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

                     A S I A   P A C I F I C

          Monday, May 20, 2019, Vol. 22, No. 100

                           Headlines



A U S T R A L I A

ARFOODS GROUP: First Creditors' Meeting Set for May 28
ATLAS ADVERTISING: Second Creditors' Meeting Set for May 27
CLEVERTAR PTY: To Get AUD400,000 Injection from Directors
ELK PETROLEUM: First Creditors' Meeting Set for May 27
FOCUS ON FURNITURE: First Creditors' Meeting Set for May 27

G D PORK: Second Creditors' Meeting Set for May 28
GAY & LESBIAN: Administrator's Options Include Sale of Business
METLINK PTY: First Creditors' Meeting Set for May 28
NOBEL PTY: First Creditors' Meeting Set for May 27
RODINI NOMINEES: First Creditors' Meeting Set for May 28

SAMPLE BREWING: Placed in Market Following Administration
SELECT FOODS: First Creditors' Meeting Set for May 27


C H I N A

KAISA GROUP: S&P Assigns B LT Issuer Credit Rating, Outlook Stable
TUNGHSU OPTOELECTRONIC: Joins Growing List Queried on Financials


I N D I A

ALIENS DEVELOPERS: CRISIL Lowers Rating on INR6.3cr Loan to D
ARIHA CHEMICALS: Insolvency Resolution Process Case Summary
ARTI ROLLER: CRISIL Withdraws B+ Rating on INR5.65cr Cash Loan
BALA BALAJI: CARE Assigns B+ Rating to INR19.75cr LT Loan
BANKA WOVEN: Ind-Ra Withdraws 'B+', Issuer Not Cooperating Rating

BASUDEB AUTO: CRISIL Reaffirms B+ Rating on INR10.25cr Loan
BSR ENTERPRISES: CARE Assigns B+ Rating to INR9.0cr LT Loan
GOPALA POLYPLAST: Ind-Ra Cuts LT Issuer Rating to 'D', Not Coop.
IL&FS TRANSPORTATION: Ind-Ra Affirms 'D' Long Term Issuer Rating
INDIABULLS HOUSING: Moody's Rates $1.5BB EMTN Program '(P)Ba1'

JAI BHAGWAN: CARE Assigns B+ Rating to INR6.09cr LT Loan
KARMAH EXIMPP: Insolvency Resolution Process Case Summary
KBK BIOTECH: CARE Assigns B+ Rating to INR20cr LT Loan
KUPPANNA POULTRY: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
M/S SHANTHILAL: Ind-Ra Affirms D, Not Cooperating LT Issuer Rating

M/S SHANTIKALASH: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating
MADHAV TEXTILES: CARE Maintains D Rating in Not Cooperating
MEGASOFT LIMITED: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Pos.
MOHAN MOTOR: CRISIL Cuts INR65cr Cash Loan Rating to D, Not Coop.
PARAS TARP: CRISIL Migrates B+ Rating from Not Cooperating

RAJ YAMAHA: CRISIL Maintains 'B+' Rating in Not Cooperating
ROHARSH MOTORS: CRISIL Maintains B- Rating in Not Cooperating
RYTHU DAIRY: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SANKHESWARAA GOLD: CARE Cuts INR12.50cr Loan Rating to D, Not Coop.
SHAKTI INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating

SHRADDHA MOTORS: CRISIL Maintains 'B' Rating in Not Cooperating
SHREE AGRO: CRISIL Maintains D Rating in Not Cooperating
SHREE NATHJI: CARE Cuts INR7.66cr LT Loan Rating to D, Not Coop.
SHRI GANGA: CRISIL Maintains 'B' Rating in Not Cooperating
SHUBHAM COTTON: CRISIL Maintains 'B' Rating in Not Cooperating

SIVA FOODS: CRISIL Maintains 'B+' Rating in Not Cooperating
SREE PRAAGNA: CARE Cuts Rating on INR8cr LT Loan to B, Not Coop.
SRI BALAJI: CRISIL Maintains 'B' Rating in Not Cooperating
SRI LAXMI VENKATA: CARE Raises Rating on INR6.0cr LT Loan to BB-
SURYAJYOTI SPINNING: CARE Maintains D Rating in Not Cooperating

VAMA INDUSTRIES: Ind-Ra Cuts Issuer Rating to BB-, Outlook Stable
VANTAGE MACHINE: CARE Cuts INR15cr LT Loan Rating to B-, Not Coop.
VIBRANT CONSTRUCTIONS: Ind-Ra Moves 'BB' Rating to Non-Cooperating
YADAV SOLVEX: CRISIL Maintains 'B' Rating in Not Cooperating
ZUARI AGRO: Ind-Ra Cuts LT Issuer Rating to 'BB+', Outlook Neg.

[*] INDIA: RBI Asks Shadow Banks to Appoint Chief Risk Officers


J A P A N

TOSHIBA CORP: S&P Affirms 'BB' LT ICR on Profitability Prospects


S I N G A P O R E

HYFLUX LTD: PUB Takes Over Tuaspring Desalination Plant

                           - - - - -


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A U S T R A L I A
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ARFOODS GROUP: First Creditors' Meeting Set for May 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Arfoods
Group Pty Ltd will be held on May 28, 2019, at 3:00 p.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Arfoods Group on May 16, 2019.

ATLAS ADVERTISING: Second Creditors' Meeting Set for May 27
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Atlas
Advertising Group Pty Ltd and Born & Raised Creative Group Pty Ltd
has been set for May 27, 2019, at 10:30 a.m. at Level 29, 66
Goulburn Street, Sydney NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 24, 2019, at 4:00 p.m.

Sean Wengel and Robert Whitton of William Buck were appointed as
administrators of Atlas Advertising on May 1, 2019.

CLEVERTAR PTY: To Get AUD400,000 Injection from Directors
---------------------------------------------------------
InDaily reports that the directors of Clevertar, a struggling
Adelaide artificial intelligence company--including former My
Health Record boss Jim Birch, have agreed to spend $400,000 to
revive it, despite an assessment by Flinders University that its
intellectual property has "little value".

Clevertar offers digital avatar technology to other businesses,
allowing customers and healthcare consumers to interact with
"virtual humans" online. The online avatars are, according to
Clevertar's website, "human-like conversation partners interacting
with people through speech, gaze, gesture, and other behaviours
that can communicate not just meaning, but also attentiveness,
positive affect, and attraction".

InDaily relates that the software--originally developed by, and
spun off from, Flinders University--earned the Adelaide company a
gong for Best Startup Tech Innovation at the Talent Unleashed
Awards in 2016.

Apple co-founder Steve Wozniak reportedly praised Clevertar's "Anne
Cares' product at the ceremony, the report says.

But Clevertar was already making significant losses, and continued
do so for years.

By March 2019, it was placed under voluntary administration, owing
five creditors AUD1.3 million. (About half of that figure is owed
to related parties), InDaily discloses.

According to InDaily, directors handed the company over to
administrators after Clevertar failed to meet a repayment deadline
for a AUD600,000 loan from multinational business services and
healthcare company Konica Minolta, which refused to renegotiate
it.

Clevertar's second-largest creditor is the Flinders University's
commercialisation agent, Flinders Partners, owed AUD460,000.

The university's researchers had designed the original "idea' and
avatar software code--which Flinders assigned to the company in
2012 and 2013, and which the company continued to develop
thereafter.

According to a report to creditors, obtained by InDaily,
administrator Michael Basedow approached Flinders to test its
interest in buying the company's intellectual property (IP).

"I was advised that they had reviewed the IP and had formed the
view that the IP had little value in its current form," the report,
as cited by InDaily, reads.  ". . . they were not interested in
purchasing the IP other than for a nominal amount in the event of
the company ceasing to trade."

Mr. Basedow, of Pitcher Partners, wrote that other parties might
have been interested in the IP, but that "it would be difficult to
"lockdown the IP' that represented purchase value".

"The company has previously raised capital to fund operations from
entities, associated with the directors, and from individuals known
to the directors," he wrote.

But: "the company's broader capital raising exercises have been
unsuccessful (and) this would appear consistent with my enquiries
as to the value and saleability of the IP."

He concludes: "As a result, I determined that the IP had limited
value and it was not commercially beneficial to prepare and
advertise the business for sale over an extended period," InDaily
relays.

Two weeks ago, creditors agreed to a deed of company arrangement,
in which the directors agreed invest AUD400,000 into Clevertar and
have it emerge with a clean balance sheet, InDaily reports.

Mr. Basedow estimates that unsecured creditors can expect a 1.7 per
cent dividend from the DOCA, at highest, while the company's 11
employees might be paid out in full, InDaily adds.

ELK PETROLEUM: First Creditors' Meeting Set for May 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of Elk
Petroleum Ltd. will be held on May 27, 2019, at 10:00 a.m. at
Pacific Room, Wesley Conference Centre, at 220 Pitt Street, in
Sydney, NSW.  

Jason Preston and Barry Kogan of McGrathNicol were appointed as
administrators of Elk Petroleum on May 15, 2019.

FOCUS ON FURNITURE: First Creditors' Meeting Set for May 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

  - Focus on Furniture Pty Ltd
  - Beds Online Australia Pty Ltd
  - Best Furniture Group Pty Limited
  - D. Gallery Pty Limited
  - eCommerce Ventures Pty Limited
  - Furniture Online Australia Pty Limited
  - LoveADeal Pty Ltd
  - Oz Retail Pty Ltd
  - Pacific Global Furniture Pty Limited
  - Trusted Web Sites Pty Ltd
  - Pillows Online Australia Pty Limited
  - United Furniture Warehouse Pty Ltd

will be held on May 27, 2019, at 2:00 p.m. at The Green Room,
Wesley Conference Centre, at 220 Pitt St, in Sydney, NSW, with
video and conferencing facilities available at Melbourne: Level 2,
Bayside Room 4, RACV City Club, 501 Bourke St.

Kathy Sozou, Barry Kogan and Matthew Caddy of Mcgrathnicol were
appointed as administrators of Focus on Furniture and related
companies on May 15, 2019.

G D PORK: Second Creditors' Meeting Set for May 28
--------------------------------------------------
A second meeting of creditors in the proceedings of G D Pork Pty
Ltd and G D Pork Holdings Pty Ltd as trustee for the G D Pork Unit
Trust, has been set for May 28, 2019, at 11:00 a.m. at Level 28,
108 St Georges Terrace
PERTH WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 27, 2019, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson were
appointed as administrators of G D Pork Pty on Oct. 31, 2018.

GAY & LESBIAN: Administrator's Options Include Sale of Business
---------------------------------------------------------------
QN News reports that Australian LGBTIQ publication Star Observer
has announced the company has entered voluntary administration and
is up for sale.

According to the report, the publication announced on May 16 the
board of directors of the company, Gay & Lesbian Community
Publishing Limited, had appointed Trent McMillen from MaC
Insolvency as administrator on May 10.

"Cash flow is the lifeblood of any small organisation," the report
quotes Star Observer chairman Sebastian Rice as saying.  "The Star
Observer is an LGBTI community owned not-for-profit that has always
relied on advertising revenue to raise money. We do not receive any
government funding . . . the board saw an unexpected slowdown in
our advertising clients paying their bills, which caused us to run
low on cash in the bank. We needed to enter voluntary
administration to protect our creditors and staff, and provide a
chance for the Star Observer to survive."

QN News relates that Mr. Rice thanked the company's "dedicated
staff and volunteers, who have put in a huge effort over the last
few years."

The administrator is currently exploring options to allow the
business to continue, the Star Observer said, the report relays.

Options being considered include a sale of the business or
proposing a Deed of Company Arrangement to avoid liquidation to
allow the company to continue to trade and meet its obligations,
according to the report.

The Star Observer was originally founded in 1979 under its original
title The Sydney Star, and this year celebrated its 40th
anniversary.

METLINK PTY: First Creditors' Meeting Set for May 28
----------------------------------------------------
A first meeting of the creditors in the proceedings of Metlink Pty
Ltd will be held on May 28, 2019, at 10:00 a.m. at the offices of
Vincents, at Level 34, 32 Turbot Street, in Brisbane, Queensland.

Nick Combis of Vincents was appointed as administrator of Metlink
Pty on May 16, 2019.

NOBEL PTY: First Creditors' Meeting Set for May 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of Nobel Pty.
Ltd. (As Trustee For AM Nobel Family Trust) will be held on May 27,
2019, at 11:30 a.m. at Level 17, 200 Queen Street, in Melbourne,
Victoria.

Peter Gountzos and Michael Carrafa of SV Partners were appointed as
administrators of Nobel Pty on May 15, 2019.

RODINI NOMINEES: First Creditors' Meeting Set for May 28
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Rodini
Nominees Pty Ltd will be held on May 28, 2019, at 4:00 p.m. at the
offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant were
appointed as administrators of Rodini Nominees on May 16, 2019.

SAMPLE BREWING: Placed in Market Following Administration
---------------------------------------------------------
Matthew Elmas at SmartCompany reports that Melbourne-based
independent brewery Sample Brewing is in the market for a buyer
after bringing in administrators earlier last week.

