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

                     A S I A   P A C I F I C

          Wednesday, April 17, 2019, Vol. 22, No. 77

                           Headlines



A U S T R A L I A

BARTER TRADE: Second Creditors' Meeting Set for April 24


C H I N A

HNA GROUP: Unit Defaults on Loan, Lenders May Seize Assets
HOPSON DEVELOPMENT: S&P Hikes ICR to 'B' on Growing Rental Income


I N D I A

AAYUR TECHNOLOGY: CRISIL Migrates 'B' Rating to Not Cooperating
FINE JEWELLERY: Ind-Ra Withdraws 'BB' Non-Cooperating Rating
HAZARIBAGH RANCHI: Ind-Ra Lowers NCD Rating to 'D (SO)'
LAKHANI FOOTWEAR: CRISIL Migrates 'D' Rating to Not Cooperating
LAKHANI RUBBER WORKS: CRISIL Migrates D Rating to Not Cooperating

LAKHANI RUBBER: CRISIL Migrates 'D' Rating to Not Cooperating
LAKHANI SHOES: CRISIL Migrates 'D' Rating to Not Cooperating
LB COTTON: CRISIL Migrates B+ Rating to Not Cooperating Category
MASCOT FOOTCARE: CRISIL Withdraws D Rating on INR35.36cr Loans
NEERAJA DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating

PRIDE VENTURES: CRISIL Migrates B+ Rating to Not Cooperating
RAICHUR POWER: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
RKS FUTURE: CRISIL Migrates B Rating to Not Cooperating Category
RR ENTERPRISES: CRISIL Assigns 'B' Rating to INR16cr LT Loan
S.R. COTTON: CRISIL Withdraws B+ Rating on INR10cr Loans

SANJAR PHARMA: CRISIL Migrates 'B-' Rating to Not Cooperating
SGK FLOURS: CRISIL Assigns 'B' Rating to INR25cr Cash Loan
SHRIRAM TRANSPORT: S&P Rates New U.S. Dollar Secured Notes 'BB+'
SMH SHIPPING: CRISIL Migrates 'B-' Rating to Not Cooperating
SPEL SEMICONDUCTOR: CRISIL Withdraws C Rating on INR45cr Loan

TORQUE COMMERCIAL: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
UNIK TRADERS: CRISIL Withdraws 'B' Rating on INR20cr Cash Loan
YOUVAAKSHI REFINERIES: CRISIL Assigns 'B' Rating to INR60cr Loan
YOUVAKKSHI MARKETING: CRISIL Assigns 'B' Rating to INR15cr Loan
YOUVAKSHI FOOD: CRISIL Migrates 'B' Rating to Not Cooperating

YOUVAKSHI INFRA: CRISIL Assigns 'B' Rating to INR25cr LT Loan
YOUVAKSHI SHOPPING: CRISIL Assigns 'B' Rating to INR30cr Loan
YOUVAKSHI VEGETABLE: CRISIL Assigns 'B' Rating to INR15cr Loan


N E W   Z E A L A N D

MAINZEAL: Liquidators Seek Double Compensation from Directors


S I N G A P O R E

HYFLUX LTD: Sues SM Investments Over Repudiation of Rescue Deal
PACIFIC RADIANCE: April 18 Hearing to Extend Debt Moratorium Set


S O U T H   K O R E A

ASIANA AIRLINES: Parent Puts $442 Million Stake Up for Sale

                           - - - - -


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

BARTER TRADE: Second Creditors' Meeting Set for April 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Barter Trade
Management Pty Ltd has been set for April 24, 2019, at 10:00 a.m.
at the offices of BCR Advisory, at Level 14, 60 Margaret Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2019, at 4:00 p.m.

Geoffrey Davis and John Morgan of BCR Advisory were appointed as
administrators of Barter Trade on March 25, 2019.



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

HNA GROUP: Unit Defaults on Loan, Lenders May Seize Assets
----------------------------------------------------------
Bloomberg News reports that a unit of HNA Group Co. defaulted on a
loan it took out less than seven months ago, the latest in a string
of missed payments that threaten to complicate the embattled
Chinese conglomerate's restructuring.

Bloomberg relates that lenders to CWT International Ltd., a Hong
Kong-listed unit of HNA, said they would seize most of the
company's assets--including CWT's stake in a logistics unit,
properties in the U.S. and U.K., and golf courses in China--unless
CWT makes good on payments tied to a HK$1.4 billion ($179 million)
loan taken out in September. CWT was given a deadline of 9 a.m.
today, April 17, the company said in a statement to the Hong Kong
stock exchange that didn't identify the lenders, Bloomberg says.

According to Bloomberg, the setback suggests HNA is still
struggling to cope with its debt after embarking on more than $25
billion of asset sales since 2018, unwinding one of the biggest
global acquisition binges in Chinese history. HNA units have rarely
disclosed threats of imminent asset seizures despite having missed
payments in the past. CWT's statement could be a sign that
creditors' patience is wearing thin.

For lenders and bondholders navigating a rising number of defaults
in China, the question is how much leeway to give HNA as the
company tries to restructure, the report relays. Bloomberg says the
group repaid a yuan-denominated note after a delay last month, one
of several Chinese borrowers to miss payment deadlines only to come
up with the cash shortly thereafter.

"HNA is far away from being sustainable," Bloomberg quotes Warut
Promboon, managing partner at credit research firm Bondcritic Ltd,
as saying. "The asset sale helps, but we believe the governance of
the whole structure is difficult. We also believe liquidity
transfers between entities is not that easy, hence the sporadic
defaults of the subsidiaries."

HNA, a poster child for runaway Chinese corporate debt that became
a major target of Beijing's two-year campaign to curb financial
risk, declined to comment beyond the exchange statement, Bloomberg
notes. The thinly traded 2019 dollar bonds of HNA Group
International were little changed on April 10, yielding around 14
percent, says Bloomberg. CWT International shares were suspended in
Hong Kong. They've tumbled 59 percent over the past year.

Bloomberg relates that CWT International, which had almost HK$25
billion of assets at the end of 2018, has been negotiating with
lenders, it said. The missed payment led to a cross default under a
term-loan facility, which has about HK$766 million outstanding, CWT
International said.

CWT Pte, a unit of CWT International, has a SGD100 million ($74
million) note due April 18 and another bond of the same amount due
March next year, according to Bloomberg-compiled data. An auditors'
report contained in CWT International's 2018 annual results said
there could be "material uncertainties" within the firm that "may
cast significant doubt on the Group's ability to continue as a
going concern," Bloomberg relays.

"We hold the view that CWT Pte will pay its Singapore dollar bonds
due on April 18 as CWT Pte holds assets and has on-going
businesses," said Ezien Hoo, a credit analyst at Oversea Chinese
Banking Corp. "But its parent defaulting may complicate the process
and there may be delays."

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
17, 2018, the Financial Times related that HNA Group defaulted on a
CNY300 million (US$44 million) loan raised through Hunan Trust.

According to the FT, the company is already under strict
supervision by a group of bank creditors, led by China Development
Bank, following a liquidity crunch in the final quarter of last
year. The default came despite an estimated $18 billion in asset
sales by HNA this year that have done little to address its ability
to meet its domestic debts, the FT noted.

