/raid1/www/Hosts/bankrupt/TCRAP_Public/190510.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Friday, May 10, 2019, Vol. 22, No. 94

                           Headlines



A U S T R A L I A

ROSENDORFF DIAMOND: In Receivership, May 10 Liquidation Sale Set


C H I N A

CHINA LOGISTICS: Fitch Cuts LT IDR to B-, Outlook Negative


I N D I A

ADARSH INFRAINTERIO: CARE Assigns BB+ Rating to INR5cr LT Loan
ADROIT PHARMACEUTICALS: CARE Reaffirms BB- Rating on INR3cr Loan
ALPEX SOLAR: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
ARKA CARBON: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating
BHAGWATI RECYCLING: CARE Assigns B Rating to INR18.52cr LT Loan

CBSI INDIA: Ind-Ra Migrates 'BB+' Issuer Rating to Non-Cooperating
CHOUDHERY CHEESE: Insolvency Resolution Process Case Summary
CYBERCITY BUILDERS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
D.D. AGRO: CARE Maintains BB- Rating in Not Cooperating Category
DHANDA BREEDING: CARE Maintains B+ Rating in Not Cooperating

DIGJAM LIMITED: Insolvency Resolution Process Case Summary
DWARKA TEXTILE: CARE Maintains D Rating in Not Cooperating Category
GEETANJALI GRAPHICS: Ind-Ra Migrates BB- Rating to Non-Cooperating
H.Q. LAMPS: CARE Maintains BB Rating in Not Cooperating Category
HRV GEMS: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable

JAYPEE INFRATECH: Creditors Seek Clarity on NBCC's Revised Bid
JBF INDUSTRIES: Ind-Ra Affirms 'D' LT Issuer Rating in Not Coop.
JBF PETROCHEMICALS: Ind-Ra Affirms 'D' Long Term Issuer Rating
JET AIRWAYS: HDFC Puts Up Office Space for Sale, May 15 Auction
JOONKTOLLEE TEA: CARE Assigns BB+ Rating to INR10cr LT Loan

LEVRAM LIFESCIENCES: CARE Assigns BB Rating to INR5cr LT Loan
MEWAR FABRICS: CARE Maintains B Rating in Not Cooperating Category
MILI STEELS: Ind-Ra Affirms Then Withdraws 'BB' LT Issuer Rating
MODI PROJECTS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
PROVENTUS AGER: CARE Keeps INR13cr D Loan Rating in Not Cooperating

RD BROWN: CARE Assigns B Rating to INR27.03cr LT Loan
RELIANCE COMMUNICATIONS: NCLT Admits Business for Insolvency
RELIGARE FINVEST: Ind-Ra Lowers Long Term Issuer Rating to 'D'
RELIGARE FINVEST: Proposes Debt Resolution Plan After Default
RUCHI SOYA: DBS Bank Seeks Higher Payout from Patanjali Offer

SIXTH ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SRI ADHI: CARE Maintains B+ Rating in Not Cooperating Category
SUNAR JEWELS: Insolvency Resolution Process Case Summary
SWAMI YOGANAND: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
TAPASYA SHIKSHA: Ind-Ra Keeps Prov. BB- Rating in Non-Cooperating

TUSHA TEXTILES: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
ULTRA DRUGS: CARE Maintains BB- Rating in Not Cooperating Category
VIPUL TRAVELS: Insolvency Resolution Process Case Summary


I N D O N E S I A

ALAM SUTERA: S&P Affirms 'B' Long-Term ICR, Outlook Stable


M Y A N M A R

MALDIVES: Fitch Affirms Long-Term IDR at B+, Outlook Stable


N E W   Z E A L A N D

TRADE ME: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable

                           - - - - -


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

ROSENDORFF DIAMOND: In Receivership, May 10 Liquidation Sale Set
----------------------------------------------------------------
Daniel Newell at The West Australian reports that the owners of
Perth's iconic Rosendorff Diamond Jewellers called in receivers
after more than 55 years in business.

According to The West Australian, receivers and managers
KordaMentha will launch a AUD9 million liquidation sale of more
than 2000 items at the Hay Street mall store to clear stock of
diamonds and fine jewellery, starting today, May 10.

Receivers and managers Richard Tucker, Scott Langdon and Rahul
Goyal said they were exploring all options for the business, The
West Australian relates.

"Rosendorff is currently holding too much stock and we are running
a short, highly discounted sale through the store to materially
reduce the current stock levels whilst a sale or recapitalisation
of the business is pursued," The West Australian quotes Mr. Tucker
as saying.




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C H I N A
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CHINA LOGISTICS: Fitch Cuts LT IDR to B-, Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded warehouse developer China Logistics
Property Holdings Co., Ltd's Long-Term Foreign-Currency Issuer
Default Rating to 'B-' from 'B' with a Negative Outlook. Fitch has
also downgraded CNLP's senior unsecured rating to 'B-' from 'B'
with a Recovery Rating of 'RR4'.

The downgrade is mainly driven by the slow improvement of CNLP's
EBITDA interest cover, which Fitch estimates will remain below 1x
in 2019, largely due to the company's debt-funded expansion
strategy. The Negative Outlook takes into consideration
management's plan to speed up the implementation of an asset-light
strategy and its high execution risks due to the company's short
track record. Any failure in transitioning into a more sustainable
capital structure would lead to interest coverage sustained below
1x and result in further negative rating action. The Outlook also
reflects the potential refinancing risk in light of the large
amount of offshore bonds due in 2019 and 2020. CNLP's ratings are
supported by its robust business profile with a quality investment
portfolio valued at CNY17 billion at end-2018.

KEY RATING DRIVERS

Weak Interest Coverage: CNLP's coverage improved to 0.63x in 2018
from 0.52x in 2017 due to higher occupancy and profitability as
more projects that were completed in 2016 matured. However,
interest expense is likely to continue outpacing the improvement in
recurring income as Fitch forecasts CNLP's recurring EBITDA
interest coverage will remain below 1x in 2019 on the company's
large capex budget, and slower-than-expected ramp up in projects.
Fitch thinks sustained low interest coverage below 1x is not
commensurate with a 'B' rated financial profile.

Evolving Asset-Light Strategy: Fitch believes CNLP's effort in
exploring asset-light businesses may alleviate its interest burden
though its execution track record has been unproven. The company
initiated the asset-light strategy in 2018 by establishing funds
with financial institutions, which help CNLP to monetise its mature
projects through the transfer of minority interests to a core fund,
or achieve faster expansion of its new projects through equity
investment in a development fund. CNLP can also earn management
fees from the funds. Successful execution of the asset recycling
will fund part of CNLP's future capex, and this can improve its
interest coverage to around 1x in 2020.

Capex Pressures Liquidity: CNLP had about CNY2 billion in cash
equivalents as of end-2018, and CNY398 million in undrawn
facilities, which are insufficient to cover the company's CNY2
billion in short-term debt, and its planned capex of around CNY2
billion in 2019 for further expansion. CNLP would have to rely on
refinancing due to its weak internal liquidity generation. However,
Fitch thinks the liquidity pressure will be partially alleviated by
the company's ability to monetise its quality investment
properties, and flexibility to cut capex.

Refinancing Challenges: The company has refinancing plans including
the issue of convertible bonds, equity placements, and asset
disposals to address the refinancing of its USD100 million private
bond due in 2H19 and USD404 million bonds due in 2020, which
together accounted for 45%, or around CNY3.4 billion, of its total
debt of CNY7.7 billion at end-2018. Its CNY3.8 billion in unpledged
quality investment properties at end-2018 can also support
additional bank financing.

Robust Business Profile: CNLP has good-quality assets in terms of
clientele profile and geographic diversification in core tier 1-2
cities in China. About 40%-50% of its completed gross floor area
was in the Yangtze River Delta at end-2018, where the economy is
more vigorous and demand for logistic facilities is stronger. Its
investment-property portfolio enjoys a high occupancy rate of above
90% for stabilised assets (2018: 92%) and a high retention rate of
above 80%. Its tenants include reputable customers with online
retailer JD.com being the largest. However, it has a concentrated
customer base as its top-10 customers consistently comprise more
than 50% of CNLP's revenue.

DERIVATION SUMMARY

CNLP's rating is constrained by its financial profile, although the
company's quality high-end warehouses and robust industry demand
support a business profile that is in line with a 'B+'/'BB-' rating
category. The sustained weakness in recurring EBITDA interest
coverage of only 0.63x at end-2018 means CNLP is reliant on debt to
finance its capex and operating cash flow. CNLP is exploring an
asset-light business model like industry leader GLP Pte. Ltd.
(BBB/Positive), but Fitch believes the strategy has high execution
risk.

CNLP's recurring EBITDA interest coverage is weaker than that of PT
Kawasan Industri Jababeka Tbk (B/Stable), whose interest coverage
hovers consistently above 1x as it has recurring EBITDA that is
generated from its long-term electricity sales and purchase
agreements with Indonesian state-owned electricity company PT
Perusahaan Listrik Negara (Persero) (BBB/Stable).

KEY ASSUMPTIONS

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

  - Occupancy rate for completed and stabilised assets to gradually
improve to 94% in 2019-2021 due to maturity of assets (2018:
92.4%), and effective rent growth of 3% per year;

  - EBITDA margin to improve to 58%-62% during 2019-2021;

  - Capex at CNY2.3 billion in 2019, and CNY1.8 billion each year
from 2020;

  - Cash proceeds of CNY1 billion from asset disposals each year
during 2019-2021 under the asset-light strategy

RATING SENSITIVITIES

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

  - Recurring EBITDA/interest coverage not likely to improve to 1x
in 2020

  - Inability to refinance debt or deterioration in liquidity

Developments That May, Individually or Collectively, Lead to the
Outlook Reverting to Stable

  - Recurring EBITDA/interest coverage reaches 1x in 2020

  - Proven ability to refinance debt and improve liquidity
position

FULL LIST OF RATING ACTIONS

China Logistics Property Holdings Co., Ltd

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

Senior unsecured rating downgraded to 'B-' from 'B' with Recovery
Rating of 'RR4'/100%

USD300 million 8% senior unsecured notes due 2020 downgraded to
'B-' from 'B' with Recovery Rating of 'RR4'



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

ADARSH INFRAINTERIO: CARE Assigns BB+ Rating to INR5cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Adarsh
Infrainterio Private Limited, as:

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


Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of Adarsh Infrainterio
Private Limited (AIPL) are constrained by small scale of operations
with low net-worth base, moderate order book position, working
capital intensive nature of operations and presence in competitive
industry marked by tender-driven nature of operations.

The ratings, however, derive strength from the company's long track
record of operations coupled with operational synergies with group
company, highly experienced promoter, moderately comfortable profit
margins with continuous improvement over last 3 years ended FY18
(refers to the period April 01 to March 31), comfortable capital
structure and debt coverage indicators.

The ability of the company to increase the scale of operations, and
improve profit margins thereby higher capitalization amidst
competitive scenario, maintain the capital structure and improve
the liquidity position by efficiently managing the operating cycle
is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Relatively small scale of operations with low networth base: The
scale of operations of AIPL stood relatively small with the total
operating income ranging from Rs.14-27 crore over FY16-FY18.
However, the same has been continuously increasing over the same
period owing to increase in order receipts from the existing as
well as new customers.

Nevertheless, given the relatively small scale of operations, the
tangible net-worth base also stood small at Rs.7.85 crore as on
March 31, 2018 thereby limiting the financial flexibility of the
company to a greater extent.

Moderate order book position: The order book position of AIPL stood
moderate with open orders totaling to Rs.19.69 crore pending for
execution as on February 11, 2019, of which the ones worth Rs.2.83
crore are to be executed by September 2019, whereas the balance is
expected to be executed latest by June 2019. However, the moderate
order book position enables to company to have a short-term revenue
visibility.

Working capital intensive nature of operations with high amount of
funds blocked in EMDs & retention money: The operations of AIPL are
working capital intensive in nature with a majority of funds of
over 60-85 days blocked in debtors and a small portion of over 1-5
days in inventory. However, given the moderate credit period of
over 60-90 days being extended by the suppliers, the operating
cycle stood negative at 29-35 days over FY17-FY18. Nevertheless,
the operations continue to remain working capital intensive in
nature, given the high amount of funds of over 5-10% of the
contract value held as Earnest Money Deposits (EMDs) and retention
money. Given this, the average utilization in the last 12
months ended December 2018 stood high at ~89%.

Presence in competitive industry marked by tender-driven nature of
operations: AIPL operates in a competitive industry which is driven
by tender-bidding process across the country. Moreover, the reputed
clientele served by the companies adds to the intense competition
prevailing in the industry. Furthermore, the company also faces
competition from the other individual interior designers engaged in
interior decoration on a free-lancing basis. Additionally, the
company also faces intense competition from the other organized &
unorganized players engaged in manufacturing of various types of
furniture.

Key Rating Strengths

Long track record of operations coupled with operational synergies
with group company: AIPL possesses a relatively long track record
of over 9 years of operations in providing turnkey interior & civil
works and manufacturing of furniture.

Moreover, in case of furniture fitouts (depending upon the type of
furniture to be provided), the company majorly relies upon its
sister concern viz. Adarsh Infrainterio (AI), partnered by Mr.
Rambachan Yadav and AIPL; which is engaged in manufacturing of
various types of office furnitures.

Highly experienced promoter in turnkey interior & civil works and
furniture manufacturing: The overall operations of AIPL are looked
after by the promoter--Mr. Rambachan Yadav, who possesses a total
experience of over 32 years in the field of providing turnkey
interior & civil works and manufacturing of furniture. On the other
hand, Ms. Priyanka Yadav has been associated with the Adarsh Group
since last 4 years, whereas she and Mr. Rambachan Yadav have gained
the requisite experience in the due course of their association
with the Adarsh Group.

