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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, January 30, 2019, Vol. 22, No. 021

                            Headlines


A U S T R A L I A

50-SIXONE MT: Clifton Hall Appointed as Liquidator
ADVIEH PTY: Second Creditors' Meeting Set for Feb. 6
CONCORD RSL: First Creditors' Meeting Set for Feb. 7
FLOW SYSTEMS: Administrators Seek Buyer for Business
FORTITUDE LEARNING: Second Creditors' Meeting Set for Feb. 5

NDD INTERNATIONAL: First Creditors' Meeting Set for Feb. 6
SPEEDWALL HOLDINGS: First Creditors' Meeting Set for Feb. 6


C H I N A

FOSUN INTERNATIONAL: Moody's Rates New USD Notes 'Ba2'
FOSUN INTERNATIONAL: S&P Rates New USD Sr. Unsec. Notes 'BB'
JINGRUI HOLDINGS: Moody's Rates New Sr. Unsec. USD Notes 'B3'
LODHA DEVELOPERS: Moody's Affirms B2 CFR & Alters Outlook to Pos.
ROAD KING: Moody's Ups Corp. Family Rating to Ba3, Outlook Stable

ROAD KING: Moody's Rates New Sr. Unsecured Debt 'Ba3'
ROAD KING: S&P Rates New Guaranteed USD Sr. Unsec. Notes 'BB-'
SHANDONG YUHANG: Fitch Affirms 'B' LT IDR, Outlook Negative
YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes B1


H O N G  K O N G

ZWOOP LIMITED: Liquidators Sell Zwoop E Commerce System and Brand


I N D I A

AVIS PROJECTS: CARE Assigns B+ Rating to INR5cr LT Loan
BANK OF INDIA: Aims for Q4 Profit as it Tackles Bad Loans
BDR EDUCATIONAL: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
BPL LIMITED: Ind-Ra Lowers Rating on INR100MM Debt to 'B-'
DEBPARA TEA: CARE Lowers Rating on INR12cr LT Loan to B+

DHARAMRAJ CONTRACTS: Ind-Ra Gives BB Rating on INR210MM Loan
DURGESHWARI INDUSTRIES: CARE Keeps B+ Rating in Not Cooperating
FRIENDS TIMBER: CARE Migrates B+/A4 Ratings to Not Cooperating
GVR ASHOKA: Ind-Ra Hikes Rating on INR10.8BB Term Loan to B+
JAYPEE INFRATECH: Deadline for Resolution Plans Extended Feb. 15

JOG CONSTRUCTION: CARE Migrates B+ Rating to Not Cooperating
JYOTI BUILDTECH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
K-THREE ELECTRONICS: CARE Moves B+ Rating to Not Cooperating
KAPCO ELECTRIC: CARE Lowers Rating on INR5.09cr LT Loan to B
KARGWAL ENTERPRISES: Ind-Ra Withdraws BB LT Issuer Rating

KAVERI COTTON: CRISIL Reaffirms B Ratings on INR7cr Loans
KAY ENN: CRISIL Migrates B Rating to Not Cooperating Category
KISH EXPORTS: CARE Lowers Rating on INR11cr LT Loan to B
M.S. ENGINEERING: CARE Migrates B+ Rating to Not Cooperating
MARUTI ENTERPRISES: CARE Moves B Rating to Not Cooperating

PENTAGON STEELS: CRISIL Maintains B Rating in Not Cooperating
PRAKASH CORPORATES: CARE Migrates B+ Rating to Not Cooperating
R M PHOSPHATES: CRISIL Maintains B+ Rating in Not Cooperating
RAMNIWAS AGRAWAL: CARE Assigns B+ Rating to INR1.25cr LT Loan
RENAATUS PROCON: CRISIL Maintains B Rating in Not Cooperating

ROTON VITRIFIED: CRISIL Maintains B+ Rating in Not Cooperating
S.S. OVERSEAS: CRISIL Lowers Rating on INR20cr Loans to D
SHAMLAL COMPANY: CRISIL Maintains D Rating in Not Cooperating
SHIVPRASAD FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating
SHREE AISHWARYA: CARE Moves B on INR8cr Loans to Not Cooperating

SHYAM GRAMODYOG: CRISIL Maintains B+ Rating in Not Cooperating
SREE KOPPAMMAL: CRISIL Migrates B Rating to Not Cooperating
SRI KAMATCHI: CRISIL Maintains B+ Rating in Not Cooperating
SRI PRANEETH: CRISIL Migrates B+ Rating to Not Cooperating
SUN INDUSTRIAL: CARE Migrates B+ Rating to Not Cooperating

SUSAAH LABORATORIES: CRISIL Retains B+ Rating in Not Cooperating
UNIVERSAL ASSOCIATES: CRISIL Retains D Rating in Not Cooperating
VANASHREE DAIRY: CRISIL Maintains B- Rating in Not Cooperating
VIJAY STEEL: CARE Reaffirms B+ Rating on INR5.60cr LT Loan
WADHWAN GLOBAL: CARE Lowers Rating on INR55cr Term Loan to D


I N D O N E S I A

LIPPO GROUP: Indonesian Bankruptcy Case Spooks Investors


M A L A Y S I A

* Malaysia Plans Anti-Corruption Drive as 1MDB Probe Intensifies


                            - - - - -


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


50-SIXONE MT: Clifton Hall Appointed as Liquidator
--------------------------------------------------
Daniel Lopresti of Clifton Hall was appointed as liquidator of
50-Sixone Mt Barker Pty Ltd on Jan. 23, 2019.

50-Sixone Mt Barker operates dessert bar chain in Australia.


ADVIEH PTY: Second Creditors' Meeting Set for Feb. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Advieh Pty
Ltd has been set for Feb. 6, 2019, at 10:00 a.m. at the offices
of Hall Chadwick, at Level 14, 440 Collins 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 Feb. 5, 2019, at 5:00 p.m.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of Advieh Pty on Jan. 14, 2019.


CONCORD RSL: First Creditors' Meeting Set for Feb. 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of Concord
RSL & Community Club Limited will be held on Feb. 7, 2019, at
11:00 a.m. at the offices of HoganSprowles Pty Ltd, at Level 9,
60 Pitt Street, in Sydney, NSW.

Brendan James Copeland and Christian Sprowles of HoganSprowle
were appointed as administrators of Concord RSL on Jan. 25, 2019.


FLOW SYSTEMS: Administrators Seek Buyer for Business
----------------------------------------------------
The Fifth Estate reports that the administrators of Flow Systems
Pty Ltd seek binding offers by February 4, 2019.

Christopher Hill and Phil Carter of PwC Australia were appointed
joint administrators of Flow Systems Pty Ltd and related entities
on Dec. 20, 2018, after a sale process initiated by majority
shareholder Brookfield failed to find new owners, according to
the report.

The Fifth Estate relates that a media statement from PwC said
that the administrators have secured funding to "continue trading
on a business as usual basis whilst an accelerated sales campaign
is undertaken".  This means that creditors who have outstanding
invoices as of Dec. 20, 2018, will have an unsecured claim in the
Voluntary Administration.  Business as usual refers to payment
for the Voluntary Administrators' authorised supply of goods and
services to the Companies from Dec. 20, 2018, onwards, a
spokeswoman said.

According to the Fifth Estate, PwC said the sale of business
campaign started on Jan. 7, 2019, with binding offers being
sought by Feb. 4, 2019.

"The administrators are working closely with all stakeholders,
including the relevant regulators (including the AER and IPART),
employees, customers and suppliers during the course of the
voluntary administration," the note, as cited by the Fifth
Estate, said.

It's understood that Brookfield, which owns 51 per cent of Flow
Systems, undertook a sale process late last year but when this
failed to find a buyer it initiated the administration process,
the report says.


FORTITUDE LEARNING: Second Creditors' Meeting Set for Feb. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Fortitude
Learning Pty Ltd has been set for Feb. 5, 2019, at 10:30 a.m. at
the offices of SV Partners, at 22 Market 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 Feb. 4, 2019, at 5:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Fortitude Learning on Dec. 19, 2018.


NDD INTERNATIONAL: First Creditors' Meeting Set for Feb. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of NDD
International Pty. Ltd. will be held on Feb. 6, 2019, at 11:00
a.m. at the offices of SV Partners, at Level 17, 200 Queen
Street, in Melbourne, Victoria.

Fabian Kane Micheletto and Michael Carrafa of SV Partners were
appointed as administrators of NDD International on Jan. 24,
2019.


SPEEDWALL HOLDINGS: First Creditors' Meeting Set for Feb. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Speedwall
Holdings Pty. Ltd. will be held on Feb. 6, 2019, at 10:30 a.m. at
the offices of SV Partners, at Level 17, 200 Queen Street, in
Melbourne, Victoria.


Fabian Kane Micheletto and Michael Carrafa of SV Partners were
appointed as administrators of Speedwall Holdings on Jan. 24,
2019.



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


FOSUN INTERNATIONAL: Moody's Rates New USD Notes 'Ba2'
------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the USD notes to be issued by Fortune Star (BVI)
Limited and guaranteed by Fosun International Limited (Fosun, Ba2
stable).

The rating outlook is stable.

The purpose of the proposed bonds is to refinance Fosun's
existing indebtedness and for working capital and general
corporate purposes.

The bond rating also reflects Moody's expectation that Fosun will
complete the bond issuance on satisfactory terms and conditions,
including proper registrations with China's (A1 stable) National
Development and Reform Commission.

RATINGS RATIONALE

The Ba2 rating on the proposed bonds reflects Fosun's irrevocable
and unconditional guarantee.

"The bond issuance will not materially increase Fosun's leverage
levels, because the company will primarily use the proceeds to
refinance its existing debt at the holding company level," says
Lina Choi, a Moody's Vice President and Senior Credit Officer,
and also Moody's International Lead Analyst for Fosun.

Fosun's Ba2 corporate family rating reflects its: (1) large and
diversified investment portfolio, (2) proven investment track
record, and (3) holding of substantial amount of marketable
securities.

However, the rating is constrained by Fosun's: (1) high
investment appetite, (2) weak interest coverage at the holding
company (holdco) level, (3) moderate credit contagion risk from
investees, and (4) complicated organizational structure.

The Ba2 rating on the proposed bonds reflects Moody's view that
despite Fosun's status as a holding company with a majority of
the group's claims at the operating subsidiary level, the group's
diversified business profile - with cash flow generation across a
large number of operating subsidiaries and investees in its
investment portfolio with a global presence - mitigates
structural subordination risks.

The stable ratings outlook reflects Moody's expectation that
Fosun will: (1) pursue its stated business strategies, (2)
refrain from aggressive debt-funded acquisitions, and (3)
actively manage its investments and asset disposals and access to
capital to keep refinancing risk under control.

Upward ratings pressure could emerge if Fosun (1) improves its
business profile with more stable core businesses, (2) raises the
dividends and interest income/interest and operating expenses
coverage to above 1.5x at the holdco level, and (3) strengthens
its liquidity position on a sustained basis.

On the other hand, downward ratings pressure could arise if: (1)
the company's financial profile deteriorates significantly as a
result of large debt-funded investments, (2) the quality of its
investment portfolio deteriorates or contagion risk from its
investees rises, (3) the company's reliance on short-term funding
increases, which results in higher refinancing risk, or (4) its
adjusted market value-based leverage remains in excess of 40%-45%
or consolidated adjusted debt/capital stays above 55%-60% for a
prolonged period.

The principal methodology used in this rating was Investment
Holding Companies and Conglomerates published in July 2018.


FOSUN INTERNATIONAL: S&P Rates New USD Sr. Unsec. Notes 'BB'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
the proposed U.S. dollar-denominated senior unsecured notes that
Fosun International Ltd. (Fosun; BB/Stable/--) will
unconditionally and irrevocably guarantee. Fortune Star (BVI)
Ltd., a special-purpose entity, will issue the notes. The issue
rating is subject to S&P's review of the final issuance
documentation.

The rating on the notes is the same as the issuer credit rating
on Fosun because of credit substitution under the guarantee. As
an investment holding company, Fosun's secured debt at the parent
level is less than 50% of the total debt at the parent level.
Therefore, S&P does not notch down the issue rating for
structural subordination risk.

The proceeds from the proposed notes will be used for
refinancing, working capital, and other general corporate
purposes.

S&P said, "The stable outlook on Fosun reflects our expectation
that the company could maintain a well-diversified asset
portfolio and gradually improve its asset liquidity via asset
capitalization and IPOs. A diversified portfolio supports Fosun's
flexibility in navigating industry cyclicality and avoiding
concentration risk in single markets. We expect the company to
maintain its leverage while making investments and disposal
plans."


JINGRUI HOLDINGS: Moody's Rates New Sr. Unsec. USD Notes 'B3'
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to Jingrui
Holdings Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Jingrui plans to use the proceeds from the proposed notes mainly
to refinance existing debt and for general corporate purposes.

RATINGS RATIONALE

"The proposed bond issuance will support Jingrui's liquidity
profile and not materially affect its credit metrics, because the
company will use the proceeds mainly to refinance existing debt,"
says Cedric Lai, a Moody's Assistant Vice President and Analyst.

Moody's expects Jingrui will moderately grow its contracted sales
by 10%-15% year-on-year to RMB28-RMB29 billion in 2019, supported
by its established market position in its core Yangtze River
Delta market. Jingrui's contracted sales reached RMB25.2 billion
in 2018, up 37% year-on-year from RMB18.4 billion in 2017.

Moody's expects Jingrui's leverage, as measured by
revenue/adjusted debt, will decline to around 60%-65% over the
next 12-18 months, down from 103% in 2017 which is primarily
driven by the slower revenue recognition.

Additionally, its adjusted EBIT/interest coverage will slightly
decline to 2.1x-2.3x over the same period from 2.3x in 2017 due
to the increases of debt level and funding cost.

Jingrui's B2 corporate family rating reflects its modest scale,
moderate financial profile and relatively low but improving
profitability. The rating also takes into account the company's
track record of developing properties in Shanghai and other
cities in the economically strong Yangtze River Delta area.

The company's B3 senior unsecured debt rating is one notch lower
than the corporate family rating due to structural subordination
risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over
Jingrui's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the expected
recovery rate for claims at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that
Jingrui's improved sales execution for properties in higher-tier
cities in China can be sustained, and that the company will
improve its credit metrics over the next 12-18 months.

Upward ratings pressure could develop if Jingrui substantially
grows its scale, while maintaining 1) sound credit metrics, with
adjusted revenue/debt above 95%-100%, and EBIT/interest coverage
above 3.5x on a sustained basis; and 2) maintain adequate
liquidity position on a sustained basis.

Downward ratings pressure could emerge if Jingrui's 1) liquidity
weakens, such that its cash/short-term debt falls below 100%; and
2) profit margins come under pressure, negatively affecting its
interest coverage and financial flexibility, such that EBIT
interest coverage falls below 2.0x.

The principal methodology used in this rating was Homebuilding
and Property Development Industry published in January 2018.


LODHA DEVELOPERS: Moody's Affirms B2 CFR & Alters Outlook to Pos.
-----------------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Lodha Developers Limited (LDL).

Moody's has also affirmed the B2 rating of the US dollar-
denominated bonds issued by Lodha Developers International
Limited and guaranteed by LDL.

Moody's has changed the outlook on the ratings to stable from
positive.

RATINGS RATIONALE

"The change in outlook reflects the company's weaker-than-
expected operating sales during the six months to September 2018
and high debt maturities in fiscal years ending March 2020 and
March 2021," says Saranga Ranasinghe, a Moody's Assistant Vice
President and Analyst.

Specifically, Moody's expects the company's total operating sales
in the fiscal year ending March 2019 (fiscal 2019) to be around
25% lower than in fiscal 2018 and around 38% lower than its
previous expectations for fiscal 2019.

"Operating sales in both the geographies in which it operates,
Mumbai and London, weakened against Moody's expectations in the
six months to September 2018, and we expect this weakness to
continue," adds Ranasinghe.

During April - September 2018, LDL achieved INR34.6 billion in
operating sales from its India operations and INR4.2 billion in
operating sales from its London operations. On an annualized
basis, these numbers are respectively 27% and 70% below Moody's
previous expectations for the two locations.

Moody's expects LDL's leverage -- as measured by
debt/homebuilding EBITDA -- to be in the range of around 4.2x-
4.3x over the next 12-18 months, which is weaker than the 4.0x
required for a higher rating.

Although LDL's operating sales were lower than expected, Moody's
expects cash collections to be in line with expectations and
around 20% higher than in fiscal 2018, supported by the sales
mix. LDL currently has available-for-sale inventory that is at
the ready-to-move stage, which is typically preferred by
customers and also guarantees faster cash collections.

LDL's credit profile is further constrained by its weak liquidity
position. LDL has large debt maturities over the next 12-18
months, which are significantly higher than the company's cash
balance and expected cash flow from operations.

It has debt maturities of around INR13 billion in India over the
next 12 months, which given the company's track record and large
unencumbered land bank at Palava, Moody's expects will be rolled
over. As at December 31, 2018, the company also had around INR 14
billion of sanctioned and undrawn lines to cover the debt
maturities in India. In addition, the company has a GBP290
million loan maturing in August 2019, $325 million in bonds
maturing in March 2020 and a further GBP517 million loan maturing
in March 2021.

LDL plans to repay the GBP290 million facility with the proceeds
from sales at the 48CS project, the property in London for which
this facility was taken. At the end of December 2018, sales at
this property reached GBP247 million, covering around 85% of the
facility amount; cash collection on this project will begin when
hand-over of the units begin in February 2019.

On January 22, the company announced a buyback of up to $65
million of the $325 million bonds.

Pro forma for the announced buyback, LDL will still have $260
million of bonds maturing in March 2020, which exposes the
company to significant refinancing risk. However, LDL is in the
midst of divesting a 28% equity stake in its London properties to
a third party, which may allow the company to carry out further
stake reductions. Proceeds from such stake sales should
substantially cover the bond.

Furthermore, a majority divestment of the London properties would
also reduce the refinancing risk on the GBP517 million facility
as it was incurred to cover construction of Grosvenor Square
development.

The company also announced in December 2018 that it had received
an equity investment of around USD 71 million for a 26.32% stake
in a part of the ongoing Phase 2 of the Palava project, through
Piramal Ivanhoe Residential Fund 1. Any use of such funds for
debt reduction will be credit positive.