HOPSON DEVELOPMENT: S&P Hikes ICR to 'B' on Growing Rental Income
-----------------------------------------------------------------
On April 15, 2019, S&P Global Ratings raised its long-term issuer
credit rating on Hopson Development Holdings Ltd. to 'B' from
'B-'.

S&P said, "We raised the rating because Hopson's growing investment
property portfolio and rental income are likely to enhance its
operational and cash flow stability. We also expect Hopson's
contracted sales to pick up as the company releases more saleable
resources in the next two years. This will be supported by Hopson's
abundant premium-quality land bank in higher-tier cities.

"We expect Hopson's rental income to grow to close to Hong Kong
dollar (HK$) 3 billion, driven by new property launches and solid
increases in rents for existing projects. In our view, Hopson's
rental income will cover 75%-80% of its gross interest expense in
2019, up from about 65% in 2018, enhancing the company's debt
servicing ability. In 2018, Hopson's rental income grew by more
than 70% to exceed HK$2 billion, in line with our expectation. The
company's Beijing Hopson One commercial complex is fully ramped up
and had a strong operating performance in 2018, with rental income
reaching HK$600 million. In addition, the strong contribution by
the investment property segment has lifted Hopson's profitability.
The risk of gross margin slipping back into the low 20% range has
therefore reduced, in our view."

Hopson is likely to be able to scale up its contracted sales in the
property development segment in 2019. Its contracted sales reached
HK$17.5 billion in 2018, up over 60% from 2017, as the company
accelerated the sell-through rate in Beijing, Shanghai, and
Guangzhou. It also released more saleable resources in suburbs and
satellite cities within the three municipal circles, such as in
Ningbo, Huizhou, and Kunshan.

S&P believes Hopson's target to double its contracted sales in 2019
is aggressive. However, another sizable jump in sales is possible,
with about HK$70 billion of saleable resources available for
marketing this year. In the first quarter of 2019, Hopson's
contracted sales exceeded HK$4.7 billion (Chinese renminbi [RMB]
4.1 billion), up 142% year-over-year.

Hopson is likely to step up its land acquisitions in the next two
years to accompany the planned acceleration in sales. S&P estimates
the company could spend up to 40%-50% of its contracted sales cash
inflow on land during the year. Therefore, S&P does not expect
significant deleveraging in the next two years, and the
debt-to-EBITDA ratio should stay at about 9x. In 2017 and 2018,
Hopson spent very little on new land purchases in order to control
leverage, and focused on investment properties. As a result, its
total debt stayed almost flat in the past two years and the
debt-to-EBITDA ratio fell to 10x by end-2018 from 12x at the end of
2016.

S&P said, "We view Hopson's liquidity as less than adequate, given
the mismatch between cash and short-term debt. The company's cash
level remains about half of its short-term debt due in the same
year and management prefers to keep a thin cash buffer. Hopson has
historically been able to refinance easily. However, its liquidity
could tighten quickly if repayment pressure mounts while sales or
cash collections slow down unexpectedly, or land acquisitions shoot
up. Hopson's debt composition and generally healthy debt maturity
profile temper these risks.

"The stable outlook reflects our expectation that Hopson will
continue to gradually improve its business performance and maintain
stable leverage over the next 12-18 months. We expect rental income
to continue robust growth while the debt-to-EBITDA ratio should
stay about 9x over the period.

"We may lower the rating if: (1) Hopson's liquidity deteriorates
and refinancing becomes challenging such that the ratio of
liquidity sources to uses drops below 1x over the next 12 months;
or (2) the company pursues aggressive debt-funded expansion and
overspends on land acquisition, such that its ratio of adjusted
debt to EBITDA rises well above our base-case and EBITDA interest
coverage stays below 1.5x without signs of improvement.

"We could upgrade Hopson if: (1) the company significantly
deleverages such the ratio of adjusted debt to EBITDA improves
toward 6x and EBITDA interest coverage stays above 2x; or (2) in a
less likely scenario, the company improves its market position such
that sales and revenue grow significantly more than our expectation
while it maintains high profitability and prudent leverage.



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

AAYUR TECHNOLOGY: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aayur
Technology Solutions Private Limited (AT) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        3.5      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit           5.5      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with AT for obtaining
information through letters and emails dated December 27, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AT. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AT 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 AT to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2006, Bengaluru-based AT manufactures
electro-mechanical products for the defence department. Mr S.D.
Shenoy and his cousin Mr Kiran K Jothi manage operations. The
company's products include electro-mechanical packaging for
electronic devices and electronic and mechanical components such as
display systems and command control systems.

FINE JEWELLERY: Ind-Ra Withdraws 'BB' Non-Cooperating Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Fine Jewellery
Manufacturing Ltd.'s (FJML) Long-Term Issuer Rating of 'IND BB
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR78 mil. Non fund-based working capital limit* maintained in

     the non-cooperating category and withdrawn; and

-- INR563 mil. Fund-based working capital limit# maintained in
     the non-cooperating category and withdrawn.

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

KEY RATING DRIVERS

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

COMPANY PROFILE

FJML manufactures and exports diamonds, studded gold and platinum
jewelry.

HAZARIBAGH RANCHI: Ind-Ra Lowers NCD Rating to 'D (SO)'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings of
Hazaribagh Ranchi Expressway Limited's (HREL) non-convertible
debentures (NCDs) to 'IND D (SO)' from 'IND C (SO)' as follows:

-- INR5.38 bil. (outstanding INR4.58 bil. as on date) Senior
     NCDs* downgraded with IND D (SO) rating; and

-- INR1.77 bil. (outstanding INR1.43 bil. as on date) Subordinate

     NCDs* downgraded with IND D (SO) rating.

* Details in annexure

KEY RATING DRIVERS

The downgrade follows the non-payment of the debt service
obligations due on April 12, 2019, to the debenture holders.

HREL maintained an INR563.9 million debt service reserve and INR211
million worth of investments in a liquid mutual fund, of which
INR33.9 million is for a major maintenance reserve as on March 31,
2019.

HREL has been classified as 'Amber Entity' according to the
National Company Law Appellate Tribunal order dated 12 February
2019, which defines 'Amber Entities as Domestic Group Entities
which are not able to meet all their obligations (financial and
operational), but can meet only operational payment obligations and
payment obligations to senior secured financial creditors'.

In addition, the 13th annuity scheduled on March 15, 2019, is yet
to be received. HREL has so far received 12 annuity payments. The
12th annuity was received on September 28, 2018, as against the
scheduled date of September 15, 2018, with minor deductions.
Furthermore, in its rating action commentary dated January 4, 2019,
Ind-Ra had mentioned that there were maintenance deficiencies in
the project stretch and that the failure to address the
deficiencies could lead to deductions in annuities.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
result in an upgrade.

COMPANY PROFILE

HREL is a special purpose vehicle created by IL&FS Transportation
Networks Limited ('IND D') for the purpose of designing,
constructing and maintaining the four-lane Hazaribagh–Ranchi
section of NH 33 in Jharkhand to 114km from 40.5km on a
build-operate-transfer-annuity basis.