Moderately comfortable profit margins with continuous improvement
over last 3 years: The PBILDT margin of AIPL stood moderately
comfortable ranging from 11.50-13.50% over FY16-FY18. Moreover, the
same has been continuously improving over the same period owing to
owing to savings in raw material costs on the back of change in the
procurement policy from distributors to the direct manufacturers,
coupled with better realizations garnered on account of increase in
order executions of turnkey interior & civil works rather than
direct furniture sales.

Comfortable capital structure & debt coverage indicators: The
capital structure of AIPL stood comfortable with an overall gearing
of 0.63 times as on March 31, 2018 (vis-a-vis 0.15 times as on
March 31, 2017), given the comparatively low reliance on debt for
funding the working capital requirements. Given this, the debt
coverage indicators also stood comfortable with the total debt/GCA
and interest coverage of 1.98 times and 16.52 times respectively in
FY18 (vis-a-vis 0.38 times and 36.15 times respectively in FY17).

Liquidity Analysis
The liquidity position of AIPL marked by low current ratio &
moderate quick ratio at 1.25 times and 1.22 times respectively as
on March 31, 2018 (vis-à-vis 1.12 times and 1.12 times
respectively as on March 31, 2017). Moreover, the company also
possesses free cash & bank balance worth Rs.2.09 crore as on March
31, 2018. The net cash flow from operating activities stood
negative at Rs.1.16 crore in FY18 (vis-à-vis positive at Rs.3.38
crore in FY17).

Incorporated in 2009 as a private limited company by Mr. Rambachan
Yadav along with his wife Mrs. Suman Yadav, Adarsh Infrainterio
Private Limited (AIPL) is an ISO 9001:2008, ISO 14001:2004, and
OHSAS 18001:2007-certified company engaged in providing interior &
civil construction works and manufacturing of furniture. The
company has undertaken turnkey interior & civil works for various
reputed clientele across various segments all over India, viz.
government authorities, banks, corporates, hotels, showrooms,
airport authorities, auditoriums, educational institutions, etc.

Moreover, the company is also engaged in manufacturing of various
types of furnitures viz. customized, plywood, laminates, block
wood, etc. which is either directly sold to the customers, or
applied in the turnkey interior & civil works, as the requirements
(turnkey interior & civil works comprise ~60% of the annual
revenues during a year, whereas the balance comprise direct
furniture sales). On the other hand, the primary raw materials viz.
plywood, teakwood, laminates, etc. are procured from the local
manufacturers & suppliers of the same mainly based out of Mumbai.
The manufacturing facility of the company is located at Nalasopara
in Thane, Maharashtra; whereas the corporate office is located at
Andheri in Mumbai, Maharashtra.

ADROIT PHARMACEUTICALS: CARE Reaffirms BB- Rating on INR3cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Adroit Pharmaceuticals Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          3.00       CARE BB- Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Adroit
Pharmaceuticals Private Limited (APPL) continues to remain
constrained by its modest scale of operations, moderate profit
margins, leveraged capital structure and moderate debt coverage
indictors. The ratings are further constrained by its working
capital intensive nature of operations, intense competition in the
pharmaceutical industry along with exposure to any adverse
regulatory changes and susceptibility of margins to fluctuations in
foreign exchange.

The above constraints outweigh the comfort derived from the long
track record of the company with experienced promoters and reputed
albeit concentrated clientele base.

The ability of the company to increase its scale of operations and
improve its profitability margins and further improve its capital
structure along with efficient management of working capital
requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operation and moderate profitability margins: The
scale of operation of the company remained Modest with total
operating income (TOI) of Rs.61.90 crore in FY18 (Audited: refers
to a period from April 1 to March 31) and total capital employed of
Rs.13.72 crore as on March 31, 2018. The TOI of the company
increased at a y-o-y growth rate of approximately 19.86% in FY18 on
the back of higher volume sold from pharmaceutical products and
trading of grains, pulses and dal. Also in FY19, the firm has
generated the total operating income of Rs.63 crore. With business
operations, also in trading of agro commodities, entailing low
value additions, the entity's profit margin stood moderate.

Leveraged capital structure and moderate debt coverage indictors:

The relatively low net worth base of the company with total net
worth of Rs.4.20 crore led to increased reliance on debt to support
its business operations, hence resulting in leveraged capital
structure with debt-equity ratio 1.21x and overall gearing of
1.73x. Moreover, due to moderate profitability and high debt
profile, the debt coverage indicators remained moderate.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature with gross
current asset days of 122 days during FY18 with funds majorly
blocked in receivables. The working capital requirements are met by
cash credit facility, average utilization of which remained high.

Susceptibility of margins to fluctuation in foreign exchange: The
Company is exposed to foreign exchange fluctuation with imports
constituting 10% of the total purchases. The company recently
started importing its packaging material from China. The company
has no hedging policy in place and hence the margins are
susceptible to fluctuation in foreign exchange prices.

Intense competition in the pharmaceutical industry along with
exposure to any adverse regulatory changes: The company faces
intense competition in the domestic market due to pricing pressure,
increasing regulation, increased sensitivity towards product
performance which are the key issues in the pharmaceutical
industry. The pharmaceutical industry has been highly regulated
worldwide by virtue of its direct bearing on public health. In
India, too, government policies have played key role in performance
of companies such as explicit control on drug prices in the form of
drug price control order (DPCO).

Key Rating Strengths

Experienced promoters and long track record of the company: APPL is
promoted by Mr. Ravindra K Kukreja, Dr. Abhimanyu H Kukreja, Mr.
Ghanshyam H Kukreja and Mr. Cheturam H Kukreja. Currently the
operations of the company are managed by Mr. Sanjay Kukreja and Mr.
Bhupesh Kukreja who have an average experience of two decades in
the pharmaceutical industry and trading of food grains. They are
ably supported by a team of experienced and qualified
professionals. Further, long experience of the promoters has
supported the business risk profile of the company to a large
extent.

Reputed clientele albeit concentration risk: APPL has a revenue
stream that is moderately concentrated with top five customers
contributing about 55% to the total operating income for FY18.
Further, the company derives majority of its revenue from reputed
government agencies and applies for contracts through tenders
released by government.

Incorporated in the year 1977, APPL is promoted by Mr. Ravindra K
Kukreja, Dr. Abhimanyu H Kukreja, Mr. Ghanshyam H Kukreja and Mr.
Cheturam H Kukreja. The company is engaged in supplying and
manufacturing pharmaceutical products at its manufacturing facility
located at Nagpur, Maharashtra with an installed capacity of
manufacturing 300 lakh tablets, 22.5 lakh capsules, 1.2 litres oral
liquid, 30000 litres ointment and 1 metric tons of medicines per
month. Apart from the same, the company is also engaged in trading
of food grains which contributed approximately 50% to the total
operating income in FY17 while the balance was contributed by
pharmaceutical segment.

ALPEX SOLAR: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Alpex Solar
Private Limited's (ASPL) 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit (Long-term/Short-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating;

-- INR80 mil. Proposed fund-based working capital limit (Long-
     term/Short-term) migrated to non-cooperating category with
     Provisional IND D (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Non-fund-based working capital limit (Short-term)
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR150 mil. Proposed non-fund-based working capital limit
     (Short-term) migrated to non-cooperating category with
     Provisional IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
2, 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 1993, Alpex Solar manufactures photovoltaics solar
panels, solar modules, solar power projects, solar mobile tower
solutions, frameless solar modules, among others. It is the also
the sole distributor for Samsung Knitting Needles Company Limited's
knitting needles in north India.

ARKA CARBON: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arka Carbon Fuels
Pvt. Ltd.'s (ACFPL) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital facilities (Long-
     /Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating;

-- INR1.0 mil. Non-fund-based working capital facilities (Long-
     /Short-term) affirmed with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR200 mil. Proposed bank facilities (Long-/Short-term)
     affirmed with Provisional IND D (ISSUER NOT COOPERATING)
     rating.

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

KEY RATING DRIVERS

The ratings have been affirmed following a confirmation from
ACFPL's lenders that the company is continued to be categorized as
a non-performing asset.

RATING SENSITIVITIES

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

COMPANY PROFILE

ACFPL, part of Swastik Group, is engaged in the business of coal
importing and trading. The company is based out of Indore and is
promoted by Mr. Hitesh Bindal and Mr. Vishnu Bindal.

BHAGWATI RECYCLING: CARE Assigns B Rating to INR18.52cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhagwati
Recycling Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          18.52       CARE B; Stable Assigned


Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of Bhagwati Recycling
Private Limited (BRP) is constrained by implementation risk along
with off take associated with funding risk. The rating is further
constrained by exposure to raw material price volatility and
company's presence in competitive and fragmented industry. The
rating, however, derives strength from experienced promoters.

Going forward, the ability of the company to achieve envisaged
sales of its products at projected sales price and to complete
ongoing project within envisaged time and cost would remain its key
rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

BRPL is planning to establish a new unit in FY20 by installing new
plant and machineries for manufacturing of aluminium billets. The
total cost is envisaged at Rs.13.60 crore which will be funded
through a debt equity mix of 3.1. The debt for the same has not
been tied up and the execution is at very nascent stage. Thus, post
project implementation risk is associated in the form of
stabilization of the manufacturing facilities to achieve the
envisaged scale of business at projected profitability margins in
the light of competitive nature of industry.. The commercial
operations of the unit are expected to commence from December,
2019.

Exposure to raw material price volatility

The main raw material of the company will be aluminium scrap which
are volatile in nature. The company will sources its raw material
on requirement basis from the open market from suppliers/traders
located in various states such as Delhi, Haryana, and Rajasthan at
the prevailing prices. Thus, any adverse change in the prices of
the raw material may affect the profitability margins of the
company

Highly fragmented and competitive nature of industry The industry
in which the company operates is highly fragmented and competitive
marked by the presence of numerous large and small players in
India. Hence, the players in the industry do not have any pricing
power and are exposed to competition induced pressures on
profitability. This apart, its products are subjected to the risks
associated with the industry like cyclicality and price
volatility.

Key Rating Strengths

Experience of promoters

BRPL was promoted by Mr. Arpit Aggarwal and Ms. Purty Aggarwal.
Both the promoters are graduate by qualification and having an
industry experience of around 9 years and 3 years respectively in
the industry through their association with BRPL and a group
concern, Balaji Aluminium Extrusions Private Limited (BAEPL).

Bhagwati Advisory Services Private Limited was incorporated by
Arpit Aggarwal and Ankur Aggarwal in January, 2007 as a private
limited company with the objective of providing financial
consultancy services. Later in August, 2018 the company renamed as
Bhagwati Recycling Private Limited (BRPL) and currently being
managed by its promoters i.e. Arpit Aggarwal and Purty Aggarwal.
BRPL has its manufacturing facility based at Jhajjar, Haryana for
manufacturing of aluminium billets with a proposed installed
capacity of 6000 metric tonne per annum. The commercial operations
of the unit are expected to commence from December, 2019.

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

The instrument-wise rating action is:

-- INR75 mil. Fund-based working capital migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
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 2013, Bengaluru-based CBSI India is a manpower
supplier for the backend processes of IT firms in India. Its major
customers include IBM India Private Limited, Wipro Limited,
Mindtree Ltd, Cognizant Technology Solution India Private Limited
and Capgemini India Private Limited.

CHOUDHERY CHEESE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Choudhery Cheese Bazar Private Limited

        Registered office:
        K-23, Ground Floor
        Kailash Colony
        New Delhi 110048

Insolvency Commencement Date: April 23, 2019

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

Estimated date of closure of
insolvency resolution process: October 20, 2019
                               (180 days from commencement)

Insolvency professional: Ravi Bansal

Interim Resolution
Professional:            Ravi Bansal
                         308, Adarsh Complex 03, Community Centre
                         Wazirpur Industrial Area
                         Delhi 110052
                         E-mail: ravibansalca@yahoo.com
                                 cirp.chaudherycheese@gmail.com

Last date for
submission of claims:    May 17, 2019


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

The instrument-wise rating action is:

-- INR1.75 mil. Term loan due on March 2020 - December 2028
     migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 5, 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 2005, Cybercity Builders & Developers is engaged in
the construction of residential and commercial projects. Its
upcoming projects have a saleable area of 5.12 million square feet
and ongoing projects have a total saleable area of 5.29 million
square feet.

In addition, it has two 5MW capacity solar power plants, one each
in Yadagirigutta and Shamshabad. The plants have a 25-year offtake
agreement with Telangana State Southern Power Distribution Company
Limited. The agreement came into effect from 2016.

D.D. AGRO: CARE Maintains BB- Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of D.D. Agro
Industries Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     17.29      CARE BB-; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 22, 2018, placed
the rating(s) of D.D Agro Industries Limited (DDA) under the
'issuer non-cooperating' category as DDA had failed to provide
information for monitoring of the rating. DDA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 02,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 22, 2018 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Small scale of operations

The scale of operations of the company has remained small in the
past. The small scale limits the company's financial flexibility in
times of stress and deprives it from scale benefits.

Elongated operating cycle and weak total debt to GCA

The average operating cycle of the company stood elongated at 200
days as on March 31, 2018. Furthermore, the total debt to GCA also
stood weak as on March 31, 2018.

Highly competitive industry along with susceptibility to volatility
in prices of raw materials DDA operates in highly fragmented
industry which has large number of organized and unorganized
players leading to intense competition. As such, good customer
relations and quality maintenance are significantly important for
business growth. Presence of large number of entities in both
organised and unorganised sector with low entry barriers results in
intense competition in manufacturing of pharmaceutical and
industrial chemicals. Zinc ash and PET resin are the primary raw
materials required for production of Zinc oxide and PET preforms.
Any wide fluctuation in price of its key raw material and inability
to timely pass on the complete increase in the prices to its
customers is likely to affect its profitability margins.

