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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

          Friday, February 15, 2019, Vol. 22, No. 34

                           Headlines



A U S T R A L I A

BESTJET TRAVEL: AUD17MM Deal Could Have Saved Firm, Sources Say
RISK ADVISOR: First Creditors' Meeting Set for Feb. 22
SAPPHIRE TRUST XV 2016-2: Fitch Hikes Cl. F Notes Rating to BB


C H I N A

CHINA AOYUAN: Fitch Gives 'BB-' Final Rating to USD225M Sr. Notes
CHINA MINSHENG: Taps Thai Conglomerate Vice Chair as Co-Chairman
CIFI HOLDINGS: Fitch Gives 'BB(EXP)' Rating to Proposed USD Notes
CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B+'
DONGLING GROUP: Moody's Withdraws B2 CFR for Business Reasons

SUNAC CHINA: Fitch Gives 'BB-' Final Rating to USD800M Sr. Notes
TIMES CHINA: Moody's Rates New USD Unsecured Notes 'B1'


I N D I A

ALISA INFRATECH: Insolvency Resolution Process Case Summary
AMRIT FEEDS: Insolvency Resolution Process Case Summary
ASANDAS & SONS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
AVIGNA PROPERTIES: Ind-Ra Moves BB+ Rating to Non-Cooperating
BEWELL LABS: Insolvency Resolution Process Case Summary

CHETAN OVERSEAS: Ind-Ra Affirms 'BB' Rating on INR200MM Limits
COMBINE DIAMONDS: CARE Moves D on INR55cr Loans to Not Cooperating
COMPACT LAMPS: Insolvency Resolution Process Case Summary
DEX AGRO: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
ECNON RESIDENCY: Insolvency Resolution Process Case Summary

ESCO PIPES: CRISIL Assigns B+ Rating to INR6.25cr Cash Loan
GARODIA AUTOMOBILES: Insolvency Resolution Process Case Summary
GAZI SERVICE: CRISIL Assigns B+ Ratings to INR10cr Loans
GRANITE GATE: Insolvency Resolution Process Case Summary
HWASHIN INDUSTRIES: Insolvency Resolution Process Case Summary

I P CONSTRUCTIONS: Insolvency Resolution Process Case Summary
INDIABULLS ASSET: See Assets Drop by Half Amid Exit From Risk
JEEVAN JYOTI: Insolvency Resolution Process Case Summary
JKG OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
KALIBER ASSOCIATES: Insolvency Resolution Process Case Summary

KANUPAT HIMGHAR: Insolvency Resolution Process Case Summary
KEDARNATH COTTONS: CRISIL Hikes Rating on INR20.93cr Loan to B+
KLAUS WAREN: CRISIL Migrates D Ratings to Not Cooperating
KOMOREBI EXPORTS: Insolvency Resolution Process Case Summary
LAKSH FOODS: Insolvency Resolution Process Case Summary

MADHAVARAM CONSTRUCTIONS: CARE Cuts Rating on INR15cr Loan to B
MAF INFRA: Insolvency Resolution Process Case Summary
MARUTI NANDAN: CARE Moves D on INR15cr Loan to Not Cooperating
MI MARATHI: Insolvency Resolution Process Case Summary
N.K. LOUHA: Insolvency Resolution Process Case Summary

NAGA ENTERPRISES: CARE Assigns B+ Rating to INR11cr LT Loan
NAGA SATYA: CARE Assigns B+ Rating to INR12cr LT Loan
NIKI RESORTS: Ind-Ra Rates $214.15MM Term Loan 'BB'
NORMANDY BREWERIES: CRISIL Assigns B+ Rating to INR.5cr Loan
PAVAN INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating

PORWAL GINNING: CRISIL Migrates B+ Rating to Not Cooperating
POWER ENGINEERING: CARE Reaffirms B+ Rating on INR2cr LT Loan
QUICKDEL LOGISTICS: Insolvency Resolution Process Case Summary
REALDREAM DIGITAL: Insolvency Resolution Process Case Summary
SAMADHAN KENDRA: CRISIL Reaffirms B Rating on INR1cr LT Loan

SAMRUDDHI COLD: CARE Assigns B Rating to INR8.25cr LT Loan
SATHYA SAYEE: Insolvency Resolution Process Case Summary
SCC PROJECTS: Ind-Ra Moves B- on INR1.3MM Loans to Non-Cooperating
SHREE TNB: Ind-Ra Rates INR16MM Term Loans Due 2020 'BB-'
SHRI MAHADEV: CRISIL Reaffirms B Ratings on INR7.3cr Loans

SREE VINAYAK: CARE Lowers Rating on INR7.21cr LongTerm Loan to D
SRI VENKATRAMA: CRISIL Migrates B+ Rating to Not Cooperating
STI INFRASTRUCTURES: Insolvency Resolution Process Case Summary
STRIDE AUTOPARTS: Insolvency Resolution Process Case Summary
SUJAY FEEDS: CARE Migrates B+ Rating to Not Cooperating

UJJWAL LUXURY: CARE Hikes Rating on INR8.75cr LT Loan to B-
UTC SOFTECH: Insolvency Resolution Process Case Summary
V S TEXMILLS: Insolvency Resolution Process Case Summary
VAISHNAVI GLOBAL: CRISIL Migrates B+ Rating to Not Cooperating
VANILLA CLEAN: Ind-Ra Lowers INR2.30BB Term Loan Rating to 'BB'

WESTWIND ENGINEERS: Insolvency Resolution Process Case Summary
WIANXX IMPEX: Insolvency Resolution Process Case Summary
YASHWANT DUGDH: Ind-Ra Migrates 'BB-' LT Ratings to Non-Cooperating


N E W   Z E A L A N D

CBL CORP: Watershed Meeting, Liquidation Deferred Indefinitely
HELI TOURS: In Liquidation; Police Called to Help Settle Dispute
RIOT FOODS: Paleo Food Company Placed in Administration


S I N G A P O R E

AMOS GROUP: Posts SGD6.3MM Net Loss in Q3 Ended Dec. 31
SUNMOON FOOD: Net Loss Widens to SGD1.85MM in Q3 Ended Dec. 31


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms 'B' Issuer Default Rating

                           - - - - -


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A U S T R A L I A
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BESTJET TRAVEL: AUD17MM Deal Could Have Saved Firm, Sources Say
---------------------------------------------------------------
Rosemarie Lentin at 9Finance reports that details have emerged of a
AUD17 million deal that could have saved online travel company
Bestjet and potentially spared thousands of customers heavy
losses.

9Finance relates that a consortium claims it was in talks to buy
the doomed Queensland company, five months before it collapsed, but
pulled out when the operator came back to them with a list of
"outrageous" demands.

According to 9Finance, a Memorandum of Understanding (MOU) signed
in July last year states the consortium would "purchase 100 per
cent of the issued shares" in Bestjet Travel, Wynyard Travel,
Brooklyn Travel and "associated entities" for US$12.887 million.

Sources close to the negotiations said the consortium saw huge
growth potential in Bestjet, describing it as a "billion-dollar
business turning over AUD2.5 million to AUD3 million a day,"
9Finance relays.

9Finance adds that sources said the consortium was already looking
into how it could open up operations in Hong Kong, the US and
Europe.

The MOU stated that the AUD17 million sale price was "calculated on
the potential future probability and performance of the business".
However it has been claimed the deal fell through after Michael
James, the husband of Bestjet founder Rachel James, later demanded
changes to the agreement, the report relates.

Mr. James, a former bankrupt, acted in the position of a director
or officer of Bestjet, despite not being appointed as such, the
administrator Pilot Partners alleged, according to sources.

In 2013, Mr. James was banned from managing corporations for three
years by the Australian Securities and Investments Commission
(ASIC) following the AUD97 million collapse of his budget airline
Air Australia in 2012, sources said discloses, according to
9Finance.

9Finance relates that sources close to the 2018 negotiations said
Mr. James wanted his wife to retain control of 50 per cent of the
company, but still expected the consortium to pay the full AUD17
million sale price.

Mr. James also wanted to take Bestjet's "associated entities" in
Singapore and the Philippines out of the deal, according to
sources, 9Finance relays.

"The next day, Michael James said he changed his mind . . .
[Seeking] a retainer of AUD1 million a year, to get a percentage
for life, to get the full AUD17 million for the sale but still own
50 per cent of the company," one source, as cited by 9Finance,
said.

Mr. James was not a registered director of Bestjet, however sources
claim he was heavily involved in negotiations for its sale,
9Finance notes.

Bestjet and its subsidiaries Wynyard Travel and Brooklyn Travel
were placed into the voluntary administration of chartered
accounting firm Pilot Partners on December 18, with over 4,000
creditors left more than AUD10 million out of pocket.

Just six weeks before going under, the companies were acquired by
Mr. James' old friend, Robert McVicker Jr. of McVicker
International, in a 100 per cent share transfer, according to
9Finance.

But last month, the administrator revealed that McVicker
International had in fact held 50 per cent of those shares in trust
for Mrs. James and that there was a "Put and Call Option" agreement
in place enabling Mrs. James to control 90 per cent of the group of
companies by 2020, 9Finance relays.

McVicker International did not acquire Bestjet's overseas entities,
including Bestjet Travel Pte Ltd and OTAlab in Singapore, the
administrator said, 9Finance relates.

9Finance adds that amid its ongoing investigations into Bestjet's
collapse, Pilot Partners reported Mr. James, Mrs. James and Mr.
McVicker Jr to ASIC, claiming they "may have breached their
obligations to act in good faith".

An ASIC spokeswoman would not disclose if the regulator was
investigating the collapse of Bestjet, only saying it was
"continuing to monitor Bestjet and related companies in external
administration," 9Finance relays.

               About Bestjet Travel

Bestjet Travel was an online travel agency. Nigel Robert Markey and
Bradley Vincent Hellen of Pilot Partners were appointed as
administrators of Bestjet Travel Pty Ltd, Wynyard Travel Pty
Limited and Brooklyn Travel Pty Ltd on Dec. 18, 2018.

Bestjet was placed in liquidation on January 31, with Nigel Markey
and Bradley Hellen of Pilot Partners appointed as liquidators.


RISK ADVISOR: First Creditors' Meeting Set for Feb. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Risk Advisor
Pty Ltd will be held on Feb. 22, 2019, at 10:00 a.m. at Sandpiper
Room, Level 13, 37 St Georges Terrace, in Perth, WA.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Risk Advisor on Jan. 17, 2019.


SAPPHIRE TRUST XV 2016-2: Fitch Hikes Cl. F Notes Rating to BB
--------------------------------------------------------------
Fitch Ratings has upgraded five and affirmed two classes of notes
from Sapphire XV Series 2016-2 Trust. The transaction consists of
notes backed by pools of first-ranking Australian residential
conforming and non-conforming mortgage loans. All mortgages were
originated by Bluestone Group Pty Ltd and the notes were issued by
Permanent Custodians Limited in its capacity as trustee.

The full list of rating actions is as follows (note balances as of
the January 2019 payment date):

AUD41.9 million Class A1 notes affirmed at 'AAAsf'; Outlook Stable

AUD6.6 million Class A2 notes affirmed at 'AAAsf'; Outlook Stable

AUD6.8 million Class B notes upgraded to 'AAAsf', from 'AA';
Outlook Stable

AUD9.1 million Class C notes upgraded to 'AA-sf', from 'Asf';
Outlook Stable

AUD7.0 million Class D notes upgraded to 'BBB+sf', from 'BBBsf';
Outlook Stable

AUD2.6 million Class E notes upgraded to 'BBB-sf', from 'BBsf';
Outlook Stable

AUD2.6 million Class F notes upgraded to 'BBsf', from 'Bsf';
Outlook Stable

KEY RATING DRIVERS

Operational Risk: Bluestone is a non-bank lender with extensive
experience in originating, servicing and managing its mortgage
portfolio. Fitch undertook an onsite operational review and found
that the operations of the originator and servicer were comparable
with market standards and that there were no material changes that
may affect Bluestone's ongoing ability to undertake administration
and collection activities. Bluestone's collection timelines,
policies, procedures and origination practices are largely in line
with those of other lenders in Australia after taking into account
the majority non-conforming nature of the borrower, as evident from
the transaction's historical performance.

Asset Analysis: Improved asset characteristics, including a lower
weighted-average (WA) unindexed loan/value ratio, and changes to
the treatment of Bluestone's Crystal Blue loan product drove the
'AAAsf' WA foreclosure frequency fall to 33.6%, from 35.6%. The
'AAAsf' WA recovery rate (WARR) improved to 59.8%, from 59.2%.

Fitch has reviewed its treatment of Bluestone's Crystal Blue loan
product as a conforming product due to its comparable asset
performance and underwriting policies with similar products by
other conforming issuers. This results in the underlying pool
consisting of 88.0% non-conforming loans and 12.0% conforming
loans.

As at end-2018, 30+ day arrears of 15.37% tracked above Fitch's
3Q18 non-conforming Dinkum RMBS index of 5.04%, which includes many
transactions with a lower proportion of non-conforming loans. The
transactions' arrears ranged between 10.92% and 16.08% over the
past year, which was comparable with the range of Sapphire XIV
Series 2016-1 Trust and Sapphire XVI Series 2017-1 Trust of between
9.84% and 15.02%. The higher arrears have been incorporated in
Fitch's asset analysis and have not translated into an equivalent
level of realised losses. Cumulative realised losses were 0.11% of
the original portfolio balance. All losses have been covered by
excess spread and there are no outstanding charge-offs.

Fitch considers the level of obligor concentration in the
transactions' mortgage portfolios to be a key factor in assessing
tail risk. Concentration and tail risk are mitigated by the
subordination provided by the non-amortising class G and H notes
and by documented tranche balance floors.

Liability Analysis: Sapphire 2016-2 is amortising pro rata, but has
switched to paying sequentially during the pro rata period due to
performance triggers being breached, leading to additional build-up
of credit enhancement (CE). Class G and H notes do not amortise
during the pro rata period, which improves the CE of all rated
notes as the portfolio amortises.

Fitch's cash flow analysis incorporates transaction-specific
principal pro rata conditions, subject to tranche balance floors
and a turbo that activates on the call date. This transaction
benefits from a liquidity facility sized at the higher of 2.0% of
the aggregate outstanding note balance and AUD400,000. This
transaction also includes the accumulation of the reverse-turbo
class RM notes, which have reached the AUD500,000 limit.

The threshold margin was capped at 1.0x its WA asset margin, which
is lower than the maximum of 1.5x in Fitch's criteria to take into
consideration the portfolio's above-market-average asset margin.

The notes passed all relevant Fitch stresses applied in Fitch's
cash flow analysis at their respective ratings. Fitch conducted
additional sensitivity analysis by stressing the transactions'
base-case assumptions. The ratings of the class C, D, E and F notes
were constrained given the sensitivity to decreases in WARR.

Macroeconomic Factors: Fitch expects steady mortgage performance,
supported by sustained economic growth in Australia that is driven
by stable forecast GDP growth of 2.7% and one 25bp cash rate
increase in 2019.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any foreseeable
change in performance. The prospect of a downgrade is remote, given
the level of subordination to all rated notes, pool performance and
adequate excess spread.

Fitch conducted sensitivity analysis by stressing the transactions'
base-case assumptions. The results of rating-sensitivity testing,
using the cash flow model, are shown below.

Notes: Class A1/A2/B/C/D/E/F

Ratings: AAAsf/AAAsf/AAAsf/AA-sf/BBB+sf/BBB-sf/BBsf

Rating sensitivity to increased defaults:

Increase defaults by 15%:
AAAsf/AAAsf/AAAsf/AA-sf/BBB+sf/BBB-sf/BBsf

Increase defaults by 30%: AAAsf/AAAsf/AA+sf/A+sf/BBBsf/BB+sf/BB-sf

Rating sensitivity to decreased recoveries:

Reduce recoveries by 15%: AAAsf/AAAsf/AA+sf/A+sf/BBB-sf/BB-sf/less
than Bsf

Reduce recoveries by 30%: AAAsf/AAAsf/AAsf/BBB+sf/Bsf/ less than
Bsf/less than Bsf

Rating sensitivity to multiple factors:

Increase defaults by 15%, reduce recoveries by 15%:
AAAsf/AAAsf/AAsf/Asf/BBsf/Bsf/less than Bsf

Increase defaults by 30%, reduce recoveries by 30%:
AAsf/AAsf/Asf/BB+sf/less than Bsf/less than Bsf/less than Bsf

The class C, D, E and F notes may be upgraded on sustained
increases in CE and ongoing stable asset performance.




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C H I N A
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CHINA AOYUAN: Fitch Gives 'BB-' Final Rating to USD225M Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Group Limited's
(BB-/Positive) USD225 million 7.95% senior notes due 2023 a final
rating of 'BB-'.

The notes are rated at the same level as Aoyuan's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. Aoyuan intends to use the net proceeds to refinance
offshore debt and for general working capital. The final rating is
in line with the expected rating assigned on February 11, 2019.

KEY RATING DRIVERS

Sales Growth to Slow: Fitch believes Aoyuan can sustain rising
sales, albeit at a slower pace, due to its fast-churn strategy and
strong execution, supported by adequate sellable resources and
increasing geographic diversification. This is despite uncertainty
over housing demand in China's lower-tier cities. Aoyuan's total
contracted sales doubled to CNY91 billion in 2018, 25% higher than
the company's full-year target of CNY73 billion, following growth
of 78% in 2017. Contracted sales in January 2019 grew by 38%
year-on-year to CNY5.6 billion.

Accelerated but Controlled Land Acquisition: Aoyuan accelerated
land acquisitions in 2017 to accommodate its national expansion and
enlarged scale. It spent around 60% of cash collection from sales
in 2017 and 40% in 1H18 to replenish land, compared with around 30%
in 2014-2016. Fitch forecasts land premiums to account for around
40% of total contracted sales during 2019, but to remain controlled
under its fast-churn strategy. Aoyuan mainly acquires land via
project acquisitions, which allows it to control average land
acquisition costs. Its land bank enjoyed a low average cost of
CNY2,065 per square metre (sqm) in 1H18, or 20% of Fitch's
estimated average selling price for 2018.