National Highways Authority of India ('IND AAA'/Stable) awarded the
project to HREL under a competitive bidding process. The company
has received the final completion certificate, effective April 1,
2015.

LAKHANI FOOTWEAR: CRISIL Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated its ratings on the bank facilities of Lakhani
Footwear Private Limited (LFPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bill Purchase-        15        CRISIL D (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)
   Facility              

   Cash Credit           59.31     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      27        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     4.95     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             11.86     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LFPL for obtaining
information through letters and emails dated February 20, 2019, and
March 18, 2019, among others; apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive critical information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the company's
credit quality. CRISIL believes information available 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 its ratings on the bank
facilities of LFPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LFPL, Lakhani Shoes and Apparels Pvt
Ltd, Lakhani Rubber Products Pvt Ltd, and Lakhani Rubber Works.
This is because these entities, collectively referred to as the
Lakhani group, are in the same business, and have common promoters,
senior management, procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

LAKHANI RUBBER WORKS: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated its ratings on the bank facilities of Lakhani
Rubber Works (LRW) to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

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

   Bill Purchase-         6        CRISIL D (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)
   Facility               

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

   Letter of Credit      10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     5.28     CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              1.37     CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LRW for obtaining
information through letters and emails dated February 20, 2019, and
March 18, 2019, among others; apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive critical information on either the financial
performance or strategic intent of the firm, which restricts
CRISIL's ability to take a forward-looking view on the entity's
credit quality. CRISIL believes the information available 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 its ratings on the bank
facilities of LRW to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Footwear Pvt Ltd, Lakhani Shoes
and Apparels Pvt Ltd, Lakhani Rubber Products Pvt Ltd, and LRW.
This is because these entities, collectively referred to as the
Lakhani group, are in the same business, and have common promoters,
senior management, procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

LAKHANI RUBBER: CRISIL Migrates 'D' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated its ratings on the bank facilities of Lakhani
Rubber Products Private Limited (LRPPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

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

   Bill Purchase-        7.5      CRISIL D (ISSUER NOT
   Discounting                    COOPERATING; Rating Migrated)
   Facility              

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

   Letter of Credit     10.0      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   15.98     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            2.22      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LRPPL for obtaining
information through letters and emails dated February 20, 2019, and
March 18, 2019, among others; apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive critical information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the entity's
credit quality. CRISIL believes information available 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 its ratings on the bank
facilities of LRPPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Footwear Pvt Ltd, Lakhani Shoes
and Apparels Pvt Ltd, LRPPL, and Lakhani Rubber Works. This is
because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters, senior
management, procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

LAKHANI SHOES: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated its ratings on the bank facilities of Lakhani
Shoes and Apparels Private Limited (LSAPL) to 'CRISIL D/CRISIL D
Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        .5       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit         25.0       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit    17.95      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LSAPL for obtaining
information through letters and emails dated February 20, 2019, and
March 18, 2019, among others; apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive critical information on either the financial
performance or strategic intent of the company, which restricts
CRISIL's ability to take a forward-looking view on the entity's
credit quality. CRISIL believes information available 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 its ratings on the bank
facilities of LSAPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Footwear Pvt Ltd, LSAPL, Lakhani
Rubber Products Pvt Ltd, and Lakhani Rubber Works. This is because
these entities, collectively referred to as the Lakhani group, are
in the same business, and have common promoters, senior management,
procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

LB COTTON: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of LB Cotton
Industries LLP (LCIL) 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             3        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LCIL for obtaining
information through letters and emails dated December 27, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LCIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LCIL 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 LCIL to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in 2011 as a limited liability partnership firm by Mr
Dharmendra Pande and his family, LCIL gins and presses cotton and
extracts oil from cotton seeds. The firm also trades in de-oiled
cakes, cotton seeds, and cotton seed oil. Unit in Dharmabad,
Maharashtra, has ginning and pressing capacity of 200 bale per day.

MASCOT FOOTCARE: CRISIL Withdraws D Rating on INR35.36cr Loans
--------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facilities of
Mascot FootCare (Mascot) at the company's request and on receipt of
a no-due certificate from its bank. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loans.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           1        CRISIL D (Withdrawn)

   Bill Purchase-
   Discounting
   Facility                10        CRISIL D (Withdrawn)

   Cash Credit              8.5      CRISIL D (Withdrawn)

   Letter of Credit         7.5      CRISIL D (Withdrawn)

   Proposed Long Term
   Bank Loan Facility       8.36     CRISIL D (Withdrawn)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, Lakhani Shoes and Apparels Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot, and Lakhani Rubber Works. This is
because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters, senior
management, procurement, marketing, and finance functions.

The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the group
has expanded its footwear business and established the Lakhani
brand in India. Between 2006 and 2008, the split between Mr K C
Lakhani and his younger brother, Mr P D Lakhani, led to
re-organisation of the business and its assets. Mr K C Lakhani
renamed his faction of the business as the Lakhani Armaan Group,
with production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).

NEERAJA DEVELOPERS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Neeraja
Developers and Promoters (NDP) to 'CRISIL B+/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      2        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               8        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NDP for obtaining
information through letters and emails dated January 28, 2019,
February 26, 2019, March 15, 2019 and March 20, 2019 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NDP. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NDP 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 NDP to 'CRISIL B+/Stable Issuer not cooperating'.

NDP is a Bengaluru based real estate firm started in 2003. NDP is a
partnership firm started by Mr. Praveen Reddy along with his wife
Ms. Pratibha Praveen. The company is engaged in developing
residential real estate viz. villas and apartments in Bengaluru.

PRIDE VENTURES: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pride Ventures
India Private Limited (Pride) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Rupee Term Loan       33        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Pride for obtaining
information through letters and emails dated March 19, 2019 and
March 25, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pride. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Pride is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Pride, incorporated in 2010 by promoters, Mr Navin Bagadia and Mr
Nitin Bagadia, undertakes Residential Project in Aurangabad
(Maharashtra). It is currently undertaking two project i.e. Pride
Century and Pride Pride Phoenix.

RAICHUR POWER: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raichur Power
Corporation Limited's (RPCL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Negative.

The instrument-wise rating action is:

-- INR17.12 bil. Proposed working capital loans* downgraded with
     Provisional IND BB/Negative rating.

* The final rating for the proposed working capital loans will be
assigned following the closure of the loan issue upon the receipt
of final documentation, conforming to the information already
received by Ind-Ra.

KEY RATING DRIVERS

The Negative Outlook reflects the non-availability of the plant
since December 2018 due to the pending residual completion of a
railways side and marshalling yard, and an ash and coal handling
plant at the project site.

The ratings reflect suboptimal plant availability factor (PAF) and
plant load factor (PLF) levels that affected the cash flow position
of RPCL significantly in FY19. The ratings also reflect a sustained
delay in payments from the counterparty, Karnataka-owned
distribution utilities, of over 300 days and continuous dependence
on the sponsor, Karnataka Power Corporation Limited, for timely
debt servicing obligations.