Key Rating Strengths

Experienced management and established track record of entity

The company was incorporated in April, 1999 and is being managed by
Mr Amritdeep Singh and Mr Dinesh Kumar. Mr Amritdeep Singh and Mr
Dinesh Kumar have total work experience of around two decades. The
directors have accumulated this experience through their
association with DDA and another group concern namely Angle
Overseas private limited, incorporated in 2005 and is engaged in
manufacturing of bottles.

Moderate profitability margins and capital structure

The profitability margins of the company stood moderate as
indicated by PBILDT margin and PAT margin of 10.05% and 0.54%
respectively in FY18. DDA has moderate capital structure with
overall gearing ratio, as on March 31, 2018.

D.D. Agro Industries Limited (DDA) was incorporated in April, 1999
and is being managed by Mr Amritdeep Singh, Mr Dinesh Kumar and Mr
Kamaljeet Kaur. DDA is engaged in the manufacturing of PET preforms
and chemicals like zinc sulfate and zinc oxide. Zinc oxide is used
as an additive in numerous products including rubbers, plastics,
ceramics, glass, cement, lubricants, paints, ointments and
batteries. Zinc sulfate is used as an electrolyte for zinc plating,
as a mordant in dyeing, as a preservative for skins and leather
while PET preforms is used mainly in textile and packaging
industry. The company has its two manufacturing facilities located
at Ludhiana, Punjab and Samba, Jammu & Kashmir with total installed
capacity of manufacturing 3744 metric tonne of Zinc sulphate, 3744
metric tonne of Zinc oxide and 4728 metric tonne of PET preforms
per annum as on March, 2017.

DHANDA BREEDING: CARE Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dhanda
Breeding Farm Private Limited continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank    6.64        CARE B+; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 26, 2018, placed
the ratings of Dhanda Breeding Farm Private Limited (DBF) under the
'issuer non-cooperating' category as DBF had failed to provide
information for monitoring of the rating.

DBF continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated April 22, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 26, 2018 the following were
the rating strengths and weaknessess:

Key rating Weaknesses

Small scale of operations with low net worth base Despite being in
operations for more than one decade, the company's scale of
operations has remained small marked by Total Operating Income
(TOI) of Rs. 21.73 crore in FY18 (FY refers to the period April 01
to March 31). The small scale of operations limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.

Susceptibility of margins to fluctuation in raw material prices
DBF's profitability is vulnerable to the volatility associated with
feed prices. Maize is the primary source of energy whereas soybean
is the primary source of protein for chicks. Maize is relatively
grown in smaller quantity in India and being a rain-fed crop, any
failure in monsoon can materially impact the harvest and prices of
maize. In case of soybean, although there is adequate availability,
its prices remain volatile in relation to movement in global prices
and production.

Inherent risk associated with poultry industry coupled with high
competition from local players The Poultry industry is driven by
regional demand and supply because of transportation constraints
and perishable nature of the products. Low capital intensity and
low entry barriers facilitate easy entry of players leading to a
large unorganized sector. Diseases can also impact production of
healthy chicks. Furthermore, the poultry industry is highly
fragmented and competitive marked by the presence of numerous
players in India.

Key Rating Strengths

Experienced promoters and long track record of operations of the
entity DBF is engaged in the business of poultry farming since last
13 years which has resulted in established relationship with
both suppliers and customers. The company is currently being
managed by Mr. Devvert Dhanda and Mrs. Raj Bala. Both have an
experience of more than a decade which they have accumulated
through their association with DBF.

Moderate profitability margins

The PBILDT margin of the company stood moderate during last three
financial years.

Comfortable overall solvency position

The capital structure of the company stood comfortable, as on March
31, 2018. Furthermore, the debt coverage indicators also stood at a
comfortable level, as on March 31, 2018.

Dhanda Breeding Farm Private Limited (DBF) was incorporated in 2003
as a private limited company by Mr. Devvert Dhanda and his wife,
Mrs. Raj Bala. DBF is engaged in poultry farming business which
involves growing of 1 day chick into egg laying birds and then
their eggs are incubated till the chicks are produced (incubation
time is 21 days), at its poultry farm located in Jind, Haryana. The
company has total breeding capacity of about 1,00,000 layer birds
per batch as on December 31, 2017.

DIGJAM LIMITED: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Digjam Limited
        Aerodrome Road, Jamnagar
        Jamnagar GJ 361006 IN

Insolvency Commencement Date: April 26, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 22, 2019
                               (180 days from commencement)

Insolvency professional: Parag Sheth

Interim Resolution
Professional:            Parag Sheth
                         404, Sachet II
                         Opp. GLS University
                         Maradia Plaza Lane
                         C.G. Road
                         Ahmedabad 380006
                         E-mail: pksheth@hotmail.com
                                 irp.digjamlimited@gmail.com

Last date for
submission of claims:    May 20, 2019


DWARKA TEXTILE: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------------
Dwarka Textile Park continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      14.60       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 20, 2018, placed
the rating of Dwarka Textile Park (DTP) under the 'issuer
non-cooperating' category as DTP had failed to provide information
for monitoring of the rating as agreed to in its Rating Agreement.
DTP continues to be non-cooperative despite repeated requests for
submission of information through email letter dated May 06, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in the rating takes into account the on-going delays
in debt repayment obligation.

Detailed description of the key rating drivers

Delay in servicing of debt obligations: As per the interaction with
the banker, there are ongoing delays in repayment of term loans.

Analytical approach: Standalone

DTP was established in the year 2014 and is promoted by Mr. Deepak
Samandariya and Mr. Gokul Marda. The firm is in process of setting
up a terry towel manufacturing unit having four sections for cone
dyeing, fabric dyeing, sizing and printing of the yarn. The
manufacturing facility of the firm is located at Solapur with a
proposed installed capacity of 3,12,000 kg for cone dyeing;
9,36,000 kg for fabric dyeing; 12,48,000 kg for sizing section;
4,68,000 kg for printing section. The total cost of the project is
estimated at Rs.19.75 crore.

The promoters are also associated with four group entities namely,
Om Enterprises, M/s Shreyas Gokul Marda, M/s Shivohum Textiles, and
M/s Marda Textiles. The group entities are engaged in the similar
business as of DTP.

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

The instrument-wise rating actions are:

-- INR20.71 mil. Term loan due on December 2021 Migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR34 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR11 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Geetanjali Graphics has an installed printing capacity of 20 tons
of paper per day.

H.Q. LAMPS: CARE Maintains BB Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of H.Q. Lamps
Manufacturing Company Private Limited continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank    30.00        CARE BB; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from H.Q. Lamps Manufacturing
Company Pvt. Ltd. to monitor the rating vide e-mail
communications/letters dated April 16, 2019; March 15, 2019;
February 15, 2019; January 07, 2019 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

The ratings on HQLM's bank facilities will now be denoted as CARE
BB; ISSUER NOT COOPERATING / CARE A4; ISSUER
NOT COOPERATING.

Detailed description of the key rating drivers

Key Rating Weaknesses

Working capital intensive nature of business

The company's business operations are working capital intensive.
The operating cycle improved to 60 days as on March 31, 2018 as
compared with 60 days as on March 31, 2017. The improvement is on
account of increase in payables period.

Also, the collection period and Inventory holding period for the
company are high with 113 days and 93 days respectively as on March
31, 2018.

Susceptible to forex fluctuations

HQLM sources a substantial part of its raw material requirements
through imports. These imports are largely from Taiwan and China.
The finished product is completely sold in the domestic market.
With initial cash outlay for procurement in foreign currency and
significant chunk of sales realization in domestic currency, the
company is exposed to the fluctuation in exchange rates which the
company does not hedge. Though the company tries to pass on the
price and currency volatility to the end users, any sharp
fluctuations in the currency markets may put pressure on the
profitability of the company which already has quite low PAT
margins.

The company further remains susceptible to adverse impact on its
business risk profile owing to any changes in the government
policies regarding imports from countries like China and Taiwan.

Highly fragmented industry with a large number of unorganised
players

The electronic manufacturing industry is a highly fragmented
industry with a large number of unorganized players. Some of the
leading players in the industry include Phillips, Surya Roshni ltd,
Havells, Osram etc. The increase in the size of the industry has
led to increase in contract manufacturers leading to high
competitive intensity; however HQLM has established good relations
with its customers.

Key Rating Strengths

Experienced promoters

The HQLM's promoters have a considerable experience of over 15
years in the manufacturing and trading of CFLs and LEDs. The
promoters of the company, Mr Rakesh Goel and Mr Mukesh Goel are
associated with the company since its inception in 2007. Prior to
this, from the year 2000, they were engaged in trading of CFLs and
in 2003 they established CFL manufacturing plant at Haridwar.

Average financial risk profile

The company has average financial risk profile as exhibited by
fluctuating scale of operations, moderate profitability, high
overall gearing and low debt coverage indicators. The company's
operating income has registered a y-o-y growth of 1.96% during FY18
to Rs. 274.18 crore from Rs. 268.91 crore in FY17. The PBILDT
margins of the company improved to 6.52% in FY18 as compared with
4.62% in FY17.

The overall gearing of the company improved to 0.67x as on March
31, 2018 as compared with 0.88x as on March 31, 2017.

Wide marketing network with reputed client base

The company is OEM supplier to leading players in industry like
Philips, Syska, Khaitan Electrical Ltd, Osram Pvt Ltd, Crompton
Greaves Ltd, Ajanta India Ltd, Wipro Enterprises etc and also
retails its products under the brand name "Subah". The company
markets its product to dealer and distributor through extensive
network of branches scattered all over India (UP, Chandigarh,
Ahmedabad, Bangalore, Chennai, Jaipur, Chandigarh, Lucknow, Pune,
Delhi-NCR,etc), having access to nearly 400 retailers.  

H.Q Lamps Manufacturing Co Private Limited is a private limited
Company incorporated on 28th October, 2014 to carry on the business
of manufacturing a range of LED lights, compact fluorescent lamps
(CFLs), PLC tube and CFL Fittings. The root of the company goes
back to the year 2007 when a partnership  firm was established by
the promoters Mr. Mukesh Goel and Mr. Rakesh Goel which later got
converted into a private limited company under the same name i.e
M/s H.Q Lamps manufacturing Co Private Limited and the company
continued carrying on the same business.

The company's manufacturing unit manufactures more than 50 types of
LED's & CFLs with production capacity of 2 lakh units per day.
Apart from selling to OEM's such as Philips, Syska, Khaitan, etc ,
the company also sells directly in market under the brand name
"Subah" through their distribution network. The company is catering
to the requirement of domestic and industrial segments all over
India.

HRV GEMS: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed H R V Gems' (HRV)
Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR60.00 mil. Fund-based working capital limits affirmed with
     IND BB-/Stable/IND A4+ rating; and

-- INR7.50 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects HRV's continued small scale of operations,
despite a surge in revenue to INR867 million in FY18 (FY17: INR305
million), driven by an increase in export orders. As per FY19
provisional financials, HRV achieved revenue of INR1,180 million.
As of 30 April 2019, it had an order book of INR134 million, likely
to be completed by end-May 2019.

The ratings also remain constrained by the company's modest credit
metrics. Net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 3.24x in FY18 (FY17: 0.22x) and interest coverage
(operating EBITDA/gross interest expense) to 3.69x (4.9x), mainly
due to an increase in short-term debt to INR83 million (INR2.80
million) for meeting its working capital requirements. Although, it
relies on external funding will rise with a likely growth in its
scale of operations.

The ratings also reflect HRV's tight liquidity position as
indicated by full utilization of its fund-based working capital
limits during the 12 months ended March 2019 due to the working
capital intensive nature of business. At FYE18, the company had a
cash balance of INR3 million (FYE17: INR 1.18 million). Cash flow
from operations remained negative at INR74.89 million in FY18
(FY17: negative INR 6.67 million), mainly due to elongation of its
working capital cycle to 58 days (44 days). The ratings also factor
in the partnership structure of the business.

However, the ratings are supported by HRV's healthy EBITDA margin
of 2.84% in FY18 (FY17: 2.46%). Its return on capital employed was
18% in FY18. The company's absolute EBITDA surged to INR24.62
million in FY18 (FY17: INR7.51 million) on account of the
improvement in revenue.  

RATING SENSITIVITIES

Negative: Any decline in the revenue and the EBITDA margin leading
to further weakening of the credit metrics would be negative for
the ratings.

Positive: Any further rise in the revenue and the EBITDA margin
leading to any improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

HRV was registered in February 2016 by Pravinbhai Kevadiya, Rajesh
Vithalbhai Kevadiya, and Valjibhai Vithalbhai Kevadiya. The firm
imports manufacture and sells diamonds.

JAYPEE INFRATECH: Creditors Seek Clarity on NBCC's Revised Bid
--------------------------------------------------------------
Kailash Babar at The Economic Times reports that the Committee of
Creditors (CoC) will take a final call on state-run NBCC's revised
bid for the beleaguered realty developer Jaypee Infratech on May 14
after the bidder offers further clarity sought by lenders on its
proposal, said two persons with direct knowledge of the
development.

Financial creditors, in a meeting held on May 9, sought further
clarity from NBCC over its revised bid, The Economic Times
discloses.

"The queries are related to specific financing of the resolution
proposal for the debt-hit Jaypee Infratech.  Apart from this, the
lenders are also seeking clarity on unsold inventory to be picked
up the lenders, timing of monetization, price at which this
inventory will be transferred to lenders, etc," The Economic Times
quotes said one of the persons as saying.

