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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

          Thursday, August 8, 2019, Vol. 22, No. 158

                           Headlines



A U S T R A L I A

BUSTERBOO PTY: First Creditors' Meeting Set for Aug. 16
CLEAR SKIES: PFK Appointed as Administrators
E-MEDIA CORP: First Creditors' Meeting Set for Aug. 15
LIBERTY PRIME 2016-1: Moody's Hikes Class F Notes Rating to Ba1
MIGHTY GOOD: Placed in Liquidation in Wake of Supplier Dispute

MTF RAMBLER 2019: Fitch to Rate Class E Notes BB+sf
RUBICOR GROUP: First Creditors' Meeting Set for Aug. 15
SPACE EVENTS: First Creditors' Meeting Set for Aug. 16
TIAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
YANSAN HOLDINGS: First Creditors' Meeting Set for Aug. 16



C A M B O D I A

CAMBODIA: US$8BB of Personal Loans Push Country to Brink of Crisis


C H I N A

CHINA ALUMINUM: S&P Alters Outlook to Neg. on Elevated Leverage
HENAN KEDI: Struggling Dairy Firm Looks for Government Bailout
KANGDE XIN: Bond Market Regulator Bars Firm From Debt Financing


I N D I A

AMBICO EXPORTS: CRISIL Lowers Rating on INR24cr Loan to D
AMRITVARSHA INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB'
AQUAFIL POLYMERS: CARE Maintains D Ratings in Not Cooperating
B.K. EXPORTS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
B.L. AGRO: CRISIL Migrates B+ on INR8cr Loans to Non-Cooperating

CAPTAB BIOTEC II: CRISIL Migrates D Rating to Not Cooperating
DELEXCEL PHARMA: Ind-Ra Affirms D Long Term Issuer Rating
DEV COTEX: CARE Keeps D on INR10cr Loans in Non-Cooperating
DEVEER DECOR: CRISIL Migrates B- Ratings to Not Cooperating
DEWAN HOUSING: Says No Haircuts for Lenders under Resolution Plan

EDU SMART: CARE Moves D on INR116cr Loan to Non-Cooperating
EDUCOMP INFRASTRUCTURE: CARE Moves D Rating to Not Cooperating
GREEN MIRROR: CARE Moves BD on INR11.5cr Loans in Not Cooperating
H.S. RAMESH: CRISIL Lowers Rating on INR5cr Cash Loan to D
JMV ISPAT: CRISIL Migrates D Ratings to Not Cooperating Category

KALINDI ISPAT: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Stable
KAVERI INDUSTRIES: CRISIL Migrates D Ratings to Not Cooperating
KHANDWA INDUSTRIES: CARE Maintains D Rating in Not Cooperating
KUMAR BROTHERS: CRISIL Assigns B+ Rating to INR37cr Cash Loan
LOTUS PROJECTS: CRISIL Migrates D Ratings to Not Cooperating

MAA VAISHNO: CRISIL Lowers Ratings on INR6.15cr Loans to D
MACROTECH DEVELOPERS: Moody's Cuts CFR to B3, Outlook Negative
MAJESTIC IMPEX: Ind-Ra Withdraws B+ Issuer Rating, Outlook Stable
MOHAN TOBACCOS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
NOSLAR INTERNATIONAL: Ind-Ra Affirms 'D' Long Term Issuer Rating

ODYSSEUS LOGOS: Ind-Ra Migrates BB Loan Rating to Non-Cooperating
PRAYAN ISPAT: CARE Maintains 'D' Rating in Not Cooperating
QUEST INFOSYS: Ind-Ra Affirms 'B' Rating on INR100MM Loan
RAIGANJ DALKHOLA: CARE Maintains 'D' Rating in Not Cooperating
RAJSHRI IRON: Ind-Ra Raises Issuer Rating to BB-, Outlook Stable

RAMESHVAR IMPEX: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
RAOS EDUCATIONAL: CRISIL Assigns 'D' Rating to INR10cr Term Loan
RITVIK STEEL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
S. A. IRON: CARE Lowers Ratings on INR65cr Loans to 'D'
SAARTH ENTERPRISES: CARE Keeps D on INR8cr Debt in Not Cooperating

SAMRUDDHI REALTY: CRISIL Migrates D Rating to Not Cooperating
SAMRUDH PHARMACARE: CRISIL Raises Rating on INR8.89cr Loan to B
SRI BALAJI: CRISIL Assigns 'B' Ratings to INR7.0cr Loans
SUCHI FASTENERS: Ind-Ra Raises Issuer Rating to B, Outlook Stable
TRIMURTI FOODTECH: CRISIL Migrates D Ratings to Not Cooperating

VINAYENDRA NATH: CRISIL Lowers Rating on INR1cr Loan to B-
VSSN JAMBALADINNI: CRISIL Moves B- Rating to Non-Cooperating
VSSN KALLUR: CRISIL Moves B- on INR11cr Debt to Not Cooperating


M A L A Y S I A

MALAYSIA PACIFIC: Resumes Trading After Winding Up Order Ended


S I N G A P O R E

HONESTBEE: Faces SGD6MM of Creditor Demands, Owes at least US$209M
MARBLE II: Moody's Affirms Ba2 CFR, Outlook Stable
PACC OFFSHORE: Net Loss Widens to US$8.6MM in Q2 Ended June 30


S R I   L A N K A

IDEAL FINANCE: Fitch Affirms B+ National LongTerm Rating


V I E T N A M

SHBANK FINANCE: Moody's Assigns B3 CFR, Outlook Stable

                           - - - - -


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A U S T R A L I A
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BUSTERBOO PTY: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Busterboo
Pty Ltd, trading as Fernwood Loganholme, will be held on Aug. 16,
2019, at 11:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, Level 4, at 240 Queen Street, in Brisbane, Queensland.