Sufficient and Diversified Land Bank: Aoyuan had a total gross
floor area (GFA) of 30 million sqm as at end-1H18, sufficient for
three to four years of development; 51% of the land by GFA was
located in the Pearl River Delta, of which more than half was in
the Greater Bay Area. The remainder was spread around central and
western China, the Yangtze River Delta and the Bohai Economic Rim
around Beijing as well as offshore markets. The company plans to
continue implementing a balanced city layout during land
replenishment, with a focus on southern China's Greater Bay Area,
which encompasses 11 cities.

Healthy Financial Profile: Aoyuan's leverage, after adjusting for
land premium receivables and payables in adjusted inventory,
further rose to around 40% in 1H18, from 35% in 2017 and 33% in
2016, due to accelerated land acquisition since 2017. Fitch expects
Aoyuan to maintain its fast-churn model and disciplined
land-acquisition strategy. Cash outflow from construction costs is
likely to rise to keep pace with increasing contracted sales,
leading to higher leverage, but the company's financial profile
should stay healthy for the next 12-18 months, as reflected in
Fitch's Positive Outlook.

Fitch also estimates that sales efficiency, as measured by
attributable contracted sales/gross debt, improved to above 1.2x in
2018, from 0.9x in 2017. Aoyuan's EBITDA margin, after adding back
capitalised interest, remained healthy at around 27% in 1H18 (2017:
25%, 2016: 26%), underpinned by its low average land cost, which
should support a healthy margin of around 25% for the next two
years.

Higher Business Risk: Aoyuan is more exposed to industry downside
risk given its deeper penetration into lower-tier cities and higher
commercial property exposure than 'BB-' peers. Its contracted
average selling price of around CNY10,500 per sqm is lower than the
CNY13,500-19,500 per sqm of peers, including Yuzhou Properties
Company Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable). Most of Aoyuan's lower-tier cities are
satellite cities, which benefit from spillover from Tier 1 cities
with home-purchase restrictions. However, Fitch sees lower-tier
city housing markets as more vulnerable due to worsening market
sentiment in 2019.

Fitch believes Aoyuan's large exposure to commercial-property
sales, which have a lower sell-through rate than residential
products and are more susceptible to economic cycles, leaves the
company more vulnerable to operational risk than peers that sell
only residential projects. Less than 25% of Aoyuan's annual sales
came from commercial products in 2017 under its integrated
project-development strategy. Fitch expects the product mix to
remain stable in the short term as commercial products accounted
for 20% of 2018 saleable resources and 19% of land bank by GFA at
end-2017.

DERIVATION SUMMARY

Aoyuan's sales scale is comparable with that of 'BB-' category
peers, such as Yuzhou and Times China Holdings Limited
(BB-/Stable), which had a sales scale of around CNY30 billion on an
attributable basis in 2017. Aoyuan maintains stronger sales
momentum than peers, as evident from its stronger 1H18 sales and
the achievement of its full-year sales target, which is the highest
among peers. The company kept a healthy financial profile during
its expansion, with leverage of around 35% - the lowest among 'BB-'
peers, which ranges from 38% to 48%. These factors support the
Positive Outlook on Aoyuan.

Aoyuan's scale is smaller than that of 'BB' peers, such as CIFI
Holdings (Group) Co. Ltd. (BB/Stable) and Future Land Development
Holdings Limited (BB/Stable), whose attributable sales scale was
above CNY55 billion in 2017. Aoyuan's sales efficiency, of around
0.9x in 2017, was also lower than CIFI's 1.4x and Future Land's
1.9x.

KEY ASSUMPTIONS

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

  - Attributable sales to exceed CNY80 billion-90 billion in
2019-2020

  - Land premium accounting for 50%-60% of contracted sales each
year on a cash flow basis during 2018-2020

  - Land bank life maintained at three to four years

  - Company to maintain its fast-churn business model

RATING SENSITIVITIES

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

Increasing scale and geographic diversification without
compromising financial metrics, including:

  - net debt/adjusted inventory sustained below 40%

  - contracted sales/gross debt sustained above 1.2x

  - EBITDA margin sustained above 25%

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

  - Failure to reach the positive guidelines in the next 12-18
months would lead to the Outlook reverting to Stable

LIQUIDITY

Adequate Liquidity: Aoyuan had CNY25.8 billion in available cash on
hand and CNY17.8 in unutilised credit facilities at end-1H18,
sufficient to cover short-term debt of CNY25.6 billion.

Smooth Refinancing; Lower Borrowing Cost: Aoyuan's short-term debt
accounted for 55% of its total CNY46.5 billion debt at end-1H18.
The company has proven its ability to refinance through multiple
channels, including the offshore and onshore bond markets. Fitch
has also seen its average borrowing cost drop to 7.2% in 2017 and
7.3% in 1H18, from 11.4% in 2013, given its broad financing
channels and improved credit profile.


CHINA MINSHENG: Taps Thai Conglomerate Vice Chair as Co-Chairman
----------------------------------------------------------------
Wu Hongyuran and Lin Jinbing at Caixin Global report that one of
China's largest private investment groups has chosen a vice chair
of a deep-pocketed Thai conglomerate as its co-chairman, as the
cash-strapped company has been on the hunt for new shareholders.

China Minsheng Investment Group Corp. Ltd. (CMIG) appointed Yang
Xiaoping, a vice chairman of Bangkok-based Charoen Pokphand Group
Co. Ltd., as its co-chairman on Feb. 11, Caixin discloses citing a
statement posted to social media app WeChat.

The cash-strapped group, which is in danger of defaulting on its
debts, has been seeking new investors to take over part of its
stake from existing shareholders, people familiar with the matter
told Caixin. Charoen Pokphand, as well as big Chinese state-owned
enterprise Citic Group Corp., are among CMIG's list of potential
new investors, they said on condition of anonymity, Caixin
relates.

According to Caixin, CMIG's bonds have recently suffered a sell-off
as investor jitters build amid its deepening liquidity squeeze.
Caixin says the group has been heavily dependent on short-term bank
loans and bond issuances to fund its investments. But the business
model has come under mounting pressure as regulators have tightened
scrutiny over the financial sector to control leverage and contain
risks, which has left CMIG struggling to refinance its debts.

Charoen Pokphand, also known as Chia Tai Group on the Chinese
mainland, is owned by Dhanin Chearavanont's family, which ranked at
the top of the 2018 Forbes Thailand Rich list, Caixin discloses.
The big multinational corporation operates retail, telecom,
property and finance businesses.

Mr. Yang has served on the boards of several big Chinese companies
of which Charoen Pokphand has become a major shareholder. After the
Thai giant became the largest shareholder of Ping An Insurance
(Group) Co. of China Ltd. in 2013, Mr. Yang became a nonexecutive
director of the financial titan. After Charoen Pokphand purchased a
stake in Citic Ltd. through a joint venture with Japan-based
trading company Itochu Corp. in 2015, Mr. Yang has become a
nonexecutive director of the Hong Kong-listed subsidiary of Citic
Group.

Mr. Yang, 54, once studied in Japan after gaining a bachelor's
degree in 1986 from an engineering college in the southeastern
Chinese province of Jiangxi. In 1989, he went to work for
Tokyo-based food company Warabeya Nichiyo Holdings Co. Ltd., where
he stayed for 11 years. He joined Charoen Pokphand in 2000.

Mr. Yang has been a director on CMIG's board since it was
established in May 2014. With registered capital of 50 billion yuan
($7.36 billion), CMIG is owned by 59 private Chinese companies,
including Shanghai-based Zhongtai Trust Co. Ltd., which is
controlled by Tomorrow Holdings Ltd. One of China's most secretive
financial conglomerates, Tomorrow Holdings has been involved in
multiple high-profile acquisitions in recent years, including
Charoen Pokphand's purchase of a stake in Ping An.

CMIG's current chair of the board, Li Huaizhen, replaced his
predecessor Dong Wenbiao in October. Dong remains on CMIG's board.
He used to be president of China Minsheng Banking Corp. Ltd., a
large joint-stock commercial bank.

                      About China Minsheng

China Minsheng Investment Group is a private equity firm. The firm
seeks to invest in solar energy industry, manufacturing,
sustainable energy, renewable energy, real estate, and business jet
services. The firm seeks to invest in Europe and the United
States.


CIFI HOLDINGS: Fitch Gives 'BB(EXP)' Rating to Proposed USD Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer CIFI
Holdings (Group) Co. Ltd.'s (BB/Stable) proposed US dollar offshore
senior notes an expected rating of 'BB(EXP)'.

The final rating is contingent on the receipt of final documents
conforming to information already received. The notes are rated at
the same level as CIFI's senior unsecured debt as they represent
its direct, unconditional, unsecured and unsubordinated
obligations. CIFI intends to use the net proceeds from the proposed
US dollar senior notes mainly to refinance its existing debt and
for working capital.

KEY RATING DRIVERS

Stable Leverage on Strong Performance: Leverage, measured by net
debt/adjusted inventory with proportionate consolidation of joint
ventures (JV) and associates, was at 42.6% in 1H18 (2017: 39.0%),
which is appropriate for CIFI's rating. Fitch expects leverage to
fall slightly in the next 12-18 months as the company moderates its
land acquisition pace after expanding its land acquisition activity
in 2017. Total land bank was 40 million square metres (sq m) in
1H18, with an average cost of CNY6,500/sq m, sufficient for three
to four years of development.

Total contracted sales, including contracted sales by JVs and
associated companies, rose by 46% to CNY152 billion in 2018 and
surpassed its annual target of CNY140 billion. The average selling
price dropped slightly by 4% to CNY15,900/sq m mainly due to more
contracted sales from third-tier Chinese cities.

Healthy Margins: CIFI's EBITDA margin fell to 20.1% in 1H18 from
26.2% in 2017. The EBITDA margins would have been higher at 30.2%
in 1H18 and 28.8% in 2017 after adjusting for an acquisition
revaluation the company started in 2017. CIFI reclassified certain
project companies from non-consolidated JVs and associates into
subsidiaries and revaluated the fair value of the cost of delivered
properties. The accounting change resulted in higher cost of goods
sold and lower margins.

The acquisition revaluations are likely to continue as CIFI has a
significant number of JVs and associates and will make margins
appear more volatile. Nevertheless, Fitch believes CIFI's
diversified project portfolio across cities of different tiers
allows it to maintain its fast-churn strategy without sacrificing
the overall project margins.

Geographical Diversification: CIFI's diverse presence in the
Yangtze River Delta, Pan Bohai Rim, the central western region and
Guangdong and Fujian provinces provides room for further expansion.
CIFI entered 14 new cities in 7M18, with projects now spread over
53 cities, helping mitigate risks from local policy intervention
and economies. CIFI boosted land acquisition in tier-3 cities in
1H18, which are oversupplied, but focused contracted sales on
second-tier and robust third-tier cities, which have more
first-time buyers and upgraders. CIFI's saleable resources remain
well-diversified between cities of different tiers, providing
flexibility to adjust the sales mix for various market conditions.

Low Funding Costs: CIFI has diversified funding channels, including
onshore bonds and offshore bank loans. The company issued USD1.4
billion and CNY1.0 billion in senior notes and HKD2.8 billion in
zero-coupon convertible bonds during 2018, with proceeds used to
refinance borrowings. It also signed a 3.5-year club loan of up to
USD0.5 billion in March 2018. Its average funding cost remained
stable at 5.3% in 1H18 (2017: 5.2%), and should stay low due to
CIFI's active capital-structure management, despite tighter
liquidity and an unfavourable funding environment in 2018.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited
(BBB-/Stable, standalone: BB+) in terms of contracted sales and
land-bank size. Sino-Ocean has continued its geographic focus on
tier-1 and affluent tier-2 cities, while CIFI has increased its
focus on tier-2 and 3 cities. CIFI's leverage of around 40% is
similar to the leverage Fitch expected for Sino-Ocean in 2018.
CIFI's EBITDA margin, after adjusting for the acquisition
revaluation, is higher than Sino-Ocean's 23%-25%, but Fitch expects
Sino-Ocean's attributable recurring EBITDA interest coverage from
investment properties to be at 0.4x, while CIFI's recurring income
is negligible. The one-notch difference between Sino-Ocean's
standalone credit profile and CIFI's IDR is based on Sino-Ocean's
higher investment-property income.

CIFI's leverage is significantly lower than that of several 'BB'
range peers, including Guangzhou R&F Properties Co. Ltd.
(BB-/Negative) and Beijing Capital Development Holding (Group) Co.,
Ltd. (BBB-/Negative, standalone: BB). CIFI's EBITDA margin is in
line with that of Guangzhou R&F and Beijing Capital Development.
However, its recurring EBITDA interest coverage is lower than
Guangzhou R&F's 0.2x.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY80 billion in 2018,
followed by growth of 21%
    in 2019 and 12% in 2020

  - Attributable land purchases at around 45%-55% of contracted
sales from 2018-2020

  - Average land acquisition cost of CNY6,000-6,250 per sq m from
2018-2020

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained at
below 30.0%
   (1H18: 42.6%)

  - Maintaining high cash flow turnover despite the JV business
model and consolidated
    contracted sales/debt at over 1.2x (1H18: 1.1x)

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

  - Substantial decrease in contracted sales

  - EBITDA margin, not adjusting for the effect of acquisition
revaluation, sustained
    at below 25% (1H18: 20%)

  - Net debt/adjusted inventory sustained above 45%

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY39.1 billion at
end-1H18, enough to cover short-term debt of CNY15.0 billion. The
company issued several tranches of senior perpetual, senior and
convertible bonds in the past several months and had approved but
unutilised facilities of CNY5.4 billion at end-1H18. This is
sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.


CIFI HOLDINGS: S&P Rates New USD Sr. Unsecured Notes 'B+'
---------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to the
U.S.-dollar-denominated senior unsecured notes that CIFI Holdings
(Group) Co. Ltd. (BB-/Positive/--) proposes to issue. The issue
rating is subject to S&P's review of the final issuance
documentation.

S&P said, "In our view, the new issuance will slightly extend
CIFI's debt maturity profile. However, it won't significantly
affect the China-based developer's credit profile. The company
intends to use the proceeds for refinancing its existing debt and
general corporate purposes.

"We rate the notes one notch below the issuer credit rating on CIFI
to reflect subordination risk. As of June 30, 2018, the company's
priority debt consists of about Chinese renminbi (RMB) 33 billion
in secured debt and RMB16 billion in unsecured debt at the
subsidiary level. This debt together accounts for around 65% of
CIFI's total reported debt, a ratio which is higher than our
notching down threshold of 50%. All debt amounts include guarantees
to joint ventures.

"The positive outlook reflects our view that we may raise the
rating on CIFI if the company can expand its scale and diversity to
be comparable to that of larger peers in the 'BB' rating category.
At the same time, we expect CIFI to maintain its see-through
leverage (debt-to-EBITDA ratio after proportionally consolidating
joint ventures) at 5.0x-5.5x."


DONGLING GROUP: Moody's Withdraws B2 CFR for Business Reasons
-------------------------------------------------------------
Moody's Investors Service has withdrawn Dongling Group Inc. Co.'s
B2 corporate family rating with a stable outlook.

Moody's has decided to withdraw the rating for its own business
reasons.

Established in 2000 and headquartered in Baoji in Shaanxi Province,
Dongling Group Inc. Co. engages in the trading of zinc, lead, steel
and coal. The company is also involved in non-ferrous metal
smelting, non-ferrous metal concentrate mining and coal mining.


SUNAC CHINA: Fitch Gives 'BB-' Final Rating to USD800M Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Sunac China Holdings Limited's
(BB-/Stable) USD800 million 7.875% senior notes due 2022 a final
rating of 'BB-'. The notes are rated at the same level as Sunac's
senior unsecured rating because they constitute its direct and
senior unsecured obligations. The final rating follows the receipt
of final documentation conforming to information already received
and is in line with the expected rating assigned on February 11,
2019.

Sunac's rating reflects Fitch's estimate that the China-based
homebuilder's leverage likely stayed below 50% at end-2018. Sunac's
management has publicly made a commitment to deleverage and Fitch
believes there is no pressure for the company to continue adding to
its land bank aggressively as it has more than 100 million sq m of
saleable gross floor area (GFA) on an attributable basis, an ample
supply that will last for over five years of development. Sunac has
not been making material land acquisitions after it bought the
Wanda City cultural and tourism assets more than a year ago.

KEY RATING DRIVERS

Improving Leverage: Sunac's leverage, measured by net debt/adjusted
inventory with proportionate consolidation of joint ventures and
associates, fell to 47.3% by end-2017 and 46.2% in 1H18 from 63.4%
before the 1H17 Wanda City project acquisition. The significant
deleveraging was due to strong contracted sales and minimal
additions to its land bank. Sunac's attributable contracted sales
increased by 23% to CNY326 billion in 2018 while its total
contracted sales reached CNY461 billion, above its full-year sales
target of CNY450 billion. In January 2019, Sunac's total contracted
sales rose by 8% yoy to around CNY24 billion.

Greater Geographical Diversification: Sunac's concentration in the
pan-Bohai Rim, Yangtze River Delta and Chengdu-Chongqing regions
dropped to 70% in 2017, from 90% in 2015, especially after the
Wanda City acquisition, as only five (Hefei, Wuxi, Jinan, Chengdu
and Chongqing) of the 13 projects are located in these markets.
Geographical diversification has become increasingly important as
each local government implements home-purchase restriction policies
differently. Sunac also benefitted from low land acquisition costs
in 2018, with average cost of CNY3,620 per sq m up to 8M18.

Strong Contracted Sales: The geographical diversification helped
Sunac report robust contracted sales in 2018, comparable with other
large Chinese homebuilders - China Vanke Co., Ltd. (BBB+/Stable),
Country Garden Holdings Co. Ltd. (BBB-/Stable) and China Evergrande
Group (B+/Positive) - while maintaining average selling price at
around CNY14,000-15,000 per sq m.

Sunac has the flexibility to generate sales from a greater
geographical and product spread, making it more likely that the
company can improve operational cash flow for deleveraging. Its
EBITDA margin, including the proportional share of EBITDA from
joint ventures and associates, was around 23% as of 1H18, or 32% if
valuation gains from acquired projects were removed.