The business, stocked by hundreds of bars, pubs and
bottleshops--including Dan Murphy's and Liquorland--handed over
control to Shane Cremin of Rodgers Reid on May 14.

SmartCompany has confirmed Mr. Cremin is trading the business "as
usual" through an expression of interest campaign. It is hoped a
buyer will be found willing to take on the business as a going
concern.

"We're working hard to try and achieve a sale," Mr. Cremin told
SmartCompany on May 16.

According to SmartCompany, several parties have already lodged
initial interest in the business, while founder and director Vedad
Huric is also considering whether to submit a deed of company
arrangement proposal to regain control of the company.

SmartCompany relates that Mr. Cremin said he was unable to provide
a perspective on the circumstances that led Sample to
administration, but that the business has about AUD300,000 in debt
on its books.

Mr. Huric is one of the largest creditors in addition to several
customers and suppliers, the report states.

Sample was negotiating with potential buyers earlier this month,
but talks fell through, leading to the business being placed into
administration, SmartCompany says.

Founded in 2014, Sample quickly rose to prominence riding on
Australia's independent brewery wave.  In late-2017, the business
announced plans to become one of the first Australian companies to
undertake equity crowdfunding, partnering with Birchal.

Speaking to SmartCompany at the time, Mr. Huric said he wanted to
give customers an opportunity to own a slice of the business.

"It's not that hard to raise capital--there's plenty of money in
Australia. This is more of an opportunity for us to build our
community," Mr. Huric told SmartCompany.

But soon after, the crowdfunding plans fell through, and the raise
was cancelled before any investment was committed, the report
says.

The company booked AUD2.3 million in revenue for the 2016-17
financial year after inking deals with 500 stockists in its first
three years of operation.

Sample had nine employees when it raised funds in 2017, but
SmartCompany has confirmed only four remain on the books today.

Expressions of interest for the business close on May 24.  Mr.
Cremin said his preference is to sell the company as a going
concern, but left the door open to selling it for parts,
SmartCompany relays.

SmartCompany contacted Mr. Huric for comment but did not receive a
response prior to publication.

SELECT FOODS: First Creditors' Meeting Set for May 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Select Foods
Pty. Limited and Select Foods Manufacturing Pty Limited   will be
held on May 27, 2019, at 3:00 p.m. at the offices of PKF, at Level
8, 1 O'Connell Street, in Sydney, NSW.

Bradley John Tonks of PKF was appointed as administrator of Select
Foods on May 16, 2019.



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KAISA GROUP: S&P Assigns B LT Issuer Credit Rating, Outlook Stable
------------------------------------------------------------------
On May 16, 2019, S&P Global Ratings assigned its 'B' long-term
issuer credit rating to Kaisa Group Holdings Ltd.

The rating on Kaisa reflects the company's moderate geographic
concentration, high debt leverage, and weaker interest coverage
than peers'. Kaisa's increasing operating scale, high-quality land
bank replenishment, and likely deleveraging over the next 12-18
months temper these risks.

S&P believes Kaisa will continue to focus on the Greater Bay Area
(GBA) and on higher-tier cities in China. The company's strong
market position and knowhow in Shenzhen and other key cities in the
GBA should provide downside buffers. These markets have growing and
resilient demand. In 2018, the GBA accounted for about 60% of
Kaisa's contracted sales and 54% of land reserves. The company's
home base of Shenzhen makes up about 33% of sales. Kaisa has in
recent years expanded into other higher-tier cities outside the
GBA, with 56 projects in 45 cities.

Kaisa's geographical concentration makes it vulnerable to regional
policy changes. However, the geographic diversity has improved in
recent years, with the company's presence in cities such as Huizhou
and Guangzhou in the GBA, as well as in Chongqing and Chengdu
outside of the GBA. These areas, including Shenzhen, accounted for
about 65% of contracted sales in 2018. However, Kaisa's record
outside of the GBA is not fully established and could be tested in
a downturn, in S&P's view.

Kaisa's involvement in URPs exposes it to regulatory uncertainty
and a much longer development cycle. This is true for other
developers in the segment too. Tier-1 cities such as Shenzhen,
Guangzhou, and Shanghai have their own city renewal regulatory
frameworks; each city has different policies and procedures. Apart
from increased uncertainty associated with policy changes, URP
projects are more difficult to execute and come with higher
operating risks. In addition, resettlement negotiations with
villagers, zoning approvals from local governments, and other
non-commercial factors (such as change of key government officials)
may result in a much longer development cycle than originally
anticipated. This could add volatility to Kaisa's sales execution
and cash flow.

Kaisa's large pipeline of URPs and proven project execution
outweigh these risks. The company has more than 20 years of
experience in executing URPs and has a satisfactory record of
conversion. At the end of 2018, Kaisa had about 30 million square
meters (sqm) of URP site area, 99.5% of which was in the GBA, where
Shenzhen and Guangzhou each accounted for about one-third. By site
area, Kaisa is the largest URP player in the region. It also has
the longest operating history. Over the past decade, the company
has been able to convert on average 940 thousand sqm gross floor
area (GFA) annually into its land reserves. S&P anticipates it will
be able to continue to convert 800 thousand-1 million sqm per year
over the next two years.

Kaisa's first-mover advantage in URPs helps build barriers to entry
and supports profitability. The company's large URP pipeline also
provides a higher level of visibility of converting URPs into
saleable resources. Kaisa therefore gets an extra source of land
supply in high-tier cities at a comparatively low cost. In 2018,
Kaisa's average land cost per sqm was about 20% of contracted
average selling price, with URPs contributing about 30% of total
sales.

S&P said, "We expect Kaisa's leverage to remain high over the next
12 months, although the debt-to-EBITDA ratio should gradually
improve to 7.2x-7.6x in 2019, from 9.0x in 2018 and 11.0x in 2017.
The high leverage is due to the recent normalization of sales and
operations since a debt restructuring and exchange completion in
2017, and investments for strong growth.

"We believe Kaisa will be able to control its growth in gross debt
over the next 12-24 months. As the land market in China is heating
up again, Kaisa can afford not to chase land due to its sufficient
land bank. The company has set a contracted sales target of Chinese
renminbi (RMB) 90 billion in 2019 and is eyeing further growth in
2020. In our view, Kaisa's total saleable land resources worth
about RMB464 billion are sufficient to meet that target. We expect
Kaisa's land acquisitions, including spending on URPs, to reach
RMB24 billion-RMB27 billion in 2019, close to 30% of expected
attributable contracted sales. This should allow for mild
deleveraging."

Kaisa has higher funding costs than its peers', partly because it
has had no previous issuance in onshore capital markets, and due to
its debt restructuring. The company's blended funding cost of 8.4%
in 2018 was partly due to its significant proportion of offshore
financing. This, combined with high debt, results in Kaisa's EBITDA
interest coverage being weak relative to peers'. The coverage was
1.3x at the end of 2018, and could improve to about 1.6x over 2019
due to some deleveraging.

These weaknesses are partly due a series of credit events starting
in January 2015, when the company announced an offshore bank loan
default. This was followed by a debt restructuring, including
exchange offers. As such, Kaisa did not issue bonds in the domestic
market during the issuance boom from late 2015. Although the
financial restructuring and the following exchange processes were
completed in June 2017, the company may need extra time to regain
investor confidence.

Kaisa's capital structure compares well with that of peers at a
similar rating level. The company's weighted average maturity of
debt was about 3.2 years at the end of 2018, thanks to the 2017
refinancing that extended offshore maturities. Non-bank financing
accounted for 22% of total debt, although the majority matures in
2019.

S&P said, "The stable outlook reflects our expectation that Kaisa's
leverage will remain high but improve over the next 12-18 months,
supported by strong sales growth and a disciplined approach to land
acquisitions.

"We may lower the rating if Kaisa's debt-funded acquisitions are
more aggressive than we expect or if the company's contracted sales
and sell-through rate drop substantially. EBITDA interest coverage
falling below 1x over the next 12 months could indicate such a
deterioration.

"We could also lower the rating if the company's liquidity weakens.
A significant drop in the ratio of liquidity sources to liquidity
uses would indicate such weakening.

"We may raise the rating if Kaisa continues to expand, such that
its operating scale and diversity improve to be comparable to
larger peers'.

"We may also raise the rating if the company: (1) improves its
funding cost such that its EBITDA interest coverage stays above
2.0x; and (2) significantly reduces leverage, such that its
debt-to-EBITDA ratio improves to about 6.0x on a sustainable
basis."

TUNGHSU OPTOELECTRONIC: Joins Growing List Queried on Financials
----------------------------------------------------------------
Bloomberg News reports that a Chinese display product maker has
been questioned by the Shenzhen Stock Exchange on its cash usage,
joining a growing list of firms whose financials are being
scrutinized by the nation's regulators.

Beijing-based Tunghsu Optoelectronic Technology Co. was asked by
the bourse to explain the rationale in paying high expenses on its
debts when it reported ample cash in 2018, according to a statement
on May 15, Bloomberg relates. The company was also required to
spell out the reasons for issuing convertible bonds when it
reported CNY19.8 billion ($2.9 billion) cash as of end-2018,
Bloomberg says.

According to Bloomberg, China's companies are coming under greater
scrutiny by regulators on their accounting, putting a spotlight on
disclosure practices in a country where companies are defaulting at
a record pace. This is also a sore spot for China's stock and bond
markets at a time when they are opening to foreign investors at an
unprecedented pace.

Bloomberg says Kangmei Pharmaceutical Co., one of China's largest
listed drugmakers, said it overstated cash holdings by $4.4 billion
in April, while Kangde Xin Composite Material Group Co. defaulted
on a bond in January after reporting cash levels just four months
earlier that were enough to pay the debt 15 times over. Yihua
Lifestyle Technology Co. this month said the Shanghai bourse asked
it to explain why its debt levels were high when it had plenty of
cash, Bloomberg adds.

Tunghsu Optoelectronic's shares fell as much as 8.6% on May 16. The
exchange inquiry is a normal procedure conducted on listed firms'
annual reports and the company will answer the questions in the
coming days, Tunghsu Group's executive vice president Li Quannian
said in response to queries from Bloomberg.

Tunghsu Optoelectronic Technology Co., Ltd. engages in the
development and sale of liquid crystal glass substrates and
equipment in China. It also offers energy buses, and single-layer
graphene and graphene-based lithium-ion battery related products;
and purchases and sells memory chip products, peripherals and
e-sports main computers, LCD screen modules, and whole machine
products. In addition, the company is involved in the development
and sale of real estate properties.



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I N D I A
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ALIENS DEVELOPERS: CRISIL Lowers Rating on INR6.3cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Aliens Developers Private Limited (Aliens) to 'CRISIL D' from
'CRISIL B-/Stable' while reassigning a rating of 'CRISIL D' on its
short-term facility.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         .8       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Cash Credit           6.3       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term     .9       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

The downgrade reflects CRISIL's expectation that the rated
facilities may face irregularity going forward. The unrated
facilities of NCD continues to remain irregular because of
significant stretch in the company's as well as the group's
liquidity.

The rating reflects susceptibility to risks related to the
completion and saleability of ADPL's ongoing residential real
estate projects in Hyderabad, and to cyclicality, inherent in the
real estate industry. These weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to risks related to the completion and salability
of the ongoing project: The Company has completed around 25% of the
total construction by September 2018, exposing the company to
project implementation risks. Though the company has booked around
90% of the total saleable area, around 18-20% of the total booked
flats have been cancelled till now and booking and advances
received in future will remain key rating sensitivity factor over
the medium term.

* Cyclicality inherent in the real estate sector: The real estate
sector in India is cyclical marked by volatile prices, opaque
transactions, and a highly fragmented market structure. The
execution of projects is affected by multiple property laws and
non-standardized government regulations across states. The risk is
compounded by aggressive timelines for completion with shortage of
manpower (project engineers and skilled labor)

Strengths:
* Extensive experience of the promoters in the real estate
business: ADPL benefits from the promoters' extensive experience in
the residential real estate business. The company is promoted by
Mr. Hari Challa and Mr. Venkata Prasanna Challa. Both the promoters
have been involved in the similar business for more than one
decades. In this span they have executed around 5 different
residential projects, totaling to around 2 million square feet
area.

Liquidity
There has been significant stretch in the company's liquidity that
is also reflected in default on its NCD facility (not rated by
CRISIL), making the default on the rated facility appear imminent.

Incorporated in 2004, ADPL, is promoted by Mr. Hari Challa and Mr.
Venkata Prasanna Challa. The company is based out of Hyderabad and
undertakes residential real estate projects in Hyderabad and
adjacent locations.