David Allan Ingram and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Busterboo Pty on
Aug. 5, 2019.


CLEAR SKIES: PFK Appointed as Administrators
--------------------------------------------
wideformatonline.com reports that Clear Skies Corporation Pty Ltd,
which trades as Skope Group Services Manufacturing, Scream Visual
Wholesale Manufacturing Division and FM Engineering & Wholesale
Sign Manufacturing, is in administration with insolvency firm PKF
handling its affairs.

A first creditors meeting was held on August 2 with administrator
Simon Thorn of PKF presenting an initial creditors list (excluding
employee entitlements) amounting to AUD1,042,341 which he told
wideformatonline.com "will probably go up as we gain more details,
as they often do."

The ATO is listed as the largest single creditor at AUD427,000,
wideformatonline.com discloses. Industry suppliers have been hard
hit, with sister companies Amari Visual, Graphic Art Mart and Chief
Media exposed to a total of AUD134,236. HVG is exposed to a debt of
AUD30,135 while Mulford Plastics is there for AUD18,259. LED sign
illumination specialists Tec-Know (now known as Bounce LED) is down
for AUD17,076.

wideformatonline.com says several aluminium sheet suppliers are
listed as creditors including Fairview Architectural with a debt of
AUD76,667. Fairview is also one of the parties (with HVG) in a
class action claim funded by IMF Bentham over the installation of
combustible cladding on apartment buildings, wideformatonline.com
relates.

Skope Group Services accounts for approximately 90% of Clear Skies
Corp's business, according to PKF, wideformatonline.com relays.
Directors of Skope Group Pty Ltd (not in administration) and Scream
Visual are named as Ann and Charles Orren, respectively.
According to wideformatonline.com, ASIC lists only one director of
Clear Skies Corp and that is Robert Price, who is also listed as
General Manager of Comm-Klad, a company listed as a creditor with a
debt of AUD16,495. Comm-Klad is not part of the administration,
said Mr. Thorn, and leases factory space owned by Clear Skies/Skope
in Campbelltown, NSW. FM Engineering & Wholesale Sign
Manufacturing, which is one of the three Clear Skies divisions in
administration, shares the same address as Comm-Klad.

However, searches for Comm-Klad return to the Skope Group website
on which it is stated: "All the cladding is manufactured and
assembled in a controlled environment in our manufacturing facility
at Campbelltown, ensuring quality and safety standards are met,"
wideformatonline.com relays.

wideformatonline.com relates that Mr. Price is listed as both
General Manager of Comm-Klad and sole director of Clear Skies Corp
Pty Ltd. Comm-Klad's corporate video features the Skope Group
Services red logo.

The confusion was echoed by a clearly distressed spokesperson who
did not want to be named when wideformatonline.com contacted the
Skope Group Castle Hill office, claiming Clear Skies Corp was
'nothing to do with us' and a 'separate company.' When asked about
the names Skope Group Services Manufacturing and Scream Visual
Wholesale Division, she said 'we have used their services from
time-to-time.'

PKF's Simon Thorn told wideformatonline.com: "We are still
gathering details for the statutory report and will announce a
second creditors meeting at which a Deed of Company Arrangement
will be voted on. Meanwhile it's business as usual for the
companies involved."

Skope Group is headquartered at Castle Hill, NSW and is a respected
supplier and project manager for major sign industry projects
including for Coles, Woolworths, Westfield, St George Bank, Ovato,
Qantas, Commonwealth Bank, Ikea, Bob Jane T-Marts and many other
leading brands. It was established in 1974 and lists branch offices
in Sydney, Melbourne, Brisbane, Perth, Adelaide and Auckland with a
China office in Shanghai.


E-MEDIA CORP: First Creditors' Meeting Set for Aug. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of E-Media
Corporation Pty Ltd, trading as e-media corporation Australasia,
will be held on Aug. 15, 2019, at 11:00 a.m. at the offices of Cor
Cordis, One Wharf Lane, Level 20, at 171 Sussex Street, in Sydney,
NSW.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of E-Media Corporation on Aug. 5, 2019.



LIBERTY PRIME 2016-1: Moody's Hikes Class F Notes Rating to Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings for seven
classes of notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty PRIME Series 2016-1

Class C Notes, Upgraded to Aa3 (sf); previously on Oct 8, 2018
Upgraded to A1 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Oct 8, 2018
Upgraded to Baa3 (sf)

Class F Notes, Upgraded to Ba1 (sf); previously on Oct 8, 2018
Upgraded to Ba2 (sf)

Issuer: Liberty PRIME Series 2017-1 Trust

Class C Notes, Upgraded to Aa1 (sf); previously on Nov 19, 2018
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A1 (sf); previously on Nov 19, 2018
Upgraded to A2 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Mar 2, 2017
Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba3 (sf); previously on Mar 2, 2017
Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement from note subordination and the Guarantee Fee Reserve
Account available for the affected notes.

Since closing, the transactions have been making pro-rata principal
repayments among all of the rated notes. The unrated notes will not
be repaid until all classes of notes senior to them have been fully
repaid. As such, note subordination is building up gradually.

In both transactions, the Guarantee Fee Reserve Account is
currently fully funded, non-amortizing, and can be used to cover
charge-offs against the notes and liquidity shortfalls that remain
uncovered after drawing on the liquidity facility and principal.

In addition, the transaction portfolios have been performing within
Moody's expectations.

Liberty PRIME Series 2016-1

Following the June 2019 payment date, the note subordination
available for the Class C, Class E and Class F Notes has increased
to 6.9%, 3.3% and 2.7% from 6.5%, 2.9% and 2.3%, respectively, as
of the last upgrade in October 2018.

The Guarantee Fee Reserve Account has accumulated AUD800,000 (0.6%
of the current total note balance) from excess spread.