In FY19, RPCL clocked a PLF of 15.2% as against the Ind-Ra-expected
72%, and demonstrated a cumulative PAF of 10.2% against the
normative PAF of 85%, leading to severe under-recovery of fixed
charges. Furthermore, the plant has not been operating since
December 2018 because of technical issues in the dust separation
and fire hydrant systems on the priority path. The management
targets the resumption of Unit-1 (1x800 MW) by end-May 2019 and
Unit-2 (1x800 MW) by end-September 2019 after the completion of all
pending works.

The ratings also reflect RPCL's thin coverage ratios, leaving
little room for any deviation from base case assumptions. Given the
limited operational track record of the plant at a plant load
factor in the range of 15%-20% over April 2017-March 2019, the
project is exposed to strict technical standards.

The ratings further reflect the absence of a debt service reserve
account, which reduces the cushion available in cash flows for debt
servicing in the event of some unforeseen stress. However, RPCL has
regularly made debt servicing payments using the intercorporate
loan extended by KPCL. As on 31 December 2018, RPCL had a cash
balance of INR12 million

Ind-Ra has factored in a total project debt of INR106.46 billion
(comprising INR103.96 billion long-term loan from Power Finance
Corporation and INR2.50 billion medium-term loan from REC Limited
('IND AAA'/Stable).

The ratings are constrained by a delay in finalizing in the tariff
order by Karnataka Electricity Regulatory Commission (KERC) for
tariff adoption. Despite tariff being a cost-plus in nature, the
regulatory framework allowing the recovery of only approved capital
costs could stress the coverage ratios. Hence, the adoption of
tariff by KERC would be a key monitorable.

The ratings, however, are supported by KPCL's support to the
project in the form of the intercorporate loan to meet debt
servicing obligations timely. KPCL has agreed to extend a maximum
INR40 billion as a short-term debt facility to RPCL in FY20. As on
March 31, 2019, RPCL had availed INR14.93 billion. RPCL has the
option to convert outstanding loan and interest, wholly or
partially, into equity at any time by giving a simple
request/notice to KPCL at a price as decided mutually as per
applicable laws. The management has confirmed plans to initially
convert INR 5 billion into equity, although no documents are
executed to this effect. Therefore, Ind-Ra has considered INR5
billion as equity to arrive at the ratings. Any deviation from this
equity assumption will have a material impact on the rating and
warrant a rating review.

The ratings derive temporary comfort from the availability of a
coal linkage from the Singareni Collieries Company Limited for the
period October 2018-September 2021, considering the initially
allocated Deocha-Pachami coal block was cancelled in FY19.
However, coal availability would remain a concern in the long
term.

The ratings are also supported by the presence of a 25-year power
purchase agreement with Karnataka-owned distribution utilities,
whose tariffs are based on Central Electricity Regulatory
Commission's workings of cost plus return model. Fixed and variable
costs are pass-through (except station heat rate and operation and
maintenance costs), which assures a 15.5% (post tax) return on
equity.

RATING SENSITIVITIES

Negative: A sustained station heat rate of over 2,300kcal/kWh, any
additional debt beyond INR10.65 billion, a lower tariff rate
adoption by KERC owing to an increase in project cost, and a
sustained increase in receivable days could result in a downgrade

Positive: A sustained PAF above 80%, a stable station heat rate
near KERC-prescribed value, the adoption of tariff by KERC and
other operating costs within control will be credit positive for
the project.

COMPANY PROFILE

RPCL has implemented a 1,600MW (2x800MW) coal-based thermal power
project in Yeramarus near Raichur, Karnataka. This site commenced
operations in April 2017 (one unit in March 2017 and other in April
2017).

KPCL is wholly owned by the government of Karnataka and owns 53.80%
of RPCL. Of the remaining share capital, Bharat Heavy Electricals
Limited ('IND AA+'/Stable) holds 27.97% and Industrial Finance
Corporation of India Limited holds 18.23%, according to FY18
audited annual accounts. The total installed capacity of KPCL is
more than 6,000MW.

RKS FUTURE: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of RKS Future
Foods and Cold Chain Pvt. Ltd. (RKS) to 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Term Loan     5.65    CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             12.35    CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RKS for obtaining
information through letters and emails dated December 27, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RKS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RKS 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 RKS to 'CRISIL B/Stable Issuer not cooperating'.

RKS was incorporated in 2013 in Baddi, Himachal Pradesh for setting
up cold chain facilities for fruits and vegetables with a capacity
of 5000 metric tonne.

RR ENTERPRISES: CRISIL Assigns 'B' Rating to INR16cr LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of R R Enterprises - Hyderabad (RR).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility        16       CRISIL B/Stable (Assigned)

The ratings reflect RR's modest scale of operations in the
fragmented and intensely competitive infra related products
business with exposure to high funding risk and a weak financial
risk profile. These rating weaknesses are partially offset by
extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: RR has modest scale of operations
with revenue of INR2.63 Crore in fiscal 2018 and is expected to
have similar scale in fiscal 2019 as well. Moreover the group
operates in the fragmented and highly competitive infra related
products business which constrains its pricing flexibility
resulting in modest operating margin. Also working capital
requirements are expected to be high resulting in high reliance on
bank borrowings.

* Exposure to high funding risk: Scale up in revenue is dependent
on the working capital funding from bank. As the limits are not
sanctioned yet, RR is exposed to high funding risk. Timely sanction
of the limits and scale up in revenue remain key rating sensitivity
factors over the medium term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the partners: Managing partner of RR is
Mr. B. Jagan Mohan Reddy. Mr. Jagan Mohan Reddy is having more than
a decade of experience in leading Infrastructure companies like
IVRCL, Palladium Infrastructures and Projects Ltd and has supplied
materials through R R Enterprises.

Partners experience is expected to support the business risk
profile over the medium term.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover partners have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support RR in case of any
exigency.

Outlook: Stable

CRISIL believes that RR will continue to benefit from the
experience of the partners and their fund support. The outlook may
be revised to 'Positive' in case of timely stabilization of
operations and healthy ramp up in sales resulting in improvement in
key credit metrics. Conversely the outlook may be revised to
'Negative' in case of delay in commencement of operations or lower
than expected revenue and profitability result in a weak financial
risk profile, especially liquidity.

Incorporated in 2004, RR is into trading of infra related products
like steel, cement, aluminum etc. Partners of the firm are Mr. B.
Jagan Mohan Reddy, Ms. Radhika Reddy and Ms. Sri Devi Bheemarapu.

S.R. COTTON: CRISIL Withdraws B+ Rating on INR10cr Loans
--------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of S. R.
Cotton (SRC) on the request of the company and after receiving no
objection certificate from the bank. The rating action is in-line
with CRISIL's policy on withdrawal of its rating on bank loan
facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.50     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

   Proposed Long Term     .42     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

    Proposed Term Loan   1.08     CRISIL B+/Stable (ISSUER NOT  
                                  COOPERATING; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

    Standby Line         1.00     CRISIL B+/Stable (ISSUER NOT
    of Credit                     COOPERATING; Migrated from
                                  'CRISIL B+/Stable'; Rating
                                  Withdrawn)

CRISIL has been consistently following up with SRC for obtaining
information through letters and emails dated February 28, 2019,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

SRC was set up in 2006 as a proprietorship firm by Mr Vinit Tayal.
The firm is engaged in cotton ginning and pressing at its two units
in Beed (Maharashtra) and Sendhwa (Madhya Pradesh).