ARIHA CHEMICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Ariha Chemicals Private Limited
        A-404, Plot No. 44 & 45, Sector 8A
        Koperkhairane, Navi Mumbai
        District Thane (MH) 400709

Insolvency Commencement Date: May 8, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Hirachand Nemichand Bafna

Interim Resolution
Professional:            Hirachand Nemichand Bafna
                         1502, Girner Towers
                         Sheth Motisha Lane, Mazgaon
                         Mumbai 400010
                         Tel.: 9820428608
                         E-mail: hnb1502@rediffmail.com

                            - and -

                         21-A, 1st Floor, 47/51, Soni Bhavan
                         Opp. Godiji Temple
                         Mumbai 400002
                         E-mail: hbirp02@gmail.com

Last date for
submission of claims:    May 25, 2019

ARTI ROLLER: CRISIL Withdraws B+ Rating on INR5.65cr Cash Loan
--------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Arti
Roller Flour Industries Private Limited (ARF) on the request of the
company and receipt of a no objection certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         5.65       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with Arti Roller Flour
Industries Private Limited (ARF) for obtaining information through
letters and emails dated August 31, 2018 and February 14, 2019,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ARF. This restricts CRISIL's
ability to take a forward ARF is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of Information
with CRISIL BB rating category or lower. Based on the last
available information, the rating on bank facilities of ARF
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

ARF, incorporated in 1988, processes wheat to produce maida, suji,
atta, dalia, and bran. Its manufacturing unit is in Khanna, Punjab,
and has capacity of 350 quintal per day. The company is promoted by
Mr D C Singla and Mr M C Singla.

BALA BALAJI: CARE Assigns B+ Rating to INR19.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bala
Balaji Srinivasa Poultry Complex (BBSPC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          19.75       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BBSPC are tempered
by business and project implementation risk, highly fragmented and
competitive business segment and constitution of the entity as
partnership firm with inherent risk of withdrawal of capital. The
rating, however, derives its strengths from the experience of the
partners for decade in poultry business, financial closure for the
project achieved and stable outlook of poultry industry.

Going forward, ability of the firm to initiate the commercial
operations as envisaged, sans any time and cost overruns and
ability of the firm to stabilize the business operation post
initiation and achieve profitability as projected shall remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Business and project implementation risk: The firm is exposed to
business implementation risk with respect to being exposed to
delays in project completion due to cost and/or time overruns,
delay in acquiring approvals, inability to find suitable clientele,
inability to penetrate market as foreseen due to several reasons
such as economic uncertainty etc.

Highly fragmented industry with intense competition from large
number of players: BBSPC faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the firm.

Constitution of the entity as a partnership firm: BBSPC being a
partnership firm is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

Key Rating Strengths

Experience of the partner for more than one decade in Poultry
business: BBSPC was established as partnership firm in the year
2018 by Dr. G.V.Subramaniam, Mr.G.V.Subramanyam and their family
members. Mr.G.V.Subramanyam (Managing Partner) graduate by
qualification and has more than one decade of experience in the
poultry business. Due to long term experience of promoter in same
field may expected to help the firm in developing business in near
future.

Financial closure for the project achieved: The partners of the
firm are setting up a unit for farming of egg laying poultry birds
with total estimate cost of the project is INR26.00 crore which is
funded through bank term loan of INR10.50 crore, INR9.50 crore from
partner's funds and remaining INR6.00 crore through unsecured loan
from partners & Relatives. Till date the firm has incurred INR5.30
crore against iron, cement and sheets for shed and building from
partners' capital. The firm is planning to start commercial
operations from August 2019.

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

Bala Balaji Srinivasa Poultry Complex (BBSPC) was established on
October 25, 2018 by Dr. G.V.Subramaniam (Managing Partner), Mr.
G.V. Subramanyam (Managing Partner) and their family members. The
firm plans to take up farming of egg, laying poultry birds
(chickens) and trading of eggs, cull birds and their manure. The
firm plans to sells its products such as eggs and cull birds to
retailers through own sales personnel as well as through dealers.

BANKA WOVEN: Ind-Ra Withdraws 'B+', Issuer Not Cooperating Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Banka Woven Sacks
Private Limited's Long-Term Issuer rating of 'IND B+' to the
non-cooperating category and simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR5.168 mil. Term loan* due on August 2022 migrated to non-
     cooperating category and withdrawn; and

-- INR52.5 mil. Fund-based working capital limit* migrated to
     non-cooperating category and withdrawn.

*Migrated to 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
8, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.              


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

COMPANY PROFILE

Incorporated in 2008, Banka Woven Sacks manufactures high-density
polyethylene fabrics at its production unit in Gujarat.

BASUDEB AUTO: CRISIL Reaffirms B+ Rating on INR10.25cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Basudeb Auto Limited (BAL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.25       CRISIL B+/Stable (Reaffirmed)

   Channel Financing   10.25       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    .50       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the promoters' extensive experience
in the automobile dealership market and healthy relationship with
principal, Tata Motors Ltd (TML), and BAL's low inventory and
receivables risks. These strengths are partially offset by
susceptibility to economic cyclicality and intense competition.

Key Rating Drivers & Detailed Description

Weakness:

*Exposure to economic cyclicality and intense competition:
Competition from other automobile dealers persists. Operating
margin is constrained by limited bargaining power with vehicle
manufacturers. In addition, business risk profile remains
vulnerable to economic cyclicality. Further with the implementation
of the BS VI norms from April 2020, will also be key monitorable
factor as BAL mostly deals in TATA passenger vehicles.

Strengths:

*Extensive experience of the promoters: The promoters have been in
the automobile dealership business for the past four decades,
having begun operations with a dealership of Hindustan Motors in
1970. In 2000, the promoters set up BAPL to commence dealership for
the passenger vehicles of TML. Benefits from the promoters'
longstanding presence, understanding of local market dynamics, and
strong relationship with the principal should continue to support
operations.

*Low inventory and receivables risks: Gross current assets were
modest at 106 days as on March 31, 2018. This is because vehicles
are registered in the customer's name only on receipt of full
payment and delivery order from financial institutions funding the
purchase. Consequently, receivables are realised within 15-25
days.

Liquidity
Despite the absence of maturing term debt, liquidity remains
constrained by modest cash accrual, estimated at INR0.53 crore in
fiscal 2019 (INR0.55 crore in fiscal 2018). Current ratio remains
low around 1.20 times (1.17 times as of March 2018).

Outlook: Stable

CRISIL believes BAL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a substantial and sustained increase in cash accrual,
and prudent working capital management strengthen key credit
metrics. The outlook may be revised to 'Negative' if significantly
low cash accrual or any large, debt-funded capital expenditure
weakens financial risk profile, especially liquidity.

BAL, based in Ranchi, Jharkhand, was incorporated in 2000 as a
closely held limited company by the Kataruka family. The company is
an authorised dealer for the passenger vehicles of TML in four
districts of Jharkhand: Ranchi, Hazaribagh, Ramgarh, and
Daltonganj.

BSR ENTERPRISES: CARE Assigns B+ Rating to INR9.0cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of BSR
Enterprises (BSRE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           9.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BSRE is primarily
constrained on account of project implementation risk associated
with its ongoing real estate project and salability risk associated
with un-booked units.

The rating, further, constrained on account of low booking with low
booking advances and subdued outlook for the cyclical real estate
sector.  The rating, however, favorably takes into account
experienced management with group support and established brand
name in Bhilwara with location advantage.

The ability of the firm complete to successfully complete its
on-going real estate project without any time and cost overrun
along with the timely booking of un-booked flats are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation risk and saleability risk for un-booked
units: BSRE is constructing a residential project, Anukampa SKY
DACK Tower – B having 96 units. It has started construction work
on project from 2018 and has envisaged that project to be completed
by 2020. The firm has envisaged total project cost of INR19.19
crore towards the project to be funded through internal accruals of
INR4.89 crore, term loans of INR9.00 crore, unsecured loans from
promoters and relatives of INR2.26 crore and balance through
customer advances. As on April 16, 2019, BSRE has incurred total
cost of INR12.11 crore towards the project which is funded through
internal accrual of INR4.00 crore, term loan of INR5.50 crore,
unsecured loans from promoters and relatives of INR2.08 crore and
customer advances of INR0.53 crore. The project is envisaged to be
completed by December 2020 and hence, project implementation risk
is associated with BSRE to complete the project within envisaged
time and cost parameters. Further, salability risk is also
associated with un-booked units of 91 units.

Low booking with low booking advances in BSRE: The project has 96
units which includes 36 units of 2BHK, 40 units of 3BHK SEMI, 20
units of 3 BHK in Project 'TOWER - B', it has booked 5 units (5% of
total units) till April 16, 2019 and hence, reflecting low booking
status of the project. Further, it has received booking advances of
INR0.53 crore in BSRE till April 16, 2019 which is 17.37% of
envisaged booking advances and hence, the status of booking appears
low to the duration of the project and cost incurred in this
regard.

Subdued outlook for the cyclical real estate sector: The real
estate industry in India is highly fragmented with most of the real
estate developers having a city-specific or region-specific
presence. Real estate investments worldwide have been driven by one
or several themes based on the economic growth. The major drive in
India is expected to come from housing, organized retailing,
hospitality etc. Strong economic growth, huge population, large
skilled workforce, growing employment and increasing purchasing
power has kick-started the growth in real estate market in India.
The risks associated with real estate industry are - cyclical
nature of business (linked to economic cycle), interest rate risk,
roll back of income tax benefits etc. Further, in light of the
on-going economic downturn, the sector is facing issues on many
fronts. These include subdued demand, curtailed funding options,
rising costs, restricted supply due to delays in approvals etc.
thereby resulting in stress on cash flows. Further, the banks have
already taken a cautious approach to the real estate lending and
reduced their exposure to the sector and hence, most developers now
rely on the private players for the project funding.

Key Rating Strengths

Experienced management with group support: The directors are
actively involved in day-day affairs of the company. Mr Amit
Chordia, Partner, has more than 8 years of experience in the
construction line and looks after the overall affairs of the
company. Further, he is supported by other partner, Mr Nakul
Agarwal who is a qualified as Bachelor of Management Studies (BMS)
from Mumbai. He has 3 years of experience in the construction
activities.

BSRE is registered partnership firm which is in real estate
residential construction in Bhilwara. It's under Anukampa Group. It
has two group concerns namely M/s Anukampa Buildmart Private
Limited and Textile Trade Centre both are engaged in the same line
of business.

Established brand name in Bhilwara with location advantage
The site is located Near Old Green Valley School, 100 Ft Ring Road,
Bhilwara, location of the residential project is in the well-known
region of Bhilwara which is easily accessible to railway station
and bus stand. It is strategically located close to school,
hospital, supermarket, places of worship. National Highway No. 79,
part of the Golden Quardrilateral (four lane), and another National
Highway No. 76 part of the East West Corridor (four lane) pass
through the Bhilwara district. Bhilwara Railway station is 3.6 km
from the site. Nearest airport is at Udaipur, which is 164 km from
the site.

Bhilwara (Rajasthan) based BSRE was formed in July, 2014 by Mr Amit
Chordia and Mr Nakul Agarwal. BSRE is formed with a purpose to
construct residential projects. Currently, BSRE has undertaken a
residential project named "Anukampa SKY DECK (Tower - B)" in
Bhilwara, Rajasthan wherein the firm has completed Tower A in 2017
and out of which 71% units sold till April 16, 2019.

GOPALA POLYPLAST: Ind-Ra Cuts LT Issuer Rating to 'D', Not Coop.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Gopala Polyplast
Limited's (GPL) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING') from 'IND BB- (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 these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR225.7 mil. Secured term loan (long-term) due on March 2021
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR500 mil. Cash credit facility (long-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR23 mil. Non-fund-based limits (short-term) downgraded with
     IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects GPL's delays in debt servicing due to tight
liquidity. As per the lender, the company had devolved its letter
of credit for 29 days as of May 9, 2019. Also, there were delays in
term loan repayment in April 2019.

RATING SENSITIVITIES

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

COMPANY PROFILE

GPL manufactures polypropylene/high density polyester woven sacks
and woven labels.

IL&FS TRANSPORTATION: Ind-Ra Affirms 'D' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed IL&FS
Transportation Networks Limited's (ITNL) Long-Term Issuer Rating at
'IND D.'

The instrument-wise rating actions are:

-- INR8.00 mil. Non-convertible debentures (NCDs) (long-term)*
     affirmed with IND D rating; and

-- INR1.19 mil. Long-term loan (long-term) due on December 31,
     2018 affirmed with IND D rating.

*Details in Annexure

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by ITNL
owing to a tight liquidity position, resulting from a delay in
realization of pending claims from various government authorities
and delays in undertaking deleveraging initiatives.

RATING SENSITIVITIES

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

COMPANY PROFILE

ITNL is a surface transportation infrastructure company and the
largest private sector road operator in India under the
build-operate-transfer model.

INDIABULLS HOUSING: Moody's Rates $1.5BB EMTN Program '(P)Ba1'
--------------------------------------------------------------
Moody's Investors Service has assigned (P)Ba1 long-term foreign-
and local-currency senior secured ratings to Indiabulls Housing
Finance Limited's (Indiabulls, Ba1 stable) USD1.5 billion Euro
Medium Term Note program. Concurrently, Moody's assigned a Ba1
foreign-currency rating to the proposed senior secured notes.

RATINGS RATIONALE

Indiabulls' (P)Ba1 senior secured EMTN program ratings and Ba1
senior secured rating are in line with the company's Ba1 corporate
family rating. The senior secured notes are rated the same as the
CFR because secured debt forms the predominant portion of the
company's debt.