Execution Risk in Non-Property Business: Sunac is increasing its
presence in the cultural and tourism business after the acquisition
of the Wanda City projects, which include hotels, theme parks and
shopping malls. There are inherent execution risks in ramping up
large-scale projects but these are mitigated by Sunac's acquisition
and retention of the Wanda City projects' operational and
management team, while the sale of properties near these projects
are in line with the company's expectations. Once fully
operational, the Wanda City projects may bring in meaningful income
from the non-property development segment.

DERIVATION SUMMARY

Sunac's homebuilding business scale, geographical diversification,
project execution track record, and churn rates are comparable with
'BBB-' rated homebuilders like Country Garden, and comparable with
or superior to 'BB' rated homebuilders such as Beijing Capital
Development Holding (Group) Co., Ltd. (BBB-/Negative, standalone
BB), and Guangzhou R&F Properties Co. Ltd. (BB-/Negative). However,
Sunac has had a more volatile financial profile than these peers,
and is more comparable with lower-rated issuers like Greenland
Holding Group Company Limited (BB-/Stable, standalone BB-) and
China Evergrande, even though its 1H18 leverage is lower than
Greenland's and similar to that of China Evergrande. No
Country-Ceiling, parent-subsidiary or operating-environment aspects
have an impact on the rating.

KEY ASSUMPTIONS

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

  - Replenishment of land bank to maintain land bank life of 4.5
years

  - Capex at CNY7.5 billion in 2018 and CNY3.5 billion from 2019,
mainly for Wanda City
    projects

  - Contracted GFA to grow at 30% in 2018 and 5%-10% thereafter

  - Contracted average selling price of CNY14,000-14,500 per sq m
between 2018 and 2020

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40% (1H18: 46.2%)

  - Attributable contracted sales/gross debt above 1.2x (1H18:
1.0x)

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

  - Net debt/adjusted inventory sustained above 50%

  - Attributable contracted sales/adjusted inventory sustained
below 0.8x (1H18: 0.8x)

  - EBITDA margin, excluding the effect of revaluation of
acquisitions, sustained
    below 18%

LIQUIDITY

Sufficient Liquidity: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales in 2018 has reached CNY326 billion on an attributable basis.
Sunac had a cash balance of CNY87 billion, including restricted
cash of CNY25 billion, at 1H18, sufficient to cover short-term debt
of CNY75 billion.


TIMES CHINA: Moody's Rates New USD Unsecured Notes 'B1'
-------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Times China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

Times China plans to use the net proceeds from the proposed notes
to refinance existing indebtedness and for general working capital
purposes.

RATINGS RATIONALE

"The proposed notes are unlikely to materially impact Times China's
debt leverage because we expect that the company will use the
proceeds mainly to refinancing existing debt," says Danny Chan, a
Moody's Analyst, and also Moody's Lead Analyst for Times China.

Based on a likely 30%-40% year-on-year growth in revenue in 2019,
on the back of strong contracted sales over the past 18-24 months,
Moody's expects that Times China's leverage, as measured by
revenue/adjusted debt, will improve to 65%-70% over the next 12-18
months from about 60% for the 12 months ended June 30, 2018.

At the same time, the company's adjusted EBIT/interest, will remain
stable at 3.0x-3.5x over the next 12-18 months from 3.0x for the 12
months to June 30, 2018, because revenue growth will largely offset
rising interest costs, while profit margins will stay stable. Such
credit metrics support the company's Ba3 corporate family rating
(CFR).

Times China's contracted sales - including its share in joint
ventures - grew strongly by about 46% year-on-year in 2018 to
RMB60.5 billion.

Times China's Ba3 CFR continues to reflect its growing operating
scale, established brand, and good track record of property
development in Guangdong Province. The rating also takes into
account the company's stable profit margins and strong liquidity
profile.

However, the company's Ba3 CFR is constrained by its: (1)
geographic concentration in Guangdong Province; and (2) exposure to
the financing and execution risks associated with its fast growth
business strategy.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination, reducing the expected recovery rate for claims at
the holding company level.

Times China's liquidity is strong. The company's reported cash
balance of RMB20.7 billion at the end of June 2018 well covered its
short-term debt of RMB9.8 billion and unpaid land premiums.

The stable outlook on Times China's ratings reflects Moody's
expectation that the company will maintain growth in its presales,
along with disciplined land acquisitions and debt management to
achieve a financial profile consistent with its Ba3 CFR.

Upward ratings pressure could emerge if Times China shows stable
growth in sales and an increased operating scale, while maintaining
a strong liquidity position.

Financial ratios indicative of upward ratings pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 90% and
adjusted EBIT/interest above 4.0x on a sustained basis.

Conversely, downward ratings pressure could emerge if Times China
shows declining sales, aggressive land or project acquisitions,
increased debt leverage or a weakening liquidity position.

Metrics indicative of downward ratings pressure include: (1)
cash/short-term debt below 1.0x, (2) EBIT/interest coverage below
2.5x, or (3) revenue/adjusted debt below 65% on a sustained basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for
mass-market housing.

At the end of June 2018, it had 87 property projects across eight
cities in Guangdong Province and Changsha city in Hunan Province.
Its land bank of around 18.2 million square meters as of the same
date can support the company's property development for the next
3-5 years.



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

ALISA INFRATECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Alisa Infratech Private Limited

        Registered office:
        LGF-119 (B-7), Lower Ground Floor
        World Trade Center, Babar Road
        Connaught Place, New Delhi
        Central Delhi 110001

Insolvency Commencement Date: January 3, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 1, 2019

Insolvency professional: Monika Agarwal

Interim Resolution
Professional:            Monika Agarwal
                         205, Chopra Complex
                         8, Preet Vihar
                         Community Centre
                         New Delhi 110092
                         E-mail: cacsmonika.agarwal@gmail.com
                                 cirpalisa@gmail.com

Classes of creditors:    Allottes under real estate project

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Jitendra Bakshi
                         D-175, Jhilmil Colony
                         New Delhi, Delhi 110095
                         E-mail: jitendra.bakshi@gmail.com

                         Shashi Bhushan Prasad
                         G-4/9, 1st Floor
                         Near Krishna Mandir
                         Malviya Nagar, New Delhi
                         National Capital Territory of Delhi
                         110017
                         E-mail: shashibpd@gmail.com

                         Tajinder Pal Singh
                         House No. 34, Pocket D-10
                         Sector-8, Rohini
                         New Delhi 110085
                         E-mail: iptpsingh@gmail.com

Last date for
submission of claims:    January 21, 2019


AMRIT FEEDS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Amrit Feeds Ltd
        158, Lenin Sarani Kolkata
        WB 700013 IN

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, Patna Bench

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

Insolvency professional: Mr. Ajay Kumar

Interim Resolution
Professional:            Mr. Ajay Kumar
                         I/J-1, 1st Floor
                         Chandi Vyapar Bhawan
                         Exhibition Road
                         Patna 800001
                         E-mail: akumarassociate@yahoo.co.in

Last date for
submission of claims:    January 29, 2019


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

The instrument-wise rating actions are:

-- INR285.62 mil. Long-term loans due on December 2021 migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating;

-- INR145.00 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

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

-- INR130.00 mil. Proposed fund-based limits migrated to non-
     cooperating category with Provisional IND BB (ISSUER NOT
     COOPERATING) / Provisional IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Asandas & Sons was established in 1962 as a partnership firm. It
has been one of the leading traders of potatoes and onions in
Gujarat for the last 50 years, and started the commercial
production of frozen foods from January 2016.


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

The instrument-wise rating action is:

-- INR700 mil. Term loans due on March 2021 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 19, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Avigna Properties undertakes real estate
projects. Its current project comprises 182 apartments and 367
villas spread across more than 986,388 square feet.

BEWELL LABS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Bewell Labs Private Limited
        Rabindranagar Po Laskarpur 24
        Parganas (South) 24
        Parganas (South)

Insolvency Commencement Date: January 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Sanjai Kumar Gupta

Interim Resolution
Professional:            Sanjai Kumar Gupta
                         153A, A.P.C. Road
                         Kolkata 700006
                         E-mail: casanjaigupta@gmail.com

                            - and -

                         A 6, Charulata Apartment
                         BE-8 Rabindra Pally
                         Kolkata 700101
                         E-mail: cirp.bewell@gmail.com

Last date for
submission of claims:    January 22, 2019


CHETAN OVERSEAS: Ind-Ra Affirms 'BB' Rating on INR200MM Limits
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chetan Overseas
(Delhi) Private Limited's (CODPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits affirmed with IND BB/Stable/
    IND A4+ rating; and

-- INR120 mil. Non-fund-based limits* affirmed with IND A4+
    rating.

*One way interchangeability of the non-fund based limits (up to
INR60 million) to fund-based limits.

KEY RATING DRIVERS

The affirmation reflects CODPL's continued medium scale of
operations, and modest margins and moderate credit metrics on
account of the trading nature of business. In FY18, revenue was
INR1,407.28 million (FY17: INR1,032.31 million), interest coverage
(operating EBITDA/gross interest expense) was 1.39x (1.31x), net
financial leverage (total adjusted net debt/operating EBITDAR) was
4.89x (5.00x), EBITDA margin was 2.56% (3.30%) and ROCE was 11.39%
(11.37%). The revenue improved on account of an increase in demand
from original equipment manufacturers which form a major part of
the total top line. The credit metrics improved on account of an
increase in absolute EBITDA along with stable debt and absence of
any major debt-led capex. However, the EBITDA margins declined on
account of an increase in the procurement cost of tradable.

The ratings also reflect a tight liquidity position, indicated by
full utilization of the working capital limits for the 12 months
ended December 2018. The cash and cash equivalents stood at
INR23.38 million in FY18 (FY17: INR28.88 million).

The ratings, however, continue to be supported by the company's
partners' over two decades of experience in manufacturing plastic
molded products.   

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to deterioration
in the credit metrics, on a sustained basis, could lead to a
negative rating action.

Positive: Sustained revenue growth along with improved credit
metrics could lead to a positive rating action.

COMPANY PROFILE

CODPL was acquired by Krish Vinimay Pvt. Ltd. in June 2011. Before
the acquisition, Krish Vinimay was not engaged in any major
business operations. The company was renamed CODPL to tap the brand
- Chetan Overseas. CODPL trades non-ferrous metals.


COMBINE DIAMONDS: CARE Moves D on INR55cr Loans to Not Cooperating
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Combine
Diamonds Pvt Ltd (CDPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       48.00      CARE D; Issuer not cooperating
   Facilities-                     Shifted to Issuer Not
   PCFC/FDDBD                      Cooperating; Based on
                                   best available information

   Proposed Long         7.00      CARE D; Issuer not cooperating
   term bank                       Shifted to Issuer Not
   facilities-                     Cooperating; Based on
   PCFC/FDDBD                      best available information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CDPL to monitor the
rating(s) vide e-mail communications/letters dated 11th October
2018, 08th October 2018, 04th October 2018, 01st October 2018, 26th
September 2018, 30th September 2018, 12th September 2018, 07th July
2018, 02nd July 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 of bank
facilities of Combine Diamonds Pvt Ltd will now be denoted as CARE
D; ISSUER NOT COOPERATING.

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

Detailed Description of Key Rating Drivers

At the time of last rating on Dec. 4, 2018, the following were the
weaknesses.

Key Rating Weaknesses

The revision in long-term rating to bank facilities of Combine
Diamond Private Limited (CDPL) is on account of liquidity profile
mismatch resulting in delay in servicing of its existing debt
obligation.

Delay in servicing of debt obligations

There have been ongoing delays in servicing of its existing debt
obligation.

Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. CDPL is engaged in trading and processing of cut &
polished diamonds whereby 80% of the income is derived through
trading activity. The company is an export oriented unit with 90%
of its revenue from overseas markets. The company was initially
established in 1998 as a proprietary concern and later converted
into closely held public limited company in the year 2000. Later in
2016, the constitution changed to Private Limited.


COMPACT LAMPS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Compact Lamps Pvt. Ltd.
        No. 101/F Village Gharonda Neem Ka Bangar
        Main Road Village Patparganj
        Near Mayur Vihar, Phase 1
        East Delhi DL 11091N

Insolvency Commencement Date: January 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ms. Deepika Bhugra Prasad

Interim Resolution
Professional:            Ms. Deepika BHugra Prasad
                         202, Samrat Ashok Enclave
                         Sector-18A, Plot No. 6
                         Dwarka, New Delhi
                         National Capital Territory of Delhi
                         110075

                         Office:
                         E-10 A Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048
                         E-mail: deepika.bhugra@gmail.com
                                 deepika.bhugra@aaainsolvency.com

Last date for
submission of claims:    January 31, 2019

DEX AGRO: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Dex Agro
Sweeteners Private Limited's (DASPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR17.63 mil. (reduced from INR24.00 mil.) Term loans due on
     June 2021 upgraded with IND BB/Stable rating; and

-- INR10.10 mil. Fund-based limits Long-term rating upgraded;
     short-term rating affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a rise in DASPL's absolute EBITDA that led to
an improvement in its credit metrics. DASPL's EBITDA rose to
INR36.90 million in FY18 from INR27.12 million in FY17, driven by a
modest-but-rising EBITDA margin, which increased to 11.2% from 8.3%
due to better price realization and favorable changes in raw
material prices. Furthermore, the return on capital employed of
DASPL was 6% in FY18 (FY17: 8%)

DASPL's EBITDA interest coverage rose to 10.7x in FY18 from 4.2x in
FY17. In addition, its net financial leverage improved to 1.2x in
FY18 from 2.2x in FY17. The improvement in the credit metrics was
driven by the rise in absolute EBITDA, a fall in interest expenses
and a decline in debt. The decline in interest expenses was due to
the fall in debt, driven by the scheduled repayment of term loans
and lower working capital limit utilization. The credit metrics are
modest.

However, the ratings continue to be constrained by DASPL's small
scale of operations, reflected by a revenue of INR328.24 million in
FY18 (FY17: INR328.44 million).

The ratings continue to be supported by DASPL's comfortable
liquidity, indicated by an 84.7% working capital limit utilization
during the 12 months ended January 2019. Moreover, the working
capital cycle was negative at 31 days in FY18 (FY17: 29 days). Its
cash flow from operations declined to INR41.62 million in FY18 from
INR77.17 million in FY17 owing to an increase in working capital
requirements. Moreover, its cash and cash equivalents stood at
INR0.26 million at FYE18 (FYE17: INR0.16 million).

The ratings also continue to be supported by the promoters'
significant experience of over 15 years in the agricultural
commodities industry.

RATING SENSITIVITIES

Negative: Any elongation in the working capital cycle, leading to a
stretch in the liquidity, and/or any deterioration in the credit
metrics on a sustained basis, will be negative for the ratings.

Positive: Any significant rise in the revenue, while maintaining
the credit metrics at the current levels, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in November 2013, DASPL manufactures sweeteners,
vegetable extracts and cattle feed at its plant in Uttarakhand. It
commenced commercial operations in February 2014. DASPL is promoted
by Anuj Kumar, who has over 10 years of experience in the
agricultural commodities industry.


ECNON RESIDENCY: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ecnon Residency Buildcon Private Limited
        129, DLF Galleria Mall
        First Floor, Mayur Vihar, Phase-I
        Delhi 110091

Insolvency Commencement Date: January 9, 2019

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: July 8, 2019

Insolvency professional: Ms. Anju Agarwal

Interim Resolution
Professional:            Ms. Anju Agarwal
                         73, National Park
                         Lajpat Nagar IV
                         National Capital Territory of Delhi
                         110024
                         E-mail: anju@insolvencyservices.in

                            - and -

                         C-100, Sector-2, Noida
                         Uttar Pradesh 201301
                         E-mail: ecnon@ascgroup.in

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rabindra Kumar Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi
                         National Capital Territory of Delhi
                         110034
                         E-mail: mintri_ca@rediffmail.com

                         Mr. Ajay Kumar Jain
                         E-15/209, Sector-8
                         Rohini, New Delhi
                         National Capital Territory of Delhi
                         110085
                         E-mail: ajayjain721@gmail.com

                         Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor, Hauz Khas
                         South, New Delhi
                         National Capital Territory of Delhi
                         110016
                         E-mail: variety.financial@gmail.com

Last date for
submission of claims:    January 23, 2019


ESCO PIPES: CRISIL Assigns B+ Rating to INR6.25cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Esco Pipes Private Limited (EPPL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         6.25      CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations and below
average financial risk profile. However, the rating weaknesses are
partially offset by the promoter's extensive experience and
moderate working capital requirements.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The company has a modest scale of
operations as indicated by the topline of INR32 crores in 2018.
Going forward, the revenue is expected to improve in the medium
term however will remain modest considering the industry scenario.

* Below average financial risk profile: The company has a below
average financial risk profile marked by moderate capital structure
and weak debt protection metrics. The gearing level stood at around
2 times and networth was INR4 crores during fiscal 2018. Further,
the interest coverage was 0.7 times during the said period. The
financial risk profile is expected to improve gradually in the
medium term.   

Strengths

* Promoter's extensive experience: The promoter has been in the
industry for over 2 decades and have developed deep understanding
of the dynamics of the market.  The extensive experience of
promoter will help company in bringing significant business linkage
over the medium term.

* Moderate working capital requirements: The Company had moderate
working capital requirements as indicated by the gross current
asset (GCA) days of around 73 days in fiscal 2018. The moderate
working capital requirements has resulted into low bank limit
utilization. The working capital requirements is expected to be in
the similar range during the medium term.

Liquidity: The company has adequate liquidity profile. The company
has moderately utilized the BLU at around 61% in the last 12 months
ending December 2018. The net cash accruals was insufficient
against the repayment obligations. Further, the need based funding
support from promoter's supports the liquidity profile. The current
ratio was favorable at around 1.13 times in 2018.

Outlook: Stable

CRISIL believes that EPPL will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case the company reports higher revenue growth while
maintain its profitability, leading to better cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile, particularly capital structure
and liquidity, weakens considerably due to lower than expected
sales or lower profitably leading to lower cash accruals or stretch
in working capital cycle leading to weaken its liquidity.

Incorporated in 2014, EPPL is engaged in the business of
manufacturing of steel galvanized pipes. The company has its
registered office in Palakkad, Kerala.