At June 30, 2019, 4.7% of the outstanding pool was 30-plus day
delinquent, and 1.6% was 90-plus day delinquent. The portfolio has
incurred no losses to date.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 1.8% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's increased its MILAN CE assumption to 10.4% from 10.1% since
the last rating action, based on the current portfolio
characteristics.

Liberty PRIME Series 2017-1 Trust

Following the June 2019 payment date, the note subordination
available for the Class C and Class D Notes has increased to 8.6%
and 6.2% from 8.1% and 5.8%, respectively, as of the last upgrade
in November 2018. Note subordination for the Class E and Class F
Notes has increased to 4.1% and 2.4% from 3.6% and 1.9%,
respectively, since the deal closed in March 2017.

The Guarantee Fee Reserve Account has accumulated AUD800,000 (0.4%
of the current total note balance) from excess spread.

At June 30, 2019, 1.5% of the outstanding pool was 30-plus day
delinquent, and 0.7% was 90-plus day delinquent. The portfolio has
incurred no losses to date.

Based on the observed performance and outlook, Moody's has revised
its expected loss assumption to 1.6% of the outstanding pool by
projecting the future defaults based on a roll rate analysis on
delinquent and defaulted loans.

Moody's decreased its MILAN CE assumption to 9.6% from 9.8% since
the last rating action, based on the current portfolio
characteristics.

For both transactions, the MILAN CE and expected loss assumption
are the two key parameters used by Moody's to calibrate the loss
distribution curve, which is one of the inputs into the cash flow
model.

The transactions are Australian RMBS secured by a portfolio of
residential mortgage loans, originated and serviced by Liberty
Financial Pty Ltd, a large Australian non-bank lender. A portion of
the portfolio consists of loans made on a limited documentation
basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 2019.

Factors that would lead to an upgrade or downgrade of the ratings:


Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


MIGHTY GOOD: Placed in Liquidation in Wake of Supplier Dispute
--------------------------------------------------------------
Matthew Elmas at SmartCompany reports that ethical undergarment
retailer Mighty Good Undies has fallen into liquidation and is
expected to be wound up unless an 11th-hour suitor emerges.

Liquidators from Dye & Co. were appointed on August 6 after a
company general meeting resolved to wind-up the company's parent
Mighty Good Group Pty Ltd, SmartCompany relates.

According to SmartCompany, the business has stopped accepting
customer orders and is expected to pull down its e-commerce store
by end-of-day [August 7].

SmartCompany says the collapse is a fall from grace for the
company, which was founded by Elena Antoniou in 2015 and quickly
became a prominent brand, signing a stocklist deal with American
department store Nordstrom and attracting celebrities like Tara
Moss and Ellia Green as campaign ambassadors.

Mighty Good Undies made waves among customers and other retailers
for its explicit focus on ethical trading and so-called "slow
fashion", which prioritised environmentally sustainable business
practices, SmartCompany recalls.

SmartCompany relates that the business received an A+ grade in the
Baptist World Aid 2019 Ethical Fashion Report, becoming one of the
only apparel businesses in the country to achieve such a high
standard.  But in the context of a highly competitive trading
environment, the company found itself in the market for a buyer
earlier this year as debts piled up.

Liquidator Shane Deane said Mighty Good's largest secured creditor,
owed about AUD219,000, now holds remaining stock and other assets
previously belonging to the business, according to the report.

"They've tried to sell the business. There was no real interest,
definitely not enough to generate a payment that was going to see
creditors paid out," Mr. Deane told SmartCompany.

SmartCompany relates that Mr. Deane said offers to purchase the
company or some of its assets will be passed on, but if a suitable
suitor doesn't come along the company could no longer exist in six
months.

SmartCompany notes that Mighty Good's financial situation reached
tipping point last month when one of its international suppliers
successfully sued the business over a AUD39,000 debt, while a
separate case involving an ex-director also came to a head.

Mr. Deane said all outstanding orders have been fulfilled and there
are no longer any workers at the company to be considered for
redundancy payouts, adds SmartCompany.


MTF RAMBLER 2019: Fitch to Rate Class E Notes BB+sf
---------------------------------------------------
Fitch Ratings assigned expected ratings to MTF Rambler Trust 2019's
pass-through floating-rate notes. The issuance consists of notes
backed by a pool of first ranking New Zealand automotive loan
receivables originated by Motor Trade Finance Limited. The notes
will be issued by Trustees Executors Limited as trustee for MTF
Rambler Trust 2019.

MTF Rambler Trust 2019

Class A;   LT  AAA(EXP)sf;  Expected Rating
Class B;   LT  AA(EXP)sf;   Expected Rating
Class C;   LT  A(EXP)sf;    Expected Rating
Class D;   LT  BBB+(EXP)sf; Expected Rating
Class E;   LT  BB+(EXP)sf;  Expected Rating
Seller;    LT  NR(EXP)sf;   Expected Rating

KEY RATING DRIVERS

Obligor Default Risk: Fitch derived borrower risk-tier-specific
default base-case expectations using historical loss data since
2007. Distinct gross default base cases and multiples were set for
high, medium and low risk-graded borrowers. On a weighted-average
(WA) portfolio level, the gross default base case is 2.7%, with a
AAAsf default multiple of 6.1x and the recovery base case is 45%,
with a AAAsf recovery haircut of 50%. Default expectations are
based on an asset pool that Fitch stressed to portfolio parameters,
applicable during the transaction's initial two-year revolving
period.

Fitch expects stable asset performance, supported by sustained
economic growth in New Zealand. Fitch forecasts GDP growth of 2.8%
in 2019 and 2.7% in 2020, with net migration easing but remaining
supportive of economic growth.

Cash-Flow Dynamics: Fitch completed full cash-flow modelling and
determined that the rated notes pass all predetermined stresses
implied at their respective rating levels.