LDL's B2 rating reflects the company's position as the largest
developer of residential properties in India and the size of the
company's land bank. The company's rating also takes into account
the high quality of its projects under construction, combined
with its strong execution capability. In addition, the rating is
supported by the diversity of the company's project portfolio,
with projects in London as well as India, and projects in India
at multiple phases and price points.

The stable outlook on LDL's ratings reflects Moody's expectation
that the company will maintain its credit metrics at levels
appropriate for its B2 rating and improve its liquidity position
through refinancing and assets sales.

Given its large debt maturities over the next 12-18 months and
Moody's expectation of weak operating sales, a rating upgrade is
unlikely over this period.

Beyond this, the rating could be upgraded if LDL demonstrates
sustained improvements in its operating sales performance and
generates positive free cash flows. Moody's would also look for
an improvement in the company's liquidity, in the form of solid
cash balances and committed facilities to cover short-term debt
maturities. Specific credit metrics that would support an upgrade
include (1) adjusted debt/homebuilding EBITDA below 4.0x, and (2)
adjusted homebuilding EBIT/interest coverage above 2.0x on a
sustained basis.

LDL's rating could be downgraded if its operating performance
fails to improve or if it engages in any material debt-funded
land acquisitions, such that adjusted debt/homebuilding EBITDA
stays above 5.0x and/or homebuilding EBIT/interest remains below
1.5x. At the same time, the rating could be downgraded if the
company does not address its refinancing risk in a timely manner.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.


ROAD KING: Moody's Ups Corp. Family Rating to Ba3, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba3 from B1 Road King
Infrastructure Limited's corporate family rating (CFR).

At the same time, Moody's has upgraded to Ba3 from B1 the senior
unsecured ratings of bonds issued by RKI Overseas Finance 2016
(A) Limited, RKI Overseas Finance 2016 (B) Limited, RKP Overseas
Finance 2016 (A) Limited and RKI Overseas Finance 2017 (A)
Limited. These entities are wholly owned subsidiaries of Road
King.

The outlook on all the ratings is stable.

RATINGS RATIONALE

"The ratings upgrade reflects our expectation that Road King's
credit metrics will improve over the next 12-18 months on the
back of strong contracted sales growth," says Cedric Lai, a
Moody's Assistant Vice President and Analyst.

"The upgrade of the ratings also reflects Road King's improved
track record in the property development business in recent
years," adds Lai.

Road King's leverage, as measured by revenue/adjusted debt, will
trend towards 75%-80% over the next 12-18 months from around 60%
for the 12 months ended June 30, 2018. The improvement in
leverage will be driven by Road King's strong revenue growth and
cash flow from property sales; factors which will help control
debt growth. Leverage will also improve, based on Moody's
expectation that Road King will control capital expenditure,
given its prudent financial discipline.

The company reported a 31% year-on-year increase in contracted
sales to RMB32.1 billion in 2018, after recording a robust 40%
growth in 2017. Moody's expects Road King will achieve around
15%-20% year-on-year contracted sales growth to around RMB37-
RMB40 billion in 2019, supported by its sufficient land
resources, especially in the Yangtze River Delta region.

Moody's expects Road King's gross profit margin to moderate to
33%-35% over the next 12-18 months from the high base of 47%
recorded in the first half of 2018 and 40% in 2017. The high
gross margins recorded during these periods were due to the
delivery of certain high-margin projects in the Yangtze River
Delta and the effect should reduce over time.

Consequently, Moody's expects that Road King's EBIT/interest will
normalize to 4.0x-4.5x over the next 12-18 months from a robust
5.4x for the 12 months ended June 30, 2018. But such a level
would be appropriate for its Ba3 CFR.

Road King's stable ratings outlook reflects Moody's expectation
that Road King will maintain its prudent financial management,
while growing its property development and toll road businesses;
thereby preserving stable credit metrics and adequate liquidity.

Moody's expects that Road King's cash receipts from toll roads
will grow by 10%-15% over the next 12-18 months to around HKD800-
HKD850 million on the back of a likely increase in its toll road
traffic volume.

Consequently, cash receipts from toll roads, together with the
rental income from its investment properties, will cover around
50% of the company's total interest expenses.

Road King's liquidity profile is strong. Its cash/short-term debt
was at 208% at June 30, 2018. And, at June 30, 2018, its cash
holdings, including restricted cash of HKD10.2 billion, and
operating cash flow were sufficient to cover its short-term debt
of HKD4.9 billion and committed land payments.

Road King's CFR of Ba3 reflects the company's track record in
property development, and its cautious approach to land
acquisitions and financial management. As a result, the company
has maintained adequate liquidity throughout business cycles. The
rating also takes into account the stable cash flow from the
company's toll road investments, as well as its stable debt
leverage and financial metrics that are comparable with those of
its Ba3-rated peers in the Chinese property industry.

At the same time, the rating is constrained by the geographic
concentration of the company's land bank, as well as the
execution risk associated with any new toll road acquisition.

Upward ratings pressure could emerge if Road King (1) grows its
scale without sacrificing profit margins; (2) grows its toll road
dividends and improves its interest coverage from recurring
income to above 0.6x-0.7x on a sustained basis; (3) maintains
stable credit metrics, with homebuilding EBIT/interest above
4.0x-4.5x and revenue/debt of 90% or more; and (4) maintains
adequate liquidity.

On the other hand, downward ratings pressure could emerge, if (1)
Road King's liquidity deteriorates because of weaker sales,
aggressive land or other acquisitions; or (2) the operating
performance of the company's property segment deteriorates.
Credit metrics indicative of downward ratings pressure include
homebuilding EBIT/interest below 2.5x-3.0x or revenue/debt below
65% on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.


ROAD KING: Moody's Rates New Sr. Unsecured Debt 'Ba3'
-----------------------------------------------------
Moody's Investors Services has assigned a Ba3 senior unsecured
debt rating to the proposed senior unsecured USD notes to be
issued by RKPF Overseas 2019 (A) Limited and guaranteed by Road
King Infrastructure Limited (Ba3 stable).

The rating outlook is stable.

Road King plans to use the proceeds from the proposed notes to
refinance its existing indebtedness and for general working
purposes.

RATINGS RATIONALE

"The proposed bond issuance will support Road King's liquidity
profile and will not materially affect its credit metrics,
because the company will use the proceeds mainly to refinance
existing debt," says Cedric Lai, a Moody's Assistant Vice
President and Analyst.

Road King's leverage, as measured by revenue/adjusted debt, will
trend towards 75%-80% over the next 12-18 months from around 60%
for the 12 months ended June 2018.

Meanwhile, Road King's EBIT/interest will normalize to 4.0x-4.5x
over the next 12-18 months from a robust 5.4x for the 12 months
ending June 2018. But such a level is appropriate for its Ba3
CFR.

Road King's CFR of Ba3 reflects the company's track record in
property development, and its cautious approach to land
acquisitions and financial management. As a result, the company
has maintained adequate liquidity throughout business cycles. The
rating also takes into account the stable cash flow from the
company's toll road investments, as well as its stable debt
leverage and financial metrics that are comparable with those of
its Ba3-rated peers in the Chinese property industry.

At the same time, the rating is constrained by the geographic
concentration of the company's land bank, as well as the
execution risk associated with any new toll road acquisition.

Road King's stable ratings outlook reflects Moody's expectation
that Road King will maintain its prudent financial management,
while growing its property development and toll road businesses;
thereby preserving stable credit metrics and adequate liquidity.

Road King's senior unsecured rating is not affected by
subordination to claims at the operating company level. Moody's
says the company's creditors should benefit from its diversified
business profile. In particular, the cash flow generated from the
toll road business would mitigate the structural subordination
risk.

Upward ratings pressure could emerge if Road King (1) grows its
scale without sacrificing profit margins; (2) grows its toll road
dividends and improves its interest coverage from recurring
income to above 0.6x-0.7x on a sustained basis; (3) maintains
stable credit metrics, with homebuilding EBIT/interest above
4.0x-4.5x and revenue/debt of 90% or more; and (4) maintains
adequate liquidity.

On the other hand, downward ratings pressure could emerge, if (1)
Road King's liquidity deteriorates because of weaker sales,
aggressive land or other acquisitions; or (2) the operating
performance of the company's property segment deteriorates.
Credit metrics indicative of downward ratings pressure include
homebuilding EBIT/interest below 2.5x-3.0x or revenue/debt below
65% on a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects comprising five expressways across four
provinces in China: Anhui, Hebei, Hunan and Shanxi. In addition,
at June 30, 2018, the company had a property development
portfolio with a land bank of 8.5 million square meters across
the Bohai Rim, Yangtze River Delta, Greater Bay Area (including
Hong Kong), Henan and Hubei Province.

Wai Kee Holdings Limited and Shenzhen Investment Limited are the
largest shareholders of the company. At June 30, 2018, these two
companies owned 42% and 27% equity interests in Road King,
respectively.


ROAD KING: S&P Rates New Guaranteed USD Sr. Unsec. Notes 'BB-'
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issue rating to
the U.S.-dollar-denominated guaranteed senior unsecured notes
that RKPF Overseas 2019 (A) Ltd. proposes to issue. The notes are
guaranteed by Road King Infrastructure Ltd. (RKI; BB-/Stable/--).
The China-focused developer with a toll-road portfolio will use
the proceeds to refinance its existing debt. The issue rating is
subject to S&P's review of the final issuance documentation.

S&P rates RKI's guaranteed senior unsecured notes the same as the
issuer credit rating, given limited subordination risk in the
company's capital structure. As of Dec. 31, 2017 RKI's capital
structure consisted of Hong Kong dollar (HK$) 6.9 billion in
secured debt, HK$15.0 billion in unsecured debt at the parent
level, and HK$5.9 billion unsecured debt issued or guaranteed by
the company's operating subsidiaries. S&P considers its priority
debt to be below 50%.

RKI will use the net proceeds to refinance existing borrowings
maturing in the second half of 2019. Earlier this month, RKI
issued US$400 million guaranteed senior unsecured notes and use
part of the proceeds to purchase an aggregate principal amount of
US$224.7 million of its guaranteed senior unsecured notes due
August 2019. The remaining outstanding principal amount is
US$225.3 million. RKI has another Chinese renminbi (RMB) 1.5
billion in onshore China corporate bonds maturing in the second
half of 2019. We expect RKI to maintain prudent financial
management and keep leverage largely stable, with the company's
ratio of debt to EBITDA at 4.3x-4.6x in 2018 and 2019, up
slightly from 4.2x in 2017.

In 2018, RKI's contracted sales reached RMB32.1 billion, 31%
higher than the same period in 2017 due to strong growth in the
second half. However, the company's market position in property
development remains weak compared with other similar rated
peers', owing to RKI's smaller scale, weaker brand recognition,
and geographical concentration in the Yangtze River Delta.

S&P said, "The stable outlook on the issuer credit rating
reflects our expectation that RKI is likely to moderately
increase its property sales over the next 12 months. We also
expect the company to maintain its strong profit margin over this
period due to its steady execution of property development and
stable income from its toll-road business."


SHANDONG YUHANG: Fitch Affirms 'B' LT IDR, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has maintained the Negative Outlook on China-based
Shandong Yuhuang Chemical Co., Ltd., and affirmed the Long-Term
Issuer Default Rating at 'B'. Fitch has also affirmed the senior
unsecured rating and Yuhuang's senior unsecured US dollar notes
due 2020 at 'B', with Recovery Rating of 'RR4'. The notes were
issued by its offshore SPV, Rock International Investment Inc.,
and guaranteed by Yuhuang.

The Negative Outlook reflects heightened refinancing pressure
with maturities of domestic bonds concentrated in 2019, and the
US dollar notes due by end-1Q20. Under its forecasts, Yuhuang's
liquidity will be just about enough to cover the domestic bond
repayments and US project cash contribution in 2019, but not the
US dollar notes, leaving it with little rating headroom. Fitch
will downgrade the IDR if the company's financing ability does
not recover by mid-2019, or if actual free cash flow (FCF) is
weaker than expected. The Negative Outlook also reflects the
uncertainties surrounding the restructuring of Hongye Chemical
Group Co., Ltd. (Hongye), to whom Yuhuang provides guarantees.

The 'B' rating reflects the cyclical nature of Yuhuang's chemical
business, which is counterbalanced by its track record of stable
margin and its expectation of positive FCF from its China
operations. Its expectation for Yuhuang's leverage has improved
after it received an equity injection for its US methanol plant
from Koch Methanol, an affiliate of Koch Industries (Koch), and
cash from the sale of a stake in a subsidiary. The Recovery
Rating of 'RR4' reflects average recovery prospects for Yuhuang's
offshore senior unsecured creditors.

KEY RATING DRIVERS

Hongye Still under Restructuring: Hongye and Yuhuang provided
guarantees for each other's bank borrowings, which is a common
practice for bank credit enhancement in Shandong province. Hongye
encountered a liquidity crisis in mid-2017, and is currently
recruiting investors, after it entered bankruptcy proceedings and
announced a restructuring in July 2018. The restructuring process
is much longer than expected, but Yuhuang's management expects
investors in the restructuring to be selected soon and the
restructuring to be completed by 1H19.

Yuhuang has so far not been required to assume any repayment
obligations under its guarantees for Hongye's debt, according to
the company's management. Yuhuang's reported guarantees for
Hongye fell to CNY 0.9 billion by end-9M18, from CNY1.5 billion
at end-2017, after Hongye repaid a bond and other loans
guaranteed by Yuhuang. However, the financial implications for
Yuhuang from Hongye's restructuring plan remain unknown.

Increased Liquidity Pressure: Yuhuang's ability to secure
financing was greatly impaired by Hongye's bankruptcy, the
overall tight credit conditions in China, and weaker investor
sentiment after several private companies defaulted in China in
2018. Banks have rolled over maturing loans as agreed with the
local government, but the company still has CNY2.2 billion of
domestic bonds that will mature in 2019 or have put options that
may be exercised during that period. Fitch expects its cash on
hand, cash from equity disposal in 4Q18 and FCF from its China
operation to be enough to repay those debts, although weaker-
than-expected FCF or lack of access to cash on hand could
jeopardise the repayments.

Government Support: Heze City Construction Investment (HCCI), a
financing vehicle of the Heze government, paid CNY1.55 billion in
cash to purchase 39% of Yuhuang's refining subsidiary in two
instalments in 4Q18. The proceeds from the transaction are a key
source of cash for Yuhuang to repay its maturing bonds. The
government has also helped Yuhuang by requiring banks to maintain
their credit lines at benchmark interest rates without requiring
additional security. The Hongye bond that Yuhuang guaranteed was
also repaid with support from the government.

Fitch believes the government is likely to extend further support
to ensure stable operation of the facilities of Yuhuang and
Hongye, and to prevent a systematic debt crisis for private
companies in the region.

Funding Received for US Project: Koch has taken a 40% stake in
Yuhuang's US methanol plant and has agreed to off-take products
from the plant. Yuhuang's management does not expect further
delays to the plant, which has had its completion date pushed
back to 1H20, from previous guidance of 3Q19. Funding for the
plan is now stable after Koch joined as a joint-venture partner
and Cindat Capital Management Ltd. was added as the fourth member
of the syndicate of banks. Ground construction and equipment
installation at the plant started in September 2018, with most of
the large equipment delivered to the plant by end-2018.

Yuhuang's management expects capex for the methanol plant and
supporting infrastructure to be USD1.47 billion, but Fitch
forecasts capex of USD1.6 billion instead to reflect project
delays and further uncertainties. However, Fitch does not expect
the plant to require a lot of funds in 2019 following Koch's
equity contribution and syndicated loan drawdown.

Weaker Profit in 2019: Fitch forecasts Yuhuang's 2019 revenue to
fall 16% from 2018 mainly due to a decline in average selling
prices (ASP) for its products, but its EBITDA margin should
remain stable at 10%-11% (2017: 11.7%), given its track record of
stable margin. This is likely to result in an EBITDA decline of
16% in 2019. ASP for most of its products started to trend down
in 4Q18 as global crude price declined, and supply and demand for
certain products turned less favourable. Yuhuang's reported
EBITDA rose 2% yoy to CNY2.4 billion in 9M18. Reported operating
cash flow (OCF) reached CNY1.2 billion in 9M18. The OCF would
have been higher, if Fitch excludes the impact of the decline in
bills payable.

Leverage Expectation Revised Down: Fitch now expects Yuhuang's
FFO adjusted net leverage to be 5x-6x in 2019-2020 (2017: 5.1x)
during the construction of the US methanol plant, compared with
6x-7x previously. The revision follows Koch's equity contribution
to the US project, proceeds from the sale of a stake in a
subsidiary and lower off-balance sheet debt due to a reduction in
guarantees to Hongye. However, Fitch expects Yuhuang's FFO fixed-
charge ratio to decline to around 2.7x in 2019-2020 (2017: 3.5x),
from its previous expectation of over 3.0x, because Fitch expects
higher refinancing costs and a rise in the interest rate of the
floating-rate US syndicated bank loan.

DERIVATION SUMMARY

Yuhuang is much larger than Century Sunshine Group Holdings
Limited (B/Stable), a niche fertilizer player in China, although
its leverage ratio is a bit higher. Century Sunshine's business
profile is evolving as the company has made several acquisitions
in recent years. However, Yuhuang faces uncertainties over its
Hongye guarantees and more pressure to secure refinancing, which
warrant the Negative Outlook. Compared to Zhongrong Xinda Group
Co., Ltd. (ZRXD, B-/Negative), both companies face heightened
refinancing pressure in 2019. Yuhuang is smaller than ZRXD and it
also has a weaker market position for its key product. However,
75% of ZRXD's revenue and 36% of its gross profit is from
logistics and trading, which are more volatile, especially in
market downturns. Yuhuang's credit metrics are stronger, with
forecast FFO adjusted net leverage of 5x-6x, compared with 9x-10x
for ZRXD.

KEY ASSUMPTIONS

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

  - Sales volume for the China operation to decline slightly;
    US project to start operations in 2020 with 30% utilization
    initially and rising to 70% in 2021;

  - Product prices to decline in 2019 from 2018 levels, and
    change with Fitch's price-deck assumptions of oil prices
    thereafter. Methanol price for its US project at USD350 per
    tonne in 2020.