While the CoC will send its specific queries to NBCC by Friday
evening, May 10, the bidder is expected to submit its responses by
Monday evening, May 13, The Economic Times notes.  These responses
are expected to provide lenders clarity on the bid and enable a
final decision in the next CoC meeting to be held on Tuesday, May
14.

                     About Jaypee Infratech

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

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

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

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

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

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


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

The instrument-wise rating action is:

-- INR4.0 bil. Fund-based working capital limits (Long-term) A
     affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR16.0 bil. Non-fund-based working capital limits (Short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR2.80 bil. Term loan (Long-term) due on March 2020 affirmed
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed term loan (Long-term) affirmed with
     Provisional IND D (ISSUER NOT COOPERATING) rating.

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of the financial and credit profiles of JBF and its subsidiary JBF
Petrochemicals Ltd ('IND D (ISSUER NOT COOPERATING)') and associate
concerns JBF RAK LLC, JBF Global Europe BVBA and JBF Bahrain SPC,
together referred to as JBF Group, to arrive at the ratings.

KEY RATING DRIVERS

The affirmation reflects JBF group's continued delays in debt
servicing since the last review. This is on account of significant
deterioration in the group's financial risk profile, resulting from
losses in overseas operations and continuous delays in the
commencement of operations at its purified terephthalic acid plant.
Furthermore, according to the latest financial statements of the
company, one of the lenders and one of the operating creditors of
the company have applied before National Company Law Tribunal under
the Insolvency and Bankruptcy Code, 2016.

RATING SENSITIVITIES

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

COMPANY PROFILE

JBF group is a leading producer of polyester and other related
products in the polyester value chain. Its production capacity is
about 1.9mtpa, which would increase to 3.2mtpa once the purified
terephthalic acid plant commences operations. The group operates
out of three domestic facilities, one in Gujarat and two in
Silvassa, and three international facilities, one each in the UAE,
Belgium, and Bahrain.

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

The instrument-wise rating action is:

-- USD416 mil. External commercial borrowings* (Long-term/Short-
     term) due on April 2025 affirmed with IND D (ISSUER NOT
     COOPERATING) rating.

* Including USD326.96 million sub-limit of letter of credit/bank
guarantee

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

Analytical Approach: Ind-Ra continues to take a consolidated view
of the financial and credit profiles of JBF Petro and its ultimate
parent, JBF Industries Limited ('IND D (ISSUER NOT COOPERATING)')
and associate concerns JBF RAK LLC, JBF Global Europe BVBA and JBF
Bahrain SPC, together referred to as JBF Group, to arrive at the
ratings.

KEY RATING DRIVERS

The affirmation reflects continuous delays in the commencement of
JBF Petro's purified terephthalic acid plant and the resultant
tight liquidity position leading to the non-servicing of debt.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in FY11, JBF Petro was set up to execute JBF group's
backward integration project of a 1.25mtpa purified terephthalic
acid plant in Mangalore.

JET AIRWAYS: HDFC Puts Up Office Space for Sale, May 15 Auction
---------------------------------------------------------------
The Economic Times reports that mortgage lender HDFC has put up
crisis-hit Jet Airways office space for sale with a reserve price
of INR245 crore, as part of efforts to recover outstanding dues.

Jet Airways, which temporarily shuttered operations on April 17,
owes around INR414crore to HDFC, The Economic Times discloses.

"The borrower (Jet Airways) has failed to repay the amount
(INR414.80 crore) due to HDFC Ltd. Accordingly, HDFC Ltd has become
entitled to enforce its mortgage over the immovable property," The
Economic Times quotes HDFC as saying in a public notice.

The office, spread over 52,775 square feet carpet area, in Mumbai's
suburban financial centre Bandra Kurla Complex (BKC), is on the
fourth floor of the building 'Jet Airways Godrej BKC', The Economic
Times notes.

The e-auction of the office, with a reserve price of INR245 crore,
is scheduled for May 15, The Economic Times relays, citing the
public notice.

The distressed airline, which had more than 120 planes in its
fleet, has been grappling with financial woes, The Economic Times
relates.  The full service carrier has defaulted on various
payments, including salaries to employees, The Economic Times
states.

According to The Economic Times, as part of a resolution plan,
State Bank of India-led consortium of domestic lenders have sought
bids for stake sale in the airline.

                       About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited provides
passenger and cargo air transportation services.  It also provides
aircraft leasing services. It operates flights to 66 destinations
in India and international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2019, Reuters said Jet Airways Ltd on April 17 halted all
flight operations after its lenders rejected its plea for emergency
funds, potentially bringing the curtains down on what was once
India's largest private airline.

Lenders of Jet Airways led by SBI are currently in the process of
selling the airline to recover their dues of over INR8,400 crore,
The Economic Times discloses.  Private equity firm TPG Capital,
Indigo Partners, National Investment and Infrastructure Fund (NIIF)
and Etihad Airways are in the race to buy a stake in the grounded
Jet Airways, ET says.  

JOONKTOLLEE TEA: CARE Assigns BB+ Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Joonktollee Tea & Industries Ltd, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.00       CARE BB+; Stable Assigned


Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of Joonktollee Tea &
Industries Ltd (JTIL) constrained by continuous decline in profit
leading to losses at operating level, small scale of operations,
labour intensive nature of industry and agro climatic risk. The
ratings, however derives comfort from long experience of the
promoters in the tea industry, geographic and product
diversification, regular support from promoter group and
comfortable capital structure.

The ability of the company to improve profitability and manage
liquidity are key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Income from operation has been range bound in the last 3 years in
the range of Rs.100 cr to Rs.111 crore.

The profitability of the company has witnessed deterioration over
the last 3 years (FY16 to FY18) mainly due to upward revision in
wage rates retrospectively in south India This apart the wages have
also been revised in Assam from FY18 onwards. Further the average
realizations of tea have remained subdued and witnessed decline
over last three years.

Accordingly high labor cost coupled with declining realizations
impacted the profitability.

In 9MFY19,profitability impacted due to due floods in Kerala in
August 2018.

Despite losses the company is able to repay term debt and interest
obligation by calling back the loan and advances, and also by
dilution of stake in its subsidiary and has also reduced its cash
and liquid investment. Though company incurred losses in past, the
performance is expected to improve as company expects going forward
to generate income from selling of old rubber trees, venture into
blending and export of tea. Further it is also in the processes to
commence manufacturing of orthodox tea and to launch its own brand
packet tea wherein it expects better margins.

Small scale of Operations Assam gardens are known for deep and
pungent flavoured CTC black tea. Despite this JTIL faces intense
competition from the other tea manufacturers in the region who have
much larger scale of operations. India, being the largest producer
of black tea, produced 1322 million kg as against 1267 million kg
during the year 2017. Production scale of JTIL remains small.

Labor intensive nature of industry

The nature of the tea industry makes it highly labour intensive,
entailing around 40%-45% of cost of sales (excluding cost of bought
leaf) by way of salaries & wages and various employee welfare
facilities during the last 3 years (FY16-FY18).  Any significant
increase in wages with no corresponding increase in tea price
realization and output may negatively impact the profitability
margin in the future.

Agro climatic risk

Majority of tea estates are located in Assam, which has witnessed
erratic weather conditions in the past. It has experienced drought
during 2008, pest attack in 2010, heavy rainfall in 2012, and a
delay in monsoon during 2014. This apart, Assam experienced heavy
rains during FY18 led to in the flooding and waterlogging.
Accordingly, JTIL 's profitability is highly susceptible to
vagaries of nature.

Liquidity

The liquidity position of the company remained stretched owing to
cash losses being reported by the company coupled with term loan
repayment obligation being in place. However liquidity is supported
by divestment in subsidiaries to group companies and calling back
of loans and advances from group companies.

Key Rating Strength

Long experience of the promoters in the tea industry JTIL is
currently promoted by the Bangur family of Kolkata who acquired the
company in 1954. Initially company had one Tea estate in upper
Assam and gradually acquired other estates, now JTIL owns around
five tea estate in North India and around seven estates in South
India for production of tea, rubber and coffee. Currently the
affairs are looked after by Mr. Hemant Bangur who has an experience
of around two decade in the tea industry. He is the past President
of Tea Association of India. Apart from tea, rubber and coffee, the
group has presence in Jute industry through other group companies.

Geographic and product diversification

JTIL has presence in East India as well as South India, as it has
its estates situated in Assam, Karnataka and Kerala. Since JTIL is
exposed to agro climatic risk, geographic diversification helps the
company mitigate the risk associated with any vagaries of nature or
any epidemic which might impact any particular region.

The product profile of the company is well diversified as JTIL is
involve in the business of tea, coffee and rubber with tea & rubber
account for around 79% and 16% respectively in FY18.

Regular support from promoter group

JTIL has been reporting losses at PBILDT level and cash losses
during FY17, FY18 & 9MFY19. However despite such losses, it has
been able to timely meet is debt servicing obligation by regular
support from promoters coupled with relying on free cash & liquid
investments. The support from the promoter group has been in the
form of calling back of loans and advances to group companies
aggregating Rs.10cr in FY18 and by selling of stake in its
subsidiaries to promoter group companies.

The free cash & liquid investment has reduced from Rs.14cr as on
Mar'16 to Rs.8.8cr as on Mar17 and further to Rs.2.8cr as on
Mar'18.

Comfortable Capital Structure

JTIL's overall gearing improved from 0.52x as on March 31, 2016 to
0.41x as on March 31, 2018 on account of decrease in the reliance
on short-term borrowings in FY18 as well as due to decrease in term
loan. Total Debt/GCA has remained vulnerable due to cash losses
reported in FY17 & FY18.

Analytical approach: Consolidated. While arriving at the rating,
consolidated financial statement of JTIL has been considered which
includes three subsidiaries, namely, Keshava Plantation Pvt Ltd
(KPPL), Cowcoody Builders Pvt Ltd and Pranav Infradev Company Pvt
Ltd. While KPPL is engaged in manufacturing of Tea, the other two
subsidiaries do not have much of operations and have mostly real
estate investments

The Joonktollee Tea Co. Ltd. was promoted by John Elliot Esq. in
August, 1874 to manage the affairs of a small Tea Estate in Upper
Assam. Later in 1920's the John Elliot Esq. handed over the
management and control to the managing agency of Kettlewell Bullen
& Co. Ltd. Subsequently, in the year 1954, Bangur family acquired
the managing agency and the company and since then the company has
been under the management of Gopal Das Bangur group. The name of
the Company was changed to "Joonktollee Tea & Industries Ltd"
(JTIL).  The group is primarily into jute, tea, coffee, rubber, and
paper businesses. Gloster Limited; the flagship company of the
group is engaged in jute business.

LEVRAM LIFESCIENCES: CARE Assigns BB Rating to INR5cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Levram
Lifesciences Private Limited, as:

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


Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of Levram Lifesciences
Private Limited (LLPL) continues to be constrained by its small
scale of operations coupled with moderate profit margins, working
capital intensive nature of operation and moderate liquidity
position. The rating further continues to be constrained by its
presence in fragmented and competitive nature of Industry, foreign
exchange fluctuation risk and volatility in input prices.

The rating however, continues to derive strength from experienced
and resourceful promoters, location advantage, global potential
growth for vacuum blood collection tube market and comfortable
capital structure and weak debt coverage indicators.

The ability of the LLPL's to increase its scale of operation while
improving its profitability margins and capital structure along
with its ability to manage its working capital effectively are the
key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Small scale of operations coupled moderate profit margins: The
scale of operation grew on y-o-y growth of 215.20% with total
income of Rs.25.72 crore in FY19 (provisional results) {{vis-à-vis
Rs.8.16 crore in FY18 (Audited results)} owing to increase in
volume of goods sold during the year due to higher demand received
from existing customers and addition of new customers. Further with
the growth in scale of operation and improved realizations it
posted operating and net profit margin and the same stood moderate
as against loss in FY18 (audited). Further it posted cash profit of
Rs.3.08 crore in FY19 (Prov.). Small scale of operations limits the
company's financial flexibility in times of stress and deprives it
from scale benefits.

Working capital intensive nature of operation: The operations of
LLPL's are highly working capital intensive with majority of funds
are blocked in inventory as company maintains higher raw material
inventory in anticipation of future orders. On the other hand the
company receives the credit period of around 60 days from its
suppliers whereas the company receives advance payment from its
customers, As a result of the same the average utilization of the
working capital limits remained 70% for the last 12-months period
ended March, 2019.

Moderate liquidity position: The liquidity position of the company
stood moderate during FY19 marked by comfortable current ratio of
1.27x and weak quick ratio 0.75x as on March 31, 2019 (provisional)
on account higher inventory period.

Further the investment in net working capital as a percentage of
total capital employed stood at 32.58% as on March 31, 2019
(provisional), whereas the net cash flow from operating activities
stood positive, the unencumbered cash & bank balance was around
Rs.0.06 crore as on Mar 31, 2019 (provisional).

Presence in fragmented and competitive nature of Industry: The
fortune of company is linked with demand of medical products from
healthcare institutes and hospitals. LLPL is operating in
competitive and fragmented nature of industry due to presence of
multiple players offering similar range of products. Additionally,
the company has limited bargaining power with big players operating
in the market.

Foreign exchange fluctuation risk: LLPL imports raw material
(mainly plastic granules, rubber and chemicals etc.) from china and
rest procures from local market, thereby exposing LLPL to
volatility in foreign exchange rates. The company doesn't have any
policy to hedge its foreign currency risk. However, being importer
and exporter, the foreign currency risk is partially mitigated
through a natural hedge.

Volatility in input prices: The PP (Polypropylene) granule is the
key raw material in plastics healthcare disposables items, the
prices of which are highly volatile, since it is a crude oil
derivative. Also, LLPL does not have any long term contracts with
the suppliers for its basic raw material like plastic, rubber and
chemicals. Consequently, any sudden spurt in the raw material
prices could adversely affect the profitability margins of the
company.