Structural Risk: Fitch evaluated structural risk by reviewing
transaction documentation and structural features. A liquidity
reserve - sized at 1% of the outstanding note balance - and an
excess-spread reserve that traps excess income during deteriorating
arrears performance support the rated classes of notes.

Counterparty Risk: Fitch evaluated counterparty risk by reviewing
transaction documentation and structural features that reduce
structural risk and counterparty exposure.

Servicer and Operational Risks: All receivables were originated by
MTF, which demonstrated adequate capability as originator,
underwriter and servicer. Fitch undertook an onsite operational and
file review and found that the operations of the originator and
servicer were comparable with those of other auto and equipment
lenders.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and is likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

RUBICOR GROUP: First Creditors' Meeting Set for Aug. 15
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Rubicor Group Limited
     -- Rubicor Workforce Pty Ltd
     -- Choice HR (Logistics) Pty Ltd
     -- Xpand Group Pty Ltd
     -- Rubicor Technical Pty Ltd
     -- Rubicor Professional Pty Ltd
     -- Rubicor Gov Pty Ltd
     -- Locher & Associates Pty Ltd
     -- Careers Unlimited Pty Ltd
     -- CIT Professionals Pty Ltd
     -- Rubicor (T1) Pty Limited
     -- Choice HR (Liverpool) Pty Ltd
     -- Choice HR (Maitland) Pty Ltd
     -- Choice HR (Newcastle) Pty Ltd
     -- Choice HR (Parramatta) Pty Ltd
     -- Choice HR (Penrith) Pty Ltd
     -- Choice HR Pty Ltd
     -- Rubicor Gemteq Pty Ltd
     -- SMF Recruitment Pty Ltd
     -- Skillsearch Contracting Pty Ltd
     -- Rubicor CRS Pty Ltd
     -- Dolman Pty Ltd
     -- Rubicor SW Personnel Pty Ltd
     -- James Gall & Associates Pty Ltd
     -- Dolman F-Lex Pty Ltd
     -- Locher Holdings Pty Ltd
     -- Dolman Group Pty Ltd
     -- Rubicor Services (Aus) Pty Ltd
     -- The Australian Personnel Consortium Pty Ltd
     -- ACN 072 437 364 Pty Ltd
     -- A.C.N. 101 254 022 Pty Ltd
     -- 135 999 709 Pty Ltd
     -- Cadden Crowe (Victoria) Pty Limited
     -- Cadden Crowe (Queensland) Pty Ltd
     -- Rubicor Workforce (WA) Pty Ltd

will be held on Aug. 15, 2019, at 10:00 a.m. at:

     NEW SOUTH WALES
     Wesley Conference Centre
     Pacific Room, 220 Pitt Street Sydney NSW 2000

     QUEENSLAND
     FTI Consulting Offices
     Level 20, Central Plaza One
     345 Queen Street Brisbane QLD 4000

     VICTORIA
     Bourke Place, Level 21, 600 Bourke St
     Melbourne VIC 3000

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Rubicor Group and related entities on Aug. 5,
2019.


SPACE EVENTS: First Creditors' Meeting Set for Aug. 16
------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     -- Space Events Pty Ltd
     -- Space Touring Pty Ltd
     -- Space Production Company Pty Ltd
     -- Space Entertainment Pty Ltd

will be held on Aug. 16, 2019, at 10:00 a.m. at the offices of
Rydges Adelaide, at 1 South Terrace, in Adelaide, South Australia.

Joseph Hayes -- jhayes@wexted.com -- and Andrew McCabe --
amccabe@wexted.com -- of Wexted Advisors were appointed as
administrators of Space Events on Aug. 6, 2019.


TIAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tian
Holdings (Aust) Pty Ltd will be held on Aug. 16, 2019, at 9:30 a.m.
at the offices of Australian Institute of Company Directors Level
1, Allendale Square, at 77 St Georges Terrace, in Perth, WA.

Cameron Hugh Shaw and Richard Albarran of Hall Chadwick were
appointed as administrators of Tian Holdings on Aug. 6, 2019.


YANSAN HOLDINGS: First Creditors' Meeting Set for Aug. 16
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Yansan
Holdings Pty Ltd ATF the Yansan Investment Trust will be held on
Aug. 16, 2019, at 9:00 a.m. at the offices of Australian Institute
of Company Directors, Level 1, Allendale Square, at 77 St Georges
Terrace, in Perth, WA.

Cameron Hugh Shaw and Richard Albarran of Hall Chadwick were
appointed as administrators of Yansan Holdings on Aug. 6, 2019.





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C A M B O D I A
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CAMBODIA: US$8BB of Personal Loans Push Country to Brink of Crisis
------------------------------------------------------------------
Philip Heijmans at Bloomberg News reports that skyrocketing
micro-finance debt in Cambodia has left millions of people at risk
of losing their homes, leading to fears of a potential political
and economic crisis.

With a median of US$3,370 per loan, Cambodia now has the highest
average for small loans in the world, Bloomberg discloses citing a
report from the Cambodian League for the Promotion and Defense of
Human Rights and Samakum Teang Tnaut on August 7. Altogether,
nearly 15% of the population held at least US$8 billion in micro
loan debt at the start of the year, the data show.

"It is a big issue and it's one that could have political
ramifications," Bloomberg quotes Ou Virak, director of Phnom
Penh-based think-tank Future Forum, as saying. "Since there is no
personal bankruptcy protection, delinquency could and will likely
lead to the repossession of homes or family farms."

The question is, Virak said, "would the government stand with the
banks or the people," Bloomberg relays.

Loan sizes have grown four times faster than household incomes in
recent years, while the country's poorest suffer a culture of
predatory lending practices, the ‘Collateral Damage' report, as
cited by Bloomberg, found. Unable to pay back high interest rates,
borrowers are often coerced into land sales, child labor and
debt-driven migration, Bloomberg says.