The notes issued under the program constitute the issuer's direct,
general and unconditional obligations and will be secured by, among
other things, a first ranking charge over all the current assets of
the Issuer, both present and future, as well as all current and
future loan assets of the Issuer, including all the monies
receivable thereunder. The collateral created for the purpose of
the security coverage, will be shared on a pari passu basis with
the other, existing and future, secured debt holders of the Issuer.
The bond covenants provide for a minimum security coverage of 100%
for any monies borrowed under the MTN program.

Indiabulls' Ba1 CFR rating is driven by its high profitability and
capital, and healthy asset quality, offset by its relatively weak
funding and liquidity.

WHAT COULD MOVE THE RATINGS UP

Significant reduction in the secured debt ratio and an increase in
high quality liquid assets under stressed assumptions would be
positive for the ratings.

WHAT COULD MOVE THE RATINGS DOWN

A reduction in high quality liquid assets as a proportion of the
balance sheet and deterioration in its asset quality would be
negative for the ratings.

The principal methodology used in these ratings was Finance
Companies published in December 2018.

Headquartered in New Delhi, Indiabulls Housing Finance Limited
reported total assets of INR1,301 billion as of 31 March 2019.

JAI BHAGWAN: CARE Assigns B+ Rating to INR6.09cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jai
Bhagwan Ji Food Products (JBFP), as:

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

   Short Term Bank
   Facilities           0.75       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JBFP are primarily
constrained on account of its short track record of operations with
low profitability, moderate capital structure and debt coverage
indicators along with modest liquidity position during FY18 (FY
refers to the period April 1 to March 31). The ratings also factor
in JBFP's partnership nature of constitution, susceptibility of its
profit margins to volatility in raw material prices along with its
presence in seasonal and fragmented nature of industry subject to
government regulations.  The ratings, however, derive strength from
experienced partners in rice processing business.

The ability of JBFP to increase its scale of operations along with
an improvement in overall financial risk profile marked by
an improvement in its profit margins, capital structure and debt
coverage indicators along with efficient working capital
management are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of operations post completion of Capex in FY17
along with low profitability during FY18: JBFP commenced its rice
sorting and polishing operations from August 2016 onwards post
completion of its capex, thus FY18 is the first full year of
operations. The scale of operations of JBFP as marked by total
operating income (TOI) remained modest at INR14.27 crore during
FY18 as against INR0.99 crore for its 8 months of operations during
FY17. The profitability of JBFP as marked by PBILDT remained low at
INR0.86 crore (6.02%) for FY18 as against INR0.07 crore (7.40%)
during FY17, while PAT also remained thin at INR0.09 crore (0.66%)
in FY18 as against INR0.01 crore (1.27%) in FY17.

Moderate capital structure and debt coverage indicators: The
capital structure of JBFP remained moderate as marked by an overall
gearing ratio at 2.28 times as on March 31, 2018 as against 3.44
times as on March 31, 2017, owing to increase in tangible net worth
base of the firm. The debt protection metrics as marked by total
debt to Gross Cash Accruals (TDGCA) also remained moderate at 7.28
years as on March 31, 2018 on account of high total debt level of
the firm as on balance sheet date coupled with low GCA level for
FY18. Further, interest coverage ratio also remained moderate at
2.12 times in FY18 as against 1.21 times in
FY17.

Modest liquidity position: The liquidity position of JBFP remained
modest marked by current ratio at 1.04 times as on March 31, 2018
as against 0.75 times as on March 31, 2017. The average utilization
of working capital borrowings for the past 12 months ended January
31, 2019 remained high at 95% for availed cash credit limit.
However, operating cycle of JBFP remained moderate
at 32 days during FY18. The cash and bank balance of JBFP remained
low at INR0.19 crore as on March 31, 2018 while net cash flow from
operating activities in FY18 remained negative at INR0.33 crore
owing to blockage of the funds in inventory and trade receivables.

Constitution as a partnership firm: JBFP being a partnership firm
is exposed to inherent risk of partners' capital being withdrawn at
the time of personal contingency which may put pressure on
financial flexibility of the firm.

Susceptibility of its profit margins to volatility in raw material
prices along with its presence in seasonal and fragmented nature of
industry which is subject to government regulations: Monsoons have
a huge bearing on crop availability which determines the prevailing
paddy prices. Since, there is a long time lag between raw material
procurement and liquidation of inventory, the firm is exposed to
the risk of adverse price movement, resulting in lower realization
than expected. Also, the commodity nature of the rice makes the
industry highly fragmented with numerous players operating in the
unorganized sector with very less product differentiation.
Moreover, the raw material (paddy) prices are regulated by the
government mainly through Minimum Support Price (MSP), which in
turn limits the bargaining power of the paddy
processors.

Key Rating Strength

Experienced partners in rice processing industry: Mr. Manojkumar
Sahajwani aged 43 years has an experience of around 7 years in same
line of business and looks after the overall management of JBFP,
along with other two partners Mr. Mohit Sahajwani and Mr.
Inderkumar Sahajwani. Mr. JaiKumar Sahajwani who has an extensive
experience of 10 years in the same line of business also provides
guidance and support to the management. JBFP bags orders from
various commodity dealers, traders, retailers, shopkeepers and
other small establishments via brokers, primarily set up within the
state of Gujarat, Rajasthan and M.P. with the help of its own
established marketing network.

Sihora-based (Madhya Pradesh (M.P.)) JBFP was formed as partnership
firm on August 15, 2016 by Mr. Manojkumar Sahajwani, Mr. Inderkumar
Sahajwani and Mr. Mohit Sahajwani. JBFP commenced its manufacturing
operations for sorting and polishing of non- basmati rice from
August 2016 onwards, from its manufacturing plant located at
Sihora, M.P., having an installed capacity of 9 Metric tons per day
(MTPD) as on March 31, 2018. It procures paddy and unpolished rice
mainly from local traders of M.P. and Uttar Pradesh (U.P.) and
sells the sorted and polished rice domestically, majorly in the
state of M.P., Gujarat, Rajasthan and Maharashtra via brokers,
while it sells directly under the brand name '935 Gold'. Further,
it also trades in rice and paddy according to market opportunities.
Waste and by-product during manufacturing of rice are sold as a
cattle-feed in local mandis. Further, JBFP also trades in Gram and
Gram dal as a commission agent. The associate concerns of JBFP
include M/s. Jai Bhawani Traders, M/s. Jai Gurudev Food Products,
M/s. Jaidev Kirana Stores which are also engaged in the
agro-commodities related businesses.

KARMAH EXIMPP: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Karmah Eximpp LLP
        D-204, Charkop, Mahavir Darshan CHS
        Sector 2, Kandivali (W)
        Mumbai 400069, Maharashtra

Insolvency Commencement Date: May 9, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 5, 2019
                               (180 days from commencement)

Insolvency professional: Awadhesh Kumar Dixit

Interim Resolution
Professional:            Awadhesh Kumar Dixit
                         Flat No. 801, B-Wing, Building No. 112
                         Shivsharan CHS, Tilak Nagar, Chembur
                         Mumbai 400089
                         E-mail: dixit.ak1976@gmail.com

Last date for
submission of claims:    May 25, 2019


KBK BIOTECH: CARE Assigns B+ Rating to INR20cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of KBK
Biotech Private Limited (KBK), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      20.00       CARE B+; Stable Assigned
   Facilities          

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KBK are primarily
tempered by short track record of the firm and risk towards
stabilization of operations, customer and geographic concentration
risk and highly regulated nature of Chemical industry. However, the
ratings derive qualified and experienced management in diversified
business, financial closure of the project has been achieved and
stable outlook of Chemical Industry.

Going forward, the company's ability to improve its profitability,
capital structure and debt coverage indicators, to expand its scale
of operations amidst competition and to utilize its working capital
requirements efficiently would be its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Short track record of the firm and risk towards stabilization of
operations: The firm was incorporated in 2015. The promoters of the
firm have set up an manufacturing plant with a total estimated
cost of INR48.44 crore which is funded through bank term loan of
INR20.00 crore and rest of INR28.44 crore from promoters own funds
and unsecured loans from related parties respectively. The company
has started the trail run from February 2019 and the actual sales
will be made from April 2019. Therefore, the ability of the firm to
stabilize the operations and generate the revenue and profit levels
as envisaged remains critical from credit perspective.

Highly regulated nature of chemical industry: The chemical industry
are regulated by several policies and bodies in terms of pricing,
quality control, safety and health standards, and several other
certifications and control standards. The firm has to undergo
various necessary approvals and certifications; further the same
has to be regularly upgraded for smooth functioning of their
business. Any changes or regulations by the regulatory bodies may
hamper the business of the companies prevailing in the industry.

Key Rating Strengths

Qualified and experienced management in diversified business: KBK
was incorporated in the year 2015 by Mr.K. Balarama Krishna
(Managing Director) along with other directors such as Mr. K Murali
Krishna, Mr. K. Suresh Kumar and Ms.k. Ganga Bhavani. The company
has started its trial run in February 2019 and the actual sales
will be made from April 2019. Mr.K. Balarama Krishna, the Managing
Director of the company, who is a graduate in B.Sc (Chemistry) by
qualification, has experience of around more than three decades in
various businesses such as Real estate (1980-1998), RMC
manufacturing (2010-till now) and metal crushing unit(1998-till
now). The company is supported by qualified promoters along with
other well-educated management personnel. Due to long term presence
of the promoters in the market, the company established good
relationships with its customers and suppliers.

Financial closure of the project has been achieved: KBK has
achieved financial closure for the said project. The total
estimated cost of INR48.44 crore which was funded through bank term
loan of INR20.00 crore and rest of INR28.44 crore from promoters
own funds and unsecured loans from related parties respectively. As
confirmed by the management, the company has already incurred
INR46.08 crore towards land and development expenses (INR15.28
crore), plant and machinery (24.29 crore) and the balance towards
preliminary expenses and interest expenses during the construction
period. The same was funded through bank term loan of INR20.00
crore and remaining through promoters own funds and unsecured loans
from related parties. The same was funded through bank loans and
the promoters own funds.

Stable Outlook of Chemical Industry: Basic chemicals and their
related products (petrochemicals, fertilizers, paints, varnishes,
glass, perfumes, toiletries, pharmaceuticals, etc.) constitute a
significant part of the Indian economy. Among the most diversified
industrial sectors, chemicals cover an array of more than 70,000
commercial products. India is the seventh largest producer of
chemicals globally and third largest producer in Asia in terms of
output. The country ranks third globally in the production of agro
chemicals and contributes around 16 per cent to the global dyestuff
and dye intermediates production. The chemical sector is expected
to double to US$ 300 billion by 2025, clocking an annual growth
rate of 15-20 per cent. To achieve this, government is working on a
draft chemical policy that will focus on meeting the rising demand
for chemicals and reduce imports.

KBK Biotech Private Limited (KBK) was incorporated in the year 2015
by Mr.K. Balarama Krishna (Managing Director) along with other
directors such as Mr. K Murali Krishna, Mr. K. Suresh Kumar and
Ms.k. Ganga Bhavani. The directors of the company are related
parties and the expected date of commencement of commercial
operations is from April 2019, however trail run started in
February 2019. KBK was established a Grain Based Distillery unit,
for manufacturing of chemicals such as Rectified Spirit, Ethanol
and Extra Neutral Alcohol which are used as ingredients in
manufacturing of soaps, human liquor, pharma and fuel blending at
its owned plant located at Peddapuram Mandal, East Godavari
District with an installed capacity of 20,700 kilo litres. The
company purchases the raw materials required such as broken rice
from various rice milling units and maize from local farmers
located in and around East Godavari District. The company is
planning to sell its main products and by products in the states of
Telangana and Andhra Pradesh.

The total estimated cost of INR48.44 crore which was funded through
bank term loan of INR20.00 crore and rest of INR28.44 crore from
promoters own funds and unsecured loans from related parties
respectively. As confirmed by the management, the company has
already incurred INR46.08 crore towards land and development
expenses (INR15.28 crore), plant and machinery (24.29 crore) and
the balance towards preliminary expenses and interest expenses
during the construction period. The same was funded through bank
term loan of INR20.00 crore and remaining through promoters own
funds and unsecured loans from related parties.

KUPPANNA POULTRY: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kuppanna Poultry
Farm (KPF) a Long-term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR153.5 mil. Fund-based working capital limits assigned with
     IND BB-/ Stable/IND A4+ rating; and

-- INR43.9 mil. Term loan due on January 2028 assigned with IND
     BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect KPF's medium scale of operations with revenue
of INR601.9 million in FY18 (FY17: INR398.2 million). The revenue
grew in FY18 and further in 10MFY19 (INR730.4 million) on improved
production capacity. Credit metrics are moderate on high debt
levels with interest coverage (operating EBITDA/gross interest
expense) of 6.7x in FY18 (FY17: 3.2x) and net leverage (adjusted
net debt/operating EBITDA) of 4.0x (6.5x). The improvement in
credit metrics in FY18 was due to a steep rise in absolute EBITDA
to INR28.6 million in FY18 (FY17: INR12.0 million). In 10MFY19, the
company recorded interest coverage of 8.9x and net leverage of
3.9x.