Key rating Strengths

Experienced and resourceful promoters: LLPL is managed by Mr.
Siddhant Vikram Saboo (CEO) having around 2 years of experience in
plastic industry, Ms. Rupa Surendra Panalal (Director) having 28
years of marketing experience and Mr. Rakesh Shridas Damani
(Director) having 30 years of experience in medical industry.
Further, the promoters are supported by an experienced team of
management personals having significant experience in the relevant
area of business operations (medical equipment's). Further LLPL
receives operational support in the form of infusion of preference
share capital from Gulnar Plastics Private Limited managed by
similar management (Namely Mr. Siddhant Saboo & Mrs. Rupa
Pannalal).

Location advantage: Silvassa has large number of factories and
industries providing significant revenue, which allows the city to
maintain a low level of Taxation. LLPL is accruing benefits due to
its manufacturing plants located in Silvassa (Dadra & Nagar Haveli)
which are well connected to roadways as the units are situated on
State Highway. They are benefited by the infrastructural facilities
and location advantage for sourcing of raw materials and selling
the product in the market.

Global potential growth for Vacuum blood collection tube market:
The global market for blood collection and processing suppliers is
projected to reach US$ 15.4 billion by 2022, driven by aging
population, growing demand for safe and highquality blood products,
technological advancements and launch of innovative products.
Further stringent regulations along with the increased focus of
medical device manufactures on developing automated, improved
solutions to collect, process and store blood and its components
will continue to fuel growth in market.

Comfortable capital structure and weak debt coverage indicators:
LLPL's capital structure continues to remained comfortable in FY19
(provisional results) owing to accretion of profits to reserves
however the same has deteriorated marginally and stood at 0.52x
times as on March 31, 2019 (provisional) {vis-à-vis 0.37x times as
on March 31, 2018 (audited)} on account of infusion of unsecured
loans amounting to Rs.2.93 crore to support the growing scale of
operations. Further owing to positive cash accruals and low
interest cost the company's debt coverage indicators remained
comfortable marked by total debt to GCA at 2.16x times and interest
coverage ratio at 10.95x times in FY19 (provisional results)

"Levram Lifesciences Private Limited (LLPL)" was incorporated on
August 21, 2015, and is engaged in the business of manufacturing of
different kinds of healthcare disposables like Blood Collection
Tubes (Vacuum & Non-Vacuum), EDTA Tube, Clot Activator Tube,
Fluoride Oxalate Tubes, Gel Tube, Heparin Tube etc. LLPL's operates
through its manufacturing facility located at Silvassa, possessing
installed capacity of approx. 180 million blood collection tubes
per annum, which is utilized around 75% as on March 31, 2018.
LLPL's manufacturing facilities are ISO 9001:2015 and ISO
13485:2013 certified company and its products are "CE" certified
(required for products to be commercially used in European Economic
Area, EEA). Further LLPL import raw material (mainly plastic
granules, rubber and chemicals etc.) primarily from China and rest
procures from local market. Further LLPL generated ~100% of its
revenue from domestic market.

MEWAR FABRICS: CARE Maintains B Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mewar
Fabrics Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank    7.28         CARE B; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Mewar Fabrics Private
Limited (M), to monitor the rating vide e-mail communications/
letters and numerous phone calls. However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, MFPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on MFPL's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of continues decline in
TOI with low profitability margins, weak solvency postion and
stressed liquidity position.

Further, the rating continuous to remain constrained mainly on
account of presence in a highly competitive and fragmented textile
industry and vulnerability of margins to fluctuation in raw
material prices.

The ratings, however, continue to derive strength from the
experienced promoters with established track record of operations
and location advantage by virtue of being situated in textile
cluster of Bhilwara.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continues decline in TOI with low profitability margins

During FY18, TOI of the company declined by 12.58% over FY17 and
registered TOI of Rs.6.60 crore. PBILDT margin
improved by 4.05 bps and stood at 9.32% in FY18. However, PAT
margin stood negative on account of higher depreciation and
interest cost.

Weak solvency position

The capital structure remained weak with overall gearing of 5.36
times as on March 31, 2018 as against 4.48 times as on March 31,
2017. Further the total debt to GCA remained weak at 22.52 times in
FY18 as against 10.34 times in FY17 mainly due to decline in GCA
level.

Stressed Liquidity position

The liquidity position of the company remained elongated as
reflected by operating cycle of 85 days in FY18, improved from 85
days in FY17. The current and quick ratio of the company stood
below unity level at 0.77 times and 0.56 times respectively as on
March 31, 2018. Further it has cash and bank balance of Rs.0.50
crore as on March 31, 2018.

Presence in a highly competitive and fragmented textile industry
and vulnerability of margins to fluctuation in raw material prices

MFPL has presence in the textile industry which is highly
fragmented and competitive with presence of numerous independent
small scale enterprises owing to low entry barriers leading to high
level of competition. Smaller companies are more vulnerable to
intense competition and have limited pricing flexibility, which
constrains their profitability as compared to larger companies who
have better efficiencies and pricing power considering their scale
of operations. The main raw material of the company is polyester
yarn which it procures local Bhilwara market and nearby areas. The
prices of yarn are in fluctuating trend and hence, the
profitability of the company is vulnerable to any adverse movement
in the raw material prices.

Key Rating Strengths
Experienced promoters with established track record of operations

The overall affairs of the company are looked after by Mr.
Shailendra Agarwal, director along with Mr. Sanjay Nenawati,
director, who have been engaged in the textile industry since the
company's inception, translating to around three decades of
experience in the industry. Further, the directors are supported by
family members as well as by team of qualified managerial personnel
having long standing experience in the industry.

Location advantage by virtue of being situated in textile cluster
of Bhilwara The main raw material of the company is polyester yarn.
The company is located at Bhilwara which is one of the largest
textile clusters in India and majority of these industries are
engaged in the manufacturing of synthetic yarn accounting for
nearly 40% of India's total synthetic yarn production and nearly
50% of India's total polyester fabrics and suiting production.
MFPL's presence in the textile manufacturing region results in
benefit derived from cheap and easy availability of raw material,
weaving as well as processing of grey fabrics at cheaper cost and
low transportation and storage cost.

Bhilwara-based (Rajasthan) MFPL, was incorporated in 1985, by
Jagdish Agarwal along with Ms Kusum Nenavati. MFPL was set up to
primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing work
required for the manufacturing of finished fabrics on job work
basis to the nearby process house located at Bhilwara.

MILI STEELS: Ind-Ra Affirms Then Withdraws 'BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn Mili
Steels Private Limited's (Mili) Long-Term Issuer Rating of 'IND
BB'.

The instrument-wise rating actions are:

-- INR160.00 mil. Fund-based working capital limits+ affirmed
     and withdrawn; and

-- INR80.00 mil. Non-fund-based working capital limits* affirmed
     and withdrawn;

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

* Affirmed at 'IND A4+' before being withdrawn

KEY RATING DRIVERS

The affirmation reflects the continued medium scale of operations,
as reflected by the revenue of INR852.05 million in FY19 (FY18:
INR863.48 million; FY17: INR1,155.82 million). The revenue fell
marginally owing to the continued effect of the shift in Mili's
focus towards the domestic market, which offers fewer orders, from
merchant exports, which offer lower margins.  The figures for FY19
are provisional.

The ratings factor in the modest EBITDA margins. The margins rose
to 5.10% in FY19 (FY18: 4.21%; FY17: 3.35%) due to a decrease in
operating expenses. The return on capital employed was 10% in FY18
(FY17: 11%).

The credit metrics continued to be weak due to low absolute EBITDA
(FY19: INR43.45 million; FY18: INR36.32 million), with interest
coverage (operating EBITDA/gross interest expense) of 1.47x in FY19
(FY18: 1.40x) and net leverage (adjusted net debt/operating EBITDA)
of 5.37x (5.91x). The metrics improved marginally owing to an
increase in the absolute EBITDA.

The ratings continue to be constrained by Mili's stretched working
capital cycle (FY19: 95 days; FY18: 123 days). The cycle improved
slightly due to an improvement in the receivable as well as the
inventory holding period of the company. Cash and cash equivalents
remained low, though they improved to INR14.87 million in FY19
(FY18: INR1.19 million).

The ratings, however, benefit from the promoter's four decades of
experience in the manufacturing of stainless steel kitchen
utensils.

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

COMPANY PROFILE

Incorporated in 1995, Mumbai-based Mili manufactures stainless
steel kitchen utensils. It is headed by Mr. Tarachand Gosar. Its
sales offices are located in New Delhi and Ahmedabad.

MODI PROJECTS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Modi Projects
Limited's (MPL) Long-Term Issuer Rating to 'IND BB-' from 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits downgraded with
     IND BB-/Stable rating; and

-- INR238 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects MPL's tight liquidity position owing to an
increase in its working capital requirement.  The firm's average
use of the working capital limits was 99% during the 12 months
ended in March 2019. Cash flow operations declined to INR15.40
million in FY18 (FY17: INR59.37 million). However, networking
capital cycle reduced to negative 55 days in FY18 (FY17: negative
36 days), primarily due to a decrease in the collection period to
32 days (47 days).

The ratings remain constrained by the company's continued small
scale of operations as reflected by a  sustained decline in revenue
to INR335.47 million in FY19 (provisional) (FY18: INR497.10
million, FY17: INR545.52 million). The decline in revenue was due
to delays in execution of pending work orders worth INR3, 037.73
million.

MPL's return on capital employed was 9.13% in FY18 (FY17: 9.20%)
and EBITDA margin was modest at 9.13% (7.60%). Despite the decrease
in revenue, the margin was due to a decline in the cost of raw
materials consumed. The credit metrics declined in FY18, although
remained comfortable, on account of high cash and bank balance,
lower debt and lower interest obligations. In FY18, gross interest
coverage (operating EBITDA/gross interest expense) was 3.74x (FY17:
3.81x) and net financial leverage (net adjusted debt/EBITDAR) was
0.50x (1.07x).

The ratings are further supported by the promoters' over three
decades of experience in the construction industry.

RATING SENSITIVITIES

Negative: Any decline in the overall credit metrics and order book
would lead to negative rating action.

Positive: Any improvement in scale of operations and the liquidity
position, while maintaining the credit metrics, would lead to
positive rating action.

COMPANY PROFILE

Incorporated in 1960 as Modi Construction Company by Mr. Narayan
Prasad Modi, MPL was reconstituted as a limited company in 1983. It
undertakes projects on a turnkey basis. The company has completed
some government and private projects related to the railway
network, highways, mass earthwork, dams, water supply scheme and
bridge work in and around Jharkhand, Bihar, and Odisha. Mr. Navin
Modi, Mr. Pradeep Modi, and Mr. Nitesh Modi are the directors.

PROVENTUS AGER: CARE Keeps INR13cr D Loan Rating in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Proventus
Ager India Pvt Ltd continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     13.00        CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Proventus Ager India Pvt Ltd (PAPL) is primarily due to
irregularity in servicing its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing

There are on-going delays in debt servicing. There was irregularity
in payment of interest for cash credit facility.

Analytical approach: Standalone

Vadodara-based PAPL is promoted by Mr Doraprasad Nimmagada
(promoter of Jay Polypack Private Limited and Jay Agro Industries)
in January 2015. The board of directors of PAPL comprises of Mr
Doraprasad Nimmagada, his wife Mrs Aruna Nimmagada and his son Mr.
Vijay Nimmagada. PAIPL has commenced the trading operations during
FY16 (refers to the period April 1 to March 31) from May 2015. The
company primarily procures Agrochemicals, Pesticides and
Insecticides from its group entity i.e. Jay Agro Industries (JAI,
rated CARE D; Issuer Not Cooperating in November 2017) and markets
it through dealers across the country.

RD BROWN: CARE Assigns B Rating to INR27.03cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RD Brown
Box Packaging Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          27.03       CARE B; Stable Assigned


Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of RD Brown Box
Packaging Private Limited (RDBP) is primarily tempered by Small
scale of operations, financial risk profile marked by leveraged
capital structure and weak debt coverage indicators, working
capital intensive nature of business, and highly fragmented
industry with intense competition from other players in the
market.

However, the rating derives comfort from Established track record
and experience of the promoters for more than three decades in
packaging Industry, year-on-year increase in total operating income
during the review period, established relation with reputed
customers, and stable Outlook of Corrugated box Industry.

Going forward, the ability of the company to increase its scale of
operations and maintain its profitability margins in a competitive
environment, to improve the capital structure and debt coverage
indicators while managing its working capital requirement
efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Small scale of operations

The company had relatively small scale of operations, as marked by
its total operating income, which was Rs. 28.25crore in FY18 along
with low net worth base of Rs.7.06 crore as of March 31, 2018, as
compared to other peers in the industry.

Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators

The capital structure of the company had been deteriorating
year-on-year and remained leveraged marked by its overall gearing
ratio and debt equity ratio at 4.75x and 3.37x respectively as on
March 31, 2018. The deterioration was on account of increase in the
total debt quantum, backed by the availment of fresh term loans
from the banks, for the purchase of machineries and the enhanced
working capital facilities availed by the company to meet its
working capital requirements and unsecured loans taken for day to
day operations of the company.

Further, the company had weak debt coverage indicators marked by
Total debt/GCA, which although marginally improved from 28.89x in
FY17 to 23.08x in FY18, with an increase in the cash accruals
resulted by an increase in scale, it continued to remain weak.
However, the interest coverage ratio of the company has improved
slightly and stood moderate at 1.41x as on March 31, 2018 as
against 1.31x as on March 31, 2017. Despite increase in the
interest costs associated with the increased debt quantum, interest
service coverage ratio improved on account of increase in PBILDT in
absolute terms.