  - China operation's EBITDA margin to remain stable at 10%-11%,
    and US methanol project EBITDA margin at around 19% in 2020
    and 26% in 2021;

  - Maintenance and upgrade capex for the China operation at
    CNY700 million-850 million in 2018-2020 with no expansionary
    capex. Total capex for US methanol project at USD1.6 billion.

Fitch's key assumptions for the bespoke recovery analysis
include:

  - Yuhuang would be considered a going-concern in bankruptcy and
    would be reorganised rather than liquidated.

  - Fitch has assumed Yuhuang's going-concern EBITDA is equal to
    estimated 2018 EBITDA with a 25% discount.

  - A 4.5x enterprise value (EV)/ EBITDA multiple is used to
    calculate the post-reorganisation valuation

  - Fitch has included the liquidation value of the US project at
    20% advance rate to its calculation of total going-concern
    value, as this can be used to pay down some of the US project
    loan.

  - 10% administrative claim

  - 50% of a USD800 million US project loan is guaranteed by
    Yuhuang holding company, and 50% by its subsidiaries. Fitch
    has treated the amount of the project loan that is guaranteed
    by the subsidiaries as ranking prior to the US dollar notes,
    which are guaranteed by the holding company. The external
    guarantees of CNY1.9 billion are treated as pari passu to the
     US dollar notes in its recovery analysis.

  - The recovery waterfall results a 'RR4' Recovery Rating.

RATING SENSITIVITIES

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

  - Fitch may revise the Negative Outlook back to Stable if
    Yuhuang is able to secure sufficient funding to refinance
    all the maturing debt, including the USD300 million of
    notes due in March 2020, by mid-2019.

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

  - Failure to secure sufficient funding to refinance all the
    maturing debt, including the USD300 million of notes due
    in March 2020, by mid-2019.

LIQUIDITY

Tightened Liquidity: Yuhuang has CNY3,386 million bonds that
mature or have put options that may be exercised from 4Q18 to
4Q19. Fitch expects Yuhuang's China operation to generate around
CNY1 billion of FCF in during the period, and it has received
CNY1.55 billion in cash from disposing a stake in its refining
subsidiary in 4Q18. Fitch estimates its available cash in China
was around CNY1.9 billion as of end of September 2018.These
liquidity sources should be able to cover the bond repayments in
2018 and 2019.

Bank credit availability remains stable and all matured loans
have been rolled over as agreed with the Shandong government. The
equity injection from Koch into the US methanol plant has eased
funding pressure for the project, although the project is still
not fully financed and may be threatened if Yuhuang cannot
recover its ability to secure financing in 2019. The company's
liquidity position may also deteriorate if its product prices and
profitability decline by more than Fitch expects or if it is
required to make large payments related to guarantees extended to
Hongye.


YUZHOU PROPERTIES: Moody's Rates Proposed Sr. Unsec. Notes B1
-------------------------------------------------------------

Moody's assigns B1 to Yuzhou Properties' proposed USD notes
28 Jan 2019
Hong Kong, January 28, 2019

Moody's Investors Service has assigned a B1 rating to Yuzhou
Properties Company Limited's proposed senior unsecured USD notes.

The rating outlook is stable.

Yuzhou plans to use the proceeds from the proposed notes mainly
to refinance its existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will support Yuzhou's liquidity
profile and will not materially affect its credit metrics,
because the company will use the proceeds mainly to refinance
existing debt," says Celine Yang, a Moody's Assistant Vice
President and Analyst.

Moody's forecasts that Yuzhou's leverage, as measured by
revenue/adjusted debt, will gradually recover to around 63% to
68% during 2019-2020 from around 50% for the 12 months ended June
2018, driven by likely stronger revenue and controlled debt
growth in 2019 and 2020.

Yuzhou has maintained a good track record of high profit margins
in the 31%-36% range in the past five years (2013-2017). Moody's
expects that Yuzhou's gross margin will likely remain at 31%-33%
over the next one to two years, because the company maintained
its average land cost of around RMB5,000 per square meters as of
June 2018, which is similar to the levels recorded since 2016.

As a result, Yuzhou's adjusted EBIT/interest should remain strong
at 3.8x-4.1x in 2019 from around 3.8x for the 12 months ended
June 2018.

Yuzhou's Ba3 corporate family rating reflects its (1) track
record of developing and selling residential properties, (2)
growing operating scale and improved geographic diversification,
(3) high profitability and interest coverage, and (4) strong
liquidity.

However, its credit profile is constrained by high debt leverage
- as measured by revenue/debt - for its Ba3 rating level.

The B1 senior unsecured debt rating is one notch lower than the
corporate family rating due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries and have priority over Yuzhou's senior
unsecured claims in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for
structural subordination. As a result, the likely recovery rate
for claims at the holding company will be lower.

The stable outlook on Yuzhou's ratings reflects Moody's
expectation that the company will maintain its contracted sales
and revenue growth, high gross margins, strong liquidity position
and measured debt growth.

Upward ratings pressure over the medium term could emerge if
Yuzhou (1) grows in scale, (2) improves its credit metrics, (3)
maintains a strong liquidity position, or (4) establishes a track
record of access to the domestic and offshore debt markets.

Credit metrics indicative of upward ratings pressure include the
company showing (1) EBIT interest coverage in excess of 4.0x, or
(2) revenue/adjusted debt in excess of 90%.

Downward ratings pressure could emerge if Yuzhou shows a
weakening in its contracted sales growth, liquidity position,
profit margins or credit metrics.

Credit metrics indicative of downward ratings pressure include
(1) cash/short-term debt below 1.5x, (2) EBIT interest coverage
below 2.5x-3.0x, and (3) revenue/adjusted debt below 60% on a
sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone
and the Yangtze River Delta. Established in Xiamen in the mid-
1990s, Yuzhou is one of the city's largest developers. The
company moved its headquarters to Shanghai in 2016.

At June 30, 2018, Yuzhou had a land bank of around 17.25 million
square meters in total salable gross floor area.

Yuzhou listed on the Hong Kong Stock Exchange in 2009. The
company had a market capitalization of HKD15.7 billion at January
14, 2019, and its chairman, Mr. Lam Lung On, owned a 56.71% stake
in the company as of the same date.



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


ZWOOP LIMITED: Liquidators Sell Zwoop E Commerce System and Brand
-----------------------------------------------------------------
The Joint & Several Liquidators of Zwoop Limited on Jan. 28
offered the Zwoop e-commerce system and brand for sale. Mavis Tan
and Simon Blade from Control Risks have been appointed as
Liquidators of the sale.

The Zwoop System is a consumer-oriented software tool that
provides the solution to the key problems affecting online sales
today. Zwoop has a long term vision to provide users with a
"complete shopping assistant" allowing users to:

   * Shop and check out instantly with 1 click from 100% of
     e commerce websites on the internet

   * Find the best possible price for any product from any
     Merchant

   * Find alternative similar products with better prices or
     with better shipping conditions

   * Purchase any product just by taking a picture of it or
     an advertisement

Using artificial intelligence and deep machine learning to
continually interrogate and interpret every merchant site, Zwoop
has unique insight into the entire e-commerce landscape -
including price, variations, availability and shipping options.

The Zwoop System has yet to be formally launched but can already
process products from the major merchants in the UK in the areas
of clothing/apparel, accessories and smart consumer electronics.
Zwoop strategy was progressive extension over product categories,
merchants and countries (in all languages)

Interested parties should contact the Joint & Several Liquidators
on or before Feb. 8, 2019, as follows:

          Control Risks
          2501-02, 25/F The Centrium
          60 Wyndham Street
          Central, Hong Kong
          Telephone: +852 6963 0040
          E-Mail: 208309@email4pr.com



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


AVIS PROJECTS: CARE Assigns B+ Rating to INR5cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Avis
Projects and Infrastructure Private Limited (APPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.00       CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of APPL is constrained
by its small scale of operations with low capitalization,
volatility profitability margin. The rating is further
constrained by its leveraged capital structure, working capital
intensive nature of operations and presence in highly fragmented
industry. The rating, however, draws strength from the
experienced promoters and comfortable order book position with
long term revenue visibility and healthy debt coverage
indicators.

Ability of the company to increase its scale of operations along
with improvement in profitability, solvency and efficient
management of working capital requirement are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low capitalization: The scale of
operations of the company is small with total operating income of
INR17.52 crore in FY18 (refers to a period from April 1 to
March 31) and tangible net worth base of 0.96 crore as on
March 31, 2018 (Audited). Small scale of operations limits the
financial flexibility of the company in times of stress and
depriving the company form the benefits of scale.

Leveraged capital Structure: The capital structure of the company
stood leveraged as reflected by overall gearing ratio of 5.01x as
on March 31, 2018.

Moderate and volatile profitability margins with low cash
accruals: The PBILDT margin of APPL is moderate and was in
the range of 30.10%-7.77% in last three years ended FY18.
Furthermore, the PAT margin of the company was also moderate and
stood in range of 3.64%-4.94% in last three years ended FY18.

Working capital intensive nature of operation: The operations of
the company are working capital intensive with funds being
blocked in inventory. The gross current asset stood at 166 days
during FY18. The working capital requirements are met by the cash
credit facility availed by the company, the average utilization
of the cash credit for past twelve-month period ended
December 31, 2018 was around 90 percent.

Presence in highly fragmented industry: The construction sector
in India is highly fragmented with a large number of small and
mid-sized players. Thus the entities in present in the segment
have a low bargaining power vis-Ö-vis their customers.

Key Rating Strengths

Experienced promoters: The company is currently managed by Ms.
Arati Vijay Kulkarni and Mr. Niranjan Vijay Kulkarni. Ms. Arati
Vijay Kulkarni has 34 years of experience in the construction
sector and Mr. Niranjan Vijay Kulkarni has 11 years of experience
in the construction sector. The extensive experience of the
promoters in the industry has enabled the companies to garner
good relations with its key customers and suppliers.

Healthy order book position: The Company is currently engaged in
construction of building and other civil structure and currently
has a healthy order book position to be executed 4-5 years
providing revenue visibility for long term.

Comfortable debt coverage indicators: The debt coverage indicator
of the company stood healthy as reflected by PBILDT interest
coverage ratio of 15.40x in FY18 and total debt to GCA of 5.70x
as at the end of FY18.

Incorporated in 2013, APPL is Pune (Maharashtra) based company
managed by Ms. Arati Vijay Kulkarni and Mr. Niranjan Vijay
Kulkarni. The company is engaged in the construction of buildings
and other civil structure and construction of distilleries. The
company's major revenue comes from construction of sugar plant.


BANK OF INDIA: Aims for Q4 Profit as it Tackles Bad Loans
---------------------------------------------------------
Reuters reports that Bank of India Ltd aims to return to profit
in the January-March quarter as it focuses on reducing bad loans,
its chief executive said on Jan. 28, after the state-run lender
logged its biggest quarterly loss since at least 2005.

A spike in bad loan provisions dragged the bank to a net loss of
INR47.38 billion (US$666.50 million) in the three months ended
Dec. 31. In the same period the year before, it registered a loss
of INR23.41 billion, Reuters discloses.

"Going ahead, the main area of focus will be to reduce bad loans
and get back to a profit in the Jan-March quarter," Reuters
quotes CEO Dinabandhu Mohapatra as saying at a post-earnings
press conference, adding the bank expected 26 billion rupees to
be recovered from bankruptcy cases in the current quarter.

Reuters notes that Indian banks, especially those run by the
state, have been dogged by surging levels of bad loans, forcing
the central bank to undertake a clean-up exercise that includes
sending defaulting borrowers into a bankruptcy court framework.
Lenders have since had to make higher provisions for non-
performing assets.

In the September-December quarter, provisions for bad loans at
Bank of India more than doubled to INR91.79 billion. However,
gross addition of bad loans slowed sharply to INR43.15 billion
from INR183.29 billion in the year-earlier period, Reuters
discloses.

According to Reuters, gross bad loans as a percentage of total
loans, a measure of asset quality, eased to 16.31 percent by the
end of December, from 16.36 percent at the end of September and
16.93 percent a year earlier.

Mohapatra also said the bank had an exposure of INR34 billion to
struggling infrastructure conglomerate IL&FS, and some non-fund
exposure to debt-laden carrier Jet Airways Ltd, adds Reuters.


BDR EDUCATIONAL: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BDR
Educational Society's Long-Term Issuer 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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR66.20 mil. Term loan due on July 31, 2023 maintained
    in Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

BDR Educational Society is a society registered under the Andhra
Pradesh Societies Registration Act, 2001. It runs Surya - The
Global School in Baachupally, Hyderabad. The school has a three-
acre campus and offers CBSE curriculum until grade seven. The
school commenced operations in 2013.


BPL LIMITED: Ind-Ra Lowers Rating on INR100MM Debt to 'B-'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded BPL Limited's
Long-Term Issuer Rating to 'IND B-' from 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits downgraded with IND B-/Stable
    rating; and

-- INR280 mil. Non-fund-based limits downgraded with IND A4
    rating.

KEY RATING DRIVERS

The downgrade reflects a delay in the redemption of preference
shares totalling INR543.9 million in FY18 that are due to banks
and financial institutions owing to an inadequate liquidity
position in FY18; BPL had a free cash flow from operations of
INR19 million in FY18 (FY17: negative INR630 million).

The ratings continue to reflect the continued weak credit metrics
of BPL on account of a rise in debt level. Its net leverage
(gross debt/EBITDA) was 17.0x in FY18 (FY17: 374.0x). Despite the
significant improvement brought about by an improvement in
EBITDA, the leverage remains high on account of the delays in the
redemption of preference shares, which constituted the majority
of debt in FY18. The interest coverage improved to 5.4x in FY18
(FY17: 0.1x) on account of an improvement in EBITDA and a
reduction in interest cost

The ratings are constrained by a decline in BPL's EBITDA margin
to an average level of 3% in 1HFY19 from 8% in 1HFY18 (FY18:
7.9%), mainly on account of an increase in raw material cost.
BPL's return on capital employed declined to 14.06% in FY18
(FY17: 26.73%).

The ratings, however, benefit from BPL's revenue growth of 28%
yoy to INR1,252 million in FY18, primarily driven by a rise in
the sales of BPL's traded electronic products and printed circuit
boards as the company has a high brand recall value and demand
from the e-commerce platform. However, its scale of operations
continued to be modest. BPL's revenue was INR756 million in
1HFY19 (1HFY18: INR657 million).

Ind-Ra expects BPL's revenue growth momentum to sustain in FY19,
given the company has signed a three-year exclusive agreement
(ending March 2020) with M/s Cloudtail India Private Limited, the
purchasing arm of Amazon India, for the sale of consumer
electronics products.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity profile or any
decline in EBITDA could trigger a negative rating action.

Positive The redemption of the preference shares and a
substantial improvement in the revenue and EBITDA margin could
lead to a positive rating action.

COMPANY PROFILE

Formed by Mr. TPG Nambiar, BPL is engaged in the trading of
consumer durables and the manufacturing of printed circuit boards
(installed capacity of 288,000 square meters). It is managed by
Mr. Ajit Nambiar.


DEBPARA TEA: CARE Lowers Rating on INR12cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Debpara Tea Company Limited, as:

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Debpara Tea Company
Limited to monitor the ratings vide letters/e-mails
communications dated October 12, 2018, October 26, 2018,
November 16, 2018 and January 8, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at fair
ratings. The rating on Debpara Tea Company Limited's bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING. However, banker could not be contacted.

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

The rating takes into account its small scale of operations with
low profitability margins, leveraged capital structure with
moderate debt coverage indicators, susceptible to vagaries of
nature, volatility associated with tea prices, fragmented and
competitive nature of industry and working intensive nature of
business. However, the aforesaid constraints are partially offset
by its experienced promoters along with satisfactory track record
of operations and backward integration for its raw materials.
The ability of the company to improve its scale of operations
along with profitability margins and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins: DTC is a
relatively small player in the tea industry with revenue and PAT
of INR14.14 crore and INR0.36 crore respectively, in FY18.
Further, the net worth base and total capital employed was low at
INR3.35 crore and INR11.03 crore, respectively, as on March 31,
2018. This apart, the PBILDT and PAT margin is low at 10.24% and
2.57% respectively, during FY18. The small size restricts the
financial flexibility of the company in times of stress and it
suffers on account of economies of scale.

Leveraged capital structure with moderate debt coverage
indicators: Capital structure of the company remained leveraged
as on last three account closing dates owing to high working
capital intensity of the business marked by moderately high
overall gearing ratio of 2.29x and high total debt to GCA of
12.50x in FY18. However, interest coverage was moderate during
last three years and stood at 1.74x in FY18.

Susceptible to vagaries of nature: Tea production, besides being
cyclical, is susceptible to vagaries of nature. DTC's tea
processing unit is located in Jalpaiguri district of West Bengal,
the second largest tea producing state in India. However, the
region has sometimes witnessed erratic weather conditions in the
past. Though demand for tea is expected to have a stable growth
rate, supply can vary depending on climatic conditions in the
major tea growing areas. Therefore adverse natural events have
negative bearing on the productivity of tea gardens in the region
and accordingly DTC is exposed to vagaries of nature.

Volatility associated with tea prices: The prices of tea are
linked to the auctioned prices, which in turn, are linked to
prices of tea in the international market. Hence, significant
adverse price movement in the international tea market affects
DTC's profitability margins. Further, tea prices fluctuate widely
with demand-supply imbalances arising out of both domestic and
international scenarios. Tea is a perishable product and demand
is relatively price inelastic, as it caters to all segments of
the society. While demand has a strong growth rate, supply can
vary depending on climatic conditions in the major tea growing
countries. Unlike other commodities, tea price cycles have no
linkage with the general economic cycles, but with agro-climatic
conditions.

Fragmented and competitive nature of industry: While the tea
industry is an organised agro-industry, it is highly fragmented
in India with presence of many small, mid-sized and large
players. There are about 1000 of tea brands in India, of which
90% of the brands are represented by regional players while the
balance of the 10% is dominated by big corporate houses. Since,
DTC majorly sells all its produce through auctions and doesn't
have any brand. This, coupled with the growing shift from loose
to branded tea among consumers, would further intense the
competition for DTC.

