramee Group with other
group companies being Ramee Hotels Private Limited (RHPL) and
Creative Hotels Private Limited (CHPL), together referred to as the
Ramee India group. The operations of all the three companies are
under the brand name Ramee GuestLine Hotel. The three companies
have a common management and brand (Ramee GuestLine Hotel), and
derive considerable synergy from intra group operational and
financial linkages. Ramani Hotels have four properties in India,
namely Ramee GuestLine Hotel – Juhu, Ramee GuestLine Hotel –
Bangalore, Ramee GuestLine Hotel – Tirupati and Ramee Mall -
Chennai.

The Ramee India group is part of the larger Ramee group of hotels,
which has number of hotels worldwide. The Ramee Group of Hotels is
promoted by Mr. V M Raj Shetty who is also the chairman of the
group.

RASHMI MOTORS: Ind-Ra Raises Long Term Issuer Rating to 'BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded M/s Rashmi Motors'
(Rashmi) Long-Term Issuer Rating to 'IND BB+' from 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR308 mil. Fund-based limits upgraded with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The rating factor in the improvement in the company's EBITDA
margins, which continue to be at healthy levels. The margins rose
to 2.3% in FY18 (FY17: 2.1%) because of increased income from
services to INR21.36 million (INR13.24 million). ROCE was 19% in
FY18 (FY17: 24%). Ind-Ra expects EBITDA margins to be stable around
2.4% during FY19.

The upgrade reflects Rashmi's improved revenue in FY18 and FY19,
due to a rise in sales of heavy commercial vehicles. The revenue
grew to INR3,089 million (unaudited)  in FY19 (FY18: INR2,783
million; FY17: INR2,483 million). However, the scale of operations
remains medium.

The ratings continue to be constrained by Rashmi's moderate credit
metrics, due to high debt levels. Gross interest coverage
(operating EBITDAR/gross interest expense + rent) was 2.5x in FY18
(FY17: 2.7x) and net financial leverage (adjusted debt/operating
EBITDAR) was 5.5x (3.4x). There was a slight deterioration in
credit metrics in FY18 because of the enhancement in the fund-based
limits to meet the rising working capital requirements. Ind-Ra
expects the credit metrics to have remained at moderate levels in
FY19, due to high reliance on short-term debt, leading to an
increase in financial cost with interest coverage above 2x and net
financial leverage below 5x.

The ratings are constrained by Rashmi's modest liquidity profile,
as reflected from its average utilization of 92% during the 12
months ended March 2019. The cash flow from operations that was
negative during FY18 and FY17 is likely to have remained negative
in FY19 too. Cash and cash equivalent stood at INR4 million in FY18
(FY17: INR6 million).

The ratings are also constrained by the partnership nature of the
organization.

RATING SENSITIVITIES

Negative: A negative rating action could result from substantial
and sustained deterioration in the liquidity profile.

Positive: A positive rating action could result from a substantial
improvement in revenue while maintaining operating margins on a
sustained basis.

COMPANY PROFILE

Incorporated in 1995, Rashmi is an authorized dealer of Ashok
Leyland. It is managed by Rajat Kumar Baliarsinha and his wife
Babita Baliarsinha.

REAL VALUE: CARE Cuts INR140cr NCD I Rating to D, Not Coop.
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Real Value Ventures Private Limited (RVV), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible     140.00      CARE D; Issuer not cooperating;

   Debentures                      Revised from CARE B+; Stable;
   Issue I                         ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Non-Convertible      29.00      CARE D; Issuer not cooperating;
   Debentures                      Revised from CARE B+; Stable;
   Issue II                        ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information


   Non-Convertible      27.00      CARE D; Issuer not cooperating;
   Debentures                      Revised from CARE B+; Stable;
   Issue III                       ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Non-Convertible      16.00      CARE D; Issuer not cooperating;
   Debentures                      Revised from CARE B+; Stable;
   Issue IV                        ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 26, 2018, placed
the ratings of RVV under the 'issuer non-cooperating' category as
RVV had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. RVV continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated April
22, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of delays in debt
servicing by the company ascertained by CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: CARE has noted that the company has
delays in debt servicing.

RVV is a special purpose vehicle (SPV) formed by the Real Value
Promoters (RV) group, to develop a real estate residential project
at Pallavaram, Chennai. The RV group has over two decades
experience developing various residential projects across Chennai.
The group has developed & sold over 30 residential and 3 commercial
projects aggregating to a total area of 20 lakh square feet (lsf).
The proposed project is expected to come up in two phases on an
area of 30.25 acres with a mix of 2 BHK and 3 BHK flats. In the
first phase the company plans to develop 11.58 acres at a cost of
INR706 crore.