"Microfinance debt in Cambodia, the majority of which is
collateralized by land titles, poses a significant threat to land
tenure security for indebted families and has led to serious and
systematic human rights abuses in the country," the report stated,
Bloomberg relays.

In an effort to quell the rising debt, the government imposed an
annual interest rate cap of 18%, a measure the report said was
"ineffective." It also became an issue in the lead up to the 2018
general elections as Prime Minister Hun Sen sought to distance his
government from the private MFIs amid growing anger from the
public, according to Bloomberg.

Developed in the mid-1990s to provide credit to poor Cambodians
following the Khmer Rouge genocide and ensuing civil war,
microfinance loans were once touted as a financing alternative to
banks, Bloomberg recalls. Now experts believe they pose a grave
risk to a country that has fallen deeper into debt, Bloomberg
says.

Mostly owed to just nine lenders, the total outstanding amount is
equal to roughly a third of the country's entire GDP for 2018,
while seven largest MFIs made more than US$130 million in profit in
2017, the report, as cited by Bloomberg, stated.

The US$8 billion figure also represents a significant increase from
a decade ago when Cambodia's total MFI portfolio was just US$300
million, the report said citing data from the Cambodia Microfinance
Association.

"These same MFIs have relied on inadequate government regulation
and the widespread complicity of local authorities to facilitate
and pressure coerced land sales, extracting hundreds of millions of
dollars in profit from many of Cambodia's poorest families," the
report found, Bloomberg relays.




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C H I N A
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CHINA ALUMINUM: S&P Alters Outlook to Neg. on Elevated Leverage
---------------------------------------------------------------
On Aug. 6, 2019, S&P Global Ratings revised its outlook on the
China-based E&C company to negative from stable, to reflect its
view that China Aluminum International Engineering Corp. Ltd.'s
(Chalieco) EBITDA interest coverage ratio will likely hover around
S&P's 2.0x downgrade threshold over the next 12 months.

S&P said, "We affirmed our 'BB+' long-term issuer credit ratings on
the company, and our 'BB' long-term issue rating on its guaranteed
senior perpetual notes.

"We revised the outlook on Chalieco to negative because we expect
the company's financial leverage to remain high over 2019-2020.
This is due to growing participation in private-public partnership
(PPP) projects, which require large upfront spending, and more
uncertainty on project-financing progress than the company's
traditional engineering and construction (E&C) business.

"We anticipate Chalieco will increase revenue and bolster operating
cash flows during the period. However, these improvements can only
partially offset the impact from additional debt caused by the PPP
investment. Moreover, the company's provision for accounts
receivables also increased materially since the second half of
2018, reflecting heightened collection risk of historical
build-transfer projects.

"We forecast that Chalieco's leverage will remain elevated as debt
continues to mount up. By our estimates, the company's annual
capital expenditure (capex) will be around Chinese renminbi (RMB)
2.6 billion in 2019, then jump to RMB7.0 billion in 2020, mainly to
execute the Mi Yu highway in Yunnan province. This is a PPP project
with a total investment of RMB23 billion, of which the related
construction amount is RMB12 billion. The project revenue is shared
proportionally between Chalieco and a local-government financing
vehicle in Yunnan based on ownership; the company's stake is
roughly 54%. We expect that government subsidies and capital
injections from minority shareholders fall far below the upfront
capex requirement. As such, we estimate Chalieco's EBITDA interest
coverage ratio will hover around our downgrade threshold of 2.0x in
2019-2020.

"We affirmed the rating on Chalieco, because we expect Chalieco's
E&C business to see moderate revenue growth in 2019-2020 and
slightly higher margins on a better business mix, leading to
improving operating cash flows. We expect the non-ferrous E&C
business to grow by high single digits, supported by demand from
relocation needs and overseas new projects.

"We also see good growth in the municipal E&C sector. This is due
to the company's strategy shift of expanding civil construction
projects with local governments, in line with Chinese central
government's guidance to boost municipal infrastructure
construction. In our view, the road construction segment will see
the highest revenue growth, as we expect to see significant revenue
contribution from the Mi Yu highway project in the second half of
2019.

"In our view, the growth in municipal and non-ferrous E&C will more
than compensate for a revenue decline in its housing E&C business,
as the company aims to scale down cooperation with private
companies."

Chalieco's operational size will likely remain small in the next
few years and its operations should continue to concentrate on
several major projects. While the company's order book supports
revenue growth over the next two years, the longer-term pipeline
needs refreshing. The intake of new orders has been on the decline
since 2017 and revenue dropped by 6.9% year-over-year in 2018 after
the five major aluminum refinery projects came to the end. Due to
less favorable position in China's general
infrastructure-construction market, Chalieco depends heavily on its
parent, Aluminum Corp. of China Ltd. (Chinalco), for new contracts.
This will continue to restrict its operational footprint to regions
where Chinalco has good relationships with the local government,
such as Yunnan province. In 2017, some 40% new orders were derived
from Yunnan province; and 18% in 2018. The geographic and customer
concentration makes the company vulnerable to any delays or
postponement of the procurement plan or project financing of the
local government.

S&P said, "The negative outlook reflects our view that Chalieco's
leverage is unlikely to improve meaningfully in the next 12 months
due to high capital spending on PPP projects and hence increasing
debt, such that its ratio of EBITDA to interest may not recover to
above 2x.

"We could downgrade Chalieco if the company's EBITDA interest
coverage remains below 2.0x. This could happen if (1) there is
significant delay in major projects; (2) the company engages in PPP
investment more aggressively than we expect; (3) the company's new
contracts backlog continues to decline; or (4) higher level of
industry competitions leads to weaker profitability or materially
worse working capital turnover.