Working capital intensive nature of business: DTC's business,
being cultivating and manufacturing black tea, is working capital
intensive marked by moderate average inventory holding period in
the range of 117-88 days during FY16- FY18 due to seasonal nature
of the industry wherein the March quarter is the lean season
resulting in lower off take and accumulated inventory leading to
availment of higher bank limits to meet running expenses. This
apart, the average collection period also remained moderately
high at 60 days in FY18 as DTC offers moderately high credit
period to its customers to attract them and retain them on the
backdrop of intense competition.

Key Rating Strengths

Experienced promoters along with satisfactory track record of
operations: Mr. Tara Chand Agarwal, Mr. Sadhan Chakraborty, Mr.
Subhankar Mittal and Mr. Deepankar Mittal are the directors of
DTC and looks after the overall management of the company. Mr.
Tara Chand Agarwal and Mr. Sadhan Chakraborty, both are having
around four decades of experience in the tea industry, looks
after the day to day operations of the company. He is supported
by other directors Mr. Subhankar Mittal and Mr. Deepankar Mittal
and a team of experienced professionals. Further, the current
promoters have taken over the company in 2004-05 and since then
engaged in the business of cultivation and manufacturing black
tea and thus has a satisfactory track record of operation of
around 14 years.

Backward integration for its raw materials: DTC has its own tea
garden having a tea producing capacity of about 12 lakh kgs per
annum enabling the company to produce and supply tea, as per the
demand scenario. As the production in its own garden is
satisfactory, DTC does not depend on external raw material
suppliers and resultantly the pressure on margin due to higher
raw material cost is negligible.

Debpara Tea Company Limited (DTC) was incorporated in January 14,
1910. DTC was taken over by West Bengal based Mr. Tarachand
Agarwal and his family members from Mr. M.K. Banerjee in 2004-05.
The company is engaged in the business of cultivation and
manufacturing of black tea. At present, DTC presently owns one
tea estate at Jalpaiguri, West Bengal and a manufacturing
facility located adjacent to the tea estate, which processes the
leaf from the garden. The aggregate area available for
cultivation is 851 hectares, of which area under cultivation is
437 hectares, having average yield of 2089 kg per hectare. Tea is
sold through brokers (who sell it in auctions).

Mr. Tara Chand Agarwal and Mr. Sadhan Chakraborty, having around
four decades of experience in the tea industry, looks after the
day to day operations of the company. He is supported by other
directors Mr. Subhankar Mittal and Mr. Deepankar Mittal and a
team of experienced professionals.


DHARAMRAJ CONTRACTS: Ind-Ra Gives BB Rating on INR210MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dharamraj
Contracts India Private Limited (DCIPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR210.00 mil. Fund-based working capital limits assigned
    with IND BB/Stable/IND A4+ rating;

-- INR700.00 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating; and

-- INR390 mil. Proposed non-fund based working capital limits*
    assigned with Provisional IND A4+ rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of the above facility by DCIPL to the
satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect DCIPL's medium scale of operations, as
indicated by revenue of INR914.85 million in FY18 (FY17:
INR1,004.42 million). The outstanding work orders in hand
amounted to INR5,829 million at end-December 2018 and DCIPL
booked a turnover of around INR1,170 million during April-
December 2018. The growth of business depends entirely upon the
company's ability to successfully bid for tenders and emerge as
the lowest bidder.

The ratings are constrained by DCIPL's modest credit metrics, due
to high debt levels (FY18: INR273.93 million; FY17: INR236.29
million). Interest coverage (operating EBITDA/gross interest
expense) was 2.23x in FY18 (FY17: 2.33x) whereas net leverage
(adjusted debt/operating EBITDAR) was 3.19x (3.08x). The coverage
and leverage ratios declined mainly on account of an increase in
interest expenses because of the additional debt availed by the
company.

The ratings factor in the company's tight liquidity position, as
indicated by almost full utilization of the working capital
limits during the 12 months ended December 2018. Further, both
cash flow from operations and free cash flows turned negative in
FY18 at negative INR52.90 million (FY17: INR43.30 million) and
negative INR119.34 million (negative INR87.20 million),
respectively, because of the elongation in working capital cycle
to 113 days (88 days). The company faces a long working capital
cycle because of the time taken to receive payments from its
customers which are mostly government agencies and for the
various approvals required to be obtained during project
execution.

The ratings however are supported by the company's comfortable
EBITDA margin of 15.96% in FY18 (FY17: 11.20%) with ROCE was
17.32% (19.55%), due mainly to the execution of high-margin
projects.

Moreover, DCIPL's promoters have about a decade of experience in
the civil construction sector and the company has established
relations with suppliers and sub-contractors over the years.

RATING SENSITIVITIES

Negative: A decline in the profitability, further elongation in
the working capital cycle or any unexpected debt-led capex
leading to the deterioration in the credit profile, all on a
sustained basis, could be negative for the ratings.

Positive: A significant increase in the revenue, EBITDA margin
and decline in the working capital cycle leading to an
improvement in credit profile, all on a sustained basis, could be
positive for the ratings.

COMPANY PROFILE

Established in 2010, DCIPL undertakes design, engineering,
construction maintenance and repair of civil infrastructure
projects such as roads, highways and building works, for central
and state government road construction departments.


DURGESHWARI INDUSTRIES: CARE Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CARE had, vide its press release dated October 6, 2017, placed
the ratings of Durgeshwari Industries Limited (DIL) under the
'issuer non-cooperating' category as DIL had failed to provide
information for monitoring of the rating. DIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
January 08, 2019, December 25, 2018, December 20, 2018 and
October 12, 2018. 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.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      15.00       CARE B+; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

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

Detailed description of the key rating drivers

At the time of last rating on October 6, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Weak financial risk profile of entity with reasonable
profitability margin: The scale of operations of DIL have
declined in FY14-FY16, on account of reduced order intake.
Furthermore the small scale of operations of entity with its low
net worth limits its financial flexibility in times of stress and
deprives it of scale benefits. The entity has weak debt coverage
indicators along with leveraged capital structure as on March 31,
2016.  Further the operating profitability margins of entity
remained reasonable in range of 4.50-7.40%, however the PAT
margins of entity continued to remain below unity during FY14-
FY16.

Working capital intensive nature of operations: The operations of
DIL are working capital intensive in nature, as it has to
maintain inventory for more than three months in order to ensure
uninterrupted production which requires huge dependence on
working capital borrowings.  The entity further provides a credit
period of around one month to its customers and receives a credit
period of around three months from its suppliers.

Presence in highly fragmented industry with limited value
addition: DIL is engaged in the ginning and pressing of cotton,
along with the oil extraction, which involves very limited value
addition and hence results in thin profitability margins.
Moreover, on account of large number of units operating in cotton
ginning business in Maharashtra, the competition within the
players remains very high resulting in high fragmentation and
further restricts the profitability. Thus, ginning players have
very low bargaining power against its customer as well as
suppliers.

Operating margins susceptible to cotton price fluctuation and
seasonality that is associated with cotton industry: Raw Cotton,
a seasonal agricultural commodity (from November to February), is
the key raw material, and accounts for 65 to 68 per cent of yarn
spinners' operating costs. The global scenario for cotton, in
terms of output, demand-supply, and exports/imports, can impact
domestic prices. Interdependency across the value chain exists;
hence, the ability to pass on any increase in cost and thus
maintain healthy margins remains a key driver for players.
Further, besides seasonal availability of raw cotton the prices
of raw cotton are also dependent upon factors like, rainfall,
area under production, yield for the year, international demand
supply scenario, export quota decided by government and inventory
carry forward from the previous year. Ginners usually have to
procure raw materials at significantly higher volume to bargain
bulk discount from suppliers.

Key Rating Strengths

Established track record of operations of entity along with
experienced promoters: Parbhani (Maharashtra) based, DIL
was incorporated in 1994. The promoters have gained an experience
of around two decades in cotton processing industry through their
association with DIL. Being in the cotton industry for such a
long period has helped them in gaining adequate acumen about the
industry.DIL has a track record of more than two decades and has
strengthened its base in the seed processing and oil extraction.

Diversified customer base: DIL supplies cotton bales, cotton seed
oil, cotton cake etc. to companies located in and around the
vicinity of Maharashtra like Dharam deep Commodities Private
Limited, Louis Dreyfus Commodities Private Limited (Madhya
Pradesh), Manjeet Cotton Private Limited and Rajshree Fibres to
name a few, along with retailing of the same and sales to local
players. DIL has a well diversified customer profile, which
shields it from the risk of decline in income from operations,
due to lower order from one particular customer.

DIL, was initially established in 1994, as a seed processing
company under the name Durgeshwari Seeds Private Limited (DSPL)
and was further converted into Public Ltd Company under the
current name in the year 2011. The operations of the entity are
being handled by Mr. Vijay Agrawal and his brothers. The entity
operates from its sole manufacturing plant at Parbhani
(Maharashtra) with an installed capacity of manufacturing 400
quintal bales per day.


FRIENDS TIMBER: CARE Migrates B+/A4 Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Friends Timber Private Limited (FTPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long/Short term      6.00        CARE B+; Stable/CARE A4;
   Bank Facilities                  Issuer Not Cooperating;
                                    Based on best available
                                    information

   Short term Bank     16.25        CARE A4; Issuer Not
   Facilities                       Cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from FTPL to monitor the rating
vide e-mail communications/letters dated January 8, 2019,
January 7, 2018, November 1, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE has reviewed the ratings on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.  The
rating on FTPL's bank facilities will now be denoted as CARE
B+/CARE A4; 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 rating takes into account the fluctuating scale of operations
with thin profitability margins owing to trading nature of
business, leveraged capital structure and weak debt coverage
indicators. The ratings are also tapered down by exposure of
profitability margins to fluctuation in raw material prices, its
presence in competitive industry, working capital intensive
nature of operations and high reliance on imports for procurement
of timber along-with exposure to change in government policies.
The ratings however, draw support from the experience of
promoters in timber industry, long track record of operations of
company and geographically diversified revenue stream along-with
diversified customer base. The ability of the company to increase
its scale of operations, improve its solvency position and
profitability margins along with efficient management of working
capital requirements remains the key rating sensitivity.

Detailed description of the key rating drivers

At the time of last rating on December 27, 2017, the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Fluctuating scale of operations with thin profitability margins
and exposure to fluctuation in raw material prices along with
foreign exchange fluctuation risk: Despite being in operations
for around four and half decade, the scale of operations of the
company remained modest with total operating income of INR51.33
crore in FY17 and low net worth base of INR6crore, as on
March 31, 2017, thereby limiting its financial flexibility.
Furthermore, owing to limited value addition nature of business
and high competition, the profitability margins of the company
remained low. Moreover, the company imports timber from Myanmar
and Thailand and is exposed to foreign exchange fluctuation risk
and revenues. The company does not hedge the foreign exchange
fluctuation risk arising from imports and exports.

Presence in highly competitive industry: The timber industry is
further marked by low entry barriers and limited value addition,
which results in intense competition which has a cascading effect
on the player's margins and exposes the company to high
competition.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of FTPL remained leveraged owing to its
increased reliance on external borrowings to support business
operations. Moreover, with low profitability and high debt
profile, the debt coverage indicators also continued to remain
weak.

Working capital intensive nature of operations: The operations of
FTPL remained working capital intensive with high gross current
assets of 271 days during FY17.  The working capital requirements
are met by the cash credit facility availed by the company,
utilization of which remained high.

Raw material fluctuation risk and exposure of company to adverse
change in Government policy: The business activity of FTPL
involves importing timber (hard logs), cutting it into various
sizes in its saw mill and supplying them domestically to various
wholesalers and retailers. Thus, any adverse movement in raw
material price has significant impact on profitability margins of
company. Furthermore, the operations of the company are also
exposed to adverse changes in government policies with respect to
timber exports.

Key Rating Strengths

Experienced directors with long track record of operations of
company: FTPL, established in 1974 is promoted by Kohli and
Jaiswal family of Nagpur. The key partners have a trading
experience of four decades in timber industry and look after
the operations of the company. The experience of directors has
aided FTPL in establishing a foothold in timber industry.
Geographically diversified revenue stream along with diversified
customer base: FTPL supplies timber logs to the wholesalers in
domestic as well as international market, resulting in
geographically diversified revenue stream. Moreover, the
contribution from top 10 customers to total operating income is
less than 50%.

Nagpur (Maharashtra) based, FTPL was established as partnership
concern named 'Friends Timber' in the year 1974 and later
reconstituted into private limited company in 1999 with Mr. Anand
Kohli, as its Managing Director (MD). The manufacturing facility
of company, having 13 saw mills is spread over an area of 2.5
acres. FTPL imports majority of its timber (teak round log)
requirement from Yangon, Myanmar. The imported timber is then cut
into different sizes in the saw mills and supplied to wholesalers
of timber majorly belonging to the state of Maharashtra and also
exported (~70%) majorly to countries such as Belgium, United
States of America and Netherlands, etc.


GVR ASHOKA: Ind-Ra Hikes Rating on INR10.8BB Term Loan to B+
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on
GVR Ashoka Chennai ORR Limited's (GACOL) senior project term loan
as follows:

-- INR10.8 bil. Senior project term loan due on January 2029
     Upgraded with IND B+/Stable

KEY RATING DRIVERS

The upgrade reflects GACOL's timely debt servicing since
September 2018, improvement in liquidity of the company with the
receipt of three annuities since March 2018 and the creation of
an INR500 million debt service reserve account (DSRA), of the
required INR570.6 million. This could be used as a first line of
defense in the event of delays in the annuity receipt.

The rating is also supported by the receipt of the provisional
completion certificate for 28.415km (93.16% of total project
length of 30.5km) effective from April 27, 2017. The scheduled
commercial operations date (SCOD) is September 9, 2016.

However, the rating is constrained by the stabilizing project
profile and the completion risk attributed to the non-completion
of 2.085km due to land acquisition issues.

Moreover, the rating factors in moderate revenue risk. GACOL's
credit profile is primarily driven by fixed semi-annual annuities
(INR1,199.7 million each) to be received from Highways and ports
department, the government of Tamil Nadu. GACOL has received
three annuities till date with a reduction in annuity to
INR1,095.227 million in the first year from COD. The annuities
are adjusted for the project stretch which was not completed on
account of land availability issues. The first and second
annuities were received with a delay of around five months. GACOL
received the third annuity of INR1,107.87 million after a
deduction of TDS on  November 11, 2018 with a delay of 16 days.
GACOL will receive a similar amount in annuities until the
balance works are completed. Any deductions in annuities would be
a negative for the rating, if not supported by the sponsor on a
timely basis.

The estimated cost of completion is INR400 million. The
management indicated that the pending construction grant of
INR225 million would be released by the authority upon completion
of the pending work. Given that GVR's financial position is weak,
availability of construction and funding support from ABL is a
key rating driver.

Like a typical annuity road project, this project displays thin
debt service coverage ratios, with moderate stress, especially in
initial years of operations (FY19-FY25) due to the reduced
annuity amounts. Also, GACOL shows limited flexibility to
accommodate any increase in operating costs and interest rates or
a reduction in annuity. However, this risk is partially mitigated
on account of the DSRA and sponsor undertaking to maintain
minimum DSCR.

The rating is supported by the support undertaking provided by
the project sponsor - Ashoka Buildcon Limited (ABL) - for the
completion and funding of the balance works. ABL has also
undertaken to maintain a minimum Debt Service Coverage Ratio of
1.05x through a cash infusion. The sponsor has an established
operating track record of around four decades, having constructed
over 10,000 lane km of roads and highways (both national and
state highways). As on September 30, 2018, ABL's order book was
INR97,640 million.

The debt structure is moderate. GACOL's first repayment has been
shifted to October 2017 from June 2017, owing to the delay in
commissioning. The term loans will be amortized over 46 unequal
quarterly installments beginning October 2017. The interest rate
is payable monthly and is linked to floating base rate.

RATING SENSITIVITIES

Positive: Timely receipt of annuities and coverage ratios in line
with Ind-Ra's base case estimates could result in a positive
rating action.

Negative: Delays and/or deduction in annuities, any depletion in
DSRA and absence of timely sponsor support (ABL) could result in
a rating downgrade.

COMPANY PROFILE

GACOL is a special purpose vehicle incorporated by GVR Infra
Projects Ltd (GVR) and ABL to develop and operate a six-lane road
project, Chennai Outer Ring Road Phase II in Chennai, Tamil Nadu.
It has a 20-year concession, expiring in March 2034, from the
Highways and Minor Ports Development and the government of Tamil
Nadu to implement the project under the build-operate-transfer
annuity model.


JAYPEE INFRATECH: Deadline for Resolution Plans Extended Feb. 15
----------------------------------------------------------------
The Economic Times reports that financial creditors and home
buyers of Jaypee Infratech have extended the deadline till
February 15 for shortlisted bidders to submit proposals to revive
the debt-ridden realty firm, according to a regulatory filing.

The four shortlisted bidders, state-owned NBCC, Kotak Investment,
Singapore-based Cube Highways and Suraksha group, were earlier
asked to submit resolution plans by January 27 to revive Jaypee
Infratech, which is undergoing insolvency proceedings in the
National Company Law Tribunal (NCLT), ET says.

According to the report, the proposal of 'Extension of last date
for submission of Binding Resolution Plans by the Resolution
Applicants till February 15, 2019 was approved by the Committee
of Creditors (CoC) by nearly 70 per cent vote, Jaypee Infratech
said in a regulatory filing.

In the last CoC meeting held on January 17, NBCC, Cube Highways &
Infrastructure and Suraksha ARC requested for extension of
timelines for submission of binding resolution plans in order to
get necessary internal approvals, the report relays.

"CoC members deliberated on the request and decided to extend the
last date for submission of Resolution Plans till February 15,
2019 so as to ensure that Resolution Plans are submitted by the
Resolution Applicants," Jaypee Infratech, as cited by ET, added.

ET says the committee also approved the extension of CIRP
(Corporate Insolvency Resolution Process) for further period of
90 days with a voting percentage of over 71 per cent. It had last
month approved the evaluation criteria to be adopted to select a
bidder for taking over the realty firm.