SINHA SQUARE: CARE Cuts INR9.42cr LT Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sinha Square, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       9.42       CARE D; Issuer not cooperating
   Facilities                      Revised from CARE B+; Stable
                                   Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking monthly No default statement (NDS) from Sinha
Square to monitor the rating(s) vide e-mail communications dated
February 28, 2019, April 16, 2019, May 8, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the monthly NDS for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Sinha Square's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The revision in the rating assigned to the bank facilities of Sinha
Square takes into account on-going delays in debt servicing
obligations of the firm.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in term
loan repayment.

Mr. Anirudh Kumar is setting up a modern and luxury hotel under the
name "Sinha Square" in Deoghar, Jharkhand. The hotel has proposed
to provide services like multi-cusine restaurant, banquet, swimming
pool and conference hall. The hotel is expected to comprise of 60
double bed rooms. The total cost of the project is INR14.75 crore
and the same is funded by proprietor contribution of INR4.75 crore
and term loan of INR10.00 crore. The project is expected to be
completed by March 2019 and the commercial operations expected to
start from April 2019. The firm has already invested INR14.00 crore
towards land & site development, building, civil works etc. till
November 29, 2018 which is met through proprietor's contribution
and term loan from bank. The financial closure of the aforesaid
term loan has already been achieved.

Mr. Anirudh Kumar (aged 56 years) has three decades of experience
in different business like civil construction, mining and roadways.
He is proposed to look after the overall management of the hotel,
with adequate support from a team of experienced personnel.

Liquidity position: The liquidity position of the firm remained
stressed as reflected by its on-going delays in debt servicing.

SMS CONSTRUCTIONS: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR10.00 crore bank facilities of Sms
Constructions continues to remain in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-Fund-      3.00       [ICRA]B (Stable) ISSUER NOT
   Based-Cash                      COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Long-term-Non-       3.00       [ICRA]B (Stable) ISSUER NOT
   Fund-based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           4.00       [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

SMS Constructions (SMS) is a Bangalore based partnership firm
incorporated in February 2013 that is engaged in the business of
civil and electrical contracts for KPTCL. The promoter is
registered as Class I electrical contractor by the PWD, Karnataka.
SC's areas of operations include erection and commissioning of HT &
LT substations, transmission lines, internal & external
electrification and underground cabling works in South Karnataka
districts. The firm has executed one project till date which was
completed in January 2016.The promoter, Mr. Umesh Gowda who has
been in this business for nearly past two decades through a
proprietorship firm, M/s Lekhashree Electricals whose operations
were wound up after the formation of SMS Constructions.

SOUTH EAST: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated South East U.P.
Power Transmission Company Limited's senior project bank loans'
rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR37.132 bil. Senior project bank loans (long-term) migrated
     to Non-Cooperating Category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
25, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on September 11, 2009, South East U.P. Power
Transmission Company is a wholly owned subsidiary of Mainpuri Power
Transmission Private Limited. It has signed a transmission service
agreement with four distribution companies in Uttar Pradesh to
erect, commission and operate 765kV S/C Mainpuri- Bara Line with a
765kV/400kV in Mainpuri. The transmission network is around 1,600km
in length. The set-up of the five substations is split into two
phases. The project has been undertaken to evacuate power from a
few thermal power plants and improve the reliability and quality of
supply. Phase 1 is operational.

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

The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
23, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1991, Srinivasa Agro Products is engaged in the
delintering and processing of cottonseed. The company has a 400
metric tons per day manufacturing facility, in Guntur, Andhra
Pradesh.

SRINIVASAN CHARITABLE: Ind-Ra Keeps 'D' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Srinivasan
Charitable & Educational Trust's bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR2.370 bil. Bank loans (long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: The rating was last reviewed on May 31, 2017. Ind-Ra is
unable to provide an update as the agency does not have adequate
information to review the rating.

COMPANY PROFILE

Srinivasan Charitable & Educational Trust was established in 2006
by Mr. A Srinivasan. The trust runs five educational institutions
across Tamil Nadu that offers engineering, polytechnic, nursing,
and medical courses. The trust also operates a hospital in the
Perambalur district in the state.