SANJAR PHARMA: CRISIL Migrates 'B-' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sanjar Pharma
LLP (SPLL) to 'CRISIL B-/Stable Issuer not cooperating'.

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

   Long Term Loan        9         CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPLL for obtaining
information through letters and emails dated December 27, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SPLL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPLL 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 SPLL 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.

SPLL was set up by the promoter, Mr Modasiya Mo. Moin Khalil Ahmed
and his family members in 2015. The firm started its operations in
August 2016.  The firm manufactures low-value pharmaceutical
products at its facility in Himatnagar, Gujarat.

SGK FLOURS: CRISIL Assigns 'B' Rating to INR25cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of SGK Flours And Oils Private Limited (SGK).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash  
   Credit Limit           25       CRISIL B/Stable (Assigned)

The ratings reflect SGK's modest scale of operations in the
fragmented and intensely competitive edible oil refining business
with exposure to high funding risk and a weak financial risk
profile. These rating weaknesses are partially offset by
entrepreneurial experience of the promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SGK with Youvaakshi Refineries India
Private Limited (YRIPL) and Kadapa Oils Complex India Pvt Ltd
(KOCIPL). This is because the three entities, collectively referred
to as the Youvaakshi refineries group, are expected to be in the
same line of business with significant business linkages, have a
common management, and fungible cash flows.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Youvaakshi refineries group has
modest scale of operations with revenue of INR7.97 Crore in fiscal
2018 and is expected to have similar scale in fiscal 2019 as well.
Moreover the group operates in the fragmented and highly
competitive edible oil trading and refining business which
constrains its pricing flexibility resulting in modest operating
margin. Also working capital requirements are expected to be high
resulting in high reliance on bank borrowings.

* Exposure to high funding risk: Youvaakshi refineries group is
planning to acquire an edible oil refinery of 200 tons per day
capacity and the group remains exposed to high funding risk as
promoter's capital is yet to be infused and bank limits are also
not yet sanctioned. Timely funding tie-up and ramp up in scale of
operations, remain a key rating sensitivity factor.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: Youvaakshi refineries
group is promoted by Mr. Gummadi Venkateswerllu who has extensive
entrepreneurial experience of more than a decade. The promoter, Mr.
Venkateswerllu was earlier associated with real estate industry in
Andhra Pradesh and has developed strong track record of execution
in the industry. In order to diversify the promoter is venturing
into other businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support Youvaakshi refineries
group in case of any exigency.

Outlook: Stable

CRISIL believes that Youvaakshi refineries group will continue to
benefit from the entrepreneurial experience of the promoters and
their fund support. The outlook may be revised to 'Positive' in
case of timely stabilization of operations and healthy ramp up in
sales resulting in improvement in key credit metrics. Conversely
the outlook may be revised to 'Negative' in case of delay in
commencement of operations or lower than expected revenue and
profitability result in a weak financial risk profile, especially
liquidity.

                         About the Group

SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently it is into trading of edible oil.

KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

SHRIRAM TRANSPORT: S&P Rates New U.S. Dollar Secured Notes 'BB+'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to the
U.S. dollar-denominated senior secured notes that Shriram Transport
Finance Co. Ltd. (STFC: BB+/Stable/B) proposes to issue. The notes
are under STFC's US$2 billion multi-currency global medium-term
note (GMTN) program. The issue rating is subject to our review of
the final issuance documentation.

S&P equalizes the rating on the notes with the long-term issuer
credit rating on STFC. The notes are direct and unconditional
obligations of the company. They are secured and will rank equally,
without any preference, among themselves, and with all other
outstanding secured and unsubordinated obligations of the issuer.

The notes have performance-related covenants, which, if breached,
can result in an event of default and early redemption of the
notes, subject to approval from the Reserve Bank of India (RBI).
These covenants are:

-- STFC's capital adequacy ratio (CAR) should comply with minimum
regulatory requirements; and

-- The company's net nonperforming loan (NPL) ratio, based on the
RBI's recognition norms, should at all times be equal to or less
than 7.0% based on a 90-day delinquency period.

S&P said, "We see limited risk of STFC breaching its covenants over
the next 12 months. The company has a strong market position as the
largest financier of commercial vehicles in India. It benefits from
high yields on its pre-owned commercial vehicles portfolio and low
operating costs, which compensate for the high cost of wholesale
borrowing and credit costs. As of Dec. 31, 2018, STFC's net NPL
ratio was 2.8%. STFC's return on average assets of 2.0% over the
past five years is higher than the banking industry average and
comparable to that of some other finance companies that we rate in
India.

"We believe, in a stress scenario, STFC has sufficient buffer
through its pre-provision profits and will, if required,
aggressively provide for its NPLs to ensure it does not breach
covenants. The company's capital base benefits from good internal
capital generation and its CAR of 19.7% as of Dec. 31, 2018, is
well above the regulatory requirement of 15%. We expect STFC to
raise equity capital through investors or Tier-2 capital to ensure
compliance with regulatory minimum capital requirements--if
needed."

SMH SHIPPING: CRISIL Migrates 'B-' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SMH Shipping
Private Limited (SSPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated December 17, 2018,
March 15, 2019 and March 20, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Mumbai-based SSPL (previously known as Agrasha Shipping Pvt Ltd),
incorporated in 1998, trades in various commodities such as
polymers, steel products (hard-rolled coils) and metal scrap (heavy
melting scrap and shredded steel scrap, which serve as raw material
for entities manufacturing steel based products).

SPEL SEMICONDUCTOR: CRISIL Withdraws C Rating on INR45cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of SPEL
Semiconductor Limited (SPEL) and subsequently withdrawn the ratings
at the company's request and on receipt of a no-objection
certificate from the bankers. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Letter of Credit         4        CRISIL A4 (Rating reaffirmed
                                     and Withdrawn)

   Packing Credit          11        CRISIL A4 (Rating reaffirmed
                                     and Withdrawn)

   Proposed Long Term      45        CRISIL C (Rating reaffirmed
   Bank Loan Facility                and Withdrawn)

   Proposed Short Term     15        CRISIL A4 (Rating reaffirmed
   Bank Loan Facility                and Withdrawn)

Set up by Southern Petrochemical Industries Corporation Ltd in 1984
in Chennai, SPEL assembles, tests, and packs ICs. Its products are
used mostly in cell phones, computers, notebooks, and personal
digital assistants. In March 2018, the company has decided to sell
its assembly and test businesses by way of slump sale to its
wholly-owned subsidiary.

The company is listed on Bombay Stock Exchange.

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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Incorporated in December 2014, Ahmedabad Gujarat-based Torque
Commercial Vehicles is an authorized dealer of commercial vehicles
of Isuzu motors.