Operating EBITDA margins are healthy but volatile (10MFY19: 6.7%,
FY18: 4.8%; FY17: 3.0%; FY16: 7.1%) due to fluctuating prices of
poultry feed materials; ROCE was 15% in FY18 (FY17: 7%; FY16:
17%).

Moreover, the ratings are constrained by the firm's moderate
liquidity position as indicated by around 70% average utilization
of its fund-based limits during the 12 months ended in March 2019.
Cash flow from operations turned positive at INR73.2 million in
FY18 (FY17: negative INR23.8 million), due to an improvement in
debtors to 12 days in FY18 (FY17: 22 days; FY16: 37 days) and
creditors to 19 days (40 days, 28 days).

However, the ratings benefit from the company's proprietor's
experience of over three decades in the horticulture and poultry
industry.

RATING SENSITIVITIES

Negative: Deterioration in the operating EBITDA margins or
liquidity position leading to deterioration in the credit metrics,
all on a sustained basis, would lead to negative rating action.

Positive: A significant improvement in the revenue leading to an
improvement in the credit metrics, while improving the liquidity
position, all on a sustained basis, would lead to positive rating
action.

COMPANY PROFILE

Established in 1989, KPF is engaged in commercial broiler producing
and egg production activities with an installed capacity of 200,000
birds per batch, around 300,000 eggs production per week and 8-10
tons of pellet feed mill production capacity per hour in
Alampalayam, Tirupur.

M/S SHANTHILAL: Ind-Ra Affirms D, Not Cooperating LT Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s. Shanthilal &
Sons Jewellers' (SSJ) 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 ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR240 mil. Fund-based working capital limits (long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by SSJ due to
tight liquidity, the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

SSJ is engaged in the retailing of jewelry. It has a jewelry retail
showroom in Nellore, Andhra Pradesh

M/S SHANTIKALASH: Ind-Ra Affirms 'D', Issuer Not Cooperating Rating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Shantikalash
Jewellers' (SJ) 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 ratings are based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR47.5 mil. Term loan (Long-term) due on February 28, 2021
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR270 mil. Fund-based working capital limits (Long-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by SJ due to
tight liquidity, the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Set up as a proprietorship firm by Mr. Shanthilal Jain in 1964, SJ
is engaged in jewellery retailing. It has a showroom in Nellore,
Andhra Pradesh.

MADHAV TEXTILES: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Madhav
Textiles (MDT) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/            7         CARE D/CARE D; Issuer Not
   Short-term                      Cooperating; on the basis
   Bank Facilities                 best available
                                   information

CARE had, vide its press release dated February 13, 2018, placed
the rating(s) of MDT under the 'issuer non-cooperating' category as
MDT had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. MDT
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated April 22, 2019, April 24, 2019, April 25, 2019, May 3, 2019,
May 7, 2019, May 8, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the 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.

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 13, 2018 the following were
the rating weaknesses:

Key rating weaknesses

Ongoing delays in debt servicing: MDT has been irregular in
servicing its debt obligation due to weak liquidity position of the
firm.

Surat (Gujarat) based MDT was established in 2010 as a
proprietorship firm by Mr. Akhilesh Maheswari. MDT is into the
business of trading of yarn (Viscose and Mono Filament) and
finished fabrics. MDT is also doing job work of finished fabric
however proportion of the same is very small. MDT imports its
material i.e. viscose yarn and mono filament yarn from China and
Korea and purchases finished fabric from the local market. These
materials are then being supplied to local weavers (in case of
yarn) and manufacturer of sarees and readymade garments (in case of
finished fabric).

MEGASOFT LIMITED: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Pos.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Megasoft Ltd.'s
Long-Term Issuer Rating to 'IND BB+' from 'IND B+'. Outlook is
Positive.

The instrument-wise rating actions are:

-- INR150 mil. Fund based working capital limit upgraded with IND

     BB+/Positive rating; and

-- INR50 mil. Non-fund based working capital limit upgraded with
     IND A4+ rating.

Analytical Approach: Ind-Ra has taken a consolidated view of
Megasoft and its 100% subsidiaries, XIUS Holding Corp and Xius Corp
in the US, XIUS S DE RL DE CV (formerly, Bostan Communication
Group) in Mexico and Megasoft Consultant in Malaysia, to arrive at
the ratings. This is because all the companies have strong
operational and strategic interlinkages, as they operate in the
same line of business.

KEY RATING DRIVERS

The upgrade and Positive Outlook reflect the expected continuous
revenue inflow and improvement in the liquidity profile of the
company, based on the signing of a master lease agreement between
Megasoft (the lessor) and Mahataa Information India Private Limited
(MIIPL; foreign subsidiary of Google Incorporation, the lessee) for
the use of an upcoming IT park infrastructure in Nanakramguda
Village, Telangana. Also, a clause in the lease agreement directs
the lessee to make lease payments by a quarter in advance with a
lock-in period of three years.

However, the company's current liquidity position remains tight,
with 96% utilization of the fund-based facilities on average during
the 12 months ended in April 2019. Also, the net cash conversion
cycle deteriorated to 238 days in FY18 (FY17: 168 days) due to an
increase in debtor days. As on March 31, 2018, the company had a
cash balance of INR9 million and unutilized credit balance of
INR0.4 million.

The ratings continue to factor in Megasoft's continued small scale
of operations, modest profitability and weak credit metrics, due to
the growing competition and a slowdown in the telecom services
market. Revenue declined to INR663 million in FY18 (FY17: INR701
million) while EBITDA margin improved to 14.5% (6.3%), mainly due
to the execution of a lesser number of orders in the cloud service
division (which is a low-margin product and requires an initial
installation cost) and lower other operating expenses. Megasoft
recorded revenue of INR431 million and margins of 10% in 9MFY19.
The net financial leverage (adjusted net debt/operating EBITDA)
improved to 4.8x in FY18 (FY17: 10.2x) and gross interest coverage
operating (EBITDA/gross interest expense) to 1.8x (1.1x), mainly
due to an increase in absolute EBITDA to INR96 million (INR44
million). Return on capital was modest at 3% in FY18.

The ratings, however, are supported by Megasoft's operational track
record of over a decade in setting up prepaid cellular billing
infrastructure and offering related services in the Americas,
Europe, and the Middle East.

RATING SENSITIVITIES

Positive: Successful completion of IT infrastructure and a strong
master lease agreement with a counterparty for upcoming phases,
leading to a sustained improvement in the liquidity and credit
profile of the company, will be positive for the ratings.

Negative: Any delay in the completion of infrastructure and further
stretch in the company credit profile leading to deterioration in
the liquidity could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1994, Megasoft (represented by its telecom brand,
XIUS) is a mobile technology specialist. It is focused on real-time
transaction processing in mobile infrastructure, mobile payments,
and the Internet of Things solutions. Its head office and
development center are located in Hyderabad. Megasoft has delivered
over 900 projects to more than 400 enterprises across global
markets in the United States, Latin America, Asia, Europe, the
Middle East, and Africa.

MOHAN MOTOR: CRISIL Cuts INR65cr Cash Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CRISIL has downgraded its rating on Mohan Motor Udyog Private
Limited (MMUPL)'s long-term bank facility to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable'.  The downgrade reflects
continuously overdrawn cash credit limit for more than 30 days.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           65        CRISIL D/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING Downgraded
                                   from 'CRISIL B+/Stable')

CRISIL has been consistently following up with MMUPL for obtaining
information through letters and emails dated
February 28, 2019, and March 18, 2019, among others; apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MMUPL. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available for MMUPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating category
or lower.' Based on the last available information, CRISIL has
downgraded its rating on the company's long-term bank facility to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable'.

The downgrade reflects continuously overdrawn cash credit limit for
more than 30 days.

Incorporated in 1986 and promoted by Mr Sandip Kumar Bajaj and Mr
Gaurav Bajaj, MMUPL was an authorised dealer for Maruti Suzuki
India Ltd till March 2014, when it acquired dealership of Hyundai
Motor India Ltd vehicles. It has two exclusive showrooms with three
extension counters and one workshop in Kolkata.

PARAS TARP: CRISIL Migrates B+ Rating from Not Cooperating
----------------------------------------------------------
Due to inadequate information, CRISIL, in line with guidelines of
Securities and Exchange Board of India (SEBI), had migrated the
rating on the long-term bank facilities of Paras Tarp Industries
(PTI) to 'CRISIL B+/Stable/Issuer Not Cooperating' on May 23, 2018.
However, the management subsequently started sharing the
information, necessary for carrying out a comprehensive review of
the rating. CRISIL is therefore, migrating the rating from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1.8       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable ISSUER
                                   NOT COOPERATING')

   Long Term Loan        2.28      CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable ISSUER
                                   NOT COOPERATING')

   Proposed Cash         2.92      CRISIL B+/Stable (Migrated
   Credit Limit                    from 'CRISIL B+/Stable ISSUER
                                   NOT COOPERATING')

The rating continues to reflect PTI's small scale of operations
amid intense competition, average financial risk profile and large
working capital requirement. These rating weaknesses are partially
offset by extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amid intense competition: Intense
competition is likely to continue constraining scalability, revenue
is expected to remain modest at INR20-21 crore in fiscal 2019.
Presence of large number of players in the tarp manufacturing
business constrains PTI's bargaining power and ability to pass on
increases in raw material price.

* Average financial profile: Modest networth estimated at INR3.4
crore leads to high TOL/ANW of 2.65 times as on March 31, 2019,
constraining the overall financial risk profile Debt protection
metrics, however are moderate, as reflected in estimated interest
coverage and NCATD ratio of 2.9 times and 0.17 times respectively
for fiscal 2019.

* Large working capital requirement: Operations are working capital
intensive, as reflected in estimated GCA of 147 days as on March
31, 2019, mainly on account of high inventory holding period of 3-4
months.

Strengths
* Extensive experience of the partners: Benefits from the partners'
experience of around 25 years in tarp manufacturing business and
their healthy relationships with customers and suppliers, should
continue to support the business.

Liquidity
The firm enjoys fund based facility (Cash Credit) of INR1.8 crore,
fully utilized as on March 2019. Average utilization for fiscal
2019 was 88%. Cash accruals expected in the range of INR1-1.2 crore
per year over the medium term should remain sufficient against term
debt repayment obligation of ~80-85 lacs. Current ratio is
moderate, estimated at 1.3 times as on March 31, 2019.

Outlook: Stable

CRISIL believes PTI will benefit over the medium term from
experience of its partners. The outlook may be revised to
'Positive' if higher than expected improvement in scale of
operations and profitability leads to healthy cash accrual and
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of significantly low operating
margin or any large, debt-funded capital expenditure, or its
working capital management deteriorates, weakening the financial
risk profile.

Established in 2014, in Ahmedabad by Mr Hirabhai Patel and family,
PTI manufactures tarp sheets and laminated rolls.

RAJ YAMAHA: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Raj Yamaha (RY)
continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          8.75       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Cash Term Loan       1          CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)
   Proposed Cash
   Credit Limit         2          CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with RY for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RY was established in 2009 as an authorised dealer of India Yamaha
Motor Pvt Ltd in Chennai. The proprietor, Mr H Rajkumar, manages
operations.

ROHARSH MOTORS: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Roharsh Motors
Private Limited (RMPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            17       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)
   Drop Line
   Overdraft Facility      3       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with RMPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RMPL was incorporated in 2012 and started operations in October
2013; it is promoted by the Pune-based Ghatge family. The company
is a dealer in passenger vehicles of Renault India Ltd in Pune. It
has two showrooms and workshops each at Baner and Wagholi, both in
Pune.

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

The instrument-wise rating actions are:

-- INR55.32 mil. Term loans due on May 2025 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR60 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERTAING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed term loan migrated to non-cooperating
     Category with Provisional IND BB+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Rythu Dairy Products was incorporated as Farmer's Milk Products
Private Limited on 7 June 2010 and later renamed on December 12,
2012. It is engaged in the processing of packaged milk and other
dairy products.

SANKHESWARAA GOLD: CARE Cuts INR12.50cr Loan Rating to D, Not Coop.
-------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sankheswaraa Gold Exports Private Limited (SGEPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       12.50     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B-,Stable
                                  Issuer not cooperating
                                  based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 9, 2018, placed the
rating(s) of SGEPL under the 'Issuer non-cooperating' category as
Sankheswaraa Gold Exports Private Limited had failed to provide
information of the rating. Sankheswaraa Gold Exports Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and
letters dated April 10, 2019, April 15, 2019, and April 22, 2019
and numerous phone calls. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings have been revised on account
of on-going delay in debt servicing.

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 24, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from MCA website and banker feedback):

Key updates

Delay in debt servicing: As per the interaction with the banker,
the account has been classified as NPA.

Sankheswaraa Gold Exports Private Limited (SGEPL) was incorporated
on June, 25, 2012 by Mr Ketan Nirmal Jain & family. In March, 2016,
the company was taken over by Mr Rakesh Champalal Parekh and Mr
Nikunj Pravin Parekh. SGEPL has recently commenced its operations
from May 19, 2016 by setting up a plant & machinery for
manufacturing of gold chains and bracelets with high quality art
and finishing. This machinery was imported from Turkey and the
total expenditure was INR1.10 crore which was funded through funds
from the promoters. The company sells its products to various
wholesalers spread across India.