"We could also lower the rating if we lower the Chinalco's group
credit profile, which could happen due to weaker aluminum prices or
because of cost overruns. In addition, we could lower the rating if
Chalieco becomes less important to Chinalco.

"We could revise the outlook back to stable if we expect Chalieco's
credit metrics to materially improve, such that its EBITDA interest
coverage ratio sustains above 2.0x. This could happen if the
company can ramp up its key projects as expected and at the same
time maintain stable margin and prudent working capital
management."

Chalieco engages in engineering design and consultancy,
construction contracting, and equipment manufacturing in the
nonferrous metals industry in China and abroad, as well as in the
nonmetals industry (transportation, infrastructure, utility, etc.)
in China. Chalieco is 73.6%-owned by Chinalco, a central
state-owned enterprise (SOE) under the State-owned Asset
Administration and Supervision Commission, and one of the largest
primary aluminum producers in China.


HENAN KEDI: Struggling Dairy Firm Looks for Government Bailout
--------------------------------------------------------------
Sun Liangzi and Yang Ge at Caixin Global report that a struggling
dairy firm in Central China's Henan province said it is getting
assistance from its local government, as farmers that supply it
with milk clamor for back pay and the Shenzhen stock exchange seeks
details on its plans to return to health.

Responding to the growing chorus of calls, Henan Kedi Dairy Co.
Ltd. issued a statement to the Shenzhen stock exchange on August 5,
the same day its Chairman Zhang Qinghai held a meeting to discuss
the company's situation with some of its dairy farmers, Caixin
relates. In the announcement, Kedi said it expects to receive
assistance from its local government in the city of Shanqiu. It
added the government is accessing a provincial-level fund with CNY2
billion ($284 million) to provide such assistance, Caixin says.

Facing cash shortages and unable to obtain bank loans without
collateral, many publicly listed Chinese firms like Kedi have been
using their company shares as collateral to obtain such loans to
finance their operations, according to Caixin. But as their stocks
have sagged, some of those companies had to hand over more shares
or cash to compensate lenders for falling prices.

Caixin says Kedi's shares are down about 20% so far this year,
including a 16% slide since the start of this month, as its
troubles mount. The company's parent, Kedi Group, owns about 44% of
the listed Kedi's shares, and has pledged nearly all of that as
collateral, Caixin notes citing the company's financial reports on
2018.

According to Caixin, the company's situation started to deteriorate
in July when many of its suppliers started asking for payments owed
to them, according to one of those dairy farmers. The supplier said
that after 2017, Kedi could no longer pay them on a monthly basis,
and instead would only give some payments for "urgent requests." At
the end of last year, it even stopped that practice, the supplier
said.

The supplier added that more than 1,000 people were owed wages
totaling CNY140 million, Caixin relays. Many of those had tried to
contact the company's chairman, but without results.

In its request to the company, the Shenzhen stock exchange asked
Kedi for comment on its pledged shares situation, as well as how
the local government's assistance would ease its liquidity risk,
among other things. It also asked for clarification on any
potential plans to halt production and salary and other benefits
owed to employees, Caixin relates.

Caixin says Zhang also held a meeting with some of the company's
dairy farmers on August 5, where he discussed how it was dealing
with wages owed and potential government assistance. One of those
dairy farmers at the meeting, which lasted about an hour, said
Zhang looked weary and didn't speak loudly.

In 2018, the company had liabilities of nearly CNY1.6 billion
including CNY1.2 billion in short-term borrowings, Caixin
discloses.

Henan Kedi Dairy Co., Ltd. manufactures liquid milk. The Company
produces and distributes ultra high temperature milk, pasteurized
milk and related milk products.


KANGDE XIN: Bond Market Regulator Bars Firm From Debt Financing
---------------------------------------------------------------
Wang Juanjuan and Han Wei at Caixin Global report that
scandal-plagued Kangde Xin Composite Material Group Co. Ltd. was
barred from debt financing after the Shenzhen-listed laminating
film manufacturer was found to be involved in a massive fraud.

Caixin relates that the National Association of Financial Market
Institutional Investors (NAFMII), a bond market regulator,
announced the penalty on Kangde Xin and its parent, Kangde Group,
on August 6 and required them to rectify their operations. NAFMII
banned the companies from using debt instruments for fundraising
taking, effective July 31, without giving a resumption schedule,
Caixin says.

A person close to the regulator said it is very likely Kangde Xin
and Kangde Group will be barred from selling bonds on the interbank
bond market indefinitely, the report relates.

Kangde Xin and its parent have long falsified financial information
and made false disclosures on their debt financing activities,
posing great risks to investors and causing severe impacts on the
financing environment for private companies, NAFMII said August 6,
Caixin relays.

According to the report, the bond regulator said further punishment
of company staffers and intermediary agencies involving in Kangde
Xin's violations will be announced later after related procedures.

Kangde Xin rattled China's bond market with several bond defaults
this year even though its financial statements showed it had CNY15
billion in cash and bank deposits late last year, the report notes.
On Feb. 15, Kangde Xin missed a CNY55 million (US$8.2 million)
interest payment on a CNY1 billion five-year note after defaulting
on two short-term debt instruments totaling CNY1.5 billion in
January. In March, the company failed to pay $9 million of interest
on a $300 million bond.

The top securities regulator opened an investigation into Kangde
Xin and found the company overstated profits for the four years
through 2018 by a total of CNY11.9 billion, Caixin says citing a
statement of the China Securities Regulatory Commission in July.

Caixin adds that the CSRC also found the parent company had
embezzled as much as CNY53.1 billion in Kangde Xin's funds from
2014 to 2018 through its accounts at Bank of Beijing Co. Ltd.

Earlier in May, Kangde Xin's former chairman and controlling
shareholder Zhong Yu was put under "criminal coercive measures" by
police in the eastern city of Zhangjiagang, where Kangde Xin is
based, Caixin recounts.