UNIK TRADERS: CRISIL Withdraws 'B' Rating on INR20cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Unik
Traders (UT) and subsequently withdrawn following a request from
the company and on receipt of a 'no objection certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            20       CRISIL B/Stable (Rating
                                   reaffirmed and Withdrawn)

Set up in 1992 as a partnership firm by Mr. Hanif Thara and his
friend, UT was later re-constituted as a proprietorship firm with
Mr. Thara as proprietor. The Bengaluru-based firm trades in spices
and dry fruits.

YOUVAAKSHI REFINERIES: CRISIL Assigns 'B' Rating to INR60cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvaakshi Refineries India Private Limited
(YRIPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash         60        CRISIL B/Stable (Assigned)
   Credit Limit     

The ratings reflect YRIPL's modest scale of operations in the
fragmented and intensely competitive edible oil refining business
with exposure to high funding risk and a weak financial risk
profile. These rating weaknesses are partially offset by
entrepreneurial experience of the promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YRIPL with Kadapa Oils Complex India Pvt
Ltd (KOCIPL) and SGK Flours and Oils Pvt Ltd (SGK). This is because
the three entities, collectively referred to as the Youvaakshi
refineries group, are expected to be in the same line of business
with significant business linkages, have a common management, and
fungible cash flows.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Youvaakshi refineries group has
modest scale of operations with revenue of INR7.97 Crore in fiscal
2018 and is expected to have similar scale in fiscal 2019 as well.
Moreover the group operates in the fragmented and highly
competitive edible oil trading and refining business which
constrains its pricing flexibility resulting in modest operating
margin. Also working capital requirements are expected to be high
resulting in high reliance on bank borrowings.

* Exposure to high funding risk: Youvaakshi refineries group is
planning to acquire an edible oil refinery of 200 tons per day
capacity and the group remains exposed to high funding risk as
promoter's capital is yet to be infused and bank limits are also
not yet sanctioned. Timely funding tie-up and ramp up in scale of
operations, remain a key rating sensitivity factor.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: Youvaakshi refineries
group is promoted by Mr. Gummadi Venkateswerllu who has extensive
entrepreneurial experience of more than a decade. The promoter, Mr.
Venkateswerllu was earlier associated with real estate industry in
Andhra Pradesh and has developed strong track record of execution
in the industry. In order to diversify the promoter is venturing
into other businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support Youvaakshi refineries
group in case of any exigency.

Outlook: Stable

CRISIL believes that Youvaakshi refineries group will continue to
benefit from the entrepreneurial experience of the promoters and
their fund support. The outlook may be revised to 'Positive' in
case of timely stabilization of operations and healthy ramp up in
sales resulting in improvement in key credit metrics. Conversely
the outlook may be revised to 'Negative' in case of delay in
commencement of operations or lower than expected revenue and
profitability result in a weak financial risk profile, especially
liquidity.

Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently it is into trading of edible oil.

KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

YOUVAKKSHI MARKETING: CRISIL Assigns 'B' Rating to INR15cr Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvakkshi Marketing India Private Limited
(YMIPL).


                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B/Stable (Assigned)

The ratings reflect YMIPL's modest scale of operations and exposure
to high funding risk and a weak financial risk profile. These
rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and exposure to high funding risk:
YVBPL has modest scale of operations with revenue of Rs. 1.95 Crore
in fiscal 2018 and is expected to have similar scale in fiscal 2019
as well.

Scale up in revenue is dependent on the working capital funding
from bank. As the limits are not sanctioned yet, YVBPL is exposed
to high funding risk. Timely sanction of the limits and scale up in
revenue remain key rating sensitivity factors over the medium
term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base (0.39 Cr as on
March 31, 2018), leveraged capital structure and sub-par debt
protection metrics mainly because of modest operating margin and
high reliance on external borrowings for its working capital
requirements.

Strength:

* Extensive experience of the promoters: Youvaakshi refineries
group is promoted by Mr. Gummadi Venkateswerllu who has extensive
entrepreneurial experience of more than a decade. The promoter, Mr.
Venkateswerllu was earlier associated with real estate industry in
Andhra Pradesh and has developed strong track record of execution
in the industry. In order to diversify the promoter is venturing
into other businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support YMIPL in case of any
exigency.

Outlook: Stable

CRISIL believes that YMIPL will continue to benefit from the
entrepreneurial experience of the promoters and their fund support.
The outlook may be revised to 'Positive' in case of timely
stabilization of operations and healthy ramp up in sales resulting
in improvement in key credit metrics. Conversely the outlook may be
revised to 'Negative' in case of delay in commencement of
operations or lower than expected revenue and profitability result
in a weak financial risk profile, especially liquidity.

Incorporated in 2015, YMIPL is into production of mineral water in
the name of 'Youvakshi' and trading of food products like rice,
spices, red chillies, spices, onion, ginger etc. It is promoted by
Mr. Gummadi Venkateswerllu.

YOUVAKSHI FOOD: CRISIL Migrates 'B' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvakshi Food Products India Private Limited
(YFPPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash         30        CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

The ratings reflect YFPPL's nascent stage of operations and
exposure to high funding risk and a weak financial risk profile.
These rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stages of operations and exposure to high funding risk:
YFPPL's operations are in very early stages. Scale up in revenue is
dependent on the working capital funding from bank. As the limits
are not sanctioned yet, YFPPL is exposed to high funding risk.
Timely sanction of the limits and scale up in revenue remain key
rating sensitivity factors over the medium term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: YFPPL is promoted by Mr.
Gummadi Venkateswerllu who has extensive entrepreneurial experience
of more than a decade. The promoter, Mr. Venkateswerllu was earlier
associated with real estate industry in Andhra Pradesh and has
developed strong track record of execution in the industry. In
order to diversify the promoter is venturing into other
businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover partners have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support YFPPL in case of any
exigency.

Outlook: Stable

CRISIL believes that YFPPL will continue to benefit from the
experience of the promoters and their fund support. The outlook may
be revised to 'Positive' in case of timely stabilization of
operations and healthy ramp up in sales resulting in improvement in
key credit metrics. Conversely the outlook may be revised to
'Negative' in case of delay in commencement of operations or lower
than expected revenue and profitability result in a weak financial
risk profile, especially liquidity.

Incorporated in January 2019, YFPPL is expected to be engaged in
trading of food products. It is promoted by Mr. Gummadi
Venkateswerllu.

YOUVAKSHI INFRA: CRISIL Assigns 'B' Rating to INR25cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvakshi Infra Projects Private Limited
(YIPPL).

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility        25       CRISIL B/Stable (Assigned)

The ratings reflect YIPPL's nascent stage of operations and
exposure to high funding risk and a weak financial risk profile.
These rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage of operations and exposure to high funding risk:
YIPPL operations are in very nascent stage.  Scale up in revenue is
dependent on the working capital funding from bank. As the limits
are not sanctioned yet, YIPPL is exposed to high funding risk.
Timely sanction of the limits and scale up in revenue remain key
rating sensitivity factors over the medium term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:

* Extensive experience of the promoters: YIPPL is promoted by Mr.
Gummadi Venkateswerllu who has extensive entrepreneurial experience
of more than a decade. The promoter, Mr. Venkateswerllu was earlier
associated with real estate industry in Andhra Pradesh and has
developed strong track record of execution in the industry. In
order to diversify the promoter is venturing into other
businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support YIPPL in case of any
exigency.