SHAKTI INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shakti Industries -
Jalalabad (Shakti) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         11.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    .25       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with Shakti for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Established in 1996, Shakti, a partnership between Mr Pawan Bajaj
and Mr Sudhir Kumar, mills and processes rice. The firm is based in
Jalalabad (Punjab).

SHRADDHA MOTORS: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shraddha Motors
Private Limited (SMPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SMPL for obtaining
information through letters and emails dated October 31, 2018 and
April 25, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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


Detailed Rationale

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

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

Incorporated in November 2006, SMPL is an authorised dealer of
passenger vehicles of Tata Motors in Bharuch (Gujarat). The company
has been promoted by Mr Pankaj Desai and his family members.

SHREE AGRO: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Agro Fresh Ulo
Cold Storage (SAFUCS) continues to be 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      .25        CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              8.75        CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with SAFUCS for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SAFUCS was set up in June 2014 by Mrs Sadhana Maloo, Mr S K Singh,
Mr Dineshchandra Maheshwari, and Mr Narendrakumar Sharma. The firm
has a cold storage facility at Hallol, Gujarat.

SHREE NATHJI: CARE Cuts INR7.66cr LT Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Nathji Cotton & Oil Industries (SNCOI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.66       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information; Revised from
                                   CARE B; Stable; Issuer Not
                                   Cooperating

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SNCOI 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: SNCOI has been irregular in
servicing its debt obligation due to weak liquidity position of the
firm. The cash credit account has been overdrawn for more than 30
days.

Morbi-based (Gujarat) SNCOI is a partnership firm and was
established in July, 2015 by Mr Kamleshbhai Likhiya Mr Girishbhai
Likhiya and Mr Bharatbhai Charola. SNCOI is engaged into cotton
ginning, cleaning and bailing process with an installed capacity of
7,488 tonnes per annum as on March 31, 2017. The firm procures raw
cotton from farmers and sells its products in domestic market to
the states like Maharshtra, Tamilnadu etc.

SHRI GANGA: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Ganga Four
Wheels Private Limited (SFWPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)
   Term Loan              4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SFWPL for obtaining
information through letters and emails dated
October 31, 2018 and April 9, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

The financial performance or strategic intent of SFWPL, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
SFWPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2014, SFWPL has set up an automotive dealership for
light commercial vehicles of Tata Motors Ltd (rated 'CRISIL
AA/Positive/CRISIL A1+) at Sikar, Rajasthan. The company commenced
operations from September 2015.

SHUBHAM COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shubham Cotton Mills
Private Limited (SCMPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          17.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)
   Term Loan              .5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up SCMPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

SCMPL, incorporated in 1988, gins cotton, extracts oil from cotton
seeds, and manufactures guar gum and its by-products, churi and
korma. The company's processing and manufacturing unit is in
Ellenabad (Sirsa; Haryana). It was acquired by the current
promoters, Mr Vinod Kumar, Mr Naresh Kumar, and Mr Mukesh Kumar, in
2003, from Mr Ajay Kumar, Mr Raj Kumar, and Mr Prem Kumar.

SIVA FOODS: CRISIL Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Siva Foods Impex
Private Limited (SFPL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
  Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

  Long Term Loan          3.75     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)
  Proposed Cash
  Credit Limit            5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated October 31, 2018 and
April 9, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SFPL, promoted by Mr G. Sivakumar had been set up as partnership
firm, Siva Traders, in 2005; this firm was reconstituted as a
private limited company with the current name and incorporated in
2014. The company, based in Tiruchirappalli, Tamil Nadu, and
processes raw cashew nuts.

SREE PRAAGNA: CARE Cuts Rating on INR8cr LT Loan to B, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sree Praagna Hospitals Private Limited (SPHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.00       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 19, 2018, placed
the rating(s) of SPHPL under the 'issuer non-cooperating' category
as SPHPL had failed to provide information for monitoring of the
rating. SPHPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
emails dated April 22, 2019, April 23, 2019, April 24, 2019, April
29, 2019 and April 30, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating.

The ratings assigned to the bank facilities of Sree Praagna
Hospital Private Limited (SPHPL) continues to be tempered by small
scale of operations, highly fragmented industry coupled with
competition from existing and upcoming hospitals and project
implementation risk. The rating is, however, underpinned by
experienced promoters with more than one decade in healthcare
industry with specialization in ENT and Oncology, statutory
approvals in place and stable demand outlook for healthcare
industry.

Going forward, the ability of the company to stabilize the
operations and generate the revenue and profit levels as envisaged
in the competitive healthcare industry will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations: The total operating income of the
company remained small at INR0.6 crore in FY18 as compared to
INR0.01 crore in FY17.

Highly fragmented coupled with competition from existing and
upcoming hospitals: The healthcare sector is highly fragmented with
few large players in the organized sector and numerous small
players in the unorganized sector leading to high level of
competition. However, one of the major competitor for super
specialty hospital is located at Puttaparthi with a bed capacity of
300. Despite of the competition, the SPHPL is expected to manage
the competition with presence of highly qualified doctors with more
than one decade experience in the medical profession. Considering
intense competition, SPHPL's prospects would depend upon its
ability to profitably scale up the operations and success rate in
treatment of complex cases, to attract patients and increase
occupancy.

Project implementation risk: SPHPL hospital is planning to open a
super specialty hospital in Ananthapur, Andhra Pradesh with 100 bed
capacity. The total proposed cost of project is INR13.60 crore
which is proposed to be funded by bank term loan of INR8.84 crore
and equity share capital of INR4.76 crore. As on November 10, 2016,
the hospital has incurred expenses of INR1.75 crore (around 13% of
the total project cost) towards advance payment of purchase of
medical equipment's and construction of building (Ananthapur), and
the same was funded by the equity share capital brought in by the
promoters. Further, financial closure for the project is achieved.
The ability of the hospital to complete the project without any
cost or time over run will remain critical from credit risk
perspective.

Key Rating Strengths

Experienced promoters with more than one decade in healthcare
industry with specialization in ENT and Oncology: SPHPL is promoted
by Dr. B.J Prasad (Managing Director) an ENT specialist and Dr.
Syamala Sridevi (Director) is specialized in Oncology, and both of
them has more than one decades of experience in medical
profession.

Statutory approvals in place: SPHPL's hospital is located in
Ananthapur district of Andhra Pradesh, and got all statutory
approvals like DM&HO (District Medical & Health Officers),
pollution board, municipal and others approvals.

Stable demand outlook for healthcare industry: The overall Indian
healthcare market is worth around US$ 100 billion and is expected
to grow to US$ 280 billion by 2020, a Compound Annual Growth Rate
(CAGR) of 22.9 per cent. Healthcare delivery, which includes
hospitals, nursing homes and diagnostics centres, and
pharmaceuticals, constitutes 65 per cent of the overall market.
There is a significant scope for enhancing healthcare services
considering that healthcare spending as a percentage of Gross
Domestic Product (GDP) is rising. Rural India, which accounts for
over 70 per cent of the population, is set to emerge as a potential
demand source.

Sree Praagna Hospitals Private Limited (SPHPL) was incorporated in
2015 with trade name as 'S V American Hospitals', promoted by Dr
B.J Prasad (Managing Director), an ENT specialist and Dr Syamala
Sridevi (Director) is specialised in Oncology. The company is
planning to set up a hospital at Anantapur (A.P) having
specialization in 'Cancer and ENT' treatment. The hospital will
provide diagnostic, outpatient, surgery and inpatient services to
the customers. SPHPL has got approvals from DM&HO (District Medical
& Health Officers) in the year 2016 for setting up the hospitals
and also planning to empanel for 'Aarogyasri Scheme', sponsored by
government of Andhra Pradesh. SPHPL is planning to be managed by a
team of experts from all related fields like Oncology, ENT and
Cancer treatment with all types of Surgeries. During FY18, the
company has achieved total operating income of INR0.06 crore and
registered a net loss.

SRI BALAJI: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Balaji Paraboiled
Rice Mills Private Limited (SBPRMPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.25      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    6.25      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

CRISIL has been consistently following up with SBPRMPL for
obtaining information through letters and emails dated October 31,
2018 and April 9, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1999, SBPRMPL mills and processes paddy into rice.
The manufacturing plant is in Nalagonda district, Telangana. Mr
Gouru Srinivas and Mr Gouru Saroja and their family members are the
promoters.

SRI LAXMI VENKATA: CARE Raises Rating on INR6.0cr LT Loan to BB-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Venkata Ramana Parboiled Rice Industry (SLVPRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE BB-; Outlook Stable
   Facilities                      Revised from CARE B+;
                                   Stable: Issuer not cooperating

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SLVPRI takes into account improved capital structure and debt
coverage indicators, improved operating cycle days and satisfactory
profitability margins albeit decline in the PBILDT margin. However,
the ratings continues to be tempered by by small scale of
operations with partnership nature of constitution, working capital
intensive nature of operations due to seasonal availability of
paddy, and fragmented nature of Industry and low entry barriers.
The ratings are, however, underpinned by the experienced partners
in rice industry and healthy demand outlook for rice industry.

Going forward, the ability of the firm to increase its scale of
operations and profitability margins in competitive environment,
maintain its capital structure and manage its working capital
requirements in an effective manner would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with partnership nature of constitution:
Despite being in business since 1999, SLVPRI scale of operations
continued to remain small marked by total operating income of Rs
30.87 crore for the period ending on FY17 and moderate net worth
base of Rs 1.72 core as on March 31, 2017. During the FY18,
Partners has been infused capital of INR0.25 crores to the
business.

Working capital intensive nature of operations due to seasonal
availability of paddy: The operating cycle of the firm improved to
25 days in FY18 as compared to 80 days in FY17 due to improved
inventory days on account of improved raw material days. The firm
receives payment from its customers on an average of 30-40
days and avails credit period upto 25 days from its suppliers days.
The Utilization of overdraft facility of the firm stood at 90% in
last 12 months ending April 30, 2019.

Monsoon dependent operations and high level of government
regulation: SLVPRI operations are dependent on agro-climatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality. The rice industry is highly regulated by the
government as it is seen as an important sector whichcould affect
the food security of the country. The sale of rice in the open
market is also regulated by the government through levy quota and
fixed prices. Hence, the firm is exposed to the risk associated
with fluctuation in price.

Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments. The high level
of competition has ensured limiting bargaining power, as a
consequence of which rice mills are operating at low to moderate
profitability margins.

Key Rating Strengths

Experienced promoters in rice industry: The firm has long track
record of over a decade. Mr T Venkateswara Rao is the managing
partner of the firm. He along with the other partners of the firm
have over a decade's experience in the rice milling industry. Due
to long term presence in the market; the partners have established
relations with its customers and suppliers.

Healthy demand outlook for rice: Rice is consumed in large quantity
in India which provides favorable opportunity for the rice millers
and thus the demand is expected to remain healthy over medium to
long term. India is the second largest producer of rice in the
world after China and the largest producer and exporter of basmati
rice in the world. With growing consumer class and increasing
disposable incomes, demand for premium rice products is on the rise
in the domestic market. Demand for nonbasmati segment is primarily
domestic market driven in India. Initiatives taken by government to
increase paddy and better monsoon conditions will be the key
factors which will boost the supply of rice to the rice processing
units. Rice being the staple food for almost 65% of the population
in India, it has a stable domestic demand outlook.

Increase in operating income: he Total Operating Income (TOI) of
the firm has increased from INR16.89 crore in FY17 to 30.87crore in
FY 18 due to increase in paddy production of local farmers from
where the firm purchases for processing and firm able to process
the quantity purchased.

Improved capital structure and debt coverage indicators: The
financial risk profile marked by capital structure remained
satisfactory during the review period. Due to absence of long term
loans, the debt equity ratio remained at 0 and the overall gearing
ratio improved from 1.64x as on March 31, 2017 to 0.21x as on March
31, 2018 due to increase in tangible net worth on the back of
accretion of profits and lower utilization of working capital as on
balance sheet dates. The debt coverage indicators of the firm
remained satisfactory during the review period. The total debt /GCA
of the company improved from 14.19x in FY17 to 1.68x in FY18 due to
decrease in debt levels and marginal increase in cash accruals.
ThePBILDT/ Interest coverage ratio marginally improved from 1.54x
in FY17 to 1.70x in FY18 due to increase in PBILDT in absolute
terms and decrease in interest on account of decrease in working
capital borrowings.  The total debt/cash flow from operations stood
at 0.27x as on March 31, 2018 due to increase in cash flow from
operating activities mainly on account of working capital changes
at the back of increase in sundry debtors.

Improved operating cycle days: The operating cycle of the firm
improved to 25 days in FY18 as compared to 80 days in FY17 due to
improved inventory days on account of improved raw material days.
The firm receives payment from its customers on an average of 30-40
days and avails credit period upto 25 days from its suppliers days.
The Utilization of overdraft facility of the firm stood at
90% in last 12 months ending April 30, 2019.