In October 2018, Jaypee Infratech's interim resolution
professional (IRP) Anuj Jain started a fresh initiative to revive
Jaypee Infratech on NCLT's direction after lenders rejected over
INR7,000 crore bid of Suraksha group, the report recounts.

He had invited companies and investors to submit resolution plans
to revive Jaypee Infratech, which has many stuck housing projects
in Noida and Greater Noida.

In 2017, the NCLT had admitted the application by an IDBI Bank-
led consortium seeking resolution for Jaypee Infratech under the
Insolvency and Bankruptcy Code (IBC). The tribunal had appointed
Jain as IRP to manage the company's business and invite bids from
investors.

Consequently, Lakshdeep, part of Suraksha group, had emerged as a
front-runner to acquire the firm. However, in May last year,
lenders rejected the INR7,350 crore bid by Lakshdeep as they
found the amount to be inadequate.

According to ET, the realty firm has an outstanding debt of
nearly INR9,800 crore, of which INR4,334 crore pertains to IDBI.
Other lenders are IIFCL, LIC, SBI, Corporation Bank, Syndicate
Bank, Bank Of Maharashtra, ICICI Bank, Union Bank, IFCI, J&K
Bank, Axis Bank and Srei Equipment Finance.

Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm
Jaiprakash Associates, is developing about 32,000 flats, of which
it has delivered 9,500 units.

Jaiprakash Associates had submitted INR750 crore in the registry
of the Supreme Court for refund to buyers. However, this amount
has now been transferred to NCLT as per an order of the apex
court, the report states.

                    About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development. The Company's business segments include Yamuna
Expressway Project and Healthcare. The Company's Yamuna
Expressway Project is an integrated project, which inter alia
includes construction of 165 kilometers long six lane access
controlled expressway from Noida to Agra with provision for
expansion to eight lane with service roads and associated
structures on build, own, operate and transfer basis. The Company
provides operation and maintenance of Yamuna Expressway for over
36 years, collection of toll and the rights for development of
approximately 25 million square meters of land for residential,
commercial, institutional, amusement and industrial purposes at
over five land parcels along the expressway. The Healthcare
business segment includes hospitals. The Company has commenced
development of its Land Parcel-1 at Noida, Land Parcel-3 at
Mirzapur and Land Parcel-5 at Agra.

On August 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified
JIL as an insolvent company. With this, the board of directors of
the company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP)
to manage the company's business. The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck
real estate projects in Noida and Greater Noida.

In September 2017, the Supreme Court of India stayed the
insolvency proceedings initiated against JIL, after various
associations of homebuyers moved a batch of petitions fearing
they will lose their apartments and not get any compensation,
according to Livemint.  The stay was later revoked by the court,
which directed the resolution professional to submit an interim
resolution plan that takes into account the interest of
homebuyers.

The court also directed the parent company, JAL, to deposit
INR2,000 crore to protect the interest of homebuyers. Out of
this, only INR750 crore has been deposited so far, Livemint
relayed.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company, JAL
owes more than INR29,000 crore to various banks, the report
added.


JOG CONSTRUCTION: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jog
Construction Company Private Limited (JCCPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B+; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

   Short term Bank      2.00       CARE A4; Issuer Not
   Facilities                      Cooperating; based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 6, 2017, placed
the ratings of JCCPL under the 'issuer non-cooperating' category
as JCCPL had failed to provide information for monitoring of the
rating. JCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone
calls and a letter/email dated January 08, 2019, December 25,
2018, December 20, 2018 October 12, 2018 and October 10, 2018. 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.

Detailed description of the key rating drivers

At the time of last rating on October 6, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Working capital intensive nature of business: The company's
operations are working capital intensive as reflected in its
elongated operating cycle and high receivable period, owing to
the nature of business being construction. The company funds a
portion of its working capital cycle by availing higher credit
period from its suppliers.

Presence in a competitive industry segment with tender driven
nature of business: The Indian construction sector is highly
fragmented with presence of many mid and large-sized players.
Increase in competition on the back of tender driven nature of
the business and relaxation in the pre-qualification criteria by
some of the nodal agencies has resulted in aggressive bidding by
many construction companies during the last one-two years, hence
leading to high competition.

Concentration on government contracts along with exposure to
tender driven process: JCCPL has to participate in the tenders
floated by the government departments. There is intense
competition to get these contracts due to entry of new
players and increasing number of bidders for projects.
Furthermore, the tender driven process is lengthy at times,
sometimes taking more than a year to complete the process. Thus,
company's ability to secure fresh orders and executing the
projects as per scheduled timeline would remain crucial for its
overall growth.

Key Rating Strengths

Experienced promoters: Mr. Jagdish Jog, Mrs. Rajashree J. Jog and
Mr. Shankar Jog, promoters of JCCPL have an average experience of
around two decades in the construction industry. The requisite
qualification and experience of promoters in the construction
industry aids JCCPL in managing day-to-day operations. Prior to
JCCPL, the promoters were in the same industry as independent
contractors. Being in the industry for almost two decades has
helped the promoters in gaining adequate acumen about the
industry.

Partial comfort from price escalation clause in most of the
projects: JCCPL derives comfort from price escalation clause
as Most (around 80%) of the projects have an in built price
variation clause which mitigates the risk arising out of adverse
movement in raw material prices. However, it does not protect
JCCPL from overhead costs in case of delay in projects for
more than stipulated time frame.

JCCPL was incorporated as a private limited company in Ponda, Goa
in 2005 by Mr. Jagdish R Jog and Mrs. Rajashree J Jog. The
company is in process of execution of road projects for the
government authorities and is awarded Class-A contractor status
with Goa Government. JCCPL is mainly involved in execution of
tender based small and mid-sized contracts in construction of
road segment awarded by the Government of Goa and National
Highway Corporation (NHC) which enables it to participate in any
tender for R&B (Road and Bridge) department.


JYOTI BUILDTECH: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jyoti
Buildtech Private Limited's (JBPL) Long-Term Issuer Rating to
'IND D' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR1.55 bil. Non-fund-based working capital limit
    (short-term) downgraded with IND D rating; and

-- INR308.6 mil. Fund-based working capital limit (long-/short-
     term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects regular delays in debt servicing by JBPL
since March 2017 owing to stressed liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

JBPL undertakes various infrastructure projects, including
installation and commissioning of electrical substations, water
treatment plants, sewer treatment plants, canal works and lake
development works. Its head office is in Noida, Uttar Pradesh. In
addition, it has a registered office in New Delhi.


K-THREE ELECTRONICS: CARE Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of K-
Three Electronics Private Limited (KTEPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE B+; Stable Issuer not
   Facilities                     cooperating; Revised from
                                  CARE BB-; Stable on the basis
                                  of best available information

   Short-term Bank      0.90      CARE A4 Issuer not cooperating;
   Facilities                     on the basis of best available
                                  information

Detailed Rationale and key rating drivers

CARE has been seeking information from KTEPL to monitor the
rating(s) vide e-mail communications/ letters dated December 14,
2018, December 11, 2018, December 4, 2018, October 24, 2018,
October 8, 2018, September 17, 2018, and numerous phone calls.
However, despite CARE's repeated requests, the firm 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 best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on M/s K-three Electronics Private Limited
bank facilities will now be denoted as CARE B+; Stable/CARE A4
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(s).

The rating has been revised taking into account non-availability
of information due to non-cooperation by K-three Electronics
Private Limited with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

The rating takes into account small scale of operations,
concentrated customer base, low profitability margins and
leveraged capital structure. The ratings are further constrained
on account of volatility in raw material prices and KTEPL's
presence in the highly competitive industry. The ratings,
however, draw comfort from experienced promoters, growing
scale of operations and moderate operating cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
has remained small marked by a total operating income and gross
cash accruals of INR51.46 crore and INR1.52 crore respectively
during FY17 (FY refers to the period April 1 to March 31).
Further, the net worth base stood relatively small at INR5.46
crores as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits.

However, the company has witnessed growth in its total operating
income over the past three years i.e. FY15-FY17 at compounded
annual growth rate of 22.13% owing to higher quantity sold.
Furthermore, during 9MFY17 (refers to the period April 01 to
December 31; based on provisional results) the company has
achieved total operating income of INR36.88 crore.

Customer concentration risk: The company is engaged in the
manufacturing of plastic moulded components with L G Electronics
India Private Limited and Samsung Electronics India Private
Limited being its customers. This exposes the company's revenue
growth and profitability to its customer's future growth plans.
Hence, any changes in the procurement policy could adversely
affect the profitability margins of the company.

Low profitability margins and leveraged capital structure
coupled: The PBILDT margin of the company stood low at around
5.70% for the past three financial years i.e. FY15-FY17 mainly on
account of limited value addition. Further, high interest cost
and depreciation charges have also restricted the net
profitability of the company. The capital structure marked by
debt equity and overall gearing stood leveraged at ~2.79x and
~4.04x as on balance sheet dates of the past three financial
years ending March 31, 2017 on account of debt funded CAPEX
undertaken in the past coupled with high dependence on external
borrowings to meet the working capital requirement. Owing to high
debt levels; the coverage indicators marked by interest coverage
ratio and total debt to GCA stood weak at 1.81x and 14.56x
respectively for FY17.

Volatility in raw material prices: The key raw material is
plastic granule and powder which is a crude oil derivative. Its
price is dependent on crude oil prices, which are highly
volatile. Therefore, the operating margin of EML remains
susceptible to any sharp movement in the raw material prices.

Competitive nature of the industry: The firm is operating in a
competitive industry wherein there is presence of a large number
of players in the unorganized sectors. The company is comparative
a small player catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins.

Key Rating Strengths

Experienced promoters: The company is being managed by Mr. Kanish
Khanna and Mrs. Priyanka Marwah. Mr. Kanish Khanna has an
experience of more than two decades in the manufacturing of
plastic moulded components through his association with KTEPL and
EML. Mrs. Priyanka Marwah has an experience of more than a decade
in the industry through her association with the KTEPL and EML.
KTEPL has been operating in this business for more than two
decades, which aid in establishing a healthy relationship with
both customers and suppliers.

Growing scale of operations: The scale of operation is growing
continuously for the period FY15-FY17. KTEPL's total operating
income grew from INR34.50crore to INR51.46crore reflecting a
compounded annual growth rate (CAGR) of 22.13% owing to owing to
increased sales volume due to higher demand received from
existing customers. Further, the company has achieved TOI of
INR36.88crore during 9MFY18 (refers to the period April 1 to
December 31, based on provisional results).

Moderate operating cycle: The operating cycle of the company
stood moderate as marked by 60 days for FY17. Owing to large
product portfolio (different design, sizes etc.), the company is
required to maintain adequate inventory of raw material for
smooth running of its production processes and finished goods of
all the products to meet the immediate demand of its customers
resulting into average inventory holding period of around 47 days
in FY17. Being in highly competitive nature of industry and
dealing with reputed and large sized player which possess high
bargaining power as compared to KTEPL, the company has liberal
credit policies wherein it allow credit around 1-2months
resulting into average collection period of 33 days in FY17.
Further, the company receives payable period of around 1 month
from its suppliers resulting in an average creditor's period of
20 days in FY17; combining all entails to moderate operating
cycle.

Uttar Pradesh based KTEPL (CIN U32107DL1999PTC099043) was
incorporated in 1999. KTEPL is being managed by Mr. Kanish Khanna
and Ms. Priyanka Marwah. The company is engaged in manufacturing
of plastic moulded components. The manufacturing facility of the
company is located in Rewari, Haryana. Evershine Moulders Limited
is an associate concern of KTEPL engaged in manufacturing of
plastic moulded components.


KAPCO ELECTRIC: CARE Lowers Rating on INR5.09cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kapco Electric Private Limited (KAP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.09       CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

   Long Term/Short      7.00       CARE B; Stable/CARE A4
   Term Bank                       Issuer not cooperating;
   Facilities                      Revised from CARE B+;
                                   Stable/CARE A4 on the basis
                                   of best available information

Detailed Rationale and key rating drivers

CARE has been seeking information from Kapco Electric Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated December 14, 2018, December 11, 2018, December 4,
2018, October 24, 2018, October 8, 2018, September 17, 2018, 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 best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Kapco Electric Private
Limited bank facilities will now be denoted as CARE B;
Stable/CARE A4 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(s).

The rating has been revised by taking into account decline in
scale of operations coupled with low net worth base, decline
in PAT margin, deterioration of capital structure & coverage
indicators and elongation of operating cycle. The ratings are
further constrained by KAP's presence in highly competitive
nature of industry and business risk associated with tender based
orders. The ratings, however; continues to take comfort from the
experienced management and long track record of operations.

Detailed description of the key rating drivers

Key Rating weaknesses

Decline in scale of operations with low net worth base: The scale
of operations marked by a total operating income and gross cash
accruals declined to INR10.86crore and INR0.18crore respectively
in FY18 (FY refers to the period April 1 to March 31).
Furthermore, the company's net worth base stood small at INR2.31
crore as on March 31, 2018. The small scale of operations
restricts the ability of the company to scale up and bid for
larger sized contracts having better operating margins.

Decline in PAT margin, deterioration of capital structure &
coverage indicators and elongation of operating cycle: PAT margin
declined and stood below unity at 0.22% in FY18. KAP's capital
structure marked by overall gearing also deteriorated to 4.43x as
on March 31, 2018 on account of increase in debt levels. Further,
due to decline in profitability levels with increase in debt, the
debt coverage indicators as marked by interest coverage ratio and
total debt to GCA deteriorated to 1.25x and 55.73x in FY18.

Elongation of operating cycle: The operating cycle of the company
elongated to 261 days for FY18 owing to higher inventory holding
period and prolongation of collection period. The inventory
requirements are based on the orders in hand and KAP maintains
inventory for smooth execution of contracts. The product
manufactured by the company is dispatched after testing and
quality checks by various agencies. The company's customers are
mainly power distribution companies and there is normally delay
in realization of payments due to procedurals delays.

Presence in the highly competitive transformer industry:
Transformer industry especially distribution transformer segment
is highly competitive with the presence of many organized and
unorganized players. The competition in the domestic transformer
industry has been increasing due to factors like diversion of
export focused production capacity to cater to the domestic
market on the back of upheavals in the advanced economies, import
of cheaper equipment, especially from China and large number of
smaller players with limited capacity entering in the industry
due to its high profitability and easy availability of
technology.

Business risk associated with tender-based orders: The company
majorly undertakes semi-government and private projects, which
are awarded through the tender-based system. The company is
exposed to the risk associated with the tender-based business,
which is characterized by intense competition. The growth of the
business depends on its ability to successfully bid for the
tenders and emerge as the lowest bidder. Furthermore, any changes
in the Government policy or Government spending on projects are
likely to affect the revenues of the company.

Key Rating Strengths

Experienced management and long track record of operations: KAP
was incorporated in 1983 and currently being managed by Mr Shashi
Kulkarni, Mr Sharad Damodar Kulkarni and Mr Shantanu Kulkarni. Mr
Shantanu Kulkarni is a post graduate having experience of around
two decades through his association with KAP. He looks after the
overall functions of the company. Mr Sharad Damodar Kulkarni and
Mrs. Shashi Kulkarni are graduates by qualification having an
experience of more than three decades through their association
with KAP.

Delhi-based Kapco Electric Private limited (KAP) was incorporated
in 1983 and is currently being managed by Mr Shantanu Kulkarni,
Mr Sharad Damodar Kulkarni and Mrs Shashi Kulkarni. KAP is
engaged in manufacturing of power & distribution transformers.


KARGWAL ENTERPRISES: Ind-Ra Withdraws BB LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Kargwal Enterprises Private Limited's (Kargwal) Long-Term Issuer
Rating of 'IND BB'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB rating on the INR74.1 mil. Term loans* due on
    June 2018 - June 2023 affirmed & withdrawn;

-- The IND BB rating on the INR245 mil. Fund-based working
    capital limits# affirmed & withdrawn; and

-- The IND A4+ on the INR160 mil. Non-fund-based working capital
    limits^ affirmed & withdrawn.

* Affirmed at 'IND BB'/Stable before being withdrawn
# Affirmed at 'IND BB'/Stable/'IND A4+' before being withdrawn
^ Affirmed at 'IND A4+' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects Kargwal's continued small scale of
operations and moderate credit profile. This is owing to its
presence in the fragmented business of cutting and processing
imported marble blocks.

Revenue increased to INR1,147 million in FY18 (FY17: INR917
million), on account of an increase in the number of orders
executed. EBITDA margins marginally dipped to 7.6% in FY18 (FY17:
7.9%), due to an increase in raw material prices. EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.5x in
FY18 (FY17: 1.5x) and net leverage (total adjusted net
debt/operating EBITDAR) was 5.7x (6.1x). The improved net
leverage and stable interest coverage, despite an increase in
interest expenses, were mainly due to an increase in absolute
EBITDA to INR88 million in FY18 (FY17: INR73 million).

The ratings also reflect Kargwal's tight liquidity position. The
company's cash flow from operation was negative INR44 million and
cash balance of INR4 million during FY18.

However, the ratings are supported by the promoter's experience
of more than two decades in the marble trading business, which
has resulted in longstanding relationships with customers and
suppliers.

Ind-Ra is no longer required to maintain the ratings, as the
agency has received a no due 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

Set up in 2000, Kargwal is engaged in the cutting and processing
of imported marble blocks into slabs for the wholesale and retail
markets. The imports are mainly from Italy, Turkey, Greece,
Lebanon, Iran and Spain. The company is owned and promoted by Mr.
Rajendra Agarwal.


KAVERI COTTON: CRISIL Reaffirms B Ratings on INR7cr Loans
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Kaveri Cotton Industries (KCI).

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

   Long Term Loan         1.54     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.46     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive cotton ginning industry,
its susceptibility to volatility in cotton prices and changes in
government regulations, and below-average financial risk profile,
driven by subdued capital structure and debt protection metrics.
These weaknesses are partially offset by the extensive
entrepreneurial experience of its partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations remained small,
as reflected in operating income of INR10.86 crore in fiscal
2018. Intense competition in the fragmented cotton industry will
likely keep the firm's scale modest over the medium term.

* Susceptibility to volatility in cotton prices and to changes in
government regulations: Demand and supply factors, along with
government policies, impact cotton prices and any sharp price
movement will impact the firm's profitability.