SRINIVASAN HEALTH: Ind-Ra Maintains 'D' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the Srinivasan
Health & Educational Trust's bank loans' rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.80 bil. Bank loans (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING; the ratings were last reviewed on May
31, 2017. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Srinivasan Health & Educational Trust was founded by A. Srinivasan
in 2009 with an objective to promote, set up and run charitable
institutions, educational institutions, and hospitals. Srinivasan
has sponsored other trusts such as Srinivasan Charitable and
Educational Trust, and Dhanalakshmi Srinivasan Charitable and
Educational Trust. This group trusts run engineering, medical and
polytechnic colleges.

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

The instrument-wise rating actions are:

-- INR135 mil. Fund-based working capital facilities migrated to
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating;

-- INR475 mil. Non-fund-based working capital facilities migrated

     to non-cooperating category with IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR20 mil. Proposed fund-based working capital facilities
     migrated to non-cooperating category with Provisional IND B+
     (ISSUER NOT COOPERATING) / Provisional IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR20 mil. Proposed non-fund-based working capital facilities
     migrated to non-cooperating category with Provisional IND A4
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
29, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, Navi Mumbai, Maharashtra-based Swastik
Infra-Logic (India) is engaged in civil construction and trading of
ready-mix-concrete materials and aggregates.

TD TOLL: ICRA Lowers Rating on INR301.4cr Term Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
TD Toll Road Private Limited (TDTRPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         301.4      [ICRA]D ISSUER NOT COOPERATING
   Term Loan                      revised from [ICRA]BB+(Stable);
                                  Rating continues to be in
                                  'Issuer Not Cooperating'
                                  category

ICRA has downgraded the long-term rating for the bank facility of
TDTRPL to [ICRA]D from [ICRA]BB+. ICRA continues the rating in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

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

Rationale
The rating downgrade follows the delays in debt servicing by TDTRPL
due to stretched liquidity position.

TD Toll Road Private Limited (TDTRPL, the company) was incorporated
in March 2007 as a wholly owned subsidiary of Reliance
Infrastructure Limited (R-Infra) to implement the project for
strengthening and widening the Trichy to Dindigul stretch of
National Highway (NH) 45 in Tamil Nadu from the existing two-lane
to a four-lane one. The project was awarded by the National
Highways Authority of India (NHAI) on a Build-Operate-and-Transfer
(BOT) basis with a concession period of 30 years commencing from
January 15, 2008. The project became operational and started
tolling from January 2012.

TK TOLL: ICRA Downgrades Rating on INR370.95cr Loan to D
--------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
TK Toll Road Private Limited (TKTRPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based-        370.95      [ICRA]D ISSUER NOT COOPERATING
   Term Loan                      revised from [ICRA]BBB-
                                  (Stable); Rating continues to
                                  be in 'Issuer Not Cooperating'
                                  category

ICRA has downgraded the long-term rating for the bank facility of
TKTRPL to [ICRA]D from [ICRA]BBB-. ICRA continues the rating in the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

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

Rationale
The rating downgrade follows the delays in debt servicing by TKTRPL
due to stretched liquidity position.

TK Toll Road Private Limited (TKTRPL) was incorporated in March
2007 as a wholly owned subsidiary of R-Infra, to implement the
project for strengthening and widening the existing two-lane
stretch of NH-67 from Trichy to Karur in Tamil Nadu to a four-lane
one. The project was awarded by the National Highways Authority of
India (NHAI) on a BOT basis with a concession period of 30 years
commencing from January 15, 2008. The project became operational
and started tolling on 75% of the total stretch, i.e., ~63 km from
February 2014.

VITTHAL GAJANAN: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vitthal
Gajanan Sugar Private Limited (VGSPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      17.60       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 12, 2018, placed the
rating of VGSPL under the 'issuer non-cooperating' category as
VGSPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. VGSPL continues to be
non-cooperative despite repeated requests for submission of
information through email letter dated March 5, 2019. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The rating takes into account the delays in servicing of debt
obligations by the company.

Detailed description of the key rating drivers:

At the time of last rating on January 12, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing obligations and weak liquidity position:
There have been continuous delays in repayment of principal and
interest obligation of term facility.

Satara- based (Maharashtra) VGSPL was incorporated in 2013 by Mr.
Chandrakant Pawar, Mr. Yashwant Mali and Mr. Prasad Jugdar. The
company is in the process of setting up a jaggery manufacturing
unit with an installed capacity of 500 tons crushed per day (TCD)
at Satara, Maharashtra.

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

The instrument-wise rating actions are:

-- INR18.00 mil. Term loan due on February 2019 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR25.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR35.00 mil. Non-fund-based limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Incorporated in 2011 in Udaipur, Workspace Metal Solutions
manufactures metal base furniture, kiosk, office furniture,
partitions, desks, and hospital operation theatre furniture.