Working capital intensive nature of business

The company is engaged in a working capital intensive nature of
business segment. The company purchases printing ink, duplex boards
based on the thickness specifications for the corrugated carton
boxes from the local suppliers. The raw material is cut, printed,
laminated, varnished, punched and packed before storing the
corrugated cartons as flat boards.

Each process takes one day's time when processed in batches, due to
elongated process, and stocking of finished goods according to the
demands, the average inventory days stood 163 days as of FY18. On
sales the company gives credit to its customers from 50 to 70 days
based on the size of the order and on purchases. The operating
cycle days stood high at 119 days in FY18, however improved from
previous year (147 days in FY17) on account of improved collection
period, from 73 days in FY17 to 59 days in FY18 . The working
capital utilization levels stood at 100 % for the past one year
ended April 12, 2019.

Highly fragmented industry with intense competition from other
players in the market The packaging industry in India is highly
competitive. RDBP growth depends on the growth of engineering
industry in India. The growth of corrugated box packaging industry
is hindered by availability of alternate sources of packaging like
plastic, tin which is more durable. Hence, the company faces
intense competition from other packaging manufacturers over the
medium term.

Key Rating Strengths

Established track record and experience of the promoter for more
than three decades in packaging Industry

The company was established as a partnership firm by Mr. Bhagawan
Doss Kuppuswamy in 1984, which was later converted into a private
limited company, in 2005. Mr. Bhagawan Doss Kuppuswamy and his wife
Mrs. Rajumala Bhagavan Doss are the directors of the company. Mr.
Bhagawan Doss Kuppuswamy has a long term experience in the
manufacturing of packaging material as he has been associated with
the packaging industry since 1984 and handles day to day affairs of
the company.

Year-on-year increase in total operating income during the review
period

The total operating income of the company has been increasing at a
CAGR of 23.71% during the review period. The Total income of the
company has increased from Rs. 14.92 crore in FY16 to Rs. 28.25
crore in FY18 on account of increased production driven by repeated
orders from existing customers as well as orders from new clients
coupled with increase in the utilization capacity. Furthermore, the
company achieved a total operating income of Rs. 35.31 crore in
FY19 (Prov.)

Established relationships with reputed customers

Due to long term presence of the promoters in the business of
packaging, they have established good relationships with companies
engaged in automotive business segment, which forms to be the major
end user industry for the company.

The customers of the RDBP include Glovis India Pvt Ltd, Motherson
Groups, Carborundum Universal Ltd, and Amphenol Omniconnect Private
Limited.

Stable Outlook of Corrugated box Industry

India corrugated box industry is an inevitable part of
manufacturing sector which relies heavily on corrugated packaging
for finished goods transportation and handling. India's corrugated
box industry grew at a CAGR of 23.3% in terms of revenue. Factors
such as increasing demand from fresh food and beverages, home &
personal care goods, electronic goods industries, logistics
application, increasing consumer awareness towards sustainable
packaging and growth of the e-commerce industry have propelled the
growth of Indian corrugated boxes market.

Liquidity Analysis

The company has moderately satisfactory liquidity position which is
marked by its current ratio at 1.02x as on March 31, 2018. The
Company has fixed deposit and cash & bank balances to the tune of
Rs. 0.08 Crores as on March 31, 2018.

RD Brown Box Packaging Private Limited (RDBP) was initially
established by Mr. Bhagawan Doss Kuppuswamy and his spouse, Mrs.
Bhagavandoss Rajumala in 1984, as a partnership firm in Chennai,
Tamil Nadu. The firm was later reconstituted as a Private Limited
Company in the year 2005. Currently, the entity is engaged in the
manufacturing of corrugated boxes (packing material) for various
industries.

RELIANCE COMMUNICATIONS: NCLT Admits Business for Insolvency
------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.

With this, RCom, which owes over INR50,000 crore to banks, has
become the first Anil Ambani group company to be officially
declared bankrupt after the NCLT on May 9 superseded its board and
appointed a new resolution professional to run it and also allow
the SBI-led consortium of 31 banks to form a committee of
creditors, The Economic Times discloses.

At the last hearing, RCom, through the existing resolution
professional, had sought 357 days (from May 30, 2018 to April 30,
2019) exclusion in the insolvency process citing the stays it had
on the process by the appellate tribunal and the Supreme Court, The
Economic Times recounts.

The RP sought the exclusion from May 30, 2018 to April 30, 2019 as
the initial insolvency proceedings was stayed by the National
Company Law Appellate Tribunal (NCLAT) and later by the apex court,
The Economic Times states.

RCom was in trouble for years forcing it to discontinue operations
two years ago, The Economic Times relays.  Its effort to stave off
bankruptcy by selling spectrum to Reliance Jio got scuttled after
legal and government delays for approvals, The Economic Times
notes.  But it could not meet any of the several publicly made
promises to pay back the lenders by monetising real estate and
spectrum assets, The Economic Times says.

On May 3, SBI held a meeting to shortlist an RP after issuing a
request for proposal in April for a new RP, The Economic Times
discloses.  RCom's committee of creditors will have to approve a
new RP with a 66 percent vote after the NCLT starts the insolvency
process, according to The Economic Times.

The Mumbai bench on May 7, also had directed the existing RP to
file a progress report by May 30 when it will hear the matter, The
Economic Times relates.

               About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services.
The Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
4, 2019, BloombergQuint said Reliance Communications approached the
National Company Law Tribunal to seek debt resolution under the
insolvency law after the Anil Ambani-controlled company failed to
make progress on its own.  The company said "[t]he board noted
that, despite the passage of over 18 months, lenders have received
zero proceeds from the proposed asset monetisation plans, and the
overall debt resolution process is yet to make any headway."

BloombergQuint said that the company, with a debt of more than
INR47,000 crore in financial year 2018, had invoked strategic debt
restructuring in June 2017.


RELIGARE FINVEST: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Religare Finvest
Limited's (RFL) Long-Term Issuer Rating to 'IND D' from 'IND B+'
while resolving the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR4 mil. Lower Tier 2 sub-debt* downgraded, Off RWN with IND
     C rating;

-- INR150 mil. Long-term bank loans downgraded, Off RWN with IND
     D rating;

-- INR30 mil. Commercial paper is withdrawn (the company did not
     proceed with the instrument as envisaged); and

-- INR30 mil. Short-term bank loans withdrawn (the company did
     not proceed with the instrument as envisaged).

* Details in Annexure

KEY RATING DRIVERS

The downgrade and RWN resolution reflect RFL's recent delay in
meeting its debt servicing obligations. RFL is facing deepened
stress in its liquidity situation along with strained funding
profile. Its average monthly collections have reduced due to
continuous depletion of its standard advances book through
repayments. As per the management, RFL had sufficient cash balance
at end-April 2019, which covered the principal repayment due in
April 2019. However, the payment was delayed as the company was in
discussion with its lenders to implement its proposed resolution
plan.

RFL's medium-term financial situation has deteriorated, as the
standard advances book as well as the book below 30 days past due
amounts to INR32.8 billion (end-December 2018) and thus falls short
of the total outstanding bank borrowings of INR60.3 billion. The
situation is further impacted owing to the disputed fixed deposit
of INR7.9 billion kept with Laxmi Vilas Bank (LVB); the matter is
under judicial consideration. According to RFL's asset liability
profile for end-January 2019, the one-year inflows (loan
receivables) and available cash equivalents (excluding the fixed
deposits with LVB) at INR6.7 billion fall significantly short of
the one-year debt repayment obligation of INR26.1 billion.

RFL has been shrinking its balance sheet amid challenges on
external funding and due to regulatory directions. The company has
recognized as a non-performing asset (NPA) its entire corporate
loans (30% of total loans at 9MFYE19), against which the Reserve
Bank of India (RBI) had raised concerns in 2017, as they were given
by RFL to the entities known to its erstwhile promoter group. The
recognition led to RFL's 90-dpd gross NPA ratio rising to 53% at
end-December 2018 (1HFYE18: 8.9%; FYE17: 5.1%).

The tangible net worth (net of deferred tax assets and intangible
assets) has been impacted due to the rising credit costs and stands
at INR8.2 billion at 9MFYE19 (FYE18: INR14.3 billion). The tangible
equity to assets ratio stands at 11.2%. Religare Enterprises has
delayed the infusion of the much-needed capital into RFL. The
holding company's new stakeholders group had planned in early 2018
to infuse equity into RFL in a phased manner. While only INR2.96
billion has been infused so far, the amount essential to re-start
business disbursals as well as replenish the equity base still
needs to be brought in.

RFL's auditor's report for FY17 has referred to the concerns raised
by the RBI on the corporate governance norms followed by the
company. According to the report, the RBI has also raised concerns
on the systems and processes followed in respect of the loan amount
in RFL's corporate loan portfolio as well as certain assignment
transactions.

RATING SENSITIVITIES

Positive: Timely debt servicing in the short-to-medium term would
result in the re-assessment of the credit profile.

COMPANY PROFILE

RFL is a non-bank finance company that primarily provides loans to
small and medium-sized enterprises through its product offering of
loan against property and working capital loans. RFL had total
assets worth INR73.5 billion at end-December 2018. During 9MFY19,
RFL incurred a net loss of INR11.7 billion.

RELIGARE FINVEST: Proposes Debt Resolution Plan After Default
-------------------------------------------------------------
The Economic Times reports that Religare Finvest Limited (RFL)
failed to pay installment of principal amount on its loans in April
and has proposed a debt resolution plan (RP) to banks, according to
a statement on May 8.

RFL said in a release the Religare group company has been going
through difficult times in the recent past on account of
mismanagement and misappropriation of funds orchestrated by the
erstwhile promoters, The Economic Times relates.

This has resulted in the RBI putting RFL under a Corrective Action
Plan (CAP), The Economic Times notes.

"However, given the inherent asset-liability mismatch, RFL has
proposed a debt resolution plan (RP) to streamline its liability
profile," RFL, as cited by The Economic Times, said, adding that
the reference date for the RP is April 1, 2019.

It said the banks are in the process of seeking internal approval
for the RP, according to The Economic Times.

"As per the RP from the reference date, RFL is in a standstill
arrangement and is required to service only interest.  The
principal installments will be restructured to align with asset
maturirity profile.  In line with this RP, RFL did not pay the
banks the principal installments falling due during April 2019,"
The Economic Times quotes the non-banking financial company as
saying.


RUCHI SOYA: DBS Bank Seeks Higher Payout from Patanjali Offer
-------------------------------------------------------------
The Hindu Business Line reports that Singaporean lender DBS Bank on
May 8 moved the NCLT seeking a higher payout from the
INR4,350-crore offer of Patanjali to take over the crippled edible
oil firm Ruchi Soya.

An NCLT Bench comprising judges VP Singh and Ravikumar Duraisamy
asked Ruchi Soya and DBS, which holds the first charge for the
plant and the machinery of the indebted company, to file their
detailed submissions until today, May 10, The Hindu Business Line
discloses.

Making its case for a re-look at the payout for financial
creditors, DBS, as cited by The Hindu Business Line, said, "If the
company had gone for liquidation we would have got Rs 217 crore,
which is 90% of the dues.  But the Committee of Creditors has taken
everyone equally and because of that we will get only Rs 118 crore
from the deal," DBS informed the tribunal.

Meanwhile, giving a detailed plan of its resolution for the target
company, Patanjali informed the tribunal that of the INR4,350-crore
offer, it will borrow INR3,233 crore from banks and INR1,185 crore
will come from internal accruals and other sources, The Hindu
Business Line relates.

The fair value of Ruchi Soya is INR4,161 crore, which owes over
INR9,345 crore to the lenders led by SBI, The Hindu Business Line
states.

According to The Hindu Business Line, Patanjali also said it has no
plans to take the target company private by delisting.  Instead it
said initially it will own 98% of equity and 1.7% will be held by
the public, The Hindu Business Line notes.

On May 1, the NCLT gave Patanjali Ayurved time until May 7 to file
a detailed resolution plan for Ruchi Soya, The Hindu Business Line
recounts.  This happened after 96% of the lenders agreed to
Patanjali's revised offer by increasing its bid by INR190 crore to
INR4,350 crore, The Hindu Business Line relays.

The deal leaves the banks with a haircut of over 51% of the debt,
The Hindu Business Line states.

Ruchi Soya owes over INR9,345 crore to financial creditors led by
the State Bank of India, which has an exposure of INR1,800 crore,
followed by Central Bank at INR816 crore, Punjab National Bank at
INR743 crore and StanChart at INR608 crore, according to The Hindu
Business Line.

                       About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution.  On December 2, the NCLT
bench admitted the company for insolvency resolution process under
the IBC.  The company owes more than INR12,000 crore to various
entities.


SIXTH ENERGY: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sixth Energy
Technologies Private Limited's (SETPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR89.6 mil. (increased from INR60 mil.) Fund-based facilities

     affirmed with IND BB+/Stable rating; and

-- INR59.4 mil. (increased from INR39 mil.) Packing Credit
     affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SETPL's continued small scale of
operations, modest EBITDA margins and the working capital intensive
nature of its business due to growing competition in remote
management solutions.

Revenue increased to INR263 million in FY18 (FY17: INR254 million)
and INR338 million in 10MFY19 due to improved execution of orders
from an existing customer as well as the addition of new customers
to the portfolio. The company has an order book value of INR320
million which will be executed by October 2019.

EBITDA margins remained volatile at 15.0%-19.9% during the four
years ended FY18 due to the diverse nature of orders. Margins
remained at 16.9% in FY18 (FY17: 16.9%) mainly due to stable margin
orders. However, they declined to 14% in 10MFY19 as the company
incurred higher costs to hire employees and fund research and
development. The company's return on capital was 4% in FY18 (FY17:
5%).