Based on market records, Caixin calculated that Kangde Xin raised
more than CNY8.8 billion since 2014 through bond sales and private
placements. Its bond underwriters include major banks such as Bank
of Beijing, Bank of China, China Construction Bank and the
Industrial and Commercial Bank of China.

Kangde Xin's auditor, Ruihua Certified Public Accountants, has been
placed under investigation for failing to perform its duties, the
CSRC said last month, adds Caixin.

China Kangde Xin Composite Material Group Co., Ltd. --
http://www.kangdexin.com/-- engages in laminating film and
photoelectric materials, 3D, and Internet applications businesses
worldwide. It offers printing substrates, environmental laminating
films, 3D grating materials, 3D imaging technology, automatic
coating equipment, and electronic display equipment under the
Kangde Film and KDX brand names for the printing and packaging, and
decoration markets.




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

AMBICO EXPORTS: CRISIL Lowers Rating on INR24cr Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Ambico
Exports and Imports Private Limited (AMBICO) to 'CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Line of Credit        24       CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with AMBICO for obtaining
information through letters and emails dated January 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 AMBICO. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Ambico 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 Ambico downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'.

Ambico was founded by Mr. Kalpesh Patel and Mr. Harshad Patel in
Mumbai in 2004. The company polishes rough diamonds and trades in
bulk chemicals. It derives most of its revenue from the diamond
polishing segment.


AMRITVARSHA INDUSTRIES: Ind-Ra Lowers LT Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Amritvarsha
Industries Limited's (Amritvarsha) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR185 mil. Fund-based working capital limit Long term rating
     downgraded; short term rating affirmed with IND BB/Stable/IND

     A4+ rating; and

-- INR45 mil. Non-fund-based working capital limit the Long term
     rating downgraded; short term rating affirmed with IND
     BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a decline in Amritvarsha's FY19 operating
profitability. Its modest margins contracted to 2.67% in FY19
(FY18: 5.03%) due to fluctuations in raw material prices. Return on
capital employed was 4%. FY19 financials are provisional in
nature.

The downgrade also factors in deterioration in Amritvarsha's
moderate credit metrics. Net leverage (adjusted net debt/operating
EBITDA) deteriorated to 6.43x in FY19 (FY18: 3.46x) due to increase
in debt to INR185.20 million (FY18: INR137.80 million) for working
capital requirements and decline in EBITDA to INR28.50 million
(FY18: INR38.70 million) owing to higher raw material prices.
Interest coverage (operating EBITDA/gross interest expense)
improved to 1.85x in FY19 (FY18: 1.62x) due to lower interest
expenses, which fell to INR15.40 million (FY18: INR23.90 million)
on revision in interest rates. Ind-Ra expects the credit metrics to
remain stable in the absence of any debt-led capex plans over the
medium-term.

The downgrade also takes into consideration Amritvarsha's
moderate-to-tight liquidity position, as reflected by its 89.64%
average use of the fund-based limits during the 12 months ended
June 2019, due to a long working capital cycle around 143 days in
FY19 (FY18: 163 days; FY17: 126 days). Cash flow from operations
turned negative to INR53.50 million in FY19 (FY18: INR56.80
million) and cash balance declined to INR1.90 million at FYE19
(FYE18: INR3.90 million).

The ratings, however, are supported by growth in revenue to
INR1,068.60 million in FY19 (FY18: INR769.70 million) due to the
addition of new customers. The company continues to have a moderate
scale of operations, and its ratings are further supported by its
promoters' over a decade of experience in the iron and steel
industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or operating margins,
leading to deterioration in the credit metrics on a sustained basis
will be negative for the ratings.

Positive: An increase in the revenue while maintaining the credit
metrics on a sustained basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, Amritvarsha manufactures small-sized iron
garters, channels, and angels which are used in construction
activities. The company has a 40,000 tons per annum plant in Dadri,
Uttar Pradesh.


AQUAFIL POLYMERS: CARE Maintains D Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Aquafil
Polymers Company Private Limited (APCPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      31.9        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

   Short-term Bank     17.0        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2018, placed the
rating(s) of APCPL under the ‘issuer non-cooperating' category as
APCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. APCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated June 19, 2019, June 21, 2019 and June 26, 2019.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 18, 2018, the following were the
rating strengths and weaknesses:

Ongoing delay in debt servicing: APCPL has been irregular in
servicing its debt obligation due to weak liquidity position of the
company.

Liquidity Analysis: Liquidity position of the KIPL remained weak
owing to cashflow mismatched from operations.

Incorporated in 1995 as Ronak Refrigeration Private Limited to
carry out the business of trading of air conditioners, the company
was renamed as Aquafil Polymers Company Private Limited (APCPL)
after its present promoter Mr Hitesh Shah took over in 1997.
Presently, managed by Mr Hitesh Shah and his son Mr Poojan Shah,
APCPL is involved in designing, engineering, construction and
commissioning of sewage and water treatment plants. APCPL has
executed works for various reputed public and private organizations
in the states of Gujarat, Haryana, Rajasthan, Karnataka, and Madhya
Pradesh. APCPL is accredited “S-5 class” (on the scale of S-1
to S-5, S-5 being the highest) contractor by Public Health
Engineering Department (PHED), Government of Gujarat (GoG) and it
is also registered with various other government, semi-government
and private organizations.


B.K. EXPORTS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded B. K. Exports'
(BK) Long-Term Issuer Rating to 'IND C' from 'IND B- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- INR240 mil. Fund-based facilities Long-term rating downgraded;

     Short-term rating affirmed with IND C/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects BK's stressed liquidity position as
indicated by several instances of overutilization of its fund-based
limits for a period of 10-15 days during the nine months ended
March 2019. However, the ratings are supported by the fact that
there have been no instances of overutilizations in the three
months ended June 2019.