* Below-average financial risk profile: The financial risk
profile is constrained by high gearing (2.67 times on March 31,
2018) and subdued debt protection metrics (interest coverage and
net cash accrual to total debt ratios at 1.8 times and 0.08 time,
respectively, in fiscal 2018).

Strength

* Experience of the partners: The partners' extensive experience
in the agricultural commodities business and established
relationships with customers and suppliers will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes KCI will continue to benefit from its partners'
extensive entrepreneurial experience. The outlook may be revised
to 'Positive' if its scale of operations and capital structure
improves, leading to a better financial risk profile. The outlook
may be revised to 'Negative' if aggressive debt-funded expansion,
or a steep decline in its revenue and profitability, or
substantial capital withdrawal, weakens its financial risk
profile.

Liquidity
Liquidity is expected to be adequate because of improving cushion
between net cash accrual and debt obligation, and moderately
utilised bank limits. Net cash accrual is expected at INR75-80
lakh per annum in fiscals 2019 and 2020, against debt obligation
of INR30-60 lakh. Bank line utilisation was moderate, averaging
85% over the 8 months through November 2018. Current ratio was
modest at 1.15 times on March 31, 2018.

Set up in 2011 as a partnership firm, KCI gins and presses raw
cotton and sells cotton lint and cotton seeds. It is promoted by
Dr V Satish, Mr K Ramakrishna Rao, Mr V Anjaneyulu, and Mr S
Srinivas Rao along with their family members.


KAY ENN: CRISIL Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kay Enn
Trading (Kay) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Kay for obtaining
information through letters and emails dated December 18, 2018
and December 24, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Kay, established by Mr K N Abdul Gafoor, commenced operations in
July 2016. The firm is a distributor and retailer of readymade
garments and fabrics.


KISH EXPORTS: CARE Lowers Rating on INR11cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kish Exports Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.00      CARE B; Stable Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale and key rating drivers

CARE has been seeking information from Kish Exports Limited to
monitor the rating(s) vide e-mail communications/letters dated
December 14, 2018, December 11, 2018, December 4, 2018, October
24, 2018, October 8, 2018, September 17, 2018 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 best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on M/s Kish Exports Limited
bank facilities will now be denoted as CARE B; Stable 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(s).

The rating has been revised taking into account non-availability
of information due to non-cooperation by Kish Exports Limited
with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information availability risk as a key
factor in its assessment of credit risk. The rating takes into
account small and declining scale of operations, weak debt
service coverage indicators and working capital intensive nature
of operations. Further, the ratings are also susceptible to
foreign exchange fluctuation risk, intense competition in the
industry due to low entry barriers and fortunes linked to the
textile industry. The ratings, however, draw comfort from
experienced promoters with long track record of operations,
moderate profitability margins and capital structure.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations: Despite being
operational for nearly two decades, the scale of operations has
remained small marked by a total operating income and gross cash
accruals of INR 24.94 crore and INR 0.63 crore respectively
during FY17. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore, the total operating income of the company
has been declining on y-o-y basis in the last three financial
years (FY15-FY17) owing to decrease number of orders executed.

Working capital intensive nature of operations and Weak coverage
indicators: The operations of the company are working capital
intensive in nature marked by an operating cycle of 259 days for
FY17. The inventory holdings are mainly in the form of raw
materials and work in process. The company manufactures garments
for different genre (women and kids) resulting in high
requirement of raw materials (different type of fabric, color
etc.). Furthermore, the company is required to maintain adequate
inventory at each processing stage for smooth running of its
production processes like cutting, stitching, checking, washing,
steam pressing and packaging. Entailing these resulted into an
average inventory holding of 216 days for FY17. The company
offers credit period of 3-4 months to its customers resulting
into an average collection period of 135 days. Besides, the
company makes payment in 2-3 months to its suppliers resulting in
an average creditor period of 92 days in FY17.  The debt service
coverage indicators as marked by interest coverage and total debt
to GCA stood weak at 1.13x and 27.73x during FY17. This is mainly
on account of higher total debt and lower profitability resulting
in lower GCA levels.

Foreign exchange fluctuation risk: KEL's operations are dependent
on the export market. However, the raw material is mainly
procured from domestic markets. With initial cash outlay for
procurement in domestic currency and significant chunk of sales
realization in foreign currency, the company is exposed to the
fluctuation in exchange rates. Furthermore, in absence of any
hedging policies adopted by the company, KEL is exposed to
fluctuations in the value of rupee against foreign currency which
may impact its cash accruals.

Intense competition in the industry due to low entry barriers:
KEL operates in a highly competitive industry marked by the
presence of a large number of players in the organized and
unorganized sector. Further, with presence of various players,
the same limits bargaining power which exerts pressure on its
margins.

Fortunes linked to the textile industry: Indian textile industry
which is the second largest employer after agriculture and
account for 4% of the GDP is inherently cyclical in nature. Any
adverse changes in the global economic outlook as well as demand-
supply scenario in the domestic market directly impacts demand of
the textile industry. Textile industry as a whole remains
vulnerable to various factors such as fluctuations in prices of
cotton, mobilization of adequate workforce and changes in
government policies for overall development of the textile
industry. Any significant changes in such factors will have
direct impact on the business operations of the company.

Key Rating Strengths

Experienced management with long track record of operations: KEL
is directed by Mr. Mohinder Kumar Lakhwani, Mrs. Renu Lakhwani
and Mr. Paresh Nayar. Mr. Mohinder Kumar Lakhwani is a chartered
accountant and has accumulated experience of more than two
decades in textile industry through his association with this
entity and other associate. He is further supported by Mrs. Renu
Lakhwani and Mr. Paresh Nayar having an experience of nearly more
than two decades respectively through their association with this
entity and other associate.

Moderate profitability margins and capital structure: The
profitability margins of the company stood moderate though
fluctuating during last 3 financial years (FY15-FY17) since the
profitability are directly associated with designing aspect of
the order. The highly and complex design in nature normally fetch
better margins. PBIDLT and PAT margin declined in FY17 due to
decline in capacity utilization which resulted in increase in
cost due to high proportion of fixed cost which deprived it of
its scale benefits and increase in interest expenses
respectively. PBILDT and PAT margins stood at 6.93% and 0.97%
respectively in FY17. The capital structure of the company stood
moderate for the past three financial year's i.e. FY15-FY17 owing
to high net worth base as against its total debt. The debt equity
ratio and overall gearing ratio stood around 0.15x and 0.35x
respectively as on past three balance sheet dates ending March 31
'15-17'.

Gurgaon based Kish Exports Limited (KEL) was incorporated in
December22, 1993. The company is currently being managed by Mr.
Mohinder Kumar Lakhwani, Mrs. Renu Lakhwani and Mr. Paresh Nayar.
It is an export oriented company engaged in the manufacturing and
export of readymade garments for women and kids. The company
procures the raw material such as fabric, buttons, zippers, etc.
domestically from domestic manufacturers. The company sells the
products to manufacturers located in Africa, Australia, Europe,
Spain, and UK etc.


M.S. ENGINEERING: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of M.S.
Engineering (MSE) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       4.48       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information.

   Short term Bank      1.50       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information.

Detailed Rationale and key rating drivers

CARE has been seeking information from MSE to monitor the ratings
vide e-mail communications/letters dated October 9, 2018,
December 29, 2018, January 2, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines CARE's rating on MSE's bank
facilities will now be denoted as CARE B+; Stable/A4; 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 ratings.

Detailed description of the key rating drivers

At the time of last rating in January 5, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations: The scale of operations of the firm
remained small marked by its total operating income of INR13.71
crore (FY16:INR14.43 crore) with a PAT of INR0.79 crore (FY16:
INR0.78 crore) in FY17 (refers to the period April 1 to March
31). Furthermore the total operating income has been decreasing
during last three financial years due to lower order execution.
Moreover the total capital employed was also low at INR12.35
crore as on March 31, 2017. In 9MFY18, the firm has reported
turnover of INR8.00 crore. The small size restricts the financial
flexibility of the firm in times of stress and deprives it from
benefits of economies of scale.

Volatility in input prices: The major inputs for the firm are
bitumen, stone aggregate, murram and steel. Bitumen is a
derivative of crude the price of which is linked to crude oil
prices. The prices of these items are highly volatile. This
apart, it does not enter into any agreement with contractees to
safeguard its margins against any increase in labour prices and
being present in a highly labour intensive industry, it remains
susceptible to the same.

Partnership nature of constitution: MSE, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Low order book position: The value of orders in hand (including
on-going projects) was low at INR9.85 crore as on Dec. 31, 2017,
being 0.72x of TOI in FY17 which are to be executed by December
2018. The low order book position reveals low revenue visibility
in near terms. However, it has an L1 status for tender worth
INR17.10 crore as on Dec. 31, 2017.

Client concentration as well as geographical concentration risk:
Client base of MSE is skewed towards government departments in
West Bengal only. Thus it has client concentration risk. However,
considering the client profile of MSE, the risk of default is
very minimal since the firm works only for various Government
project only. Furthermore, MSE is a regional player and all the
projects are executed in West Bengal only which reflects
geographical concentration risk.

High competitive intensity on account of low complexity of work
involved with sluggish economic scenario: The firm has to bid for
the contracts based on tenders opened by various Government
entities. Upon successful technical evaluation of various
bidders, the lowest bid is awarded the contract. Since the type
of work done by the firm is mostly commoditized, the firm faces
intense competition from other players. The firm receives
projects which majorly are of a short to medium tenure (i.e., to
be completed within maximum period of 1-2 years).

Key Rating Strengths

Experienced partners and long track record of operations: The
firm started its commercial operations since 1986 and thus has
long track record of operations. Due to long track record of
operations, the partners have established relationship with its
clients. Currently the firm is managed by two partners namely,
Mr. Debabrata Das (aged about 63 years) and Mr. Satyabrata Das
(aged about 61 years), are having an experience of more than 3
decades in the construction business. They look after the overall
management of the firm, with adequate support from a team of
experienced personnel.

Satisfactory profit margins: The profitability margins of the
firm remained satisfactory marked by PBILDT margin of 11.43%
(FY16: 12.47%) and PAT margin of 5.73% (FY16: 5.37%) in FY17.
However, the PBILDT margin has marginally deteriorated in FY17 as
compared to FY16 on account of higher cost of operations.
However, the PAT margin improved in FY17 on account of lower
capital charges.

Comfortable capital structure with strong debt coverage
indicators: The capital structure of MSE remained comfortable
marked by overall gearing ratio of 0.54 (FY16: 1.24x) during
FY17. Further, the debt coverage indicators also remained strong
marked by interest coverage 2.36x (FY16: 2.03x) and total debt to
GCA of 4.79x (FY16: 7.23x) in FY17. Improvement in interest
coverage was on account of lower interest expenses in FY17.
Further improvement in total debt to GCA was on account of low
debt level as on March 31, 2017.

M. S. Engineering (MSE) was established on November 30, 1986 as a
partnership firm by two partners Mr. Debabrata Das and Mr.
Satyabrata Das. The registered office of the firm is situated at
Purba Medinipur, West Bengal. Since its inception, the firm has
been engaged in civil construction business in the segments like
construction of road, bridges etc. The firm procures orders
through tenders and executes orders floated by the various Govt.
entities. MSE has an unexecuted order book position of INR9.85
crore as on Dec. 31, 2017, being 0.72x of TOI in FY17 which are
to be executed by December 2018.

Liqudity position: Comment on liquidity position is not available
as client is not co-operating and also banker could not be
contatcted.


MARUTI ENTERPRISES: CARE Moves B Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Maruti
Enterprises (ME) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.25       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information.

   Short term Bank      6.00       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information.

Detailed Rationale and key rating drivers

CARE has been seeking information from ME to monitor the ratings
vide e-mail communications/letters dated October 9, 2018,
December 29, 2018, January 2, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines CARE's rating on ME's bank
facilities will now be denoted as CARE B; Stable/CARE A4; ISSUER
NOT COOPERATING. The banker also could not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating in January 15, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The scale
of operations of the firm remained small marked by its total
operating income of INR5.01 crore (FY16:Rs. 15.20 crore) with a
PAT of INR0.22 crore (FY16: INR0.70 crore) in FY17 (refers to the
period April 1 to March 31). Furthermore the total operating
income has declined significantly in FY17 as compare to FY16 due
to lower order execution. Moreover the total capital employed was
also low at INR16.80 crore as on March 31, 2017. The small size
restricts the financial flexibility of the firm in times of
stress and deprives it from benefits of economies of scale. The
profitability margins of the firm remained moderate marked by
PBILDT margin of 28.00% (FY16: 11.78%) and PAT margin of 4.49%
(FY16: 4.60%) in FY17. The PBILDT margin improved in FY17 on
account of better management of cost of operations. However, PAT
margin deteriorated in FY17 on account of higher capital charges.

Volatility in input prices and working capital intensive nature
of operations: The major inputs for the firm are bitumen, stone
aggregate, murram and steel. Bitumen is a derivative of crude the
price of which is linked to crude oil prices. The prices of these
items are highly volatile. This apart, it does not enter into any
agreement with contractees to safeguard its margins against any
increase in labour prices and being present in a highly labour
intensive industry, it remains susceptible to the same. However,
some of the orders executed by the firm contains price escalation
clause, which mitigates the risk to a certain extent.

The operations of the firm remained working capital intensive
marked by its high operating cycle. The firm executes works for
government entities where payments come with procedural delays
and accordingly, the average collection period was on the higher
side during past years. Further, due to work uncertified by its
government clients as on account closing dates which lead to high
inventory period during past years. Due to delay in getting
payment from its clients, the firm stretches its creditors and
accordingly the average creditors' period was also on the higher
side in the past years. The average utilisation of working
capital limit was around 98% on the higher side during last 12
months ended in December 2017.

Partnership nature of constitution: ME, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Client concentration as well as geographical concentration risk:
Client base of ME is skewed towards government departments in
Bihar only. Thus it has client concentration risk. However,
considering the client profile of ME, the risk of default is very
minimal since the firm works only for various Government project
only. Furthermore, ME is a regional player and around 95% of the
projects are being executed in Bihar only which reflects
geographical concentration risk.

Moderate debt coverage indicators: The debt coverage indicators
remained moderate marked by interest coverage of 1.53x (FY16:
2.26x) and total debt to GCA of 14.34x (FY16: 7.00x) in FY17.
Deterioration in interest coverage was on account of higher
interest expenses as well as lower PBILDT level in FY17.

High competitive intensity on account of low complexity of work
involved with sluggish economic scenario: The firm has to bid for
the contracts based on tenders opened by various Government
entities. Upon successful technical evaluation of various
bidders, the lowest bid is awarded the contract. Since the type
of work done by the firm is mostly commoditized, the firm faces
intense competition from other players. The firm receives
projects which majorly are of a short to medium tenure (i.e., to
be completed within maximum period of 1-2 years).

Key Rating Strengths

Experienced partners and long track record of operations: The
firm is into civil construction business since 1986 and thus has
long track record of operations. Due to its long track record of
operations, the partners have established relationship with its
clients. Furthermore, Mrs. Vinita Sinha (aged about 47 years) and
Mr. Niket Kumar Sinha (aged about 45 years) are having around 15
years of experience in the construction business. They look after
the overall management of the firm, with adequate support from
other partners Mr. Abhishek Kumar (aged about 39 years) and Mr.
Amit Kumar (aged about 35 years) and a team of experienced
personnel.

Moderate order book position: The value of orders in hand
(including on-going projects) was moderate at INR24.19 as on
Nov. 30, 2017, being 4.83x of TOI in FY17 which are to be
executed by January 2019. The moderate order book position
reveals moderate revenue visibility in near terms.

Comfortable capital structure: The capital structure of ME
remained comfortable marked by debt equity ratio of 0.14x and
overall gearing ratio of 0.63 as on March 31, 2017.

Maruti Enterprises (ME) was established in 1986 as a partnership
firm. Currently the firm is managed by four partners namely, Mrs.
Vinita Sinha, Mr. Niket Kumar Sinha, Mr. Abhishek Kumar and Mr.
Amit Kumar. The registered office of the firm is situated at
Vaishali, Bihar. Since its inception, the firm has been engaged
in civil construction business in the segments like construction
of road, bridges etc. The firm procures orders through tender and
executes orders floated by the various Govt. entities. ME has an
unexecuted order book position of INR24.19 crore (4.83x of FY17
TOI) as on Nov. 30, 2017 which is to be executed by January 2019.
Liqudity position: Comment on liquidity position is not available
as client is not co-operating and also banker could not be
contacted.


PENTAGON STEELS: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Pentagon Steels
India Private Limited (PSPL) for obtaining information through
letters and emails dated June 28, 2018 and December 10, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.23       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      1.50       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Term Loan             4.27       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of PSPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

PSPL, promoted by Mr. Yogesh Choudhari, was incorporated in 2010
and started operations in 2011. It was incorporated to gradually
take over the business of Mr. Choudhari's proprietorship firm,
Pentagon Roofings, which was set up in 2002. PSPL is based out of
Pune (Maharashtra) and undertakes roofing and cladding of
industrial and residential units; since 2012 it started
manufacturing and erecting prefabricated steel structures.


PRAKASH CORPORATES: CARE Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Prakash Corporates (PCS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information.

Detailed Rationale and key rating drivers

CARE has been seeking information from PCS to monitor the ratings
vide e-mail communications/letters dated October 9, 2018,
December 29, 2018, January 2, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines CARE's rating on Prakash
Corporates's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING. The banker also could not be
contacted.

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

Detailed description of the key rating drivers

At the time of last rating in January 8, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Short track record with small scale of operation and low profit
margin: PCS has commenced operations since March 2017 and thus
has extremely short track record of operations. Further, PCS is a
small player in the trading and civil construction industry with
total operating income of INR5.46 crore in FY17. The networth
base of the firm also remained low at INR2.70 crore as on
March 31, 2017. However, in 7MFY18, the firm has booked a revenue
of INR20.00 crore. The profitability margin remained low marked
by PBILDT margin of 0.51% and PAT margin of 0.48% in FY17 mainly
due to trading nature of operations, which is inherently a low
margin business.