The ratings also factor in the deterioration in a net working
capital cycle to 288 days in FY18 from 267 days in FY17 due to
increased debtor days of 176 (114 days). SETPL's inventory holding
period was long in FY18 owing to the time taken for executing
telecom-related projects, as well as the long inventory holding
period of semi-finished materials resulting from a long gestation
period for the confirmation of orders from the date of installation
of the equipment

The ratings also factor in the company's modest credit metrics,
with interest coverage (operating EBITDA/gross interest expense) of
4.2x in FY18 (FY17: 3.6x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 2.5x (1.5x). Interest
coverage improved in FY18 due to a slight rise in absolute EBITDA
to INR44 million in FY18 (FY17: INR43 million) with stable interest
expense of INR11 million. Net financial leverage deteriorated due
to an increase in the debt to INR112 million in FY18 (FY17: INR100
million)

The ratings are constrained by SETPL's modest liquidity position
with 85% average utilization of its fund-based limits during the 12
months ended March 2019. Cash flow from operation slumped to INR7
million from INR92 million due to the stretched working capital
cycle. In March 2018, the company's cash balance was INR1 million
and unutilized credit line was INR3.5 million.

The ratings remain supported by the directors' over a decade of
experience in the field of machine data technology.

RATING SENSITIVITIES

Negative: A decline in the operating profitability or further
elongation of the networking capital cycle, leading to
deterioration in the credit metrics, all on a sustained basis,
could be negative for the ratings.

Positive: A substantial increase in the revenue while maintaining
the operating profitability and credit metrics, all on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, Bangalore-based SETPL provides end-to-end
remote management solution for data centers, businesses, banks and
telecom sectors, and enterprise infrastructures. The company
remotely monitors and manages power and cooling equipment in the
telecom towers (base station controller, base transceiver
stations), telecom switching centers (mobile switching center),
data centers, industrial locations, enterprise buildings, and
off-grid and grid-tie renewable energy power stations.

SRI ADHI: CARE Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Adhi
Parasakthi Agro Tech continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     7.90        CARE B+; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 13 2018, placed the
rating(s) of Sri Adhi Parasakthi Agro Tech (SAPAT) under the
'issuer non-cooperating' category as SAPAT had failed to provide
information for monitoring of the rating.

SAPAT continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 22, 2019, April 23, 2019, April 24, 2019 April 29, 2019
and April 29, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 13 2018, placed the
rating(s) of Sri Adhi Parasakthi Agro Tech (SAPAT) under the
'issuer non-cooperating' category as SAPAT had failed to provide
information for monitoring of the rating.

SAPAT continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 22, 2019, April 23, 2019, April 24, 2019 April 29, 2019
and April 29, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on February 21, 2018 the following were
the rating strengths and weaknesses

Key Rating Weakness

Short track record of operations
The firm, though established in February 2015, started commercial
operations from December 2015.The firm has completed 10 months of
operations and has short track record of operations. SAPAT has
achieved total income of Rs.7.90 crore in FY16 (Provisional).

Highly fragmented industry and regulated by government Raichur
district of Karnataka is one of the largest hubs of rice mill in
the state with hundreds of rice mill competing with each other. The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation leading to intense
competition which keeps pressure on margins. The raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers. The Government of India (GOI), every year decides
a minimum support price (MSP - to be paid to paddy growers) for
paddy.

Profitability margins is susceptible to fluctuation in raw material
prices (paddy and others)

The firm is engaged in rice milling (processing of paddy into
rice), the main raw-material, i.e. paddy is the largest cost
component of SAPAT, accounting for around 90% of total cost of
sales. As the cash conversion cycle from procurement of
raw-material to realization of sale proceeds of processed rice from
paddy is long, so any fluctuation in paddy prices can impact the
firm.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations

Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The millers have to stock enough paddy by the end of the
each season as the price and quality of paddy is better during the
harvesting season. Moreover, the paddy is procured from the farmers
generally against cash payments or with a minimal credit period of
7-10 days while the millers have to extend credit to the
wholesalers and distributors around 30-45 days resulting in high
working capital utilization reflecting in working capital intensity
of business. The average utilization of fund based working capital
limits of the firm stood at 50% during the past 06 months ending
December August 31, 2016

Constitution of the entity as partnership firm

Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure.

Furthermore, partnership firms have restricted access to external
borrowings as credit worthiness of the partners would be key
factors affecting credit decision for the lenders.

Key Rating Strengths
Experience of the partners for more than one decade in rice
industry

SAPAT is promoted by Mr M R Krishna and Mr M R Venkatesh along with
his friends and relatives/family members. Most of the partners have
experience in the rice milling industry and have been involved in
rice milling prior to starting the firm. Mr M R Krishna and Mr M R
Venkatesh have experience in rice milling business for around 14
years and 6 years respectively.

Presence in major paddy cultivation area results in easy
procurement of paddy SAPAT's manufacturing facilities is located in
Raichur district of Karnataka which is near Tungabhadra river, and
is one of the major paddy cultivation area in the state. It
procures paddy from the local famers which results in low
transportation cost. The paddy is mainly procured from agents.

Stable demand outlook for rice and rice product

India's rice production has increased at CAGR of 1.46 percent
during 2005-06 and 2015-16, India was the largest exporter of rice
in 2014-15 followed by Thailand and Vietnam and Pakistan. The
overall demand outlook is also growing with growing population.
India is one of the substantial exporter of both Basmati as well as
non-basmati rice to the world, and import in the same categories.
The government time to time revises MSP levels as it was Rs.
1250/quintal in the year 2012-13 to Rs. 1410/quintal in the year
2015-16.

Sri Adhi Parasakthi Agro Tech (SAPAT), was established on February
10, 2015 and the commercial operation started in December, 2015.
SAPAT was promoted by Mr. M R Krishna and Mr. M R Venkatesh along
with his friends and relatives/family members. The firm is engaged
in the business of rice milling (processing of paddy into rice).
The firm is purchasing raw paddy from farmers based at Raichur
district in the state of Karnataka. The firm is selling rice bags
of 25 kg each under the name of 'Anmol Rathan' to dealers based at
Karnataka & Maharashtra.

SUNAR JEWELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sunar Jewels Private Limited

        Registered office:
        Shop No. 321, 2608, Bank Street, Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: April 25, 2019

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

Estimated date of closure of
insolvency resolution process: October 21, 2019
                               (180 days from commencement)

Insolvency professional: Manoj Garg

Interim Resolution
Professional:            Manoj Garg
                         GF-85, World Trade Centre
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: cagargmanoj@hotmail.com
                                 cirp.sunarjewels@gmail.com

                            - and -

                         D-108, Vivek Vihar-I
                         Delhi 110095

Last date for
submission of claims:    May 13, 2019


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

Detailed rating actions are:

-- INR49.5 mil. Term loan (long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR30 mil. Working capital facility (long-term) maintained in
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
24, 2016. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

The trust was established in 2002. It runs two boarding schools
under the name Vatsalya International School in Anand, Gujarat.

TAPASYA SHIKSHA: Ind-Ra Keeps Prov. BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Tapasya Shiksha
Samiti's bank facility in the non-cooperating category. The issuer
did not participate in the rating exercise, despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using the
ratings. The ratings will continue to appear as 'Provisional IND
BB- (ISSUER NOT COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR60 mil. Proposed term loan maintained in non-cooperating
     category with Provisional IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 3, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Tapasya Shiksha Samiti, registered under the Madhya Pradesh
Registration Act 1973 in 2000, runs five institutes under the name
Radharaman Group of Institutes on a campus spread over 100 acres of
land at Ratibad in Bhopal, Madhya Pradesh.

TUSHA TEXTILES: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tusha Textiles
(Mumbai) Private Limited (TTMPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR150 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect TTMPL's weak credit metrics and modest
profitability margins due to the high procurement cost of its raw
material yarn. EBITDA margins declined to 4.4% in FY18 (FY17: 6.0%)
owing to a fall in export incentives and export drawbacks during
the year. During 9MFY19, TTMPL's margins bounced back to 5.98% due
to trials carried out by the company to procure yarn at a lower
rate. Return on capital employed was 3% in FY18 (FY17: 3%). The
margins are likely to improve in the near term owing to the
subsidies to be received on power cost from the Maharashtra
Government to textile companies. Credit metrics deteriorated in
FY18 with gross interest coverage (operating EBITDA/gross interest
expense) of 1.1x (FY17: 1.4x) and net debt leverage (total adjusted
net debt/operating EBITDA) of 6.4x (4.5x) due to an increase in the
total debt leading to higher interest expenses. For 9MFY19, gross
interest coverage was 1.24x and net debt leverage was 5.95x. The
gross interest coverage is likely to improve in the near term owing
to lower interest charges.

The ratings also reflect TTMPL's small scale of operations, despite
revenue increasing to INR865 million in FY18 (FY17: INR687 million)
due to a wider customer base, resulting in increased orders. The
revenue booked till March 2019 was INR903.6 million and order book
as on February 2019 was INR320 million to be executed till May
2019.

Further, TTMPL's liquidity position is tight owing to negative cash
flow from operations of INR47 million in FY18 (FY17: positive INR42
million) due to an increase in inventory at year-end. Cash and cash
equivalents at FY18 were INR0.88 million (FY17: INR3.17 million).
The networking capital cycle improved to 50 days in FY18 (FY17: 63
days). The average utilization of fund-based limits was 97.81% for
the 12 months ended in March 2019.

The ratings are supported by promoters' experience of nearly two
decades in the textile industry.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margins, leading
to an improvement in the credit metrics, all on a sustained basis,
will be positive for the ratings.

Negative: A significant decline in the revenue or EBITDA margins,
leading to deterioration in the credit metrics, all on a sustained
basis, and delays in receiving power subsidies will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2002, TTMPL manufactures fabric for school wear,
menswear, and corporate wear. It has two manufacturing units with a
total installed capacity of 660,000 meters per month.

ULTRA DRUGS: CARE Maintains BB- Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ultra Drugs
Private Limited continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank    5.00        CARE BB-; Issuer Not Cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 06, 2018, placed
the ratings of Ultra Drugs Private Limited (UDPL) under the 'issuer
non-cooperating' category as UDPL had failed to provide information
for monitoring of the rating. UDPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter dated April 22, 2019.

In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The long term rating has been revised on account of exposure to
regulatory risk and raw material price volatility. The ratings,
however, derive strength from experienced promoters and established
track record of entity.

Detailed description of the key rating drivers

Key Rating Weaknesses:

Exposure to regulatory risk and raw material price volatility
Issues like price control of essential medicines by the Government
of India through the Drug (Prices Control) Order, 2013, pose
regulatory risk for the Pharmaceutical industry. Furthermore, the
key raw material required for the manufacturing primarily include
API (Active Pharmaceuticals Ingredients) that constituted a major
portion of cost of sales in FY16, hence the company remains
susceptible to price variation risks.

Key Rating Strengths:
Experienced promoters and established track record of entity
The company is being managed by Mr.Sangram Singh, Dr.MinnaJakhar
and Mr.Malwinderjeet Singh having industry experience of one
decade, three decades and four decades respectively which they have
gained through their association with UDPL and other regional
entities engaged in the same business.

Analytical approach: Standalone  
Ultra Drugs Private Limited (UDPL) was incorporated as a private
limited company in 2006 with Mr. Sangram Singh as its Managing
Director and Dr Minna Jakhar and Mr Malwinderjeet Singh as its
directors. The company undertakes contract manufacturing of
pharmaceutical formulations at its manufacturing facility located
in Baddi, Himachal Pradesh. Besides UDPL, the promoters are also
engaged in other group concerns namely Ultra Green (UG) and Ultra
Healthcare (ULH). Both the group concerns are proprietorship firm
established in 2015 by Dr. Minna Jakhar. UG is engaged in
manufacturing of ayurvedic medicines while ULH is engaged in
marketing of pharmaceutical formulations.

VIPUL TRAVELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vipul Travels Private Limited
        35, GF R/S KH No. 316
        Village Neb Sarai
        New Delhi 110068

Insolvency Commencement Date: April 30, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: October 26, 2019
                               (180 days from commencement)

Insolvency professional: Lekhraj Bajaj

Interim Resolution
Professional:            Lekhraj Bajaj
                         107, Agarwal Prestige Mall
                         Adjoining to M2K Pitampura
                         Delhi 110034
                         E-mail: lekrajbajaj@rediffmail.com
                                 rpvipultravels@gmail.com

Last date for
submission of claims:    May 13, 2019




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

ALAM SUTERA: S&P Affirms 'B' Long-Term ICR, Outlook Stable
----------------------------------------------------------
On May 8, 2019, S&P Global Ratings affirmed its 'B' long-term
issuer credit rating on Indonesia-based property developer Alam
Sutera Realty and its 'B' long-term issue rating on the company's
guaranteed senior unsecured notes. S&P removed all the ratings from
CreditWatch, where they were first placed with negative
implications on Jan. 10, 2019.

S&P affirmed the rating on PT Alam Sutera Realty Tbk. because the
company has addressed its liquidity risk for the next 12 months
following a retap of its 2022 notes. Alam will use the US$125
million it raised from the retap to pay down the outstanding US$73
million 2020 notes, therefore eliminating lumpy maturities over the
next 12 months.

Alam is also likely to be able to manage the refinancing
requirement for its 2021 notes. The company has US$175 million
senior unsecured notes due in April 2021. It could use the about
US$40 million remaining from the recent retap to pay off part of
the 2021 notes. S&P believes Alam could also use its domestic
secured bank loan for the notes repayment. This is because the
company has obtained consent from the 2022 noteholders to loosen
the priority indebtedness limitation in those notes, allowing it to
use available assets as collateral for a bank loan. In addition,
the retap underscores Alam's ability to raise funds from the dollar
bond market as well.