Satisfactory profitability margins albeit decline in the PBILDT
margin: The profitability margins of the firm remained satisfactory
during review period. The PBILDT margin declined from 3.75% in FY17
to 2.27% in FY18 due to increase in operating expenses like
employee cost, power and fuel and cost of materials.
The PAT margin improved marginally from 0.42% in FY17 to 0.47% in
FY18 due to decrease in depreciation and increase in PBILDT in
absolute terms.

Liquidity Analysis: The current ratio of the firm stood above unity
at 1.70x as on March 31, 2018 mainly on account of high debtors
when compared to sundry creditors. The cash and cash equivalents of
the firm stood at INR0.02 crore as on 31st March 2018. The
unutilized portion of cash credit facility remains 10% on an
average for the 12 month period ending April, 2019.

Kodad based Sri Laxmi Venkataramana Parboiled Rice Industry
(SLVPRI), was established as a partnership firm in 1999 by Mr T
Venkateswara Rao, Mr G Ganapathi Rao, Mr P Koteswara Rao, Mrs P
Renuka Devi, Mr Y Narasimha Rao, Mrs V Vijaya Kumari, Mr K
Satyanarayana, Mrs A Nagamani, and Mr K Kanakaiah. The partnership
was reconstituted in 2005 after the demise of Mr K Kanakaiah and
Mrs K Pushpalatha was inducted into the firm. The other partners
continued the partnership under same name and style. The mill is
located in Suryapet district of Telangana.   

The firm is involved in hulling of paddy, converting of paddy into
rice and bran with a total installed capacity of approximately 50
tonnes per day. SLVPRI sells its products (rice and bran) to the
final customers directly and through brokers in the states of
Telangana, Kerala, Karnataka and Maharashtra. The firm has about 80
employees working in the mill. Currently, Mr T Venkateswara Rao
manages the day to day operations of the firm.

SURYAJYOTI SPINNING: CARE Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Suryajyoti
Spinning Mills Limited (SSML) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          256.70      CARE D; Issuer not cooperating;
                                   Based on best available
                                   Information

   Short-term Bank
   Facilities           52.32      CARE D; Issuer not cooperating;
                                   Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Jan. 4, 2018, placed the
rating(s) of SSML under the 'issuer non-cooperating' category as
SSML had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SSML continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 13, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings continue to take into account delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on January 4, 2018, the following were
the rating strengths and weaknesses:

(Updated information taken from Ministry of Corporate Affairs)
Key rating weakness:

Delays in servicing debt obligation: As per Audit Report for
financial year ended March 31, 2018, there are continuing delays in
debt servicing by the company. The company has been facing subdued
financial performance since the last three years. The financial
parameters continued to remain weak during FY18 with the company
reporting net loss and cash loss during the year.

Key Rating Strengths:

Experienced Promoters: Mr Ravinder Kumar (Managing Director) has
more than four decades experience in the textile industry. His son,
Mr Arun Kumar Agarwal (Executive Director), is also associated with
the company from 1995 onwards and is also actively involved in the
day-to-day operations of SSML.

Suryajyoti Spinning Mills Ltd. (SSML), promoted by Mr Ravinder
Kumar Agarwal (Managing Director), was incorporated in 1983, and
commenced operations from January 1991. SSML commenced operations
with installed capacity of 5,040 spindles and gradually increased
it to 86,560 spindles. The manufacturing units are located at
Makthal, Burgul and Rajapur Villages of Mahaboobnagar District,
Telangana. SSML manufactures medium to coarser counts of carded and
combed cotton yarn and various blends of synthetic yarn such as
polyester (100%), viscose (100%) and
polyesterviscose/polyester-cotton blends. SSML also has a fabric
manufacturing unit with an installed capacity of 20 Million Meters
Per Annum.

VAMA INDUSTRIES: Ind-Ra Cuts Issuer Rating to BB-, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vama Industries
Limited's (Vama) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits Long-term rating
     Downgraded; Short-term rating affirmed with IND BB-
     /Stable/IND A4+ rating;

-- INR170 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating; and

-- INR200 mil. Proposed non-fund-based working capital limits*
     assigned with Provisional IND A4+ rating.

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

Analytical Approach: Ind-Ra has taken a consolidated view of Vama
and its wholly owned subsidiary, Vama Technologies Pte. Ltd.
(VTPL), for the ratings. The subsidiary was floated on May 23,
2016, and its first full year of operations was FY17.  

KEY RATING DRIVERS

The downgrade reflects Vama's stressed liquidity position due to a
substantial decline in the EBITDA margin and lower revenue than
Ind-Ra's expectations during 9MFY19.

The cash credit limits were fully utilized during the 12 months
ended March 2019. After having improved to 46 days in FY18 (FY17:
98 days), the cash conversion cycle is likely to have lengthened in
FY19 on account of high debtors days. Ind-Ra expects the cash flow
from operations to have turned negative again in FY19 (FY18: INR58
million; FY17: negative INR46.8 million) owing to a substantial
fall in the absolute EBITDA to INR2.7 million in 9MFY19 (FY18:
INR76 million) due to the decline in revenue. Its cash and cash
equivalent was INR2.6 million in FY18 (FY17: INR7.4 million).

The EBITDA margin fell sharply to 0.7% in 9MFY19 (FY18: 7.3%; FY17:
9.4%) owing to the write-off of bad debts. The return on capital
employed was 25% in FY18 (FY17: 22%). The decline in the EBITDA
margin caused the credit metrics to deteriorate to weak levels. In
addition, interest expenses rose due to high interest charged by
the suppliers because of delayed payments. As a result, the
interest coverage (operating EBITDA/gross interest expense)
worsened to 0.1x in 9MFY19 (FY18: 4.1x; FY17: 3.0x). The net
leverage (total adjusted debt/operating EBITDAR) had improved to
1.0x in FY18 (FY17: 1.9x), but it is likely to have deteriorated
during FY19.

The consolidated revenues decreased steeply to INR368.3 million in
9MFY19 (FY18: INR1,039.5 million), falling short of Ind-Ra's
expectations, mainly because the execution of some projects was
hampered by an extension in the bidding dates. The scale of
operations remained medium-to-small. On a standalone basis, Vama
clocked revenue of INR224.3 million in 9MFY19 (FY18: INR686.3
million). Its interest coverage was 1.2x (3.5x). VTPL's revenue
stood at INR144 million (INR332.7 million).

The ratings also reflect the intense competition in the industry
and low entry barriers due to the trading nature of the business.

The ratings, however, continue to benefit from the Vama's
longstanding customer relationships and its founders' experience of
around two decades in the engineering design and hardware trading
business.

RATING SENSITIVITIES

Negative: Any further decline in the revenue coupled with
deterioration in the credit metrics and further stress on the
liquidity position, all on a sustained basis, could result in a
negative rating action.

Positive: An increase in the revenue and the profitability, leading
to an improvement in the credit metrics, all on a sustained basis,
could result in the positive rating action.

COMPANY PROFILE

Vama, a Bombay Stock Exchange listed company, was formed in 2003.
Vama supplies computers, servers, peripherals, etc. to public
sector undertakings, central and state government organizations and
some private companies. The company is also engaged in data center
engineering and provides engineering designing solutions to clients
in the US.

VANTAGE MACHINE: CARE Cuts INR15cr LT Loan Rating to B-, Not Coop.
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vantage Machine Tools Private Limited (VMT), as:

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

                                 Of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 1, 2017, placed the
rating(s) of VMT under the 'issuer non-cooperating' category as VMT
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. VMT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
March 4, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised as CARE was unable to undertake
appropriate due diligence.

Detailed description of the key rating drivers

At the time of last rating on December 1, 2017, the following were
the rating strengths and weaknesses:

(Updated with information from Ministry of Corporate Affairs)

Key rating weakness:

Nascent stage of operation: VMT was incorporated in September 2013,
however, started its commercial operation from October 2015. The
company is at a very nascent stage of operation, and till March
2016, the company has manufactured 108 numbers of machines at
capacity utilization of 60% (annualized).

Limited experience of the promoters in manufacturing of special
purpose machines: The promoters lack relevant experience in the
manufacturing of CNC and Hydraulic machines, although they are well
qualified and have working exposure in other businesses.

Weak order book position and low profitability margins: The Company
has a low order book of INR0.55 crore as on March 31, 2016. Profit
margins are also on the lower side.

Highly leveraged capital structure: The capital structure of the
company was leveraged as on March 31, 2017, due to recent
commencement of operation and high debt level.

Key Rating Strengths:

Equity infusion by the promoter: The promoters of the company have
infused to the tune of INR8.00 crore in FY17 in the form of equity
for meeting the need of business operations.

Strong demand of CNC machines in the local market: CNC machines has
very high demand in manufacturing companies. VMT operates in Andhra
Pradesh where there is presence of power generation and
transmission companies, sugar and rice mills and various other
manufacturing companies where the demand for their products is
high.

Reputed clientele: The Company has a reputed client base comprising
Andhra Pradesh State Electricity Board (APSEB), Telangana State
Electricity Board (TESB), Krishnapatnam Port Company Limited
(KPCL), Andhra Pradesh Power Generation Company (APGENCO) etc.

Adequate raw material availability: The major raw material for VMT
is iron and steel which are procured from the suppliers located in
Visakhapatnam area. The facilities of the suppliers are well
connected via highways and VMT receives timely delivery of its
requirements.

Vantage Machine Tools Private (VMT) was promoted by Mr. Potluri
Mohan Murali Krishna, the Managing Director of the company, in
September 2013 for manufacturing of Special Purpose Machines like
CNC (Computer Numerical Control) machines and hydraulic machines.
These machines are widely used in the manufacturing industry. The
manufacturing facility of the company is located at Gollapalli
village of Krishna District in the state of Andhra Pradesh. The
company has been commercially operational since October 2015 and it
has an annual installed capacity of 360 numbers of Special Purpose
Machines.

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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR160 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
16, 2018. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2003, Vibrant Constructions is promoted by Mr. Ajay
Agarwal and family. The company undertakes civil contract works,
mainly construction of reinforced concrete cement roads, water
supply, and drainage systems, and road-side pavements.

YADAV SOLVEX: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Yadav Solvex Pvt.
Ltd. (YSPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Term Loan              7.15     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with YSPL for obtaining
information through letters and emails dated October 31, 2018 and
April 25, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

YSPL was incorporated in 2003 by Mr. Bhagwan Singh and his family.
The firm processes basmati rice at its plant at Muktsar in Punjab.
YSPL has a total milling and sorting capacity of 4.5 tonne per hour
each.

ZUARI AGRO: Ind-Ra Cuts LT Issuer Rating to 'BB+', Outlook Neg.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Zuari Agro
Chemicals Limited's (ZACL) Long-Term Issuer Rating to 'IND BB+'
from 'IND A-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR1.30 bil. Long-term loan due on November 2023 downgraded
     with IND BB+/Negative rating; and

-- INR700 mil. Proposed bank facility was withdrawn (the company
did
     not proceed with the instrument as envisaged) and the rating
     is withdrawn.

Analytical Approach: Ind-Ra has taken a consolidated view of ZACL,
its subsidiaries - Mangalore Chemicals and Fertilizers Limited
(MCFL) and Adventz Trading DMCC, and its joint ventures - Zuari
Maroc Phosphates Private Limited and MCA Phosphates Pte Limited,
while arriving at the ratings. The consolidation of joint venture
partners has been done through the addition of the share of profit
from these joint venture partners to the consolidated profit before
tax of ZACL. ZACL holds 53.03% share in MCFL. Furthermore, both
MCFL and ZACL are in a similar line of business and have several
operational and financial linkages.

KEY RATING DRIVERS

Delays in Subsidy Receipts leads to Liquidity Stress: The downgrade
and Negative Outlook reflects the devolvement of some letters of
credit (LC) in April-May 2019 and overutilization of its fund-based
working capital facilities owing to high subsidy receivables and a
significant decline in ZACL's operating performance during
3QFY19-4QFY19, leading to deterioration in its liquidity position.
The subsidy quantum was higher in FY19 owing to an increase in
average pooled gas prices by approximately 35% YoY to
USD12.3/mmbtu. The delay in receipt of subsidy has been an
industry-wide phenomenon with cumulative subsidy outstanding
estimated at INR300 billion at FYE19. However, as per the budget
documents, the demand for fertilizer budget for FY20 is INR750
billion as against the FY19 revised estimate of INR701 billion and
FY18 actual of INR663 billion. Subsidy disbursals over 4QFY19 were
slower than expected by the industry, owing to which most companies
used special banking arrangement and had to borrow additionally to
support the working capital requirements. Given the quantum of
special banking, the arrangement was limited to INR100 billion in
FY19, a higher amount of subsidy receivable outstanding was
supported by the additional working capital borrowings on part of
fertilizer manufacturers.

ZACL also had to borrow incrementally in 4QFY19, leading to
higher-than-expected debt levels at end-March 2019. ZACL's
standalone subsidy receivable is likely to have increased to INR19
billion at FYE19 from INR16.5 billion at FYE18. Accordingly, the
fund-based working capital limits were nearly fully utilized during
January-April 2019 and were overutilized on some instances.
Further, the cash flow generation is likely to have remained
subdued in the lean season during 4QFY19.