Volatility in prices of trading/input materials: PCS is engaged
in trading of steel, cement, related commodities and construction
activities. The prices of traded/input materials like steels,
cements, etc. are volatile in nature. Since, cost of traded/input
material is the major cost driver of PCS, any volatility
witnessed in the prices of traded/input materials can narrow the
profitability margins.

Working capital intensive nature of operations: PCS's business,
being trading of construction materials and civil construction is
working capital intensive in nature. The firm maintains inventory
of around a month for timely supply of its customer's demands as
well as smooth running of construction activities. Furthermore,
it also provides on an average one month credit to its customers.
Accordingly the average utilisation of working capital was on the
higher side at around 95% during last seven months ended in
September 2017.

Moderate capital structure & debt coverage indicators: The
capital structure of the firm remained moderate marked by overall
gearing ratio at 1.72x as on March 31, 2017. Furthermore, the
debt coverage indicators also remained moderate marked by
interest coverage of 16.03x and total debt to GCA of 12.92x in
FY17.

Partnership nature of constitution: SRS, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Intensely competitive industry: The firm is into trading of
construction materials which is highly fragmented and competitive
in nature due to low entry barriers. Further all the entities
trading the same products with a little product differentiation
resulting into price driven sales. Intense competition restricts
the pricing flexibility of the firm in the bulk customer segment.
Further, the firm also faces intense competition in construction
segment thereby limiting the pricing flexibility of the firm.

Key Rating Strengths

Experienced partners: The key partners Mr. Shailesh Goyal (aged
about 32 years) has more than a decade of experience in PVC
cables and construction industry. Mr. Goyal has gained the
experience through his proprietary business "Prakash Cable
Products" which is into PVC Cable and construction activities. He
looks after the day to day operations of PCS, supported by other
partners.

Healthy order book position: Currently the firm has an unexecuted
order book position of INR38.22 crore (7.00 times of revenue in
FY17) which is scheduled to be completed by March 2018. The
healthy order book position of the firm is resulting in revenue
visibility in near to medium term.

Prakash Corporates (PCS) was set up as a partnership firm in
January 2017 by the Goyal family of Raipur, Chhattisgarh. The
firm has been engaged in trading of construction materials like
steels, cements etc. and civil construction activities. The firm
has commenced operations from March 01, 2017 onwards. The firm
has earned its entire revenue from trading activities in FY17.
Currently the firm has got a sub-contract work for construction &
external development of bus terminal at Raipur from Dee Vee
Projects Limited amounting to INR43.22 crore which is scheduled
to be completed by March 2018.


R M PHOSPHATES: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with R M Phosphates and
Chemicals Private Limited (RMPCL) for obtaining information
through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

   Term Loan             11        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RMPCL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

RMPCL, incorporated in 2010 and promoted by the Indore-based Jain
family, manufactures single super phosphate at its facility in
Dhule, Maharashtra. The facility became commercially operational
from September 2013. Operations are managed by Mr. Vineet Jain
and his brothers, Mr. Rakesh Jain and Mr. Nandkishore Jain. It
has entered into a long-term memorandum of understanding with
DSCL for product marketing.


RAMNIWAS AGRAWAL: CARE Assigns B+ Rating to INR1.25cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ramniwas Agrawal (RA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          1.25        CARE B+; Stable Assigned

   Short-term Bank
   Facilities         15.00        CARE A4 Assigned

Detailed rationale and key rating drivers

The ratings assigned to the bank facilities of RA are constrained
by small scale of operation, exposure to volatility in input
prices and working capital intensive nature of operations,
partnership nature of constitution, moderate capital structure
and debt coverage indicators, geographical concentration,
vulnerability of changes in budget allocation policies and
intense competition in the industry. However, the aforesaid
constraints are partially offset by its experienced partners,
long track record of operations, satisfactory profitability
margins and healthy order book position.

Ability of the firm to maintain a healthy order book, execute
orders within stipulated time period and increase its scale of
operations along with ability to sustain current profitability
margins and effective management of its working capital will
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: RA is small player vis-a-vis other
players in the domestic construction industry marked by total
operating income of INR10.10 crore (INR9.72 crore in FY17) with a
PAT of INR1.40 crore (INR1.05 crore in FY17) in FY18. Moreover,
the firm has achieved turnover of INR27.57 crore in 8MFY19.
Furthermore, the total capital employed has also remained low at
INR9.78 crore as on March 31, 2018.

Volatility in input prices and working capital intensive nature
of operations: The major inputs for any civil contractors are
bitumen, cement, bricks, asphalt, stone chips and metals, the
prices of which are highly volatile. As all the contracts
executed by the firm does not contain price escalation clause,
the firm remains exposed to volatility in the prices of input
materials. This apart, it does not enter into any agreement with
contractees to safeguard its margins against any increase in
labour prices and being present in a highly labour-intensive
industry, it remains susceptible to the same. The operations of
the firm remained working capital intensive marked by high
collection period. The firm mainly deals with government entities
and accordingly the average collection period was on the higher
side in the past years due to procedural delays by the government
authorities which exerts pressure on the liquidity of the firm.

Partnership nature of constitution: RA, being a partnership firm,
is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Moderate capital structure and debt coverage indicators: The
capital structure of the firm remained moderate marked by overall
gearing ratio of 1.18x (FY17: 0.97x) as on March 31, 2018. The
overall gearing ratio is deteriorated due to increase in debt
level as on March 31, 2018. Moreover, the debt coverage
indicators of the firm also remained moderate marked by interest
coverage of 2.20x (FY17: 2.10x) and total debt to CGA of 7.64x
(FY17: 8.32x) in FY18.

Geographical concentration, vulnerability of changes in budget
allocation policies, and intense competition: The project
portfolio of RA is concentrated in the state of Chhattisgarh. Any
change in geo political environment would affect all the projects
at large. Furthermore, any changes in current policies of the
state government with regard to change in budget allocation would
impact RA's revenue considerably. RA operates in an industry
characterized by the presence of many small and mid-sized players
resulting into a fragmented and competitive nature of industry.
Furthermore, the awards of contracts are tender-driven and lowest
bidder gets the work. Increase in competition on the back of bid-
driven nature of the business and relaxation in the pre-
qualification criteria by some of the nodal agencies has resulted
in aggressive bidding by many construction entities during the
last couple of years.

Key Rating Strengths

Long track record of operation and experienced partners: RA is
into civil construction business since 1991 and thus has
established track record of operations of around three decades.
Both the partners, Mr. Rajendra Kumar Agrawal and Mr. Jitendra
Kumar Agrawal, are associated with the firm since its inception
and have more than two decades of experience in civil
construction industry. The day to day operations of the firm is
looked after by both the partners supported by a team of
experienced professionals.

Healthy order book position: The firm has an unexecuted order
book position of INR72.80 crore as on January 2, 2019 which is to
be executed by Oct. 2019. The revenue visibility seems to be
satisfactory in near to medium term as revealed from its healthy
order book position.

Established in April 1991, Ramniwas Agrawal (RA) was promoted by
the Agrawal family based out of Chhattisgarh. RA is a partnership
firm and currently governed by three partners; Ramniwas Agrawal
Construction Private Limited, Mr. Rajendra Kumar Agrawal and Mr.
Jitendra Kumar Agrawal. Since its inception, the firm has been
engaged in execution of civil construction works in segment like
construction of buildings & roads. RA is classified as 'Class A'
contractor by the Chhattisgarh Government which enables it to
participate in higher value contracts floated by various
government entities.

RA secures work contracts through tender and executes orders
mainly for various departments of Chhattisgarh Government. The
firm has an order book position of INR72.80 crore as on January
2, 2019, which is to be completed by October 2019.

Liquidity position

The liquidity position was adequate marked by current ratio of
1.69x as on March 31, 2018. Furthermore, the average utilisation
of working capital was around 5% during last 12 months ended on
December 31, 2018. The firm has cash and cash equivalent of
INR5.95 crore as on March 31, 2018. The firm has generated gross
cash accruals of INR1.84 crore during FY18.


RENAATUS PROCON: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Renaatus Procon
Private Limited (RPPL) for obtaining information through letters
and emails dated June 28, 2018 and December 10, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Cash Credit            2.84        CRISIL B/Stable (ISSUER
                                      NOT COOPERATING)

   Long Term Loan         9.80        CRISIL B/Stable (ISSUER
                                      NOT COOPERATING)

   Proposed Long Term     2.36        CRISIL B/Stable (ISSUER
   Bank Loan Facility                 NOT COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RPPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2011, RPPL manufactures aerated autoclaved
concrete (AAC) blocks. The company is based in Erode ( Tamil
Nadu) and its daily operations are managed by Mr Selvasundaram
and his family members.


ROTON VITRIFIED: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Roton Vitrified
Private Limited (RVPL) for obtaining information through letters
and emails dated June 28, 2018 and December 10, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            7.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             27.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of RVPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

RVPL, incorporated in Morbi in 2015, is promoted by Mr.
Lalitkumar Sanghani, Mr. Rahul Sanghani, and Mr. Brijesh
Sitapara. The company manufactures ceramic vitrified tiles; it
commenced operations in January 2016.


S.S. OVERSEAS: CRISIL Lowers Rating on INR20cr Loans to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of S.S. Overseas (SSO; part of the SS group) from 'CRISIL
B/Stable Issuer Not Cooperating ' to 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          19.94       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Long Term Loan         .06       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SSO for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has downgrade its rating on the
long-term bank facilities of S.S. overseas from 'CRISIL B/Stable
Issuer Not Cooperating ' to 'CRISIL D Issuer Not Cooperating'.

The downgrade reflects an instance of continuous overutilization
for more than 30 days in cash credit limit in last three months.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSO and S. S. Agro (SSA), because the
two firms, together referred to as the SS group, are in the same
line of business, with common promoters and management, and
strong financial linkages. CRISIL has also considered unsecured
loans extended by the group's promoters, as neither debt nor
equity, as they bear an interest rate that is lower than the
market rate, and have been in the business for over three years.

The SS group, based in Jalalabad, district Bhatinda (Punjab), is
managed by Mr Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice.


SHAMLAL COMPANY: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Shamlal Company
India Private Limited (SLSPL) for obtaining information through
letters and emails dated June 28, 2018 and December 10, 2018
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Bill Discounting       3.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Loan Against           2.0        CRISIL D (ISSUER NOT
   Property                          COOPERATING)

   Proposed Long Term     4.5        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SLSPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up as partnership firm (Shamlal and Company) in Salem, Tamil
Nadu, in 1957 by Mr. Shamlal Bajaj and Mr. Desraj Bajaj, and
reconstituted as a private limited company. SCIPL is engaged in
dying, processing and printing of fabric, and also trades in grey
fabric. The company used to trade in iron ore but discontinued
that business after ban on iron ore mining.


SHIVPRASAD FOODS: Ind-Ra Affirms 'D' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shivprasad Foods
and Milk Products' (SFMP) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR120 mil. (increased from INR70.0 mil.) Fund-based working
    capital limits (long-/short-term) with affirmed with IND D
    rating;

-- INR88.27 mil. (increased from INR48.4 mil.) Term loan (long-
    term) due on March 2024 affirmed with IND D rating; and

-- INR80.0 mil. Proposed fund-based working capital limits
    (long-/short-term) withdrawn (the company did not proceed
    with the instrument as envisaged).

KEY RATING DRIVERS

The affirmation reflects regular delays in term debt servicing
SFMP's during the five months ended December 2018. Also, the
company almost fully used its working capital facility over the
12 months ended December 2018, indicating its stressed liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

SFMP was established in 2009 and is based in the Malshiras taluka
of the Solapur district, Maharashtra. It is engaged in the
processing of milk and the manufacturing of milk products.


SHREE AISHWARYA: CARE Moves B on INR8cr Loans to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shree
Aishwarya Industries (SAI) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.85       CARE B, Issuer Not Cooperating
   Facilities                      based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAI to monitor the ratings
vide e-mail communications/letters dated May 25, 2017, June 1,
2017, June 6 2017, July 5, 2017 and July 24, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Shree Aishwarya Industries bank facilities will now be denoted as
CARE B; 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.

Detailed description of the key rating drivers

At the time of last rating on May 26, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Lack of experience of the promoters in the bulk packaging
industry: The promoters have limited experience in the packaging
industry; however, they have been engaged in several other
business activities under the business house namely "Patil &
Samay Family". With track record of more than two decades in the
textile industry, the promoters have rich expertise in running
business ventures. However, their ability to profitably run the
operations in a highly competitive bulk packaging industry amidst
limited pricing power remains a key challenge.

Small scale and short track record of operations: SAI have an
installed capacity of 2190 TPA of PP Bags which is very small
considering the highly fragmented nature of industry. It has
started commercial production in its manufacturing unit from
November, 2015. As informed by the management during five months
of operations in FY16, the firm had utilized around 67% of the
total capacity, and registered sales of INR 4 crore as on
February 29th, 2016.

Susceptibility of operating margins to volatility in raw material
prices: PP granules are the major raw materials used in the
manufacture of FIBC Bags. PP granules prices, being derivatives
of crude oil, are highly dependent upon crude oil prices, any
change in international crude oil prices have direct impact on
the prices of plastic granules which would put pressure on
profitability of the firm. However, with current decline in crude
oil prices, PP prices are estimated to decline in near to medium
term which would help the firm to achieve the projected operating
margins. In FY 16 the firm has procured raw material locally from
Reliance Petro chemicals, who are the largest supplier of PP
Granules in India.

Competitive nature of the Bulk Packaging Industry: Bulk Packaging
industry is a highly competitive industry with limited pricing
power to the players. The industry is fragmented in nature with
the presence of a large number of unorganized and organized
regional manufacturers owing to the low entry barrier on account
of low initial capital investment and ease of accessibility to
technology. SAI having presence in the bulk packaging industry
has to face intense competition especially in the domestic
market.

Key Rating Strengths

Successful Completion of Project within estimated time and cost:
The project work was scheduled to be completed in nine months and
the same has been successfully implemented in the prescribed time
limit. The total cost of the project incurred by the firm is
INR8.35 crore, funded with INR6.25 crore of debt and balance
equity/unsecured loan from promoters.

Locational advantages enhancing scope of demand: The Firm is
located in Belgaum District of Northern Karnataka, which is
surrounded by plants having huge demand for PP bags used in form
of packing material for their output(eg. Sugar and Cement units)
and are the potential customers for the firm. With existence of
very few such units in the region catering to such huge
requirement, the scope of demand favors the positioning of the
unit of firm.

Established on December 8, 2014; Shree Aishwarya Industries (SAI)
is a partnership firm which has recently set up a manufacturing
unit for production of PP Bags at Ghodageri, Taluk Hukkeri of
Belgaum District. The firm is into manufacturing of PP Bags with
a production capacity of 2190 TPA, which would utilize around 250
Kg. of PP granules per hour to produce around 1663 bags/hour.

The Project Installation begin in November 2014 was completed as
on October 2015. The trial production under the newly established
manufacturing unit of the firm was undertaken in Oct'15 and the
final commencement of commercial production began from Nov'15.


SHYAM GRAMODYOG: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Shyam Gramodyog
Sansthan (SGS) for obtaining information through letters and
emails dated June 28, 2018 and December 10, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SGS continue to be 'CRISIL B+/Stable Issuer not
cooperating'.

SGS is a not-for-profit society managed by president, Mr Ram
Kumar, secretary, Mr Nathuram, and nine other members. The
society is located at Charra in Aligarh district of Uttar Pradesh
and provides free meals under the midday meal scheme and other
government mandated scheme.


SREE KOPPAMMAL: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sree
Koppammal Cotton Spinning Mills Private Limited (SKC) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Drop Line             9.0       CRISIL B/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   Facility

   Proposed Short        1.5       CRISIL A4 (ISSUER NOT
   Term Bank Loan                  COOPERATING; Rating Migrated)
   Facility

CRISIL has been consistently following up with SKC for obtaining
information through letters and emails dated October 29, 2018,
December 18, 2018 and December 24, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

SKC, based in Aruppukottai, Tamil Nadu, was incorporated in 1995.
It manufactures cotton yarn and polyester'cotton-blended yarn.
Daily operations are managed by Mr TRS Babu.


SRI KAMATCHI: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Sri Kamatchi
Traders (SKT) for obtaining information through letters and
emails dated June 28, 2018 and December 10, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SKT continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

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

SKT, set up in 1985 as a partnership firm in Chennai, processes
pulses, mainly urad dal, to produce flour used by food processing
players. The firm's operations are managed by managing partner Mr
S C Mohan.


SRI PRANEETH: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on the bank facilities of Sri Praneeth enterprises (SPE) to
'CRISIL B+/Stable Issuer Not Cooperating'. However, management
subsequently started sharing information necessary for carrying
out a comprehensive rating review. Consequently, CRISIL is
migrating the rating on the long-term facilities to 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            8          CRISIL B+/Stable (Migrated
                                     from CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Proposed Long Term     2          CRISIL B+/Stable (Migrated
   Bank Loan Facility                from CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The ratings continue to reflect the firm's exposure to modest
scale of operations in an intensely competitive industry and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the proprietor
and established relationship with customers and suppliers.

Analytical Approach

Proprietor-contribution in the form of unsecured loans, at
INR2.21 crore as on March 31, 2018, has been treated as neither
debt nor equity as these are expected to remain in business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Although SPE has a long track
record of operations, its revenues were at about INR24 crore for
fiscal 2018.

* Below-average financial risk profile: Financial risk profile is
marked by low networth, leveraged capital structure and weak debt
protection metrics.

Networth was low at INR1.36 Cr as on March 31, 2018. Due to low
networth, capital structure remains leveraged as indicated by
high adjusted gearing of 4.89 times as on March 31, 2018. Debt
protection metrics remain weak with interest coverage ratio of
1.21 times for FY18.

Strengths

* Experience of the proprietor and established relationship with
customers and suppliers: Benefits from the proprietor's
experience and established clientele should continue to support
business risk profile, over the medium term.

Outlook: Stable

CRISIL believes SPE will continue to benefit from the experience
of its proprietor and established relationship with customers.
The outlook may be revised to 'Positive' if increase in scale of
operations, profitability or infusion of equity strengthens
financial risk profile. The outlook may be revised to 'Negative'
if there is adverse impact on profitability or stretch in working
capital cycle further weakens financial risk profile.