S&P said, "The affirmation also reflects our view that Alam will
have steady property sales and adequate interest servicing capacity
over the next 12-18 months. We forecast the company's 2019 property
sales at Indonesian rupiah (IDR) 4.2 trillion, including land sales
to China Fortune Land Development (CFLD) of IDR1.3 trillion. In the
first quarter of 2019, Alam had met about 21% of our full-year
property sales expectation. This translates to EBITDA interest
coverage of about 2.5x over the next two years. We anticipate that
Alam's EBITDA interest coverage will remain above 2.0x if the
company's land sales to CFLD are at least IDR560 billion."

Alam's projects concentration, execution risk on debt-funded
expansion, and high dependence on the land sale agreement with CFLD
remain rating constraints. In addition, Alam has a substantial
amount of upcoming debt--the US$370 million notes due in April
2022, which could put pressure on the company's liability
management and capital structure in 2021.

Nevertheless, Alam continues to benefit from its established brand
name in western Jakarta and a large low-cost land bank. As of Dec.
31, 2018, the company has a land bank of about 2,262 hectares,
which is sufficient for at least 10 years of development, in S&P's
view.

S&P said, "The stable outlook reflects our expectation that Alam
will have sound liquidity, maintain steady property sales, and make
arrangements to refinance its 2021 notes within the next six to
nine months. These factors will maintain the company's EBITDA
interest coverage above 2.0x.

"We may lower the rating on Alam if its EBITDA interest coverage
falls well below 2.0x. The most likely cause for this deterioration
will be lower-than-expected property sales, especially land
sales."

Rating pressure could increase if Alam's liquidity weakens. This
would mostly happen if the company fails to show progress on a
concrete refinancing plan for the 2021 notes before April 2020.

Rating upside is unlikely over the next 12 months. S&P may raise
the rating if Alam materially improves its interest servicing
ability and liquidity. An indication of this improvement would be
EBITDA interest coverage staying materially above 3.0x and the
company significantly extending its debt maturity profile over the
next three years.



=============
M Y A N M A R
=============

MALDIVES: Fitch Affirms Long-Term IDR at B+, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Maldives' Long-Term Foreign-Currency
Issuer Default Rating at 'B+' with a Stable Outlook.

KEY RATING DRIVERS

The 'B+' rating balances the Maldives' strong GDP growth, high
government revenue generated by a prosperous tourism sector and
some favourable structural indicators, such as per capita GDP,
against a high government debt burden and low foreign-reserve
buffers. The strong dependence on tourism leaves the country
vulnerable to shocks that could undermine prospects for the
industry.

The Maldives' strong GDP growth outlook is underpinned by a
continued rise in the number of tourists, the construction of new
resorts, and investment in some large public-sector infrastructure
and housing projects. Fitch expects growth to decelerate from 7.6%
in 2018, an election year in which construction was particularly
strong, but to remain high at 6.5% in 2019 and 6.0% in 2020. The
budget indicates that government spending on foreign-financed
public-sector projects will fall from 4.8% of GDP in 2018 to an
average of 3.6% in the three years through 2021. The development of
an additional runway and new terminal at the main international
airport in particular should allow for a significant increase in
the number of tourists in the coming years. A drop in tourism
demand from an economic slowdown in Europe and China, the largest
two markets with 49% and 19% of visitors, respectively, in 2018, is
a risk to the outlook, although other markets, in particular in
Asia, could fill the void.

Political tensions have eased significantly since the election of
President Ibrahim Mohamed Solih in September 2018. A strong
electoral mandate was confirmed when his Maldivian Democratic Party
won a 74% majority in the parliamentary elections in April 2019.
The government aims to improve governance and restore public
confidence in law enforcement. Political risk was elevated in
recent years, most recently illustrated by the state of emergency
imposed between February 5 and March 22, 2018 in response to
protests over the previous government's defiance of a Supreme Court
order to release political prisoners.

Fitch broadly expects a continuation of macroeconomic policy
settings of the previous years, as central policy objectives remain
to facilitate a thriving tourism sector and expand infrastructure
and housing development. However, the new more left-leaning
administration has some different priorities from the previous one,
with a greater focus, for instance, on agricultural and SME
development. It also aims for a more strategic and transparent
approach to public-sector spending by better evaluating project
feasibility and through the establishment of a multi-year national
development master plan.

Execution of several large projects at the same time in the past
few years resulted in a rise in debt owed or guaranteed by the
government. Fitch expects general government debt to remain broadly
stable in the coming few years around the estimated level of 58.2%
of GDP in 2018. Its estimates of the debt ratio have dropped
significantly from around 70% of GDP two years ago, after revisions
of both the official GDP and debt data. However, government
guarantees of the debt of state-owned enterprises rose to 13.9% of
GDP in December 2018, 7.7pp of which is to the Housing Development
Corporation Ltd (B+/Stable), from 2.5% a year earlier. Enhanced
transparency over the past year regarding the government's
liabilities strengthens policy credibility and is evident from a
number of new publications on the Ministry of Finance's website,
particularly on its debt and guarantees.

Fitch expects a reduction in the fiscal deficit to 5.0% of GDP in
2019, above the government's target of 4.4%, from 5.5% in 2018.
Fitch expects revenues to fall somewhat short of the budget target,
which assumes revenues will grow faster than nominal GDP, while the
budget still indicates an increase in development expenditure to
9.8% of GDP in 2019 from 9.1% in 2018.

The government faces high annual external refinancing needs, which
represent a vulnerability to the rating, but in its view it should
be able to finance its deficit without the issuance of a new US
dollar bond, as Fitch expects ongoing bilateral support from the
official sector. India has pledged USD1.4 billion to the Maldives
as relations improved after the new government took office,
comprising USD200 million in budget support (3.4% of GDP), USD800
million in concessional credit lines for socio-economic development
programmes and USD400 million as a currency swap. The warming of
relations with India does not necessarily imply that the government
is cutting ties with other development partners, such as The
Export-Import Bank of China (A+/Stable), which holds 40% of the
Maldives' external government debt.

The government is facing a peak in its external debt service of
USD403 million in 2022. Refinancing risk for its two US
dollar-denominated bonds, with USD250 million maturing in 2022 and
USD100 million in 2023, is mitigated to the extent the government
is gradually saving part of its US dollar revenue in a sovereign
development fund established specifically for the bond
amortisation. The fund contained USD133 million in March 2019,
which is not part of the Maldives Monetary Authority's (MMA)
foreign-currency reserves.

The level of gross foreign reserves was low at USD938.6 million at
end-February 2019 (2.1 months of current account payments),
especially considering the MMA's peg of the Maldivian rufiyaa to
the US dollar. Useable reserves, defined as gross reserves minus
short-term foreign liabilities, are even lower, at USD295.3
million. Strong investment implied a large widening of the current
account deficit in recent years to 23.7% of GDP in 2018. The risks
to external balances are mitigated by the tourism sector both
earning and spending in US dollars. This implies that
tourism-related outflows should also fall in the case of a sudden
drop in tourism-related inflows. Moreover, much of the flows are
settled outside of the Maldives.

Fitch considers the sovereign's exposure to banking-sector risk as
relatively low. Private credit represents only 31% of GDP and the
banking system is well-capitalised, with a reported Tier
1/risk-weighted asset ratio of 36% in 2016. Non-performing loans
were high, at 8.9% of total loans, but are on a declining trend
from a peak of 21.0% in 2012.

The Maldives' success as a prime luxury tourist destination has
generated relatively high GDP per capita of USD11,907 (B category
median is USD3,489). Tourism accounts for 24% of GDP directly and
much more if the indirect contribution is included. The high
dependence on tourism implies the economy is vulnerable to sudden
events that harm the perception of the Maldives as a safe and
desirable destination. The Maldives scores slightly below peers on
the World Bank's governance indicator at the 35th percentile (B
median 38th), but this is likely to improve in the next few years
if the government is successful in reducing corruption.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns the Maldives a score equivalent to
a rating of 'BB-' on the Long-Term Foreign-Currency IDR scale.
Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External Finances: -1 notch to reflect low reserve coverage in
combination with high dependence on one sector--tourism--and an
accumulation of external debt from the execution of large
infrastructure projects.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could lead to positive rating action are:

  - Strengthening of external buffers through accumulation of
foreign-exchange reserves.

  - A reduction in debt owed or guaranteed by the general
government, leading to improved public-debt dynamics.

The main factors that could lead to negative rating action are:

  - Balance-of-payment pressures, for instance, a fall in
foreign-exchange reserves or a higher-than-Fitch-expected increase
in external debt.

  - A significant rise in general government debt or government
guarantees to state-owned enterprises.

KEY ASSUMPTIONS

  - The world economy performs broadly in line with Fitch's latest
Global Economic Outlook (March 2019).

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling affirmed at 'BB-'

Issue ratings on long-term senior unsecured foreign-currency bonds
affirmed at 'B+'



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

TRADE ME: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' issuer credit ratings to Titan
AcquisitionCo New Zealand Ltd. and Titan's operating entity, Trade
Me Group Ltd. (collectively Trade Me). S&P also assigned its 'B'
issue rating to the company's US$605 million first-lien term loan.

The ratings reflect S&P's assessment of Trade Me's leading position
in the online classifieds industry (with the exception of job
classifieds, where it is the number two player) and the online new
and used marketplace in New Zealand. The company has a highly
recognizable brand and loyal customer base in the New Zealand
market. This gives it a competitive advantage over larger
international peers who have encountered challenges in gaining a
foothold in New Zealand.

The company's highly leveraged capital structure and small
addressable customer base, with approximately 4.8 million residents
in New Zealand, weigh on the rating. Another rating weakness is the
likelihood of increased competition from low-priced, large-user
base models such as Facebook's Marketplace and other classified
businesses.

Trade Me's highly leveraged capital structure is a constraint on
the rating. S&P said, "We expect pro-forma S&P Global
Ratings-adjusted leverage (debt-to-EBITDA) to be around 7x to 8x
over the next two years, post the acquisition by Apax Partners.
Excluding the impact of a NZ$350 million shareholder loan, which we
treat as debt, we forecast adjusted leverage to be between 5.5x and
6.5x."

Financial sponsor Apax Partners' takeover bid of Trade Me will
result in a highly leveraged capital structure given that the
acquisition is a leveraged buyout. S&P said, "We expect Apax's
investment to be consistent with its other investments and the
company is committed to Trade Me's existing growth strategy. Apax
has made similar investments, including automotive classifieds
business, TRADER Corp., in Canada. Importantly, we note that Apax
is reinvesting earnings in organic long-term growth and not
pursuing an aggressive short-term cost-out strategy or through cash
dividend payments."

S&P said, "We treat Trade Me's NZ$350 million shareholder loan as
debt. However, we note that this instrument does display some
equity-like characteristics, such as not paying cash coupons;
structural subordination to the first-lien and second-lien term
loans; and ownership by funds controlled by Apax. While our
analytical treatment of the shareholder loan does increase our
adjusted leverage ratios, we note that the loan doesn't adversely
affect free cash flow generation.

"In our view, Trade Me has limited geographic diversity and carries
risks relating to a fast-moving technological environment. However,
Trade Me's incumbency in the digital classifieds space and leading
online marketplace make it initially difficult for a new player to
enter the market."

New Zealand's small population and loyalty to local brands insulate
Trade Me's position to some degree from direct competition, in
particular from international players. Competing classifieds
businesses in the broader region have focused on expanding into
emerging markets, as opposed to New Zealand. However, given Trade
Me's strong EBITDA margins, a competitor may find it appealing to
enter this market.

eBay had attempted to enter the New Zealand market through its eBay
and Gumtree brands; however, the company could not gain traction
and subsequently pulled out. Meanwhile, Amazon doesn't have a
dedicated New Zealand website nor distribution center, and
currently only ships to New Zealand from Australia and the U.S.,
creating a shipping time and cost disadvantage for customers.

Trade Me has implemented strategies aimed at creating customer
stickiness and brand awareness. S&P believes Trade Me has further
growth opportunities through advertising packages utilizing the
large amounts of customer data collected through its sites.

S&P said, "In our opinion, the combination of Trade Me's
classifieds business and marketplace somewhat shelters the business
in periods of economic weakness. We believe the motor segment is
likely to suffer with a reduction in new car sales and job
classifieds segment to potentially offset some earnings weakness as
users increase advertising spending on their property." In
addition, Trade Me's online used goods marketplace may provide some
stability to earnings because customers may be more inclined to
sell belongings to free up cash.

S&P said, "Trade Me's scalable cost model supports its business.
The company has maintained strong predictable EBITDA margins of
around 65% based on our adjusted measure, and we expect this to
continue over our forecast horizon. In our view, earnings will be
driven through yield growth in the classifieds businesses and a
continued migration to digital advertising, which still lags other
markets in the broader region, such as Australia.

"The stable outlook reflects our view that Trade Me will continue
to generate revenue growth and stable EBITDA margins, driven by its
leading incumbent position in the online classifieds and online
marketplace in New Zealand.

"Our expectation is for EBITDA to cash interest to be around 3x and
debt to EBITDA to be 8.5x post the Apax transaction (6.5x excluding
the shareholder loan).

"We expect the company to reduce leverage over the medium term,
supported by earnings accretion and a mandatory amortization
through a cash flow sweep on the company's first-lien term loan.

"We could lower the rating if competition intensifies such that
Trade Me loses market share or profitability is impaired, resulting
in negative free operating cash flow (FOCF). We could also lower
the rating if EBITDA to cash interest is likely to fall toward
1.5x.

"We consider an upgrade to be unlikely given Trade Me's current
ownership structure."



                           *********


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
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