GARODIA AUTOMOBILES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Garodia Automobiles Private Limited
        94, Hem Chandra Naskar Road
        Kolkata 700010
        West Bengal

Insolvency Commencement Date: January 14, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 12, 2019
                               (180 days from commencement)

Insolvency professional: CA IP Sanjay Kumar Agarwal

Interim Resolution
Professional:            CA IP Sanjay Kumar Agarwal
                         Draupadi Mansion, 3rd Floor
                         11, Brabourne Road
                         Kolkata 700001
                         E-mail: sanjaycal@hotmail.com
                                 cirp.gapl@gmail.com

Last date for
submission of claims:    January 29, 2019


GAZI SERVICE: CRISIL Assigns B+ Ratings to INR10cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Gazi Service Station (GSS).

                      Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit            1        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      9        CRISIL B+/Stable (Assigned)

The rating reflects the extensive experience of the promoter in the
dealership and strong relationship with the principal i.e. Indian
Oil Corporation Limited (IOCL; rated 'CRISIL AAA/Stable/CRISIL
A1+') business. These rating strengths are partially offset by
susceptibility to volatility in international crude oil prices,
modest scale of operation and Geographical concentration risk in
revenue profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatility in international crude oil prices:
Profitability is susceptible to volatility in the international
crude oil prices, which have been highly volatile in the past few
years. Also, ability to pass on increase in crude oil prices to
customers is constrained by government regulation. GSS's
profitability will remain vulnerable to volatility in crude oil
prices and to government regulation.

* Geographical concentration risk in revenue profile:  GSS has high
geographic concentration in its revenue profile. The company
derives about 100 per cent of its sales from the Barui, Kolkata.

* Modest Scale of operation: Modest Scale of operation: Business
risk is marked by modest scale of operation reflected in the
revenue of 5.23 crore.

Strengths
* Promoters' industry experience and strong relationship with the
principal: Benefits from the promoters' experience of over a decade
and strong relationship with Indian Oil Corporation Limited for
more than a decade should continue to support the business.

Liquidity

Liquidity should remain moderate over the medium term, entirely
free cash accrual. Cash accrual is projected at INR0.13- 0.15 crore
per annum over the medium term, against nil debt repayment
obligation. There is no sanctioned bank facilities for the entity.

Outlook: Stable

CRISIL believes GSS will continue to benefit over the medium term
from promoters' industry experience. The outlook may be revised to
'Positive' if the firm's revenue and profitability improve, while
it prudently manages working capital requirements. Conversely, the
outlook may be revised to 'Negative' if GSS's liquidity weakens due
to decline in revenue and profitability, or stretched working
capital cycle.

GSS incorporated in 2004, is a proprietorship firm engaged in
dealership of Petroleum Products of Indian Oil Corporation Limited
(IOCL) like Petrol, Diesel and Lubricants. Its filling station
located in Baruipur, Kolkata. Firm's operation is managed by its
proprietor Mr. Mohiuddin Gazi.


GRANITE GATE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Granite Gate Properties Pvt. Ltd.
        C-23, Greater Kailash Enclave
        Part-1, New Delhi 110048

        Other office:
        Tech Boulevard, Central Block
        Plot No. 6, Sector-127
        Noida 201301

Insolvency Commencement Date: January 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 8, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Prabhjit Singh Soni

Interim Resolution
Professional:            Mr. Prabhjit Singh Soni
                         GG-1/144/C, Vikas Puri
                         Near PVR, New Delhi 110018
                         E-mail: psgurleensoni@gmail.com
                                 irpgranite@gmail.com    

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Sunil Kumar Agrawal
                         E-29, South Extension, Part II
                         New Delhi 110049
                         E-mail: aggarwalsk21@yahoo.com

                         Mr. Ashwani Kumar Gupta
                         Flat No.-91, Pocket-E
                         Sarita Vihar
                         New Delhi 110076
                         E-mail: akguptafca@gmail.com

                         Mr. Arvind Kumar
                         B-321, Second Floor
                         Nehru Ground
                         NIT Faridabad 121001
                         E-mail: caarvindchauhan@gmail.com

Last date for
submission of claims:    January 25, 2019


HWASHIN INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hwashin Industries Private Limited
        Registered office:
        12/2, Mauja Kalwari
        Bodala Bichpuri Road
        Bodala, Sikandra
        Agra 280010      

Insolvency Commencement Date: January 10, 2019

Court: National Company Law Tribunal, Allahabad Bench, Prayagraj

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

Insolvency professional: Devendra Singh

Interim Resolution
Professional:            Devendra Singh
                         ATS Greens Paradiso
                         Flat No: 02054, Tower-2
                         Plot No: GH-03
                         Sector-CHI-04, Greater Noida
                         Uttar Pradesh 201308
                         E-mail dev_singh2006@yahoo.com

                            -- and --
                         
                         C-124 Ground Floor, Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: cirp.hipl@gmail.com

Last date for
submission of claims:    January 25, 2019


I P CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: I P Constructions Private Limited
        210, First Floor, Phool Singh Market
        Karkardooma, Main Vikas Marg
        New Delhi 110092

Insolvency Commencement Date: January 11, 2019

Court: National Company Law Tribunal, Principal Bench

Estimated date of closure of
insolvency resolution process: July 13, 2019

Insolvency professional: Ms. Anju Agarwal

Interim Resolution
Professional:            Ms. Anju Agarwal
                         73, National Park
                         Lajpat Nagar IV
                         National Capital Territory of Delhi
                         110024
                         E-mail: anju@insolvencyservices.in

                            - and -
                         
                         C-100, Sector-2, Noida
                         Uttar Pradesh 201301
                         E-mail: ipconstructions@ascgroups.in

Classes of creditors:    Allottees/Investors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Rabindra Kumar Mintri
                         JD-18-B, Near Ashiana Chowk
                         Pitampura, New Delhi 110034
                         E-mail: mintri_ca@rediffmail.com

                         Mr. Ajay Kumar Jain
                         E-15/209, Sector-8
                         Rohini, New Delhi 110085
                         E-mail: ajayjain721@gmail.com

                         Mr. Pramod Kumar Gupta
                         B-1/10, Lower Ground Floor, Hauz Khas
                         South, New Delhi 110016
                         E-mail: variety.financial@gmail.com

Last date for
submission of claims:    January 25, 2019


INDIABULLS ASSET: See Assets Drop by Half Amid Exit From Risk
-------------------------------------------------------------
Nupur Acharya at Bloomberg News reports that Indiabulls Asset
Management and DHFL Pramerica Mutual Fund have seen their assets
plunge by more than half in the December quarter. That shows fears
of India's non-bank finance companies still linger, Bloomberg
says.

The dwindling in assets is the most among any mutual-fund company
in India during the period, data compiled by Bloomberg show. While
flows to the industry have slowed recently because of heightened
market volatility and political uncertainty ahead of elections due
by May, it also suggests investors continue to shun risk months
after defaults by an infrastructure lender shocked India's non-bank
finance companies, Bloomberg says.

"Institutional investors have been pulling out of debt funds that
hold a high exposure to papers of their NBFC parent or from schemes
with high NBFC exposure," Bloomberg quotes Vidya Bala,
Chennai-based head of mutual fund research at Wealth India
Financial Services Pvt., which runs FundsIndia.com, as saying.

DHFL Pramerica's ultra short-term fund last month held 34 percent
of its assets in bonds sold by the troubled mortgage lender Dewan
Housing Finance Corp., according to Bala, Bloomberg relays. The
fund saw its assets plummet from INR20 billion ($281 million) in
August to INR3.6 billion in January, she said. Dewan has been in
the eye of the storm since September in the wake of defaults at
Infrastructure Leasing & Financial Services Ltd, Bloomberg states.


The flight to safety following the IL&FS crisis "is a transient
phenomenon and the business will return to normalcy as sentiments
improve," DHFL Pramerica said by email, according to Bloomberg. The
fund's assets were skewed toward debt, leaving it vulnerable to the
exit of large investors, it said.

Indiabulls Asset's institutional business recovered in January,
with money in cash funds doubling from November, Associate Director
Raghav Iyengar told Bloomberg by phone. The mutual fund held
INR37.3 billion in assets at the year-end, according to data
compiled by Bloomberg.

Dewan is in the process of selling its entire 50 percent stake in
the fund venture to partner Pramerica Financial. The fund's assets
totaled INR107.6 billion rupees as of Dec. 31.

JEEVAN JYOTI: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s Jeevan Jyoti Vanijya Limited
        Room No. 2, Shop No. 3
        Ground Floor, Be-330 Street No. 3
        Hari Nagar, West Delhi
        New Delhi 110064

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: July 15, 2019
                               (180 days from commencement)

Insolvency professional: Vinod Kumar Chaurasia

Interim Resolution
Professional:            Vinod Kumar Chaurasia
                         A-756, Sector-2
                         Rohini, New Delhi 110085
                         E-mail: cavinodchaurasia@gmail.com

                            -- and --

                         B-022, Pragati Vihar Hostel
                         Lodhi Road, New Delhi 110003
                         E-mail: cirpjeevan@gmail.com

Last date for
submission of claims:    January 29, 2019


JKG OVERSEAS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JKG Overseas
Private Limited (JKG) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.75      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   12.05      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JKG for obtaining
information through letters and emails dated October 22, 2018 and
November 28, 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 JKG. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JKG 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 JKG to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2014, JKG is engaged in processing and selling of
basmati rice. It is promoted by Nipun Garg, Mayank Garg, Shubham
Garg, and Sobir Garg. Its facility is at Taraori, Karnal
(Haryana).


KALIBER ASSOCIATES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Kaliber Associates Private Limited
        E-20 Lajpat Nagar-III
        New Delhi 110024

Insolvency Commencement Date: January 18, 2019

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

Estimated date of closure of
insolvency resolution process: July 17, 2019
                               (180 days from commencement)

Insolvency professional: Vinay Talwar

Interim Resolution
Professional:            Vinay Talwar
                         1, Link Road, Middle Basement
                         Janpura Extension
                         New Delhi 110014
                         E-mail: vinay@corporateconsultants.in
                                 cirpkaliber@gmail.com

Last date for
submission of claims:    February 1, 2019


KANUPAT HIMGHAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Kanupat Himghar Private Limited
        Village & Post Office:
        Kanupat, Police Station: Udaynarayanpur
        Howrah, West Bengal 711412
        India

Insolvency Commencement Date: January 15, 2019

Court: National Company Law Tribunal, Kolkata Bench-1

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

Insolvency professional: Soumitra Lahiri

Interim Resolution
Professional:            Soumitra Lahiri
                         Flat No-14D&E, Tower-32
                         Genexx Valley, Joka
                         Diamond Harbour Road
                         Kolkata 700104
                         E-mail: slahiri0207@gmail.com

Last date for
submission of claims:    January 29, 2019


KEDARNATH COTTONS: CRISIL Hikes Rating on INR20.93cr Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Kedarnath Cottons Private Limited (KCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          20       CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

   Proposed Long Term    0.93    CRISIL B+/Stable (Upgraded from
   Bank Loan Facility            'CRISIL B/Stable')

The upgrade reflects a steady improvement in KCPL's business risk
profile, driven by steady revenue growth and stable profitability.

Revenue rose to INR79.87 crore in fiscal 2018 from INR68.12 crore
in fiscal 2017, while the operating margin remained stable
resulting in steady accretions. This coupled with a steady working
capital cycle has resulted in lower reliance on debt. Consequently,
the TOLTNW is expected to improve from 3.14 times as on March 31,
2018 to 2.61 times as on March 31, 2019.

The rating also factors in KCPL's below average financial risk
profile and the susceptibility to fluctuation in raw material
price. These weaknesses are partially offset by the extensive
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Below average financial risk profile: Net worth was low at
INR8.76 crore as on March 31, 2018, with gearing of 2.91 times.
Interest coverage and net cash accrual to total debt ratios were
1.40 times and 0.03 time, respectively, in fiscal 2018.

* Susceptibility to fluctuation in raw material price: Since cost
of procuring the major raw material (cotton) accounts for 85-90% of
the production expense, volatility in cotton process can impact
profitability.

Strengths:

* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades, his strong understanding
of local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Liquidity: Bank limit utilisation averaged 96% for the 12 months
ended December 31, 2018. Cash accrual is expected at over INR0.47
crore in fiscal 2019, against nil yearly maturing debt. Current
ratio was moderate at 1.28 times as on March 31, 2018.The Company
has unencumbered cash balances of INR0.41Cr as on March 31, 2018.

Outlook: Stable

CRISIL believes KCPL will continue to benefit from the extensive
experience of the promoter. The outlook may be revised to
'Positive' if there is substantial and sustainable increase in
revenue and profitability, coupled with an improvement in financial
metrics. Conversely, the outlook may be revised to 'Negative' if a
steep decline in revenue or profitability, a stretch in the working
capital cycle, or any large, debt-funded capital expenditure
weakens the credit risk profile.

KCPL, incorporated in 2009 by Mr Kedarnath Padigela, gins cotton in
Adilabad (Telangana).


KLAUS WAREN: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Klaus Waren
Fixtures Private Limited (KWFPL) to 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          10       CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

   Proposed Long Term    9.02    CRISIL D (ISSUER NOT
   Bank Loan Facility            COOPERATING; Rating Migrated)

   Term Loan             7.50    CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KWFPL for obtaining
information through letters and emails dated October 22, 2018 and
November 28, 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 KWFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KWFPL 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 KWFPL to 'CRISIL D Issuer not cooperating'.

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

Incorporated in 2004, Mumbai-based KWFPL manufactures brass
bathroom fitting, which are marketed under the brand, 'Aquel'. Dr N
M Shah and family are the promoters.


KOMOREBI EXPORTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Komorebi Exports Private Limited

        Registered office:
        C-199/S1, Shalimar Garden, Extn.-II
        Sahibabad, Ghaziabad
        UP 201005

Insolvency Commencement Date: January 10, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sarvesh Kashyap

Interim Resolution
Professional:            Sarvesh Kashyap
                         Shop No. 7, DDA Market
                         E Block, East of Kailash
                         New Delhi 110065
                         E-mail: sarvesh_dam@yahoo.com

                            - and -

                         101, Nipun Plaza, Sector-1
                         (Near Max Hospital), Vaishali
                         Ghaziabad 201010
                         Mobile: 9818908851
                         E-mail: ip.komorebi@gmail.com

Last date for
submission of claims:    January 25, 2019


LAKSH FOODS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Laksh Foods Private Limited
        Shop No. 1 SFS DDA Market Phase IV
        Ashok Vihar New Delhi 110052

Insolvency Commencement Date: December 26, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Naresh Kumar Munjal

Interim Resolution
Professional:            Naresh Kumar Munjal
                         3, Scindia House
                         Second Floor, Janpath
                         New Delhi 110001
                         E-mail: nkmunjalcacs@yahoo.co.in
                                 irplakshfoods@gmail.com

Last date for
submission of claims:    January 8, 2019


MADHAVARAM CONSTRUCTIONS: CARE Cuts Rating on INR15cr Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Madhavaram Constructions (MC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       15.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MC to monitor the rating
vide e-mail communications/ letters dated October 9, 2018, November
15, 2018, January 14, 2019, January 18, 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
Madhavaram Constructions 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.

Detailed description of the key rating drivers

At the time of last rating on February 20, 2018, the following were
the rating strengths and weaknesses:

Key Rating Weakness

Small scale of operation: The scale of operations of the company is
small marked by total operating income of FY17 of INR2.61 crore
coupled with net worth of INR37.27 crore as on March 31, 2017 as
compared to other peers in the industry.

High reliance on customer advances: The firm's reliance on customer
advances is high at 35%. Furthermore, the firm has already sold 38%
(2.39 lsf) of the saleable area (6.22 lsf). While the amount for
area sold was INR 85.02 crore, the total advances required from the
customers for the said project is INR 23.09 crore.

Not yet registered with RERA: The Real Estate (Regulation and
Development) Act, 2016 (RERA) is effective from May 01, 2017, and
covers all the residential and commercial projects in every state.
The company's registration with RERA is however in pipeline.

Financial closure yet to be achieved: The firm is yet to achieve
financial closure for the on-going project. The project is proposed
to be funded by partner's capital (23%), loan (8.79%) and advances
from customers (67.74%). As on January 15th2017, the firm has
incurred a total cost of INR61.04 crore (around 36% of total
project cost), which was funded by promoters capital and customer
advances.

Moderate debt coverage indicators: The total debt/GCA deteriorated
y-o-y from 1.50x in FY15 to 23.88x in FY17 due to increase in short
term loans from related parties coupled with decrease in GCA levels
from INR 1.89 crore in FY15 to INR0.22 crore in FY17.  The PBILDT
interest coverage ratio of the firm, deteriorated from 15.07x in
FY15 to 3.54x in FY17, at the back of decline in PBILDT in the
absolute terms.

Geographically concentrated revenue profile: MC entirely derives
its revenue from orders executed in the state of Telangana and
Bangalore, which exposes the firm to geographical concentration
risk.

Partnership nature of constitution with inherent risk of capital
withdrawal: The partners typically make all the decisions and lead
the business operations. If they become ill or disabled, there may
not be anybody else to step in and maintain the optimum functioning
of business. A business run by nine partners also poses a risk of
heavy burden, i.e. an inherent risk of capital withdrawal, at a
time of personal contingency which can adversely affect the capital
structure of the firm. Moreover, the partnership firms have
restricted access to external borrowing which limits their growth
opportunities to some extent.

Fragmented nature of the real estate sector albeit improving growth
prospects: The real estate sector in India is highly fragmented
with a large number of small and mid-sized players. Certain factors
such as project execution challenges, delays in land acquisition,
regulatory clearances, long working capital cycles as a result of
longer gestation periods collectively place pressure on the firm's
credit profile. Despite these impediments, increasing growth in
residential properties due to lower interest rates, easy
availability of housing finance and various government initiatives
in real estate sector are expected to revive the industry in medium
to long term.

Key Rating Strengths

Experience of promoters for more than two decades in real estate
and retail business: The firm has a track record of more than one
decade in real estate business. Madhavaram Construction was
established in the year 2005. The company is managed by Mr. M Ranga
Rao along with his family members. Under the leadership of Mr Ranga
Rao the firm has executed 8 projects (including residential and
commercial). The long experience of the promoter will help the
company to grow in near future.