Outlook: Stable

CRISIL believes that YIPPL will continue to benefit from the
entrepreneurial experience of the promoters and their fund support.
The outlook may be revised to 'Positive' in case of timely
stabilization of operations and healthy ramp up in sales resulting
in improvement in key credit metrics. Conversely the outlook may be
revised to 'Negative' in case of delay in commencement of
operations or lower than expected revenue and profitability result
in a weak financial risk profile, especially liquidity.

Incorporated in 2017, YIPPL is into trading of infra related
products like steel, cement, aluminum etc. It is promoted by Mr.
Gummadi Venkateswerllu. Operations are expected to commence in
FY20.

YOUVAKSHI SHOPPING: CRISIL Assigns 'B' Rating to INR30cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvakshi Shopping Malls India Private Limited
(YSMPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Cash
   Credit Limit          30        CRISIL B/Stable (Assigned)

The ratings reflect YSMPL's modest scale of operations in the
fragmented and intensely competitive retailing business with
exposure to high funding risk and a weak financial risk profile.
These rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YSMPL with Dhana Sree Collections
Private Limited (DSCPL). This is because the two entities,
collectively referred to as the Youvakshi Shopping group, are
expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Youvakshi Shopping group has modest
scale of operations with revenue of Rs. 1.75 Crore in fiscal 2018
and is expected to have similar scale in fiscal 2019 as well.
Moreover the group operates in the fragmented and highly
competitive retailing business which constrains its pricing
flexibility resulting in modest operating margin. Also working
capital requirements are expected to be high resulting in high
reliance on bank borrowings.

* Exposure to high funding risk: Youvakshi Shopping group is
planning to acquire a shopping complex named 'Mangalam' and the
group remains exposed to high funding risk as promoter's capital is
yet to be infused and bank limits are also not yet sanctioned.
Timely funding tie-up and ramp up in scale of operations, remain a
key rating sensitivity factor.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base, leveraged capital
structure and sub-par debt protection metrics mainly because of
modest operating margin and high reliance on external borrowings
for its working capital requirements.

Strength:
* Extensive experience of the promoters: Youvakshi Shopping group
is promoted by Mr. Gummadi Venkateswerllu who has extensive
entrepreneurial experience of more than a decade. The promoter, Mr.
Venkateswerllu was earlier associated with real estate industry in
Andhra Pradesh and has developed strong track record of execution
in the industry. In order to diversify the promoter is venturing
into other businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support Youvakshi Shopping
group in case of any exigency.

Outlook: Stable

CRISIL believes that Youvakshi Shopping group will continue to
benefit from the entrepreneurial experience of the promoters and
their fund support. The outlook may be revised to 'Positive' in
case of timely stabilization of operations and healthy ramp up in
sales resulting in improvement in key credit metrics. Conversely
the outlook may be revised to 'Negative' in case of delay in
commencement of operations or lower than expected revenue and
profitability result in a weak financial risk profile, especially
liquidity.

Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.

DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.

YOUVAKSHI VEGETABLE: CRISIL Assigns 'B' Rating to INR15cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Youvakshi Vegetable Basket Private Limited
(YVBPL).


                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       15       CRISIL B/Stable (Assigned)

The ratings reflect YVBPL's modest scale of operations and exposure
to high funding risk and a weak financial risk profile. These
rating weaknesses are partially offset by entrepreneurial
experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and exposure to high funding risk:
YVBPL has modest scale of operations with revenue of Rs. 1.65 Crore
in fiscal 2018 and is expected to have similar scale in fiscal 2019
as well.
Scale up in revenue is dependent on the working capital funding
from bank. As the limits are not sanctioned yet, YVBPL is exposed
to high funding risk. Timely sanction of the limits and scale up in
revenue remain key rating sensitivity factors over the medium
term.

* Weak financial risk profile: Financial risk profile is expected
to remain weak because of a modest networth base (0.37 Cr as on
March 31, 2018), leveraged capital structure and sub-par debt
protection metrics mainly because of modest operating margin and
high reliance on external borrowings for its working capital
requirements.

Strength:

* Extensive experience of the promoters: YVBPL is promoted by Mr.
Gummadi Venkateswerllu who has extensive entrepreneurial experience
of more than a decade. The promoter, Mr. Venkateswerllu was earlier
associated with real estate industry in Andhra Pradesh and has
developed strong track record of execution in the industry. In
order to diversify the promoter is venturing into other
businesses.

Liquidity
Liquidity is expected to be stretched because of large working
capital requirements which are expected to be funded largely from
external debt. Moreover promoters have been venturing into multiple
businesses simultaneously which is expected to constrain their
financial flexibility and ability to support YVBPL in case of any
exigency.

Outlook: Stable

CRISIL believes that YVBPL will continue to benefit from the
entrepreneurial experience of the promoters and their fund support.
The outlook may be revised to 'Positive' in case of timely
stabilization of operations and healthy ramp up in sales resulting
in improvement in key credit metrics. Conversely the outlook may be
revised to 'Negative' in case of delay in commencement of
operations or lower than expected revenue and profitability result
in a weak financial risk profile, especially liquidity.

Incorporated in 2017, YVBPL is into online trading of vegetables
and other food products. It is promoted by Mr. Gummadi
Venkateswerllu.



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

MAINZEAL: Liquidators Seek Double Compensation from Directors
-------------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Mainzeal Property and
Construction's liquidators want to double the amount of
compensation the failed firm's directors, in particular chair Jenny
Shipley, were ordered to pay, in cross-appealing a High Court
ruling.

In late February, Justice Francis Cooke ruled that four directors
of the failed construction company should pay NZ$36 million to
unsecured creditors, BusinessDesk recalls. The Mainzeal directors
had traded recklessly, Justice Cooke said, particularly by allowing
the mostly loss-making company to trade for several years while
technically insolvent.

BusinessDesk relates that the judge ordered Ms. Shipley, Clive
Tilby and Peter Gomm were liable for up to NZ$6 million each of the
NZ$36 million total. In the case of a fourth director, Richard Yan,
who was also the founder and main shareholder of Mainzeal's parent
company, Shanghai-based Richina Pacific, Justice Cooke said he
should be liable for the full NZ$36 million. The four directors
have already filed appeals, the report notes.

In their cross-appeal, Mainzeal liquidators Andrew James Bethell
and Brian Mayo-Smith said the court erred in applying a discount of
two-thirds to the starting point for compensation of NZ$110 million
and limiting the directors' liability to NZ$6 million each, or 5.45
per cent of the total claims filed in liquidation, according to
BusinessDesk.

BusinessDesk relates that the liquidators also said the court was
wrong to order compensation from ex-Prime Minister Shipley at the
same rate as Messrs. Tilby and Gomm, "given her role as chairperson
of Mainzeal, a director of other companies within the group . . .
and her position as a director of, and her interest in, Richina
Pacific Limited, Mainzeal's holding company until 2009."