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

MARTIN AIRCRAFT: Winds Up Business as Funding Runs Dry
------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that Jetpack developer Martin
Aircraft Company's warehouse is being advertised for lease,
directors have resigned, assets written off, and no one's answering
the phone.

According to Stuff, the accounts for the June 2018 year have just
been posted on the small companies share exchange USX that reveal
the company is winding up.

After burning through more than NZ$50 million of investors' money
the two remaining directors were negotiating a sale of the
business--real estate agent Garry Ottman said the company would
move out of the Christchurch premises at a month's notice, Stuff
relates.

Stuff discloses that Chinese company KuangChi Science is the
controlling shareholder and day-to-day funder of the Jetpack, rated
by Time Magazine in 2010 as one of the "most anticipated" world's
top 50 inventions.

But inventor Glenn Martin, who quit the company five years ago over
management differences, said there were now about 300 companies
around the world developing personal flying machines, Stuff
relays.

Stuff says Mr. Martin has consulted to a couple of them and said
last year he had encouraged Google co-founder Larry Page to test a
two-seater electric aircraft in New Zealand.

At one stage, the Jetpack was expected to sell for about NZ$134,000
each but the company never developed a commercial craft or an
engine that would operate more than a few hours before requiring
full maintenance.

Martin Aircraft's restructure last year reduced staff numbers to
three on a casual basis, the report recalls.

"This restructure necessitated the voluntary surrender of the
company's certification with the Civil Aviation Authority," the
company said, relates the report.

Directors expected to sell all assets by mid-2019, Stuff notes.

"Due to the specialised nature of the inventory, there is a limited
market and therefore the net realisable value of the inventory is
0."

According to Stuff, KuangChi Science which loaned Martin Aircraft
NZ$10 million in 2017 would not provide ongoing financial support
and as a result the venture was no longer a going concern.
Repayment of the loan will be subordinated in favor of all other
creditors.

New Zealand government-owned NZ Venture Investment Fund wrote off
its 4.6 per cent stake in Martin Aircraft months ago.

Stuff adds that NZVIF chief executive Richard Dellabarca said
technology startups were always risky but they often delivered
benefits of engineering developments and employment.

"You have to applaud their aspirations," the report quotes Mr.
Dellabarca as saying.

Martin Aircraft's Australian-based director Ran Elias shares the
board with Shenzhen-based Ge Lin. Another Shenzhen-based director
Dr Lin Luan resigned in February after one year.

Ex-chief executive James West stood down in mid-2018 after two
years, the report recalls.

The annual report reveals a loss of NZ$13.5 million, down from the
2017 loss of NZ$29 million, with negative equity of NZ$2.4 million
when the NZ$10 million loan was taken into account, Stuff
discloses.

Martin Aircraft Company Limited, together with its subsidiaries,
develops and commercializes Martin jetpack products primarily in
New Zealand. It offers optionally piloted hovering air vehicles,
such as personal, commercial, private/recreational, and specialist
jetpacks; and pilot training simulators.



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

DINERS CLUB: Fitch Affirms 'BBsf' Rating on Class C Notes
---------------------------------------------------------
Fitch Ratings has affirmed DFS Asset Purchase Company Pte. Ltd.'s
working capital facility, standby liquidity facility, and notes.
The transaction is a securitization of credit-card and charge-card
receivables in Singapore originated by Diners Club (Singapore)
Private Limited (DCS).

The rating actions are as follows:

SGD10.0 million (total facility limit of SGD10 million) working
capital facility due September 2019 affirmed at 'A-sf'; Outlook
Stable

SGD0.0 million (total facility limit of SGD5 million) standby
liquidity facility due September 2019 affirmed at 'A-sf'; Outlook
Stable

SGD100.0 million Class A1 fixed-rate notes due September 2021
affirmed at 'A-sf'; Outlook Stable

SGD27.3 million Class A2 floating-rate notes due September 2021
affirmed at 'A-sf'; Outlook Stable

SGD10.4 million Class B floating-rate notes due September 2021
affirmed at 'BBBsf'; Outlook Stable

SGD8.7 million Class C floating-rate notes due September 2021
affirmed at 'BBsf'; Outlook Stable

KEY RATING DRIVERS

Stable Card-Receivables Performance: Delinquencies, defaults,
payment rates, and excess spread have been stable since the last
review. All factors stand well away from respective early
amortization trigger levels. No note losses have been realized
since closing.