Satisfactory PBILDT margins: MC had satisfactory PBILDT margins
during the review period. The PBILDT margin of the firm has
declined from 24.32% in FY15 to 15.56% in FY17 due to increase in
cost of construction. The PAT margin of the firm decreased from
14.12% in FY15 to 4.72% in FY17 due to decrease in PBILDT in
absolute terms.

Comfortable capital structure: The capital structure of the company
marked by overall gearing ratio was at below unity level during the
period, due to high net worth base of INR37.27 crore and absence of
long term debt as on March 31, 2017.

Moderate industry outlook and growth prospects: The real estate
sector is one of the most globally recognised sectors. In India,
real estate is the second largest employer after agriculture and is
slated to grow at 30 per cent over the next decade.

The real estate sector comprises four sub sectors- housing, retail,
hospitality, and commercial. The growth of this sector is well
complemented by the growth of the corporate environment and the
demand for office space as well as urban and semi-urban
accommodations.

The Indian real estate market is expected to touch US$ 180 billion
by 2020. The housing sector alone contributes 5-6 per cent to the
country's Gross Domestic Product (GDP). The retail sector in India
is witnessing a huge revamping exercise as traditional markets make
way for next formats such as departmental stores, hypermarkets,
supermarkets and specialty stores. Westernstyles malls have begun
appearing in metros and second-running cities alike introducing the
Indian consumer to a shopping experience like never before. India's
vast middle class and its almost untapped retail industry are key
attractions for global retail giants wanting to enter newer
markets.

Madhavaram Constructions was setup in 1990 as a partnership firm by
Mr. Ranga Rao (Managing Partner) and other friends and relatives.
The firm is engaged in construction and sale of residential
apartments with all previous and ongoing projects located in
Bangalore and Hyderabad. The day-to-day activities of the firm are
managed by Mr. Ranga Rao and his partners assisted by team of
experienced professionals. The firm is engaged in real estate
development activities which include selling of residential and
commercial establishment. The firm is currently proposing to
undertake construction of residential establishment under the name
of 'Serenity'. The total cost proposed to establish 'Serenity' is
INR170.50 crore funded by bank cash credit of INR15.00 crore with
equity share capital of INR40 crore and balance INR115.50 crore
from customers advances.


MAF INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: MAF Infra Projects Private Limited
        Regional office:
        4, Circus Avenue, Ground Floor
        Kolkata 700017
        West Bengal

Insolvency Commencement Date: January 9, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 8, 2019
                               (180 days from commencement)

Insolvency professional: Rajiv Kumar Agarwal

Interim Resolution
Professional:            Rajiv Kumar Agarwal
                         7, Grant Lane
                         3rd Floor, Room No. 317
                         Kolkata 700012
                         West Bengal
                         E-mail: rajiv@kvrassociates.in

Last date for
submission of claims:    January 23, 2019


MARUTI NANDAN: CARE Moves D on INR15cr Loan to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Maruti
Nandan Food Products Pvt. Ltd (MNFP) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      15.00       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MNFP to monitor the rating
vide e-mail communications/letters dated January 9, 2019, January
14, 2019, January 22, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company 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 the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
MNFP's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING. Further, banker 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.

The rating takes into account on-going delays in debt servicing due
to stressed liquidity condition of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses:

On-going delays in debt servicing: Sluggish demand with high
competition has resulted in stressed liquidity position which led
to delay in debt servicing obligation of the bank facility.

Maruti Nandan Food Products Pvt. Ltd (MNFP), incorporated in July,
2007, was promoted by two brothers Shri Abhimanyu Kumar Singh and
Shri Abhijeet Kumar Singh of Patna to set up a flour mill (both
Roller Flour Mill and Atta 'Chakki'). The company is engaged in
manufacturing of different flour qualities like "Atta", "Maida" and
"Suzi". MNFP commenced commercial production on February 9, 2011,
upon commissioning of its plant at Arrah (Bihar). MNFP's
manufacturing facility is well equipped with modern amenities which
have been reflected from the ISO 22000:2005 certification that it
has received for maintaining a standard quality system. MNFP
procures wheat from wholesalers and commission agents present in
local grain markets and sell its products to wholesale traders in
the states of Bihar, Orissa and West Bengal.

The day-to-day affairs of the company are looked after by Shri
Abhimanyu Kumar Singh, with adequate support from other two
directors and a team of experienced personnel.


MI MARATHI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: MI Marathi Media Limited

        Registered office:
        101 Sumer Kendra Society
        Pandurang Budhkar Marg
        Near Doordarshan Kendra
        Behind M&M Tower
        Worli Mumbai 400013

        Corporate office:
        01 Mandir Marg, Premnath Motors
        New Delhi 110001  

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

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

Insolvency professional: Subrata Maity

Interim Resolution
Professional:            Subrata Maity
                         B-202, Jai Gurudeo Complex
                         Plot 16-19 & 21-25
                         Sector 17, Kamothe
                         Navi Mumbai 410209
                         E-mail: subrata.m@hotmail.com

                            - and -

                         G 106, Haware Fantasia Business Park
                         Ground Floor, Nano Wing
                         Opp Vashi Rly Station, Vashi
                         Navi Mumbai 400705

Last date for
submission of claims:    Janaury 22, 2019


N.K. LOUHA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: N.K. Louha Udyog Private Ltd
        6/2/B/1-Rajkrishna Kumar Street
        Belur Math, Howrah
        West Bengal 711102

Insolvency Commencement Date: January 17, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 16, 2019
                               (180 days from commencement)

Insolvency professional: Surya Kanta Satapathy

Interim Resolution
Professional:            Surya Kanta Satapathy
                         4, Lake Gardens
                         Near Yuvak Sangha
                         Kolkata 700045
                         E-mail: suryakantasatapathy@yahoo.co.in

Last date for
submission of claims:    January 31, 2019


NAGA ENTERPRISES: CARE Assigns B+ Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Naga
Enterprises (NE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          11.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NE are tempered by
short track record and small scale of operations during the review
period, leveraged Capital Structure & Weak debt coverage indicators
during the review period, elongated operating cycle and working
capital intensive nature of operations, proprietorship Nature of
entity with inherent risk of withdrawal of capital and highly
fragmented industry with intense competition from large number of
players. The rating is, however, underpinned promoter having
knowledge in trading and agriculture business, satisfactory PBILDT
margins albeit thin PAT margins and stable outlook of pulses and
shrimp business.

Going forward, the ability of the firm to Ability of the firm to
increase its scale of operations and improve profitability margins
in competitive environment, ability of the firm to improve its
capital structure and debt coverage indicators, ability of the firm
to manage its working capital requirement efficiently and ability
of the firm to diversify its geographical reach would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and Small scale of operations during the review
period: The scale of operations of the firm has been small during
the review period as the entity was established in the year 2017
resulting to short track record. The total operating income of the
firm stood at INR 15.21 crore with low networth of INR 4.89 core as
compared to others peers in the industry. Furthermore, the firm
achieved the total operating income of INR6.00 in 9M FY19 (Prov.,).
The firm has its customer base only from Andhra Pradesh resulting
to customer and geographic concentrated risk.

Leveraged Capital Structure & Weak debt coverage indicators during
the review period: The capital structure of the firm remained
leveraged during the review period marked by debt equity and
overall gearing ratio which stood at 0.09x & 2.54x as on March 31,
2018 due to availment and full utilization of working capital bank
borrowings.  The firm had weak debt coverage indicators during
review period marked by Total debt/GCA which stood at 125.24x as on
March 31, 2018 due to high debt levels as the firm had full
utilized the working capital bank borrowings for meeting the
day to day operations of the firm. Further, Interest coverage ratio
& total debt/cash flow from operating activities stood
weak at 1.26x & 22.30x respectively in FY18.

Elongated operating cycle and Working capital intensive nature of
operations: The operating cycle of the firm stood elongated and
stood at 352 days mainly on account of high collection period and
inventory period. The firm usually makes the payments to its
suppliers within 90-180 days, whereas it receives the payments from
its customers within 45-90 days. Sometimes, the firm gets extended
credit period from its suppliers and to customers, based on long
term relationship. Furthermore, the inventory period the firm
maintains an average inventory of about 90-150 days in order to
meet the customer requirements. The firm has 80% of debtors and
creditors from its family concerns resulting to working capital
intensive nature of operations.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's capital
at the time of personal contingency which can affect its capital
structure. Further, partnership concern has restricted access to
external borrowing which limits their growth opportunities to some
extent.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in trading of pulses and
shrimp which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

Promoter having knowledge in trading and agriculture business Naga
Enterprises was promoted by Ms. D. Rathamma in 2017 as a
proprietorship concern, who has more than two decades of experience
in trading of pulses and the day to day operations are managed by
her spouse, who has more than three decades in the same line of
business. Satisfactory PBILDT margin albeit thin PAT margin The
profitability margins of the firm remained satisfactory during the
review period. The PBILDT margin of the firm stood at 3.67% in FY18
due to high cost of raw material and other expenses resulted in
under absorption of overheads on account of first year of
operations. Furthermore, PAT margin of the firm also remained thin
and below unity during review period and stood at 0.65% in FY18 due
to low operating profit margin in trading nature of business.

Stable outlook for agriculture industry: The Indian food industry
is poised for huge growth, increasing its contribution to world
food trade every year due to its immense potential for value
addition, particularly within the food processing industry. The
agriculture sector in India is expected to generate better momentum
in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold
storage. Furthermore, the growing use of genetically modified crops
will likely improve the yield for Indian farmers. India is expected
to be self-sufficient in pulses in the coming few years due to
concerted efforts of scientists to get early-maturing varieties of
pulses and the increase in minimum support price.

Liquidity Analysis: The current ratio of the firm is above unity
during the review period and stood at 1.20x as on March 31, 2018
due to high current assets as compared to current liabilities
mainly on account of high debtors and closing stock. The cash and
cash equivalents of the firm stood at 1.05 crore and on and average
the entity has 2-5% of overdraft facility to meet the
liquidity requirements.

Naga Enterprises was established in the year 2017 by Ms. D.
Rathamma as a proprietorship concern. Initially, the firm was
engaged in the business of trading of Tobacco, Pulses and Shrimp.
At present the firm is engaged in the wholesale and retail trading
of different kinds of pulses and shrimp. The firm mostly generates
95% of the revenue from the trading of pulses only and remaining 5%
from sale of shrimp. The firm sells both pulses and shrimp in the
districts of Andhra Pradesh and purchases the same from the farmers
located around Prakasham district, Andhra Pradesh.


NAGA SATYA: CARE Assigns B+ Rating to INR12cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Naga
Satya Latha Enterprises (NSLE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facility             12.00      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of NSLE are tempered by
short track record and small scale of operations during the review
period, leveraged Capital Structure & Weak debt coverage
indicators, elongated collected and inventory days resulting to
working capital intensive nature of operations, proprietorship
Nature of entity with inherent risk of withdrawal of capital,
highly fragmented industry with intense competition from large
number of players.

The rating is, however, underpinned by experienced Promoter in
trading business, satisfactory PBILDT margins albeit thin PAT
margin and stable outlook for agricultural industry Going forward,
the ability of the firm to increase its scale of operations and
improve profitability margins in competitive environment, improve
its capital structure and debt coverage indicators, manage its
working capital requirement efficiently and ability of the firm to
diversify its geographical reach would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and Small scale of operations during the review
period: The scale of operations of the firm has been small during
the review period as the entity was established in the year 2017
resulting to short track record. The total operating income of the
firm stood at INR 15.22 crore with low networth of INR 5.64 core as
compared to others peers in the industry. However, the firm
achieved the total operating income of INR7.30 crore in 9M FY19
(Prov.,). The firm has its customer base only from Andhra Pradesh
resulting to customer and geographic concentrated risk.

Leveraged Capital Structure & Weak debt coverage indicators during
the review period: The capital structure of the firm remained
leveraged during the review period marked by debt equity and
overall gearing ratio which stood at 0.09x & 2.16x as on March 31,
2018 due to availment and fully utilization of working capital bank
borrowings and unsecured loans from related parties for meeting the
day to operations of the firm.

The firm had weak debt coverage indicators during review period
marked by Total debt/GCA which stood at 384.39x as on March 31,
2018 due to high debt levels as the firm had fully utilized the
working capital bank borrowings and availment of unsecured loans
from related parties for meeting the day to day operations of the
firm. Further, Interest coverage ratio & total debt/cash flow from
operating activities stood weak at 1.22x & 24.24x respectively in
FY18.

Elongated collection and inventory days resulted in Working capital
intensive nature of operations:  The operating cycle of the firm
stood elongated and stood at 352 days mainly on account of high
collection period and inventory period. The firm usually makes the
payments to its suppliers within 90-180 days, whereas it receives
the payments from its customers within 45-90 days. Sometimes, the
firm gets extended credit period from its suppliers, based on long
term relationship. Furthermore, the inventory period the firm
maintains an average inventory of about 90- 180 days in order to
meet the customer requirements. The firm has 80% of debtors and
creditors from its family concerns resulting to working capital
intensive nature of operations.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's capital
at the time of personal contingency which can affect its capital
structure. Further, partnership concern has restricted access to
external borrowing which limits their growth opportunities to some
extent.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in trading of pulses and
shrimp which is highly fragmented industry due to presence of large
number of organized and unorganized players in the industry
resulting in huge competition.

Key Rating Strengths

Experienced Promoter in trading business: Naga Satya Latha
Enterprises was promoted by Ms. Naga Satya Latha Immani in 2017 as
a proprietorship concern, she is a graduate by qualification.
Earlier to establishment of Naga Satya Latha Enterprises, she used
to work along with her father in their family business. Due to long
term presence in the market, the firm has good relation with
customer and supplier.

Satisfactory PBILDT margin albeit thin PAT Margins: The
profitability margins of the firm remained satisfactory during the
review period. The PBILDT margin of the firm stood at 3.30% in FY18
due to high cost of raw material and other expenses. Furthermore,
PAT margin of the firm also remained thin and below unity during
review period and stood at 0.21% in FY18 due to low operating
profit and absorption of financial expenses.

Stable outlook for agriculture industry: The Indian food industry
is poised for huge growth, increasing its contribution to world
food trade every year due to its immense potential for value
addition, particularly within the food processing industry. The
agriculture sector in India is expected to generate better momentum
in the next few years due to increased investments in agricultural
infrastructure such as irrigation facilities, warehousing and cold
storage. Furthermore, the growing use of genetically modified crops
will likely improve the yield for Indian farmers. India is expected
to be self-sufficient in pulses in the coming few years due to
concerted efforts of scientists to get early-maturing varieties of
pulses and the increase in minimum support price.

Liquidity Analysis: The current ratio of the firm is above unity
during the review period and stood at 1.25x as on March 31, 2018
due to high current assets as compared to current liabilities
mainly on account of high debtors and closing stock as on closing
balance sheet date. The cash and cash equivalents of the firm stood
at 0.20 crore and on and average the entity has 2-5% of overdraft
facility to meet the liquidity requirements.

Naga Satya Latha Enterprises (NSLE) was established in the year
2017 by Ms. Naga Satya Latha Immani as a proprietorship concern.
Earlier, the firm was engaged in the business of trading of
Tobacco, Pulses and Shrimp. At present the firm is engaged in the
wholesale and retail trading of different kinds of pulses and
shrimp. The firm generates 95% of the revenue from the trading of
pulses and remaining 5% from sale of shrimp. The firm sells both
pulses and shrimp in the districts of Andhra Pradesh and purchases
the same from the farmers located around Prakasham district, Andhra
Pradesh.


NIKI RESORTS: Ind-Ra Rates $214.15MM Term Loan 'BB'
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Niki Resorts
Private Limited (NIKI) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR214.15 mil. Term loan due on March 2029 assigned with
    IND BB/Stable rating; and

-- INR1.50 mil. Non-fund-based limit assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect NIKI's small scale of operations, as indicated
by revenue of INR64.98 million in FY18 (FY17: INR62.92 million).
The revenue rose due to an increase in occupancy levels.

Additionally, NIKI's credit metrics are modest due to high debt
levels. The interest coverage (operating EBITDA/ gross interest
expenses) deteriorated to 3.57x in FY18 (FY17: 4.47x), and the net
leverage (adjusted net debt/ operating EBITDA) worsened to 3.69x
(2.80x).  The credit metrics deteriorated because of an increase in
the total debt due to high utilization of the working capital
limits to fund the increase in the scale of operations.

The rating also factor in NIKI's moderate liquidity profile.  Its
average use of fund-based working capital limit was around 90%
during the 12 months ended December 2018. The company's cash and
cash equivalents stood at INR1.96 million at FYE18 (FYE17: INR0.96
million). Further, the cash flow from operations declined to
INR5.42 million in FY18 (FY17: INR10.95 million) on account of
higher working capital requirements.

However, the ratings are supported by a healthy EBITDA margin of
33.5% in FY18 (FY17: 29.9%), with return on capital employed of 18%
(20%). The margin rose because of a fall in operating expenses.

Moreover, NIKI has an established track record and its promoter has
about a decade's experience in the hospitality industry.

RATING SENSITIVITIES

Negative: A sustained deterioration in the overall credit profile
would lead to a negative rating action.

Positive: A substantial improvement in the scale of operations
along with a sustained improvement in the interest coverage could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2007, NIKI operates a three-star hotel, Hotel Niki,
in Sambalpur, Odisha. It commenced operations from 2009. The
overall operations of the hotel are managed by Mrs. Minati Das.


NORMANDY BREWERIES: CRISIL Assigns B+ Rating to INR.5cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Normandy Breweries and Distilleries Private
Limited (NBDL).

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         .5        CRISIL B+/Stable (Assigned)

The ratings reflect NBCL's modest scale of operations in intensely
competitive Indian made foreign liquor (IMFL) and weak financial
risk profile. These rating weaknesses are mitigated by the
promoters' extensive experience in the liquor industry.

Analytical Approach

CRISIL has treated, unsecured loans of INR7.09 crore as on 31
March, 2018, as neither debt not equity as these funds will remain
in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in intensely competitive IMFL segment:
NBDL has a modest scale of operations as reflected by operating
income of INR18 crore in 2018. The company also has a concentrated
customer base with about 90 per cent of revenue derived from Kerala
State Beverage Corporation (KSBC).