According to the cross-appeal, "her culpability was significantly
greater than the culpability of Messrs. Gomm and Tilby."

They want an order for the directors to be liable to the
respondents for a percentage of the sum of NZ$73.3 million, being
two-thirds, as opposed to one-third of the total creditors' claims
of NZ$110 million, BusinessDesk relays.

Within that, they call for Ms. Shipley, Mr. Gomm and Mr. Tilby to
be jointly and severally liable with Yan for no less than 20 per
cent of NZ$73.3 million together with interest. It also seeks
Shipley to be jointly and severally liable with Yan for an
additional 30 per cent of the sum of NZ$73.3 million together with
interest, BusinessDesk relays.

If other elements of their appeal are accepted they have suggested
different calculations, all of which involved a higher amount in
total and for Ms. Shipley in particular, BusinessDesk adds.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held New
Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series of
events that had adversely affected the Company's financial position
coupled with a general decline in major commercial construction
activity, and in the absence of further shareholder support, the
Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership and
nine others in the group that were not in receivership.

The companies now under the control of the liquidators are Mainzeal
Group, Mainzeal Property and Construction, Mainzeal Living, 200
Vic, Building Futures Group Holding, Building Futures Group,
Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal
Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ, NZ$70
million to unsecured creditors and NZ$5.2 million to employees, NZN
disclosed. Subcontractors are among the unsecured creditors, said
NZN.



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

HYFLUX LTD: Sues SM Investments Over Repudiation of Rescue Deal
---------------------------------------------------------------
Business Times reports that Hyflux Ltd has filed a lawsuit against
its former suitor SM Investments (SMI) in the Singapore High Court
for the repudiation of the rescue deal and is claiming the SGD38.9
million deposit.

According to the report, Hyflux has fired the first salvo in its
dispute with SMI, which the water treatment company said has denied
repudiating the restructuring agreement struck in October 2018. SMI
was supposed to be the white knight for Hyflux.

BT relates that the company, in a regulatory filing on April 15,
said it had filed a writ of summons in the Singapore High Court to
commence an action against SMI for repudiation of the agreement and
to claim the SGD38.9 million deposit placed into escrow shortly
after the execution of the restructuring agreement.

Hyflux will provide updates as and when there are any further
material developments concerning this matter, the report relays.
SMI had earlier this month commented that it was "surprised" by
Hyflux's "purported termination" of the rescue deal, and will be
taking legal advice in relation to Hyflux's action.

Hyflux has also announced the appointment of nTan Corporate
Advisory as an additional adviser in the company's ongoing
court-supervised reorganisation process, BT reports.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.

The Company said it is taking this step in order to protect the
value of its businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.

PACIFIC RADIANCE: April 18 Hearing to Extend Debt Moratorium Set
----------------------------------------------------------------
The Strait Times reports that Pacific Radiance on April 16 said the
further hearing of applications for a debt moratorium extension has
been fixed for 10:00 a.m. on April 18.

In March this year, the Singapore High Court granted Pacific
Radiance an extension of a moratorium against attempts by creditors
to enforce their claims, while the company is in discussions with
stakeholders on its debt restructuring.

The moratorium has already been extended from March 14 to April 18,
ST relates.

Most recently last week, the group's independent auditor, Ernst &
Young, declined to express an opinion on the firm's 2018 financial
results, noting that it is unable to obtain sufficient evidence to
conclude if the company's going concern assumption is appropriate,
according to BT.

Trading of the company's shares has been voluntarily suspended
since February 28 last year, the report notes.

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three divisions:
Offshore Support Services, Subsea Business, and Complementary
Businesses. The company operates a fleet of 139 offshore vessels
comprising subsea vessels, anchor handling tugs, platform supply
vessels, ocean tugs and supply vessels, offshore barges,
accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

Pacific Radiance applied for debt restructuring with a Singaporean
court in May 2018 and has been granted several moratorium.  The
company has been undergoing restructuring talks and is carrying
debt of more than $500 million.



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

ASIANA AIRLINES: Parent Puts $442 Million Stake Up for Sale
-----------------------------------------------------------
Ju-min Park and Hayoung Choi at Reuters report that the top
shareholder of South Korea's second-largest carrier, Asiana
Airlines, said on April 15 it would sell its entire stake in the
debt-ridden firm to keep it afloat, sending shares of the carrier
and its budget arm 30 percent higher.

Reuters relates that the move caps weeks of financial uncertainty
involving the carrier which started last month when it failed to
win auditors' sign-off on its 2018 financial statements, triggering
warnings of credit ratings downgrades and the resignation of the
parent group's chairman.

Its shares have since more than doubled, as its top shareholder
Kumho Industrial pledged to sell the airline should it fail to
reduce the airline's debt, raising expectations for potential
takeover interest, Reuters says.

The restructuring plan, however, was rejected by creditors last
week for not being sufficient to restore market trust in the
indebted carrier, which has KRW3.4 trillion ($3 billion) in
short-term obligations including KRW1.3 trillion of loans maturing
this year, Reuters relates.

In a revamped proposal on April 15, Kumho, which owns one-third of
Asiana, said it would sell the entire stake and also offer the
KRW500 billion holding as collateral to creditors for interim
loans, according to Reuters.

"This is going to be a hot deal, as many local conglomerates want
to get into the airline business so there are expectations over a
coveted takeover deal," Reuters quote Lee Han-joon, an analyst at
KTB Investment Securities, as saying.

Reuters relates that Choi Go-woon, an analyst at Korea Investment &
Securities, said several conglomerates or a consortium of firms
involved with duty free businesses might be interested in Asiana.

He said telecoms-to-chemicals conglomerate SK Group and
retail-focused Aekyung Group, which also has budget carrier Jeju
Air, could be potential suitors, Reuters relays.

Representatives for SK Group and Jeju Air denied any interest in
buying the Asiana stake, the report states.

Reuters says shares in Asiana were up by the daily limit of 30
percent at their highest in more than three years. Local media
earlier on Monday reported that Kumho had decided to sell a
one-third stake in the carrier.

Shares in Asiana's low-budget carrier affiliate Air Busan also
surged 30 percent.

Reuters notes that Asiana has been struggling to get its finances
in order as it battles rising fuel costs and competition from
low-cost carriers.

Kumho Industrial has yet to pick a sale manager, the report notes.


Officials from Kumho Asiana Group and creditors have been
negotiating a fresh restructuring plan since the initial proposal
was turned down, two officials from a main creditor told Reuters.

State-run Korea Development Bank, the main creditor of Kumho Asiana
group, said creditors held a meeting later on April 15 to review
the revised plan.

According to Reuters, the bank said that creditors viewed the
group's plan including the stake sale of Asiana as positive and
would support the sale process.

The family-controlled Kumho Asiana Group's former chairman, Park
Sam-koo, is the top shareholder of the holding company Kumho &
Company Incorporation, which has a 45 percent stake in Kumho
Industrial.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.


                           *********


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

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

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

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

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



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