Equity Infusion Delayed: Ind-Ra was anticipating ZACL to complete
its equity issuance before March 2019. The company had filed a
draft letter of offer with SEBI on 19 February 2019 for a rights
issue and was likely to raise INR5 billion by March 2019. Ind-Ra
had factored in the completion of equity infusion by March 2019
into the ratings earlier. However, given the capital market
conditions, the company could not complete the rights issue by
March 2019, which led to a delay in the deleveraging that was
earlier expected by Ind-Ra. The agency will continue to closely
monitor ZACL's operating performance and the possibility of an
infusion of funds by way of a rights issue, both of which will
remain key rating monitorable.

Likely Subdued Performance in FY19: ZACL's key market areas
Maharashtra, Karnataka, and Andhra Pradesh, which contribute around
80% of its sales, witnessed low or no rainfall in 2018, leading to
the drought-like situation in several districts. ZACL was unable to
pass on the increase in raw material cost, primarily phosphoric
acid and ammonia, to the end consumer leading to margin compression
in FY19. ZACL's profitability was also impacted because of the
closure of its ammonia and urea plants in Goa for nearly 53 days in
October-November 2018 for annual maintenance activities.

During 9MFY19, consolidated revenue stood at INR61.0 billion
(9MFY18: INR55.6 billion) while the consolidated EBITDA declined to
INR3.1 billion (9MFY18: INR4.3 billion). Given the delay in subsidy
receivable requiring additional borrowing coupled with
deterioration in the operating performance, interest coverage
(operating EBITDA/interest expense), is likely to have remained
stressed in FY19 (9MFY19: 0.9x, 9MFY18: 1.5x, FY18: 1.8x, FY17:
1.5x). Ind-Ra expects the net adjusted leverage (total adjusted net
debt/operating EBITDA), adjusted for the subsidy receivables to
have increased to above 6x during FY19. During FY18, ZACL's net
leverage improved to 3.3x (FY17: 4.2x), owing to an increase in
EBITDA to INR5.7 billion (INR4.9 billion).

ZACL's consolidated debt stood at INR42.75 billion at 9MFYE19
(FYE18: INR45.1 billion, FYE17: INR42.9 billion) owing to high
subsidy receivables. Short-term debt accounted for around 90%
(FY18: 88%; FY17: 89%) of the same. The company's debt is largely
short-term in nature because of i) subsidy outstanding from the
government of India, ii) buyers' and suppliers' credit availed by
the company for the import of raw material and trade goods, and
iii) unsecured loans taken for MCFL's acquisition. During 9MFY19,
ZACL's standalone revenue stood at INR37.2 billion (9MFY18: INR35.3
billion) while the EBITDA declined to INR1.4 billion (INR2.8
billion).

Energy Efficiency Capex to Result in Additional Debt: ZACL and MCFL
have finalized CapEx plans of INR3.8 billion and INR3.5 billion,
respectively, towards energy efficiency, as they are required to
reduce their normative energy consumption. ZACL is required to
lower its normative energy consumption to 6.5 gaga-calories/ton
(Gcal/t) by FY21 from the existing norm of 7.034Gcal/t. Both ZACL
and MCF have largely tied up the funding for the energy efficiency
capex by way of debt and foreign currency convertible bonds, which
would lead to an increase in the overall debt in FY19.

Further, ZACL has put the earlier planned capex of INR13 billion
for urea capacity expansion on hold due to lack of approvals for
the same. MCFL had incurred capex to convert its naptha-based urea
plant to a gas-based unit, but the plant still operates on naptha
owing to the absence of gas pipeline connectivity from Kochi to
Mangalore. GAIL (India) Limited ('IND AAA'/Stable) is likely to
complete the pipeline in 1HFY20; thereafter, the plant would run on
gas, and as per policy, would be allowed to retain the benefits
that accrue for five years to recover the capex. Accordingly,
Ind-Ra expects MCFL to witness an annual incremental EBITDA of
INR600 million during that period.

RATING SENSITIVITIES

Negative: Continued weakening of operating performance along with
further delays in rights issue leading to further weakening of the
capital structure and delays in release of subsidy dues leading to
further liquidity stress and deterioration in the net adjusted
leverage would be negative for the ratings.

Outlook Revision to Stable: A sustained improvement in operating
performance and liquidity position, a significant decline in debt
and improvement in the capital structure, leading to an improvement
in the credit metrics on a sustained basis, would lead to Outlook
revision back to Stable.

COMPANY PROFILE

Originally founded in 1967, ZACL was formed in 2012, following the
demerger of Zuari Industries Limited into ZACL and Zuari Global
Limited. ZACL is now the flagship company of Adventz Group
(formerly KK Birla Group) and an agricultural conglomerate. The
company is mainly present in the fertilizer sector in Maharashtra,
operating in both urea and NPK segments. Its products are branded
under the name Jai Kisaan, which has a strong brand recall among
farmers.

A part of the Adventz Group and a direct subsidiary of ZACL, MCFL
manufacture both urea and complex fertilizers in Karnataka. MCFL
has the annual capacity to manufacture 0.2 million mt ammonia, 0.38
mt urea, 0.28 mt phosphatic fertilizers (DAP and NPKS 20:20:00:13),
among others.

[*] INDIA: RBI Asks Shadow Banks to Appoint Chief Risk Officers
---------------------------------------------------------------
Reuters reports that India's central bank said on May 16 that
shadow banks with asset size of more than INR50 billion should
appoint a chief risk officer in a move to tighten regulation after
a series of defaults at top lender Infrastructure Leasing &
Financial Services' (IL&FS).

The government took control of IL&FS last year after its default
triggered fears about contagion in India's financial sector, the
report notes.

An independently functioning chief risk officer with clearly
specified role and responsibilities has to be appointed by non
banking financial companies (NBFCs), the Reserve Bank of India said
in a statement, Reuters relays.

"With the increasing role of NBFCs in direct credit intermediation,
there is a need for NBFCs to augment risk management practices,"
the central bank statement, as cited by Reuters, added.

Reuters relates that the central bank said the chief risk officer
has to be appointed for a fixed tenure and cannot be removed
without board approval.




=========
J A P A N
=========

TOSHIBA CORP: S&P Affirms 'BB' LT ICR on Profitability Prospects
----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB' long-term issuer
credit and senior unsecured debt ratings and 'B' short-term issuer
credit and commercial paper program ratings on Japan-based capital
goods and diversified electronics company Toshiba Corp. The outlook
on the long-term issuer credit rating remains positive.

S&P said, "We affirmed the ratings because we believe Toshiba's
profitability is likely to steadily improve in the coming one to
two years as the company steps up efforts to reduce costs and
restructure its businesses. This is despite the earnings
deterioration seen in the company's fiscal 2018 (ended March 31,
2019) results. We also think Toshiba can maintain relatively
healthy finances for our ratings on the company. Our analysis takes
into account share buybacks totaling JPY700 billion, aggressive
capital expenditure, and potential losses on the planned sale of
its liquefied natural gas (LNG) business in the U.S."

Toshiba's profitability is likely to steadily improve in the next
one to two years or so as its cost cuts and business restructuring
bear fruit. S&P said, "We expect the EBITDA margin to improve to
about 7% in fiscal 2019, after declining to about 5% (our adjusted
estimate) the previous year on one-time factors. The margin is then
likely to stay relatively stable. We believe earnings from
Toshiba's main businesses are less volatile than before, even amid
the global economic slowdown, because they center on relatively
stable operations, such as infrastructure and energy. Toshiba still
has businesses that are uncompetitive with earnings susceptible to
external factors, such as its large-scale integrated circuit
business. However, we think such businesses are unlikely to weigh
heavily on its consolidated EBITDA margin after the company
restructures them."

Meanwhile, its main businesses continue to struggle. While they are
diversified in terms of products and services, they generally have
weak market positions, lack economies of scale, and are less
competitive. Even if Toshiba shows some improvement, its
profitability and operating efficiency would remain lower than
those of other global major capital goods companies. In addition,
any delay in selling its U.S. LNG business, for which the search
for a buyer is ongoing, could pressure its profitability.
Accordingly, S&P assesss its business risk profile as fair.

Toshiba's financial standing is likely to stay healthy for the
coming year or two, with cash and deposits exceeding debt. Our
assessment here takes into account our expectation that Toshiba
will use the cash from a huge infusion of capital and from the sale
of Toshiba Memory to conduct aggressive shareholder returns and
growth investments. Although the company's cash spending was
substantial in fiscal 2018, it also steadily reduced debt. As a
result, we estimate the ratio of debt to EBITDA improved to below
2x. Its financial standing is likely to stay solid because cost
reductions are likely to improve its EBITDA and its main businesses
have relatively low capital intensity. Accordingly, S&P assesses
its financial risk profile as intermediate.

S&P said, "We continue to regard Toshiba's management and
governance as weak. Although it has drastically improved its
financial standing, we see instances that cast doubt on its risk
management regime. For example, the China-based company that had
agreed to buy Toshiba's U.S. LNG business scrapped the deal
recently. Toshiba is searching for a new buyer. We think we need
more time to determine whether its new management regime, including
new external board members and candidates, will enhance its
governance and make swift management decisions.

"The continued positive outlook on Toshiba reflects our view that
despite harsh market conditions and stiff competition ahead, its
profitability has a more than one-in-three chance of recovering
materially on cost reductions and business restructuring." S&P may
consider upgrading Toshiba in the coming year or so if:

-- The EBITDA margin looks likely to recover to about 7% and stay
stable thanks to cost reductions and improved operating efficiency,
and

-- The company maintains relatively sound financial standing.

S&P said, "We may also consider upgrading Toshiba if its operating
performance is likely to be more stable through enhanced governance
and risk management under new management. Conversely, we will
consider revising the outlook to stable if we determine the EBITDA
margin will stay at about 5%. This could occur if Toshiba's
profitability does not rise despite various steps to improve its
businesses, such as cutting costs.

"We equalize our senior unsecured debt rating on Toshiba with our
long-term issuer credit rating on the company. The company has made
progress repaying its secured debt. But after the planned repayment
of subordinated loans in June 2019, we estimate the company's
secured debt, which is of higher priority than its senior unsecured
debt, will again account for more than 60% of its total debt on a
consolidated basis. Accordingly, we continue to notch down the
senior unsecured debt rating one notch from the long-term issuer
credit rating. Meanwhile, we believe the company is likely to
receive a waiver for borrowings from major creditor banks while
continuing to pay other debt in a timely manner. Consequently, we
continue to incorporate one notch of uplift in the senior unsecured
debt rating."

  RATINGS SCORE SNAPSHOT

  Issuer credit rating: BB/Positive/B

  Business risk: Fair

  Country risk: Low risk

  Industry risk: Intermediate risk

  Competitive position: Fair

  Financial risk: Intermediate

  Cash flow/Leverage: Intermediate

  Anchor: bb+

  Modifiers:

  Diversification/Portfolio effect: Neutral (no impact)

  Capital structure: Neutral (no impact)
  
  Financial policy: Neutral (no impact)

  Liquidity: Adequate (no impact)

  Management and governance: Weak (-1 notch)

  Comparable rating analysis: Neutral (no impact)



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

HYFLUX LTD: PUB Takes Over Tuaspring Desalination Plant
-------------------------------------------------------
Joanna Seow at The Straits Times reports that national water agency
PUB has taken over the Tuaspring desalination plant from troubled
firm Hyflux on May 18.

The transfer came after the water purchase agreement with Tuaspring
was terminated on May 17, the report says.

According to the Straits Times, PUB said in a statement on May 18
that the move was "to safeguard Singapore's water security".

It had said previously that it will keep employees with the
relevant operational capabilities to run the desalination plant,
and that it would "facilitate a smooth transition".

The desalination facility is part of the Tuaspring Integrated Water
and Power Plant that cost Hyflux SGD1.05 billion, the report
notes.

The Straits Times says profits from the power plant were meant to
subsidise the desalination plant's running costs but lower
electricity prices and operating losses from desalination
operations sent Hyflux into debt.

The firm filed for court protection to reorganise its debts in May
last year. It had borrowings of SGD2.95 billion as at March 31 last
year.

The Straits Times notes that on May 16, United Arab Emirates entity
Utico said it had asked the PUB to delay the takeover as it was
hoping to enter a deal with Hyflux to fix the operational and
financial defaults at Tuaspring Integrated Water and Power Plant
that Hyflux had failed to rectify.

The defaults, coupled with a failed SGD530 million rescue deal by
Indonesian consortium SM Investments, resulted in PUB stepping in,
the report states.

Utico has offered to invest SGD400 million in Hyflux.

Hyflux is also in talks with Mauritius-based multi-strategy
investment firm Oyster Bay Fund, which could invest up to SGD500
million.

A third suitor, said by Hyflux to be one of the world's top 10
biggest desalination firms, has shown interest in acquiring certain
Hyflux assets in the Middle East and North Africa, the report
says.

                           About Hyflux

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

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

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

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


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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