* Weak financial risk profile: The company has weak financial risk
profile impacted by eroded net worth, on account of closure of
operations for a long time till fiscal 2013. However, the capital
structure is partially supported by unsecured loans from
directors.

Strengths
* Promoters' extensive experience and established position in the
distillery business: NBDL, set up in 1990, benefits from the
extensive experience of the promoters in the distillery industry.
The operations are currently being managed by the second generation
comprising of Mr Arun Joseph, Ms Rani Joseph.

Liquidity: The company's liquidity is marked by modest accruals
against no major repayment obligations. With the promoters
supporting the operations through unsecured loans, the bank limit
utilization on cash credit facility of INR0.5 crore remains
moderate at about 60% over the past 12 months ending November 2018.
Cash balances remains modest at INR0.11 crore, as on 31 March,
2018.

Outlook: Stable

CRISIL believes NBDL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant ramp up in scale of operations
improves operating profitability or working capital management,
resulting in better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if any regulatory change adversely
impacts revenue and margins or if a large, debt-funded capital
expenditure programme or stretched working capital cycle leads to
further deterioration in financial risk profile.

NBDL, based in Kerala, manufactures IMFL. The company is promoted
by Mr Joseph Peous, Mr Augustine Peous. NBDL manufactures brandy,
vodka, rum, and whisky under its own brands and sells it to KSBC.

PAVAN INDUSTRIES: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pavan
Industries -Hyderabad (PIH) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Cash        5        CRISIL B/Stable (ISSUER NOT
   Credit Limit                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PIH for obtaining
information through letters and emails dated October 22, 2018 and
November 28, 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 PIH. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PIH 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 PIH to 'CRISIL B/Stable Issuer not cooperating'.

PIH, setup in 2006, is partnership firm of Mr. Praveen Chowdhary
and Mrs. Susheela Devi. The firm is engaged in milling of paddy
into processed non-basmati rice at Ranga Reddy, Telangana.


PORWAL GINNING: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Porwal Ginning
And Pressing Private Limited (PGPPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

   Term Loan            2.65     CRISIL B+/Stable (ISSUER NOT
                                 COOPERATING; Rating Migrated)


CRISIL has been consistently following up with PGPPL for obtaining
information through letters and emails dated October 22, 2018 and
November 28, 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 PGPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PGPPL 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 PGPPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2012 in Manwath, Maharashtra, and promoted by Mr
Jaiprakash Porwal and Mr Vijay Porwal, PGPPL gins cotton and
presses cotton seed to extract oil.


POWER ENGINEERING: CARE Reaffirms B+ Rating on INR2cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Power
Engineering Corporation (PEC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           2.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities           4.00       CARE A4 Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to bank facilities of PEC continue to remain
constrained on account of small scale of operations, intense
competition due to tender driven nature of business, customer and
geographical concentration risk as well as proprietorship nature of
its constitution.  The ratings, however, continue to derive
strength from established presence of firm with experienced
promoters, reputed clientele base, comfortable profit margins and
solvency position with moderate liquidity position.  The ability of
the entity to successfully bid for tenders along with improving its
profitability and efficiently managing its working capital
requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: PEC's scale of operations declined
during FY18 and stood small as reflected by total operating income
and capital employed of INR7.02 crore and INR8.72 crore
respectively as on March 31, 2018. The small scale of operations
limits the financial flexibility of the entity in time of any
financial exigencies.

Proprietorship nature of its constitution: Being a proprietorship
concern, it is exposed to the risk of withdrawal of capital by the
proprietor on personal exigencies, dissolution of firm due to death
and restricted financial flexibility due to inability to explore
cheaper sources of finance leading to limited growth potential.

Customer and geographic concentration risk albeit reputed
clientele: The firm's only customer is Maharashtra State
Electricity Distribution Company Limited [MSEDCL- rated CARE A+
(SO); Stable], who contributed to 100% of the revenues of the firm
in FY18. Association with reputed client reduces the counterparty
risk. However, the customer concentration makes the firm vulnerable
to the risk of a slowdown in the awarding of tenders and orders
from this client. Furthermore, the firm undertakes contracts only
in the state of Maharashtra, exposing it to geographical
concentration risk.

Intense competition due to exposure to tender driven nature of
business: PEC business is tender-based which is characterized by
intense competition resulting in moderate operating margins for the
firm. The growth of business depends entirely upon the firm's
ability to successfully bid for tenders and emerge as the lowest
bidder.

Key Rating Strengths

Established operations and experienced proprietor: PEC is promoted
by Mr. Prabhakar Pannase (Proprietor). The long standing average
industry experience of over two and half decades of the promoters
has led to strong relationships with the customer and suppliers.
The promoter is assisted by a team of well qualified and
experienced professionals.

Comfortable profit margins: Despite of decrease in scale of
operations, the PBILDT margin improved by 674 bps in FY18. The PAT
margin of the entity moved in tandem with PBILDT and increased by
331 bps in FY18.

Moderate solvency: The capital structure of the entity remained
comfortable days on account of lower reliance on external
borrowings. Furthermore, due to comfortable profitability and
modest debt profile, the debt coverage indicators of the entity
remained moderate.

Comfortable Liquidity position: The liquidity position of the
entity stood comfortable as indicated by current ratio of 1.48
times during FY18. Further due to stretched credit period to
suppliers and payments received within a week from customers, the
operating cycle of the entity remained comfortable with gross
current asset days of 44 days during FY18 with funds majorly
blocked in inventory. The working capital requirements are met by
cash credit facility, average utilization of which remained
moderate.


QUICKDEL LOGISTICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Quickdel Logistics Private Limited
        Registered office:
        1101, 11th Floor
        Spaze I Tech Park, Tower A-2
        Shona Road, Sector 49
        Gurgaon 122103

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, Faridabad Bench

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

Insolvency professional: Gyaneshwar Sahai

Interim Resolution
Professional:            Gyaneshwar Sahai
                         A-1404, The Resort, Sector 75
                         Faridabad 121004
                         Haryana
                         E-mail: gyaneshwar.sahai@gmail.com

                            - and -

                         OS-2, 2nd Floor, The Next Door
                         U-Block, Sector-76
                         Faridabad 121004
                         E-mail: cirp.quickdel@gmail.com

Last date for
submission of claims:    January 21, 2019


REALDREAM DIGITAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Realdream Digital Private Limited
        S-3, D-2, Abhishek Tower Alknanda
        Shopping Complex, Alaknanda
        New Delhi 110019

Insolvency Commencement Date: January 8, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Jaswant Singh

Interim Resolution
Professional:            Mr. Jaswant Singh
                         62/5, First Floor
                         Ashok Nagar
                         New Delhi 110018
                         E-mail: csjaswantsingh@gmail.com

                            - and -

                         70/15, 2nd Floor
                         Ashok Nagar
                         New Delhi 11018
                         E-mail: fcs.jaswant@gmail.com

Last date for
submission of claims:    January 22, 2019


SAMADHAN KENDRA: CRISIL Reaffirms B Rating on INR1cr LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facility of Samadhan Kendra (Samadhan).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility       1       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the small scale of Samadhan's
operations, susceptibility to geographic concentration, modest
earnings profile and the exposure to risks inherent in the
microfinance industry. These weaknesses are partially offset by a
long track record in the microfinance sector.

Analytical Approach

For arriving at the rating, CRISIL has considered the standalone
business and financial risk profile of Samadhan.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations with geographic concentration: Samadhan
operates on a small scale, as compared to other microfinance
institutions (MFIs). The society, despite operating for above a
decade, had a loan portfolio of around INR53 lakhs as on September
30, 2018. Further, as operations are confined only to Vaishali,
Bihar, Samadhan is likely to remain exposed to geographic
concentration risks.

* Modest earnings profile: Samadhan had a modest earning profile
with a low surplus of INR0.17 lakh as compared to INR13.3 lakhs in
the previous year. The earnings profile is dependant mostly on
revenue grants earned from National Bank for Agriculture and Rural
Development (NABARD; on execution of various social projects) and
fee income received from various banks against the banking
correspondence portfolio managed by the society. The decline in
profitability was due to the delay in the receipt of the fee income
from the banks and the society has already incurred higher
expenditure on its managed portfolio. Profitability is expected to
remain modest even over the medium term.

* Exposure to risks inherent to microfinance segment: The
microfinance sector is susceptible to regulatory and legislative
risks. The promulgation of the ordinance on MFIs by the Government
of Andhra Pradesh demonstrated the vulnerability of MFIs to
regulatory and legislative risks, and triggered a chain of events
that adversely impacted the MFI business model by impairing growth,
asset quality, operating surplus, and solvency. Such institutions
lend to the poor and downtrodden sections of society, and will
therefore remain exposed to socially sensitive factors, including
high interest rates, and, consequently, to tighter regulations and
legislation.

Strengths:

* Strong track record in the area of operations: Samadhan has been
operating for over a decade and has undertaken microfinance
activities in Vaishali. The society has also been closely working
with NABARD in developing the rural finance in the region.

Liquidity: Liquidity is set to remain comfortable over the medium
term. Cash balance was about INR30 lakhs as on January 23, 2019,
against debt repayment of INR4.5 lakhs for the next three months.
Additionally on an average the society receives INR4.95 lakhs of
monthly collections from its microfinance portfolio.

Outlook: Stable

CRISIL believes Samadhan's scale of operations will remain small
and geographically concentrated over the medium term. The outlook
may be revised to 'Positive' if the scale of operations and
capitalisation significantly improve. Conversely, the outlook may
be revised to 'Negative' if the asset quality and profitability
deteriorate, thereby impacting capitalisation.

Samadhan was started in 2004 by Mr Subhash Kumar along with few
other likeminded youth in the area. Initially the focus was on the
Raghopur Diyara Island. The people based in these areas were very
poor and due to water logging they had no other option apart from
traditional agriculture practice and dairy for livelihoods. Today
Samadhan operates in all 16 blocks of Vaishali.  The society
prioritised rural and unreached areas for managing microcredit,
health, and sanitation projects, where target beneficiaries are
from schedule caste and other lower backward castes that is
marginalized. The target groups include women, adolescent and
youth. The society has a banking correspondence portfolio of about
INR5 crore as on January 28, 2019.


SAMRUDDHI COLD: CARE Assigns B Rating to INR8.25cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Samruddhi Cold Storage and Warehousing (SCSW), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.25       CARE B; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of SCSW is constrained
by seasonality of business with susceptibility to vagaries of
nature, project implementation and stabilization risk. The rating
is further constrained by presence of firm in highly fragmented
industry and constitution as a proprietorship firm limiting the
financial flexibility.  The rating, however, draws strength from
the satisfactory experience of proprietor, location advantage with
proximity to suppliers and customer base, and eligibility for
subsidy under central and state government funded scheme.

Ability of the firm to complete the project within scheduled
timeline without any cost overrun is key rating sensitivity

Detailed description of the key rating drivers

Key Rating Weaknesses

Seasonality of business with susceptibility to vagaries of nature:
SCSW's operations are seasonal in nature as the firm is into
providing facility for storage of agro commodities. Lower
agricultural output may have an adverse impact on the available
fruits and vegetables and rental collections as the cold storage
units collect rent on the basis of quantity stored. Availability
and prices of agro commodities are highly dependent on the climatic
conditions. Also adverse climatic conditions can affect their
availability and lead to volatility in prices.

Project implementation and stabilization risk: The firm has
recently completed the major part of the cold storage and warehouse
facility which poses high risk of acquiring customers initially.
However it has commenced commercial operations recently from the
partially completed facility and poses stabilization risk. Timely
completion of the whole project and stabilizing operations is
critical from credit perspective.

Fragmented nature of operations and intense competition from other
players in the region: The Indian cold storage and warehousing
industry is highly unorganized & fragmented in nature due to low
entry barriers. The Industry in the country is flooded with many
unorganized players. This has led to high level of competition in
the industry and players work on wafer-thin margins.

Key Rating Strengths

Experienced Promoter and management: SCSW is promoted by Mr.
Chandrashekar Akkalkote having an experience of around one and half
decade agro trading business. The promoter is ably supported by his
father Mr. Naganath Akkalkote who has experience in the trading of
agro based products through Vinay Sales Corporation in the position
as promoter.  The satisfactory experience of promoters and
management might aid in establishing good relationship with
customers & suppliers and smooth operations of the firm.

Location advantage with proximity to suppliers and customer base:
Location advantage of SCSW emanating from proximity to farms in the
district of Solapur which covers all major fruits and milk
products. Also for the cold storage it has a favorable location
proximity to the grapes, custard apple and vegetable growing areas
(Marathwada Region) which augers well for the firm. Both the
factors provide wide catchment making it suitable for the farmers
in terms of transportation and connectivity. This enables SCSW to
reduce its dependence on any single agricultural commodity or
customer.

Eligible for subsidy under central and state government funded
scheme: SCSW is eligible for electricity duty exempt for 15 years
as it is located in D+ Zone and the firm will benefit from the
refund of 5% interest of the total interest paid to the lending
agency for 7 years. Also The Government of lndia, Ministry of
Agriculture & Co-operation has approved the Capital Investment
subsidy scheme for Construction, Expansion, Modernization of Cold
Storages and Storages for Horticulture Produce. Also the National
Horticulture Mission offers subsidy for the projects at the rate of
25% of the total investment in the project of cold storage.

Comfortable capital structure and debt coverage indicators: The
capital structure remained moderate as marked by overall gearing of
1.80x based on FY18 (audited) ended March 31, 2018. The same is
expected to deteriorate on account of disbursement of complete loan
in FY19 by the firm.

SCSW is a Solapur based firm established in March 2017 by Mr.
Chandrashekar Nagnath Akkalkote. The firm is engaged in providing
cold storage and warehousing solution for agro based commodities.
It also has a group company Vinay Sales Corporation which is
engaged in trading of agro commodities.


SATHYA SAYEE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sathya Sayee Cold Storage Private Limited
        No. TF 109 Anna Fruit Whole Sale Market
        Koyambedu Chennai 600092   

Insolvency Commencement Date: January 8, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: July 6, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Santhanam Rajashree

Interim Resolution
Professional:            Ms. Santhanam Rajashree
                         Flat No. 6, Old No. 20, New No. 6
                         Ramakrishna Street, T. Nagar
                         Chennai 600017
                         E-mail: rajashrees66@gmail.com

                            -- and --

                         New No. 10 Old No. 41
                         Kirubashankari Street, West Mambalam
                         Chennai 600033
                         E-mail: cirpsathya@gmail.com

Last date for
submission of claims:    January 28, 2019


SCC PROJECTS: Ind-Ra Moves B- on INR1.3MM Loans to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SCC Projects
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating;

-- INR1.13 mil. Term loans due on June 2019 migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR80 mil. Non fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 14, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SCC Projects is engaged in the construction of roads in Madhya
Pradesh.


SHREE TNB: Ind-Ra Rates INR16MM Term Loans Due 2020 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree TNB Polymers
Limited (STPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR220 mil. Fund-based limits assigned with IND BB-/Stable/
    IND A4+ rating;

-- INR16 mil. Term loans due on March 2020 assigned with IND BB-
    /Stable rating; and

-- INR14 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect STPL's modest credit metrics due to a medium
scale of operations and modest operating margins. Gross interest
coverage (operating EBITDAR/gross interest expense) was stable at
1.8x in FY18 (FY17: 1.8x) whereas net financial leverage (adjusted
net debt/operating EBITDA) increased to 4.09x (3.94x) because of
higher utilization of short-term debts as well as a fall in the
absolute EBITDA to INR68 million (INR71 million). Revenue has been
volatile (FY18: INR847 million; FY17: INR934 million; FY16: INR839
million), on account of fluctuations in the amounts of orders
executed. The company has achieved a turnover of INR1,090.60
million during 9MFY19 and receives weekly orders from its
customers. EBITDA margin ranged between 6%-8% during FY15-FY18 and
RoCE was 10% in FY18.

STPL's modest margins are a result of its limited ability to pass
on price hikes in raw materials (crude oil derivatives) owing to
high competitive intensity.

Moreover, liquidity remains stretched. The company's average
utilization of the working capital limits was 98% during the 12
months ended January 2019 and there have been instances of
overutilization in the facility during the six months ended January
2019. Cash and cash equivalents stood at INR2 million whereas total
outstanding debt was INR281.2 million during FY18.

The ratings are supported by the decade-long experience of the
company's promoter in the pipes and fittings industry.

RATING SENSITIVITIES

Positive: Any substantial improvement in the revenue while
maintaining the EBITDA margin, leading to an improvement in the
credit metrics and liquidity position, all on a sustained basis,
would be positive for the ratings.

Negative: Any decline in the revenue and EBITDA margin, leading to
deterioration in the credit metrics and a further stretch in the
liquidity position would be a negative for the ratings.

COMPANY PROFILE

STPL was incorporated in 2007 for taking over the operations of
three partnership firms Balaji Polymers, Noble Polymers, Tirupati
Plastic Industries. The manufacturing facilities of all three units
are located at the Union Territories of Silvassa, Dadra and Nagar
Haveli. Established in 1994, Noble Polymers manufactured high
density poly ethylene and polypropylene pipes, fittings and drip
irrigation pipes with a registered trade mark Noble; while Tirupati
Plastic Industries, set up in 2000, manufactured solid plastic
sheets with a registered trade mark Tirupati. The third firm,
Balaji Polymers, established in 2004, manufactured plastic hollow
sheets with a registered trademark wellpack.


SHRI MAHADEV: CRISIL Reaffirms B Ratings on INR7.3cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Shri Mahadev Silk Mills Private Limited
(SMSMPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.3       CRISIL B/Stable (Reaffirmed)

   Long Term Loan        1.26      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.74      CRISIL B/Stable (Reaffirmed)

The rating reflects the company's modest scale of operations in the
intensely competitive textile industry, stretched working capital
cycle, and subdued financial risk profile, with small networth,
high total outside liabilities to tangible networth (TOLTNW), and
modest debt protection metrics. These weaknesses are partially
offset by the promoters' extensive experience and funding support.