Liquidity
Liquidity profile is marked by modest cash accruals against no
long term debt obligations and moderate bank limit utilization.

SPE has generated modest cash accruals of INR2 lakhs for FY18
against no long term debt obligations apart from vehicle loans of
INR2-3 lakhs. Bank limits are moderately utilized with average
utilization of 91% for the past 12 months ending October 2018.
Current ratio remains steady at 1.25 times as on March 31, 2018.

SPE was set up by Mr. T Chenchu Ramaiah in Ongole, Andhra Pradesh
and is involved in the processing and packaging of tobacco.


SUN INDUSTRIAL: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sun
Industrial Automation and Solutions (SIAS) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B+; Stable Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

   Short-term Bank      3.00       CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIAS to monitor the rating
vide e-mail communications dated July 11, 2018, August 16, 2018,
August 31, 2018 and January 9, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of best available information which however,
in CARE's opinion is not sufficient to arrive at fair rating. The
rating on Sun Industrial Automation and Solutions' bank
facilities will now be denoted as CARE B+; Stable/CARE A4; 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.

Detailed description of the key rating drivers

At the time of last rating on January 10, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operations and decline in total operating income
during the review period: The total operating income of the firm
has been declining during the review period from INR20.49 crore
in FY14 to 18.82 crore in FY16 due to fewer orders from its
customers. The firm purchase raw material from Schneider Electric
India Private Limited (75% of total raw material purchase) and
remaining from some local suppliers then assembles them and
supply the finished products to its customers such L & T
Infrastructure Projects Developments Limited, Megha Engineering &
Infrastructure Limited, Mahindra & Mahindra Limited, Tamil Nadu
Water Supply Board and some other small customers.

Weak debt coverage Indicators: The debt coverage indicators of
the firm remained weak marked by Total debt to GCA which
deteriorated from 2.59x in FY14 to 18.11x in FY16 on account of
increase in debt levels to meet working capital requirements
along with decline in cash accruals from INR1.14 crore in FY14 to
INR0.35 crore in FY16. The interest coverage of the firm declined
from 1.99x in FY14 to 1.51x in FY16 and remained weak at the back
of increase in finance costs as the firm availed higher working
capital facility to meet its working capital requirements.

Working capital intensive nature of operations: The firm has
working capital intensive nature of operations. The firm receives
the payment from its customers on average of 90 days and avails
the credit period from its suppliers up to 90 days. Furthermore,
the firm has to maintain average inventory of 30-45 days to meet
the customer requirement as on need basis. The firm receives 80%
of the payments from its customer after 90 days and 20% in next
five years in case of Govt. Projects & in case of Private sector
projects balance of 20% comes after 18 months. Furthermore, being
a small player, the firm has low bargaining power from its
reputed clientele and collection period stretches to 4-5 months
in some situations. Similarly, the creditors also stretch based
upon realization of payments from customers. The average
utilization of working capital of the firm stood at 75 per cent
in the last 12 months ending Aug 31, 2017.

Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. The
partnership firms are attributed to limited access to funding
Furthermore, the firm is withdrawing its capital for personal
use.

Key Rating Strengths

Established track record and experienced partners: The firm is
actively managed by Mr. S. Venkataramanan who is qualified BE,
BSC (Electronics) and the Managing Partner of Sun Industrial
Automation Solutions. Previously, he worked with Tata Consultancy
Services for five years as an engineer and worked for partnership
firm WS Industries as CEO for 12 years. He has more than three
decades of experience in the Automation Industry. Another
partner, Ms. V. Manjula is a qualified BE who has overall three
decades of experience in the Automation Industry previously
worked with L&T as Deputy general Manager for 25 years.

Reputed customers: The firm is currently has around 150 customers
with them out of which majority of products being supplied to
some reputed customers such as L & T Infrastructure Projects
Developments Limited (40%), Megha Engineering & Infrastructure
Limited (20%), Mahindra & Mahindra Limited (20%), Tamil Nadu
Water Supply Board (5%) and remaining to other small local
customers.

Increase in PBILDT margin albeit decline in PAT margin: The
PBILDT margin of the firm is seen improving y-o-y from 4.61% in
FY14 to 7.08% in FY16 with increase in profit margins in
assembling and distribution of the electrical equipment products.
Whereas, the PAT margin of the firm declined from 4.37% in FY14
to 0.83% in FY16 at the back of increase in interest expenses on
account of increasing working capital requirement to manage day
to day operations.

Comfortable capital structure: The capital structure of the firm
remained comfortable for the last two balance sheet date ended
March 31, 2016 marked by debt equity ratio and overall gearing
ratio stood at 0.04x and 0.79x due to repayment of term loans and
increasing networth on account of accretion of profit. Total debt
of the firm as on 31, 2016 comprises long term debt (Vehicle
loan) at 5% and remaining 95% pertains to working capital bank
borrowings.

Chennai Based, Sun Industrial Automation and Solutions (SIAS) was
established in the year 2000. Currently, the firm is managed by
its partners Mr. Venkataramanan and Mrs. V Manjula. The firm is
engaged in assembling and trading of Power Factor Meters,
Temperature Indicators and Tachometers by purchasing raw
materials like Panels, Enclosures, and Cables, Lugs and Meters
from Schneider Electric India Private Limited (Purchase 75% of
material) and some other local suppliers. The firm sells its
products to L & T Infrastructure Projects Developments Limited,
Megha Engineering and Infrastructure Limited, Mahindra and
Mahindra Limited, Ashok Leyland Limited and Tamil Nadu Water
Supply Board.


SUSAAH LABORATORIES: CRISIL Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Susaah
Laboratories Private Limited (SLPL) for obtaining information
through letters and emails dated June 28, 2018 and December 10,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.25      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        3.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SLPL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2007 as a private limited company, SLPL is a
manufacturer of active pharmaceutical ingredients (APIs) and bulk
drug intermediaries. Based in Hyderabad, Telangana, the company
is promoted and managed by Mr. K Srinivas.


UNIVERSAL ASSOCIATES: CRISIL Retains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Universal
Associates (UAS) for obtaining information through letters and
emails dated June 28, 2018 and December 10, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         8.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           13         CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of UAS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

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

UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.


VANASHREE DAIRY: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has been consistently following up with Vanashree Dairy
Farm (VDF) for obtaining information through letters and emails
dated June 28, 2018 and December 10, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        5.74       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft              .76       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of VDF continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

VDF was set up as a proprietorship concern in 2010 by Mrs
Sanyukta Bandi. It operates a dairy farm in Gadag, Karnataka, and
also sells unprocessed milk and vermi compost.


VIJAY STEEL: CARE Reaffirms B+ Rating on INR5.60cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vijay Steel Industries (VSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.60       CARE B+; Stable Reaffirmed
   Facilities

   Long Term/Short      3.00       CARE B+; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VSI continue to
remain constrained on account of its small scale of operations
with lean profitability, weak debt coverage indicators and
working capital intensive nature of operations along with
elongated operating cycle during FY18 (refers to the period
April 1 to March 31). The ratings are further constrained by
VSI's presence in highly fragmented and competitive timber
trading industry coupled with susceptibility of profit margins to
fluctuation in exchange rates and risks related to unfavorable
regulatory changes in the timber exporting countries.  The
ratings, however, continue to derive benefits from the wide
experience of the partners in timber trading industry and
moderate capital structure of VSI. The ability of VSI to increase
its scale of operations and improve profitability in the highly
competitive industry along with efficient working capital
management with improvement in liquidity are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with lean profitability: During FY18,
Total Operating Income (TOI) of VSI declined marginally and
remained modest at INR11.59 crore as compared to INR12.43 crore
during FY17. Further, during FY18 profitability continued to
remain lean marked by PBILDT at INR1.08 crore (9.33%) as against
INR0.73 (5.86) crore in FY17. Consequently, PAT margin stood thin
at 0.19% during FY18 as against 0.10% during FY17.

Weak debt coverage indicators: The debt coverage indicators as
marked by total debt to GCA and interest coverage deteriorated
and continued to remain weak in FY18, owing to an increase in
debt level coupled with low gross cash accruals during FY18.
TD/GCA remained at 105.98 times during FY18 (92.11 times in
FY17), while interest coverage ratio also remained modest at 1.08
times during FY18 (1.09 times during FY17).

Working capital intensive nature of operations along with
elongation in operating cycle: Liquidity of VSI continued to
modest due to its working capital intensive operations; marked by
elongated operating cycle of 432 days in FY18 as against 328 days
during FY17 on account of high inventory holding period. Average
working capital utilization remained high at 95% for past twelve
months ended December 2018. Cash balance stood meager at INR0.08
crore and cash flow from operations stood negative at INR0.83
crore as on March 31, 2018.

Presence in the highly competitive timber trading industry: VSI
is into trading of timber logs / sale of sawn timber wherein the
value addition is very low. This coupled with its presence in a
very competitive timber trading industry characterized by
presence of numerous players in the unorganized segment results
into pressure on margins.

Susceptibility of margins to volatility in foreign exchange rate
and risks related to unfavorable regulatory changes in the timber
exporting countries: VSI's trading operations involve import of
round timber logs which is subsequently sawn and sized at its saw
mill into various commercial sizes as per the requirement of its
customers. VSI meets most of its requirement of round timber logs
through imports from Malaysia, New Zealand and European
Countries. As VSI does not actively hedge its foreign exchange
exposure, its margins are susceptible to the volatility in the
foreign exchange rates.  Further, VSI is susceptible to any
unfavourable regulatory changes in the timber exporting countries
on account of environmental issues concerning deforestation,
which may lead to restricted supply of logs and timber thereby
impact the plywood industry.

Key Rating Strengths

Experienced partners in timber industry: The partners of VSI
namely Mr. Tinu Gandhi, Mr. Bipin Gandhi, Mr. Pinank Gandhi and
Mr. Vijay Gandhi have wide experience in the timber industry and
have developed long-standing relationship with their key
suppliers and customers.

Moderate capital structure: As on March 31, 2018, capital
structure of VSI remained moderate; albeit deteriorated with an
overall gearing of 1.01 times as against an overall gearing of
0.65 times as on March 31, 2017. This was mainly on account of an
increase in debt level led by increase in working capital term
loan.

VSI, a partnership firm, formed in December 1984, is engaged in
the business of timber trading at Gandhidham (Gujarat), near to
the Kandla port which facilitates easy import of timber. VSI was
initially established to process and trade steel, but later on it
started the business of processing timber in 1989. As on March
31, 2018 it had a total sawing capacity of 40 cubic meters per
day. VSI supplies timber to its customers in domestic market
including Gujarat, Rajasthan, Maharashtra, Karnataka and West
Bengal. VSI's customers include wholesalers and retailers who are
engaged in timber trading and who in turn supply timber to
manufacturers of furniture items and infrastructure, including
others.


WADHWAN GLOBAL: CARE Lowers Rating on INR55cr Term Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Wadhwan Global Hotels and Resorts Private Limited (WGHRPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      55.00       CARE D Revised from CARE BBB;
   Facilities-                     Stable
   Term Loan

   Long-term Bank       7.00       CARE C; Stable Revised from
   Facilities-                     CARE BBB; Stable
   Bank Overdraft

   Short-term Bank      2.50       CARE A4 Revised from CARE A3
   Facilities

Detailed Rationale& Key Rating Drivers

The revision in ratings assigned to the bank facilities of WGHRPL
factors in the delay in the interest servicing on term loan in
recent months. However, there are no delays in the Bank Guarantee
(BG)/ Overdraft (OD) facilities.

Detailed description of the key rating drivers

Key rating weakness

Delay in interest servicing of the term loan: There have been
recent delays in the interest servicing obligation of the term
loan facility due to deterioration in the liquidity position of
the company. During FY2017-18 (refers to the period April 2017-
March 2018), the company has posted cash losses as compared to
cash profit reported in FY2016-17.

Exposed to risk related to optimal occupancy due to nascent stage
of operations of the hotel: Although WGHRPL has received the
liquor license and also has commenced operations for majority of
its room inventory as on January 31, 2018, given the nascent
stage of operation of the hotel the operational stability remain
to be established. Accordingly, the hotel's revenue and
profitability remain exposed to off-take risk.

Key Rating Strengths

Management-cum-marketing tie-up with Carlson Hotels Worldwide:
WGHRPL has entered in to comprehensive business agreement WEF
August 16, 2016, by way of long-term contracts (for ten years and
renewable further for a period of another ten years), with one of
the world's leading hotel chain, i.e. the Carlson Hotels
Worldwide. The operation and management of the hotel shall be
undertaken by Country Development & Management Services Pvt. Ltd
(CDMS), the Indian arm of the Carlson Group, under the brand name
"Radisson Blue".

Wadhawan Group has more than three decades of experience with
presence in diversified verticals such as food retail,
hospitality, hotels and resorts, lifestyle retailing, education,
financial services and real estate. WGHRPL was incorporated
on December 27, 2006 and currently operates a 5-star deluxe hotel
project at Hinjewadi, Pune.



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


LIPPO GROUP: Indonesian Bankruptcy Case Spooks Investors
--------------------------------------------------------
Don Weinland at The Financial Times reports that questions have
emerged over whether one of Indonesia's wealthiest families has
in effect dragged itself into court to prevent a foreign creditor
from recovering a loan - a case experts say threatens the
credibility of the country's bankruptcy laws.

The FT relates that the case against a subsidiary of Lippo group,
which is controlled by Indonesia's Riady family, comes at a time
when defaults are rising in the country. It is expected to spark
concerns over powerful local conglomerates forcing out foreign
creditors through bankruptcy proceedings.

That is because the two companies that have pulled the Lippo
offshoot into court appear to have had links to its vast real
estate empire, the FT says.

Since companies with prior links to Lippo have sued its own
subsidiary, questions have arisen over whether it has been able
to control many of the terms of the bankruptcy and push Austrian
lender Raiffeisen Bank International from the process, the report
states.

According to the FT, Lippo has denied any connection with the two
companies that have launched the bankruptcy case. It has denied
that they are acting on its behalf and that it had any intention
to shut Raiffeisen out of the process.

The FT relates that Dane Chamorro, senior partner at Control
Risks, the global strategic consulting firm, said foreign
investors were likely to be alarmed by the idea that a company
could influence the terms of its own restructuring while a
foreign creditor is left out of the process.

"If it's true then this could be a hole in the process and I
would expect others to follow," the FT quotes Mr. Chamorro, who
is not involved in the case, as saying.

The FT says there are already growing fears among foreign
investors about an overall economic slowdown in Asia, where bad
debt levels are rising and global creditors are looking to local
bankruptcy courts to uphold their rights.

"This is exactly what foreign investors are scared to death of in
Asia," said one foreign lawyer familiar with Indonesia's
bankruptcy laws, who spoke on condition of anonymity because of
fears of repercussions in the country, the FT relays.

Indonesia, along with India and China, have sought to strengthen
their insolvency laws to help work out a pile-up of bad loans
while also generating confidence among foreign investors,
according to the FT.

The FT notes that the Riady business empire is one of south-east
Asia's largest, with a base in real estate but also strong
holdings in telecommunications, media, hospitals, education and
entertainment. Lippo-connected bonds were sold off in Singapore
in recent months after corruption investigators raided the home
of Lippo deputy chairman James Riady in October.

Lippo has noted that Mr. Riady has not been "named suspect or
charged, and has denied any knowledge or involvement in the
alleged incident," the FT relays.

The FT says that on the surface, the case against Lippo appears
straightforward. An insolvency petition was filed in a Jakarta
court in August last year against Internux, a subsidiary of Lippo
group that provides mobile internet services.

The companies behind the lawsuit are Equasel Selaras and
Intiusaha Solusindo. Both groups purchased Internux debt from
Lippo business partners that had been struggling to recover small
loans, the FT discloses.

At the time, Raiffeisen was in talks with Internux on recovering
a much larger loan of $50 million after facing similar recovery
problems. The Financial Times reported in December that Internux
sued Raiffeisen and its top executives last year for $83 million
on defamation accusations, following the bank's attempt to sell
the Internux debt.

The case against Internux does not include Raiffeisen, the report
notes. Therefore a restructuring of Internux would not give the
Austrian bank a chance to push for recovery of its debt.



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


* Malaysia Plans Anti-Corruption Drive as 1MDB Probe Intensifies
----------------------------------------------------------------
Anisah Shukry at Bloomberg News reports that Malaysia is
outlining the most urgent steps in its anti-corruption drive as
investigators across the world intensify their probes into the
sprawling scandal surrounding state fund 1MDB.

"We want to grow the best we can and learn from the past,"
Bloomberg quotes Prime Minister Mahathir Mohamad as saying in
Putrajaya at the launch of the plan. "All of us make mistakes and
do wrong things, but the important thing is to want to correct
it."

According to Bloomberg, the government has picked out 22 priority
areas out of the total 115 in its plan to improve the
transparency and accountability across all levels of the
administration, from law enforcement to corporate entities. The
initiatives are set to be completed within one to five years,
said Abu Kassim Mohamed, head of the National Centre for
Governance, Integrity and Anti-Corruption, Bloomberg relays.

Bloomberg says few of the key initiatives are:

   * A political funding law will have punitive clauses and
     include an offence on lobbying, with Mahathir previously
     saying that he would look to Germany as an example.
     The rule is set to be completed within two years.

   * Malaysia will have an asset declaration system for cabinet
     and parliament members by December. Parliament members must
     also reveal assets and interests according to a rule set to
     be issued by Dec. 2023.

   * The government will ban cabinet members or "highly
     influential persons" from issuing letters to support
     projects, with the rule to be issued within one year.

   * Malaysia will regulate the appointment of politicians to
     boards of state-linked companies and entities to ensure it
     is based strictly on academic and professional
     qualifications. The rule will be issued within a year.

   * There will be standard clauses in project procurement to
     protect the country's interests, including for state
     statutory bodies and government-linked companies. In case
     of any breach of contract, the rule will allow Malaysia to
     terminate the deal and file civil suits against the parties
     involved. The rule will be issued within a year.

   * Malaysia will include a provision in its existing anti-
     corruption act to require people benefiting from state-
     linked projects or tenders to reveal the beneficiary
     ownership structure. The rule will be issued within five
     years.




                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 ***