Sufficient Credit Enhancement: The transaction is supported by
sufficient credit enhancement from subordination and excess spread.
From subordination, credit enhancement has remained constant at 24%
for the working-capital facility, standby liquidity facility and
the class A notes, 18% for the class B notes and 13% for the class
C notes. From excess spread, monthly net yields have averaged 2.93%
and ranged from 2.07% to 3.56%. Overall credit enhancement is
sufficient to support the transaction's ratings.

Rating Cap on Interest-Rate Risk: The transaction is capped at the
'Asf' category due to DCS's small market share in Singapore and
high dependency on the originator's underwriting and collection
practices in the revolving period. Moreover, interest-rate risk
exposure makes the transaction incompatible with a high investment
grade.

Stable Asset Outlook: Singapore's 'AAA' rating with a Stable
Outlook is supported by exceptionally strong external finances, a
sound fiscal framework and high per capita income levels; we expect
economic conditions to continue supporting the steady performance
of the country's credit-card sector.

Originator and Servicer Links: Performance is closely linked to the
originator/servicer due to the nature of the underlying assets and
is influenced by monitoring and risk-management procedures.

Counterparty Risk: There have been no changes to the counterparties
since transaction closing. All counterparties are eligible to
support the notes' ratings at current levels.

The transaction has a three-year revolving period, of which four
months remain. Fitch believes the risks associated with the
revolving period are commensurate with the ratings because early
amortization triggers are in place to protect transaction
performance against adverse changes in the underlying portfolio.

The cash flow model was not run for this review.

RATING SENSITIVITIES

Increasing the base-case default rate by 50% may result in a
one-notch downgrade of the ratings on the working capital facility,
standby liquidity facility and class A notes to 'BBB+sf', a
two-notch downgrade of the rating on class B notes to 'BB+sf' and a
three-notch downgrade of the rating on the class C notes to 'Bsf'.

Decreasing the base-case payment rate by 25% may result in a
four-notch downgrade of the ratings on the working capital
facility, standby liquidity facility and class A notes to 'BB+sf',
a six-notch downgrade of the rating on class B notes to 'Bsf' and
the class C notes would be downgraded to below 'Bsf'.

Decreasing the base-case gross yield by 35% does not result in a
change to the ratings of the working capital facility, standby
liquidity facility or class A notes, but would see two-notch
downgrades of the rating on class B notes to 'BB+' and the class C
notes to 'B+sf'.

The transaction has a rating cap in the 'Asf' category. Credit
enhancement for the rated classes will not change, as the
transaction is still in its revolving period; the note ratings are
likely to remain unchanged from closing.

SWEE HONG: Expects to Post Net Loss for Q3 Ended March 31
---------------------------------------------------------
The Business Times reports that Swee Hong Limited expects to report
a net loss for the third quarter ended March 31, the construction
company said in a Singapore Exchange (SGX) filing on May 10.

This is primarily attributable to impairment allowance for contract
assets, the report says.

According to the report, the profit guidance was based on a
preliminary review of the group's management accounts, and further
details of the financial performance will be disclosed when Swee
Hong announces its unaudited financial results for Q3 on or before
May 15.

In the same filing, Swee Hong provided an update to its April 23
announcement which disclosed that its major shareholder, KH Foges
(KHF), had applied for moratorium under section 211B of the
Companies Act, The Business Times reports. The section allows for
proceedings against a company to be restrained when the company
proposes, or intends to propose, a compromise or arrangement
between the company and its creditors.

The Business Times relates that Swee Hong announced that KHF has
now applied for judicial management and has provided a letter of
support to the group as disclosed in its annual report for the
financial year ended June 30, 2018.

Swee Hong Ltd (SGX:QF6) is a Singapore-based company, which is
engaged in the business of building construction and investment
holding. Its segments include Civil Engineering and Tunnelling. The
Civil Engineering segment includes civil engineering works, such as
road construction works, road maintenance works, sewerage
rehabilitation (excluding tunneling works), drains (excluding
tunneling works), soil improvement works and other infrastructure
works. The Tunnelling segment includes micro-tunneling works. The
Company's ongoing projects include road widening of upper Paya
Lebar road from Upper Serangoon road to Bartley road and sewer
diversion at Springleaf station. The Company focuses on Parks and
Services, Infrastructure Construction and Tunneling. It provides
services, such as architectural, mechanical and electrical (M&E);
civil and structure (C&S); soil works; landscaping; roads; bridges;
flyover; canals, and project management.


                           *********


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 ***