Analytical Approach

Unsecured loans (outstanding at INR3.36 crore as on March 31, 2018)
from the promoters have been treated as neither debt nor equity as
the loans are likely to be retained in the business.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in the intensely competitive textile
industry: Limited capacity and intense competitive pressure
continue to constrain scalability, and therefore, benefits from
economies of scale and pricing power: revenue was INR29.74 crore in
fiscal 2018 (INR25.48 crore the previous fiscal).

* Subdued financial risk profile: Networth was modest and TOLTNW
high at INR2.69 crore and over 8.23 times, respectively, as on
March 31, 2018. Gearing was 2.83 times and should remain high over
the medium term due to large working capital debt. Interest
coverage and net cash accrual to total debt ratios were modest at
1.68 times and 0.11 time, respectively, in fiscal 2018 due to low
profitability and high debt.

* Large working capital requirement: Working capital cycle is
stretched: gross current assets were 199 days as on March 31, 2018
(214 days a year ago), driven by debtors and inventory of 129 and
38 days, respectively. As a result, there is high dependence on
creditors and bank facilities to meet working capital
requirements.

Strengths:
* Promoters' extensive experience and funding support: Benefits
from the promoters' experience of over two decades, and the
presence of a strong customer and supplier base in Surat should
continue to support business risk profile. Financial assistance may
also be expected from the promoters whenever necessary, as in the
past.

Liquidity: Utilisation of bank limit of INR5.50 crore averaged a
high at 99% in the 12 months through September 2018. Net cash
accrual expected at over INR1.20 crore over the medium term and is
tightly matched against yearly maturing debt of about INR1 crore.
Need-based funding support from the management supports liquidity.

Outlook: Stable

CRISIL believes SMSMPL will continue to benefit from the promoters'
extensive experience. The outlook may be revised to 'Positive' if
improvement in revenue, profitability, and cash accrual, or
significant capital infusion strengthens financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
lower-than-expected revenue or profitability, or stretch in working
capital cycle weakens financial risk profile, particularly
liquidity.

Incorporated by Mr Nandkishore Rathi and his family, SMSMPL
undertakes dyeing and processing of manmade fabrics. The
manufacturing facility is in Surat, total capacity of which is 1.75
lakh meters a day.


SREE VINAYAK: CARE Lowers Rating on INR7.21cr LongTerm Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Vinayak Vidhyalayaa Charitable Trust (SVVCT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.21       CARE D; Issuer not cooperating;

   Facilities                      Revised from CARE BB-; Stable
                                   on the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SVVCT to monitor the rating
vide email communications/letters dated October 17, 2018, January
2, 2019, January 7, 2019, January 8, 2019 & 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 Sree Vinayak Vidhyalayaa Charitable
Trust's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.  The rating has been revised on account of ongoing
delays in debt servicing by the trust.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in meeting debt obligations: The trust was unable to
generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting its interest
obligations in time.

Sree Vinayak Vidhyalayaa Charitable Trust (SVVCT) was established
as a non-profit making organization in the year 2006 by Mr.Sekar
and his family members at Erode, Tamil Nadu. SVVCT is registered as
a public charitable trust and established educational institutions
for the purpose of promoting engineering, scientific, managerial
and other graduation courses. Various health and awareness camps
are held in association with the government hospitals in and around
Erode, Tamil Nadu as part of their philanthropic activities. The
trust operates three educational institutions namely, Aishwarya
College of Engineering & Technology, Aishwarya Polytechnic College
and Sri Vinayak Vidhyalaya College of Education.


SRI VENKATRAMA: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Venkatrama
Agro Tech (SVAT) to 'CRISIL B+/Stable Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         20       CRISIL B+/Stable (ISSUER NOT
                                COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVAT for obtaining
information through letters and emails dated October 29, 2018 and
November 28, 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 SVAT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVAT 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 SVAT to 'CRISIL B+/Stable Issuer not cooperating'.

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

Set up in 2011, SVAT mills and processes paddy into rice, rice
bran, broken rice, and husk. It is promoted by Mr Padmakar Choudary
and family.


STI INFRASTRUCTURES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s STI Infrastructures Ltd
        Suite No. 309, Banni Corporate One
        Plot No. 5 Commercial Centre
        Jasola New Delhi
        South Delhi 110076

Insolvency Commencement Date: January 7, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Maya Gupta

Interim Resolution
Professional:            Maya Gupta
                         R/o: 3685/7, Narang Colony Tri Nagar
                         Delhi 110035
                         E-mail: fcsmayagupta@gmail.com

                            - and -

                         Maya Gupta & Associates
                         701, Vikrant Tower
                         No. 4, Rajendra Place
                         New Delhi 110008
                         E-mail: irp.stiinfra@gmail.com

Last date for
submission of claims:    January 21, 2019


STRIDE AUTOPARTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Stride Autoparts Limited

        Regional office:
        F-16, Treveni Commercial Complex
        Sheikh Sarai-I
        New Delhi 110017

        Works:
        1. 6/107, UIT Colony
           Bhiwadi 301019
           Distt. Alwar
           Rajasthan

        2. Plot No. SP 255
           Kaharani Industrial Area
           Near Bhiwadi Extension
           Bhiwadi, Rajasthan 301019
           India

Insolvency Commencement Date: January 8, 2019

Court: National Company Law Tribunal,
       New Delhi (Court No. IV) Bench

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

Insolvency professional: Devendra Singh

Interim Resolution
Professional:            Devendra Singh
                         ATS Greens Paradiso
                         Flat No: 02054
                         Tower-2, Plot No: GH-03
                         Sector-CHI-04, Greater Noida
                         Uttar Pradesh 201308
                         E-mail: dev_singh2006@yahoo.com

                            -- and --

                         C-124 Ground Floor
                         Lajpat Nagar-I
                         New Delhi 110024
                         E-mail: cirp.sapl@gmail.com

Last date for
submission of claims:    January 28, 2019


SUJAY FEEDS: CARE Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sujay
Feeds (SF) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.80       CARE B+; Stable, Issuer Not
   Facilities                      Cooperating, Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SF to monitor the rating
vide e-mail communications dated August 17, 2018, October 16, 2018,
November 21, 2018, December 10, 2018 and January 11, 2018 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 a
fair rating. The rating on Sujay Feeds's 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.

Detailed description of the key rating drivers

The following were the rating strengths and weaknesses as per the
updated for information available:

The ratings assigned to the bank facilities of Sujay Feeds (SF)
continue to remain constrained by decline in total operating income
during FY17, weak debt coverage indicators and working capital
intensive nature of operations, highly fragmented industry with
intense competition from large number of players and constitution
of the entity as HUF with inherent risk of withdrawal of capital.

The rating also takes into account long track record and experience
of the promoter for around one decades in poultry business,
moderate capital structure and stable outlook of poultry products
and marginal improvement in PBILDT and PAT margin during FY17.
Key Rating Weakness

Decline in total operating income during review period: The total
operating income of the entity has decreased by 12.20% in FY17 and
stood at INR52.70 crore as compared to INR60.02 crore in FY16.

Weak debt coverage indicators and working capital intensive nature
of operations: The TD/GCA of the entity deteriorated in FY17 and
stood at 17.14x as on March 31, 2017 as compared to 15.54x as on
March 31, 2016 due to increase in total debt level resulting in
increase in interest cost and decrease in cash profit. The PBILDT
interest coverage ratio declined and stood at 1.62x as on March 31,
2017 compared to 1.87x as on March 31, 2016 due to  increase in
interest cost.  The operating cycle stood at 115 days in FY17 as
compared to 98 days in FY16. The average utilization of working
capital facility of the entity was 90%-95% for the last 12 months
ended December 31, 2018.

Highly fragmented industry with intense competition from large
number of players: SF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. Going further,
low entry barriers in these highly competitive segments would lead
to oversupply situation which in turn may affect the profitability
of the entity. However, improved demand scenario of poultry
products in the country enables well for the entity.

Constitution of the entity as HUF with inherent risk of withdrawal
of capital: Constitution as a HUF has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure. Furthermore, a HUF has restricted access to external
borrowings as credit worthiness of the Karta would be key factors
affecting credit decision for the lenders.

Key Rating Strengths

Long track record and experience of the promoter for around one
decade in Poultry business: SF was established in the year 1991 by
late Mr. B R Murthy. After the demise of Mr. B R Murthy, his son
Mr. B R Sujay, who has an experience of a decade in poultry
business, is actively involved in day to day operations of the
business. Due to long term presence in the market, the firm has
established good relationship with its customers and suppliers.
Furthermore, the operations of the firm have improved its quality
of feed with technical guidance of Dr. B S V Reddy, Professor of
Dept. of Nutrition, Veterinary College, Hebbal. Furthermore,
established presence of the brand 'Sujay Feed' in all the regions
of Karnataka, Andhra Pradesh, Tamil Nadu and Kerala led to positive
demand outlook for poultry feed, eggs and chicken.

Marginal improvement in PBILDT and PAT margin during FY17: The
PBILDT Margin improved from 3.27% in FY15 to 4.35% in FY17 due to
decrease in poultry feeds costs and other manufacturing expenses.
Furthermore, the PAT margin of the entity has been thin in the
range of below 1% FY18 due to low operating profit along with high
financial expenses on account of higher utilization of working
capital limits. However, the PAT margin decreased marginally from
0.68% in FY16 to 0.65% in FY17 due to increased interest and
finance charges.

Moderate capital structure: The debt equity ratio of the entity
stood at 0.04x as on March 31, 2017 as compared to 0.02x in FY16 on
account of increase in term loan. The overall gearing ratio of the
entity improved from 1.73x as on March 31, 2016 to 1.67x as on
March 31, 2017 due to repayment of unsecured loan and increase in
tangible net worth on back of accretion of profit to reserves.

Stable outlook demand of poultry products: Poultry products like
eggs and cull birds have large consumption across the country in
the form of bakery products, cakes, biscuits and different types of
food dishes in home and restaurants. The demand has been driven by
the rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Bangalore based, Sujay Feeds (SF) was established in 1991 by its
founder Late Mr. B R Murthy. In the year 1991, Late Mr. Murthy
started his commercial feed plant with the capacity of producing
2700 tons per month of poultry mash feed and sold under the brand
name of "SUJAY FEEDS". From 2012 onwards, Mr. B R Sujay looks after
the day to day operations of the firm. In 1994, the promoter has
undertook the expansion of SF by starting a new project of Broiler
parent breeding activity i.e, Hatching and processing of chicken
under the brand name of "Uncle Chicken" . Presently, the firm has
four outlets for selling its chicken product to its customers and
is likely to increase its outlets in the near future to expand its
customer base.

UJJWAL LUXURY: CARE Hikes Rating on INR8.75cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ujjwal Luxury Hotels Private Limited (ULHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank       8.75       CARE B-; Stable Revised
   facilities                      from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the ratings is mainly on account of confirmation
from the banker regarding no delay since May, 2018 and receipts of
monthly no default statements from company in ULHPL. The rating
assigned to the bank facilities of ULHPL continues to remain
constrained on account of financial risk profile marked by
operating losses, negative net-worth and weak liquidity position.
The rating further remained constrained on account of its presence
in the highly competitive and fragmented industry. The rating,
however, continues to derive strength from experienced promoters,
continuous growing TOI, location advantage and due to company being
in a growing and emerging industry. The ability of the company to
increase its scale of operations, improve its profitability
margins, efficient management of working capital and improvement in
capital structure would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Weak financial risk profile with Operating losses in FY18: ULHPL
has reported the operating losses in FY18 mainly due to higher
selling expenses and employee cost. Further, the company expected
to become operating profitable in FY19 mainly due to increase in
total income due to higher occupancy rates and increase in ARR.
Further, the company reported losses in FY18 in-line with operating
losses. Further, as per provisional results for 8MFY19, ULHPL has
reported TOI of INR3.25 crore. Further the company has negative
net-worth due to continuous losses in past 3 years led to erosion
of networth.

Weak liquidity position: During December-March of every year, the
company has seasonal period which requires the working capital
though the company books the room on part advance payment from
which company manages the working capital requirement. Under food
and bar operations, the firm gets a credit of more than one month
from suppliers which led to the negative working capital cycle.
Further, company maintains inventory of 5-10 days under food and
bar to cater the customer demands. Further, the company is
dependent on the promoters fund to meet the requirement of the
operations. Further, the company is repaying its debt from the
promoters support only. The promoters are regularly infusing
unsecured loans to support the operations as well as debt
repayment.

Key Rating Strength

Continuous growing Total Operating Income (TOI): TOI of the company
has been increasing at the Compounded Annual Growth Rate (CAGR) of
174% during last three financial years ending FY18 mainly on
account of increase in ARR and occupancy rates. The company has
registered Total Operating Income (TOI) of INR4.90 crore with
average room rent (ARR) of INR1853 (ARR - INR1793 for FY17) and
Occupancy Rate (OR) of 64% (OR of 51.14%). TOI of ULHPL comprises
of income from room rent which forms nearly 66% (77% from room rent
in FY17) of net sales, Food and Beverages (F&B)- 30% (10% from
foods and beverage in FY17) of net sales and rest income is
generated from other activities in FY18. Further, the ARR and
occupancy level has improved during H1FY19 as the company has
achieved total income of INR3.25 crore during 8MFY19 with the last
quarter remaining.

Experienced promoters: The promoters of ULHPL have rich experience
in liquor trading business. ULHPL is managed by Mr Daya Ram Poonia
and Mr Dharmendra Poonia. Mr Daya Ram Poonia has more than two
decades of experience in liquor trading business while Mr
Dharmendra Poonia has around two decades of experience in liquor
trading business. They are assisted by other members of the
family.

Location advantage: ULHPL has hotel in posh locations of Jaipur
city and walking distance from bus station and railway station
which gives it location advantage. Further, Jaipur is one of the
tourism centered cities in Rajasthan which opens a wide frontier of
growth of hotel industry.

Being in a growing and emerging industry: The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. Tourism in India is a
potential game changer. It is a sun rise industry, an employment
generator, a significant source of foreign exchange for the country
and an economic activity that helps local and host communities.

Ujjwal Luxury Hotels Private Limited (ULHPL) was incorporated in
June, 2011 as a private limited company by Mr. Bhagirath Poonia and
Mr. Daya Ram Poonia with an objective to establish a three star
hotel at Jaipur (Rajasthan). ULHPL has completed construction work
on the hotel in the middle of November 2015 and has started its
operations from December 2015. The hotel had a facility of total 75
deluxe rooms along with one restaurant cum bar and one banquet hall
with capacity of 400 persons.


UTC SOFTECH: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s UTC Softech Pvt. Ltd.
        F-1098, Basement
        Chitranjan Park
        New Delhi 110019

Insolvency Commencement Date: January 17, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Mr. Anup Kumar

Interim Resolution
Professional:            Mr. Anup Kumar
                         Ch.No. 734, Lawyers Chamber Block
                         Western Wing, Tis Hazari Court
                         Delhi 110054
                         E-mail: Sachanlawanalyst@gmail.com
                                 irp.utc@gmail.com

Classes of creditors:    Allotees under a Real Estate Project
                         under section 5(8)(f) of the
                         Insolvency and Bankruptcy Code, 2016

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Dinesh Kumar Gupta
                         B-1/26, Sector-18
                         Noida 201301

                         Mr. Prabhat Ranjan Singh
                         119, C.K. Daphtary Block
                         Supreme Court of India, Tilak Lane
                         New Delhi 110001

                         Mr. Kamal Agarwal
                         487/27, School Road
                         Near Peeragarhi Metro Station
                         New Delhi 110087

Last date for
submission of claims:    February 2, 2019


V S TEXMILLS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: V S Texmills Pvt. Ltd.
        342, Goivndpura, Nadiad Mehmdabad Road
        Village Kamla Taluka Nadiad
        Kheda 387320, Gujarat

Insolvency Commencement Date: January 9, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: July 8, 2019

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrolpump
                         Dr. V.S. Road, Ahmedabad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: irpbhavishah@gmail.com

Last date for
submission of claims:    January 23, 2019


VAISHNAVI GLOBAL: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vaishnavi
Global Private Limited (VGPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Cash Credit            8.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    14        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Vaishnavi Global
Private Limited (VGPL) for obtaining information through letters
and emails dated October 29, 2018 and November 28, 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 VGPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VGPL 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 VGPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 1997 as a proprietorship firm and later
re-constituted as private limited company, VGPL manufactures
order-based garments mainly jeans and it also processes fabric. The
company is promoted by Mr. Rishi Mehra and Ms. Priti Mehra and is
based in Mumbai.


VANILLA CLEAN: Ind-Ra Lowers INR2.30BB Term Loan Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Vanilla Clean Power Private Limited's (VCPPL) debt facilities to
'IND BB' from 'IND BBB-' while maintaining them on Rating Watch
Negative (RWN).

The detailed rating actions are:

-- INR2.30 bil. (INR2.150 bil. outstanding as of January 8, 2019)

     Term loan due on June 30, 2030 downgraded; maintained on RWN
     with IND BB/RWN rating; and

-- INR210 mil. Overdraft revolving downgraded; maintained on RWN
     with IND BB/RWN rating.

KEY RATING DRIVERS

The downgrade reflects the continued non-creation of a debt service
reserve by VCPPL as against the stipulation in the financial
documents. Also, the operations and maintenance (O&M) issues faced
at the project level constrain cash flows, further delaying the
creation of a reserve and necessitating sponsor support. The
company has utilized INR129.7 million of the overdraft facility and
is maintaining a cash and bank balance of INR2.4 million as on
date.

Ind-Ra maintains VCPL on RWN due to the expected stress in debt
service coverage ratio in FY19 and increased O&M and generation
risks arising from liquidity issues at the O&M contractor level.
This had resulted in inadequate O&M servicing and lower machine
availability below 90% and consequently lower plant generation.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded.
The RWN will be resolved after reviewing the creation of debt
service reserve, resolution of O&M contractor issues and the extent
of sponsor support by end-March 2019.

Any significant payment delays from the off-takers, continued
lower-than-expected machine availability and absent timely sponsor
support may result in a rating downgrade.

COMPANY PROFILE

VCPPL is special purpose vehicle formed by Leap Green Energy Pvt.
Ltd to operate two wind farms in Jaisalmer, Rajasthan. These plants
were acquired from Inox Renewables (Jaisalmer) on a slump sale
basis in August 2017.


WESTWIND ENGINEERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Westwind Engineers Private Limited
        H-1593, Basement Front Side
        C.R. Park, New Delhi 110019

Insolvency Commencement Date: December 4, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 1, 2019

Insolvency professional: Sanjay Kumar Goel

Interim Resolution
Professional:            Sanjay Kumar Goel
                         L-76, Ground Floor
                         Lajpat Nagar-2
                         New Delhi 110024
                         E-mail: sanjay@goelmintri.com
                                 irpwestwind@gmail.com

Last date for
submission of claims:    January 29, 2019





WIANXX IMPEX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Wianxx Impex Private Limited
        Registered office:
        Suite#4, 502, 5th Floor
        Sahyog Building-58 Nehru Place
        New Delhi 110019

Insolvency Commencement Date: January 2, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 30, 2019
                               (180 days from commencement)

Insolvency professional: Preeti Jaiswal

Interim Resolution
Professional:            Preeti Jaiswal
                         A-3/312 Milan Vihar Apartments
                         72, IP Extension, New Delhi 11092
                         E-mail: capreetigoyal@gmail.com

                            - and -

                         405, Arunachal Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: ip.wianxx@gmail.com

Classes of creditors:    Financial Creditors

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Anil Kumar
                         303, Chandra GHS Limited
                         Golf Course Road, Plot No. 64
                         Sector-55, Gurgaon
                         Haryana 122011
                         E-mail: anil2566@gmail.com

                         Mr. Rajiv Rattan
                         RTF-32, Royal Tower Market    
                         Shipra Suncity
                         Indirapuram, Ghaziabad
                         Uttar Pradesh 201014
                         E-mail: carajivrattan@gmail.com

                         Mr. Akarsh Kashyap
                         D-3, LGF, Lajpat Nagar-1
                         New Delhi 110024

Last date for
submission of claims:    January 24, 2019


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

The instrument-wise rating actions are:

-- INR8.93 mil. Long-term loans due on December 2021 migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR90 mil. Fund based limits migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 9, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Yashwant Dugdh Prakriya is engaged in the
milk processing business in Shirala, Sangli. It has an installed
capacity of 200,000 liters per day.




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

CBL CORP: Watershed Meeting, Liquidation Deferred Indefinitely
--------------------------------------------------------------
Krizzel Canlas at Insurance Business reports that voluntary
administrators of New Zealand-based CBL Corporation have advised
two creditors have applied to the High Court to further adjourn the
watershed meetings of the group.

This comes as a consequence of the deferral of the liquidation
hearing after one of CBL's shareholders, Oceanic Securities, filed
opposition to the application to liquidate CBL, the report says.
The application has been deferred several times to allow
negotiations to take place on a potential restructuring of the
group.

Insurance Business relates that a date has not yet been set for the
liquidation hearing but the creditors and Oceanic have asked for a
date after April 30, 2019. Meanwhile, the High Court has ordered
the watershed meetings be held no later than 10 working days after
the date of a decision in respect of the liquidation application.

"[I]t remains in the best interests of CBL Corporation's creditors
for the liquidation application filed by two of the company's
creditors to be determined before the watershed meeting is
reconvened," the report quotes voluntary administrator Neal Jackson
as saying. "The further extension of the date of the watershed
meeting allows that to happen."

The voluntary administrators added that the watershed meeting will
not be required if the company is placed into liquidation,
Insurance Business relays.

                          About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together with
its subsidiaries, provides insurance and reinsurance products and
services primarily in New Zealand. It offers financial risk
products, builders' risks, sureties, guarantees, and contractor
bonds primarily in Europe and Scandinavia; deposit guarantees in
Australia; and bonding and fiduciary services to the Mexican
commercial sector. The company also provides a range of specialty
products, such as credit enhancement, surety bonds, specialized
property insurance, aviation, and rural risk in Australia, as well
as distributes construction-sector insurance products in France
through a network of brokers.

CBL Corp. went into voluntary administration in late February 2018,
in a move to prevent other regulators from taking action after the
Reserve Bank moved to have its subsidiary CBL Insurance placed in
interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators by
the Board of CBL Corporation Ltd and certain of its subsidiaries.

The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL entities
-- CBL Corporation Limited; LBC Holdings New Zealand Ltd; LBC
Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings Europe
Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company Ltd;
Deposit Power Ltd; South British Funding Ltd; and CBL Corporate
Services Ltd.


HELI TOURS: In Liquidation; Police Called to Help Settle Dispute
----------------------------------------------------------------
Tracey Roxburgh at The Otago Daily Times reports that police were
called to help settle what they say was a civil dispute at a
Queenstown helicopter base on Feb. 13, the day after the company
went into voluntary liquidation.

Heli Tours Ltd, operated by Paul and Katherine Mitchell, of Kelvin
Heights, was placed in liquidation on Feb. 12, the report
discloses.

The Otago Daily Times understands Mr. Mitchell sent a text message
to contacts on Feb. 12 informing them the business had "closed
down" as of 12:30 p.m. that day.

Duncan Fea of Crowe Howarth was appointed liquidator the same day
-- his first report is due later this month, according ODT.

At 11:52 a.m. on Feb. 12, Queenstown Airport police were called to
the company's base, at Sir Henry Wigley Dr, after an allegation was
reportedly made about the attempted theft of two helicopters, which
the ODT understands may relate to the securing of company assets.

ODT relates that a police spokeswoman said because it was a civil
dispute "we don't have any further information".

The ODT understands Queenstown Airport management were also called
to assist.

ODT relates that an airport spokeswoman said there were no
disruptions to airport operations but the airport company "will not
be commenting on the private matter".

Mr. Fea told the ODT the liquidator's responsibility was "just to
secure all assets and then work through the priorities and the
claims, so that's what we're doing".

"So, I've got no comment to make at the moment," the report quotes
Mr. Fea as saying.

Heli Tours was incorporated in September 2009 and operates flights
around Queenstown, Milford Sound, Fiordland, the Catlins, Mt Cook
and the West Coast.


RIOT FOODS: Paleo Food Company Placed in Administration
-------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that Paleo food company Riot
Foods, which was co-founded by The Bachelor star Art Green, has
gone into voluntary administration.  It has encountered a series of
hurdles over recent years, Stuff says.

Stuff notes that co-founder Ryan Kamins resigned as chief executive
and director in November, citing alcohol addiction. A year earlier,
another co-founder, Mitchell McClenaghan, left the business.

Robin Chemlay and Mr. Green are now listed as the only directors.

In September, Mr. Kamins informed its shareholders in a letter that
it needed to raise NZ$1 million in two weeks, or sell the business,
following "significant challenges" with its factory after damage to
the facility caused it to miss production deadlines, the company
claimed, Stuff relays.

"The damage caused in a recent incident at one of our manufacturing
sites resulted in damage to our machinery. This has had a
significant impact on the production of our products and in turn,
has affected our sales in Australia and New Zealand," the report
quotes Mr. Kamins as saying at the time.

Stuff notes that when a company enters voluntary administration, an
independent administrator is appointed to review and rearrange the
business and financial affairs. If the company cannot be saved the
administrator works to provide people who are owed money with a
better return that they would have got if the company went straight
into liquidation.

Riot Foods sells cereal, protein powders and dried meat snacks
under the CleanPaleo and Poppy and Olive brands.

Riot Foods claims to supply over 250 major supermarkets, producing
"from our own gluten free manufacturing facility" and exports to
the USA, Australia, and Singapore.  

It raised NZ$1 million in a crowdfunding campaign in early 2018,
Stuff recalls.




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

AMOS GROUP: Posts SGD6.3MM Net Loss in Q3 Ended Dec. 31
-------------------------------------------------------
Rachel Mui at The Business Times reports that a non-recurring
acquisition and restructuring cost of SGD3 million took a toll on
Amos Group's third quarter results, even as revenue more than
doubled.  For the three months ended Dec. 31, net loss widened to
SGD6.3 million, from a loss of SGD2.6 million for the year-ago
period, the report discloses.

The group was formerly known as oil and gas contractor Gaylin
Holdings, and was renamed following its acquisition of industry
peer Amos International Holdings (AIH) in October 2018, BT notes.

Nonetheless, the group managed to narrow its loss per share to 0.26
Singapore cent, from a loss per share of 0.6 Singapore cent a year
earlier, the report says.  

No dividend has been declared, unchanged from the preceding year.

Revenue for the quarter more than doubled to SGD33.6 million,
mainly attributable to an increase in the firm's traditional
rigging and lifting business, as well as contributions from AIH's
marine supplies business, according to the report.

BT relates that Amos noted that a fall in average quarterly oil
price by almost 9 per cent over the last two quarters has affected
the "already subdued pace of advancement of potential new offshore
projects", which is expected to continue for some time.

However, the group added that expansion and upgrading works for its
supplies and solutions fulfilment centre in Singapore remain on
target, with completion slated for March 2019, BT relays.

Separately, Amos on Feb. 13 also announced that Danny Lien, 55,
will cease to be the group's chief commercial officer, and will
instead take on the appointment as a non-executive director, BT
discloses. As at Feb. 13, Mr. Lien holds about 220.3 million shares
in the company, representing a 8.48 per cent stake in the group,
the report discloses.

AMOS Group Limited, an investment holding company, manufactures and
supplies rigging and lifting equipment for the oil and gas, and
marine industries worldwide. The company operates through Rigging
and Lifting, and Ship Chandling segments. It offers a range of
engineering services, including the customized design, fabrication,
production, testing and certification of equipment. The company
also provides load testing, spooling, and rental services, as well
as holds inventory of products, such as heavy lift slings and
grommets, wire rope slings, crane wire, mooring equipment, and
related fittings and accessories.


SUNMOON FOOD: Net Loss Widens to SGD1.85MM in Q3 Ended Dec. 31
--------------------------------------------------------------
Lynette Tan at The Business Times reports that a challenging and
competitive operating environment continues to plague SunMoon Food
Company, as it saw a net loss of SGD1.85 million for the third
quarter, widening its SGD1.29 million loss from a year ago. Loss
per share for Q3 stood at 0.2591 Singapore cent, versus 0.1788
Singapore cent last year.

According to the report, the supplier of fruit products and fresh
fruits mainly attributed the losses from its contributing
operations to negative gross margins. Gross loss for the third
quarter ending Dec 31, 2018, was SGD456,000, more than 11 times the
SGD40,000 gross loss a year ago. BT relates SunMoon said that this
was mainly due to seasonally low pricing of certain key products in
China and the weakening of the Chinese yuan.

Administrative expenses also went up 11 per cent to SGD834,000 for
Q3 from SGD752,000 the year before. The other expenses were
SGD138,000 for Q3, compared to SGD52,000 the year before, mainly
due to higher net foreign exchange losses from the weakening of the
Chinese yuan, according to the company, BT relays.

That said, the company noted that revenue increased by 88 per cent
to SGD20.33 million, compared to SGD10.80 million in the previous
year. The increase was largely thanks to sales to Shanghai YiGuo
E-Commence Co, which constituted 70 per cent of the group's
revenue, the report relates.

BT adds that SunMood said that it will continue to focus on its
"value-added fresh fruit products in China and South-east Asia",
and remains optimistic for an "improved operational result".

For the nine months, the company saw net losses from its continuing
operations widen to SGD4.70 million from SGD3.1 million for the
year-ago period. Again, this was mainly due to seasonally low
pricing of certain key products in China and the weakening of the
Chinese yuan, BT discloses.

That came despite an 88 per cent increase in revenue to SDG50.51
million - largely a result of sales to Shanghai YiGuo E-Commence
Co, which constituted 53 per cent of the revenue, the report
states.

SunMoon is on the Singapore Exchange's watch list, the report adds.


Sunmoon Food Company Limited, an investment holding company,
distributes and markets branded fresh fruits, vegetables, and
consumer products worldwide. Its fresh fruits include apples,
pears, stone fruits, and seasonal fruits; and consumer products
comprise fruit cups, juices, snacks, and frozen products. The
company also manages a network of retail franchise outlets. It
distributes products through supermarkets, convenience stores,
online and wholesale channels, airlines, and food services.




=============
V I E T N A M
=============

ASIA COMMERCIAL: Fitch Affirms 'B' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) on four Vietnamese banks as follows:

  - Vietnam Joint Stock Commercial Bank for Industry and Trade
    (Vietinbank) and Joint Stock Commercial Bank For Foreign
    Trade of Vietnam (Vietcombank) at 'BB-'

  - Military Commercial Joint Stock Bank (MB) at 'B+'

  - Asia Commercial Joint Stock Bank (ACB) at 'B'

The Outlook on all four banks is Stable.

The affirmations take into account the Vietnamese banking system's
improving operating environment, with economic policy-making from
authorities promoting macroeconomic stability and predictability.
This has helped banks maintain broadly stable funding and liquidity
profiles and deliver better profitability in recent years.

Fitch expects the profitability to continue to improve, underpinned
by lower credit costs, strong loan growth and improving net
interest margin, provided there are no major economic shocks. The
only exception is Vietinbank, whose earnings are likely to be
weighed down by management's plans to recognise and provide for
previously unreported impaired loans over 2019-2020.

However, structural issues linger. The system's problem loans
remain understated, in Fitch's view, and the banks' capitalisation
levels continue to be low relative to global standards. There is
also a risk that continued rapid credit growth may lead to asset
quality issues.  

KEY RATING DRIVERS

VIABILITY RATINGS OF VIETINBANK AND VIETCOMBANK

Vietcombank's Viability Rating reflects the bank's sustained
improvement in profitability and relatively stable funding and
liquidity profile. Customer deposits made up 85% of total funding
and its loan/customer deposit ratio was still manageable at 81% at
end-September 2018.

Vietcombank's operating profit/risk-weighted assets ratio improved
to 2.5% for 9M18 from an average of 1.8% over 2014-2017. Fitch
expects the bank's risk-adjusted return to remain supported by
continued cost discipline, better fees and continued rise in
margins as the bank focuses on higher-yielding retail loans.
  
Fitch's assessment for Vietcombank also incorporates the bank's
large domestic franchise, but limited balance sheet strength
relative to potential problem assets and growth aspirations. The
recent common equity fund raising will help raise Vietcombank's
capital ratio by one percentage point but the additional capital is
likely to be quickly consumed by the bank's rapid loan growth, and
further capital may be needed for the implementation of Basel II
standards by January 2020.

Vietinbank's Viability Rating reflects its large domestic franchise
that focuses on commercial and corporate lending. This is
counterbalanced by its weaker asset quality and profitability
compared to its peers. Fitch expects Vietinbank's earnings to
remain under pressure from high credit costs as the bank cleans up
its legacy exposures.

Fitch believe these two state-owned banks have an advantage over
private banks in times of stress, as depositors are likely to have
more confidence in banks that are majority owned by the state.
Among the rated state-owned banks, Vietcombank's funding and
liquidity metrics have fared better over the years than that of
Vietinbank, due to its more disciplined liquidity management and
stronger foreign-currency deposit franchise.

IDRS AND VIABILITY RATINGS OF ACB and MB

ACB's Viability Rating and Long-Term IDR takes into account its
increasing profitability after a clean-up of legacy exposures, and
relatively stable funding and liquidity profile in recent years.

Fitch estimates ACB's annualised operating profit/risk-weighted
assets ratio rose to 3.4% in 1H18 - higher than that of peers -
after stripping out non-recurring recoveries associated with
certain legacy accounts. Fitch believes the bank's loan quality is
likely to be better than most of its peers given its much lower
loan concentration risk, with a small 1% exposure to state-owned
enterprises.

MB's ratings reflect its better earnings and capitalisation
profiles. Fitch expects MB to continue generating
higher-than-industry profitability, supported by wider net-interest
margin and cost efficiencies. The bank's operating
profit/risk-weighted assets ratio of 2.8% for 1H18 and Fitch Core
Capital ratio of 10.5% as at end-June 2018 were higher than those
of state-owned banks. MB's ratings also incorporate the bank's
relatively stable funding and liquidity profile with loan/deposit
ratio of 88% at end-September 2018.

The Long-Term IDRs of MB and ACB are driven by their Viability
Ratings and reflect their smaller franchises but better loan
quality and profitability compared with state-owned banks. Fitch
believes the capital encumbrance of ACB and MB from under-reporting
of non-performing loans is lower compared with state-owned banks.

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF VIETCOMBANK AND
VIETINBANK  

The Long-Term IDRs of Vietinbank and Vietcombank are driven by
Fitch's expectation that government support will be forthcoming, if
needed, in light of their high systemic importance and the
government's controlling stakes. They are among the top four
Vietnamese banks by assets and have large domestic franchises.

The IDRs and Support Rating Floors are one notch below the
sovereign rating (BB/Stable) as Fitch believes the large size of
the banking industry relative to GDP and the government's improving
but still-limited resources may hamper the timeliness of support.

SUPPORT RATINGS AND SUPPORT RATING FLOORS OF MB AND ACB

The Support Ratings of '5' and Support Rating Floors of 'B- '
reflect Fitch's view that state support may be possible but cannot
be relied upon. The banks' franchises are smaller with market
shares of around 3% of system assets, compared with the 9%-12% for
the state-owned banks.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Long-Term IDRs of MB and ACB are sensitive to changes in their
Viability Ratings.

An upgrade of the Support Ratings and Support Rating Floors for MB
and ACB is sensitive to Fitch's expectations around the sovereign's
ability and propensity to support the banks. For example, closer
linkages to the state could lead to upside to the Support Ratings
and Support Rating Floors.

The Long-Term IDRs, Support Ratings and Support Rating Floors of
Vietinbank and Vietcombank are sensitive to movements in the
sovereign rating.

VIABILITY RATINGS

Upside to the Viability Ratings for Vietcombank and ACB would hinge
on the banks' ability to strengthen their loss-absorption buffers,
for example through meaningful improvements in core capital, along
with tighter risk controls that reduce downside risks to asset
quality.

Fitch may consider upgrading the Viability Ratings of Vietinbank
and MB if they are able to show further signficant improvement in
key financial ratios, such as for capitalisation.  There could also
be upside for Vietinbank if it is able to execute its turnaround
strategy, and sustainably improve its underlying asset quality.

Viability Ratings for the four banks may be downgraded if excessive
credit growth leads to significant impairment risk and weakened
balance sheet strength.



                           *********


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
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Information contained herein is obtained from sources believed
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