The ratings continue to reflect BK's declining revenues. Revenue
slumped to INR25 million in FY19 from INR242 million in FY18 due to
a low-to-nil level of operations in the business. The company is in
the winding-up the stage and it generated no revenues in FY19. This
was due to health issues of the proprietor, who is the key person
in managing the daily business operations.

BK's profitability has also been declining yoy and absolute EBITDA
stood at INR1.5 million in FY18 (FY17: INR5.1 million). Credit
metrics are weak, mainly due to high debt size and a decline in
absolute EBITDA, as reflected in net financial leverage of 35.9x in
FY18 (FY17: 88.3x) and interest coverage of 0.6x (01.2x).

RATING SENSITIVITIES

Positive: An improvement in the liquidity position will lead to
positive rating action.

COMPANY PROFILE

Founded in 2008 by Bellam Kotaiah, BK is a proprietorship concern
that trades tobacco.


B.L. AGRO: CRISIL Migrates B+ on INR8cr Loans to Non-Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B.L. Agro
Industries (BLAI) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             5        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BLAI for obtaining
information through letters and emails dated July 8, 2019 and July
12, 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 BLAI. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BLAI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

BLAI is a partnership of Mr. Sanjay Sancheti and Mr. Manoj
Sancheti. The firm is currently setting up an integrated cold chain
near Bikaner (Rajasthan). The integrated cold chain will be used to
store and process fruits, vegetables, spices and other horticulture
produce. The firm will commence operations from December 2018.


CAPTAB BIOTEC II: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Captab Biotec
Unit - II (CBU) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit      3.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Cash
   Credit Limit          1.37     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan             2.25     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CBU for obtaining
information through letters and emails dated July 8, 2019 and July
12, 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 CBU. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CBU is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

CBU was incorporated as partnership firm in 2014 by Mr Shubham Goel
and his brother, Mr Kapish Goel. The firm executes contract
manufacturing as well as its own manufacturing and marketing of
pharmaceuticals such as tablets, injections, capsules and syrups
under its own brand. The manufacturing unit is at Baddi, Himachal
Pradesh.


DELEXCEL PHARMA: Ind-Ra Affirms D Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Delexcel Pharma
Private Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit (long- and short-
     term) affirmed with IND D (ISSUER NOT COOPERATING) rating;
     and

-- INR140 mil. Term loan (long-term) due on March 2024 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 Delexcel
Pharma and the details of the same are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in September 2014, Delexcel Pharma has a
pharmaceutical manufacturing plant in Telangana.


DEV COTEX: CARE Keeps D on INR10cr Loans in Non-Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dev Cotex
Private Limited (DCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2018, placed the
rating(s) of DCPL under the ‘issuer non-cooperating' category as
DCPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. DCPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated June 19, 2019, June 20, 2019, June 21, 2019 and June 26,
2019. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 18, 2018, the following were the
rating strengths and weaknesses:

Delay in Debt servicing: The account of DCPL has been irregular in
debt servicing owing to weak liquidity position.

Liquidity Analysis: Liquidity position of the KIPL remained weak
owing to cashflow mismatched from operations.

Gondal-based (Rajkot) Dev Cotex Private Limited (DCPL) is engaged
into of trading of cotton, cotton bales and cotton seeds. It was
established in 2010 by Mr Anilkumar Selani and Mr Dhirajlal Selani
and was taken over by Mr Bharatkumar V Selani and Mr Chirag B
Selani in October 2014. Present directors are associated with Shiv
Cotgin Private Limited of Gondal (Rajkot) which is also into cotton
trading business. DCPL operates from its sole warehouse situated at
new sardar market yard, Gondal.


DEVEER DECOR: CRISIL Migrates B- Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Deveer Decor
Private Limited (DDPL; part of the Deveer D'cor group) to 'CRISIL
B-/Stable Issuer not cooperating'.

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

   Term Loan            19.04     CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DDPL for obtaining
information through letters and emails dated July 19, 2019 and July
24, 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 DDPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DDPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DDPL and Devikkesh Nominate Boards Pvt
Ltd (DNBPL). Both the companies, together referred to as the Deveer
D'cor group, are managed by the same promoters and have business
linkages.

The Deveer D'cor group manufactures particle boards and lamination
of particle boards at its facilities at Tembhurni MIDC in Solapur
(Maharashtra). DDPL and DBNPL were set up in 2014 and 1997,
respectively. However commercial operations of DDPL stated from
June 2017. Both companies have common directors Mr Devichand Jain,
Ms Hema Jain, and Mr Viren Jain.


DEWAN HOUSING: Says No Haircuts for Lenders under Resolution Plan
-----------------------------------------------------------------
Reuters reports that Dewan Housing Finance Corporation Ltd (DHFL)
on August 6 said its creditors would not have to take any haircuts
on principal payments under its resolution plan, sending shares up
as much as 10%.

As part of the resolution plan, DHFL will also put a moratorium on
repayments and seek funding from banks to start retail lending, the
company said after a meeting of the special committee for
resolution plan, Reuters relates.

DHFL, the fourth-biggest housing finance company in India, has
roughly INR1 trillion (US$14.15 billion) of debt and is in the
process of seeking lender approval on a restructuring designed to
help it ride out a liquidity crunch and restart its lending
business, according to Reuters.

Reuters adds that the shadow bank also said in a separate statement
its auditor Deloitte, Haskins & Sells LLP had resigned, citing
irregularities in DHFL's financial statements for the year ending
March 31.

Last month, DHFL filed its long-delayed audited results for the
quarter ended March 31, and revealed that its auditors had raised
several red flags around its numbers, Reuters relays.

Reuters says the resignation of auditors comes at a time when the
country is staring at a severe cash crunch in the non-banking
financial space after a default by Infrastructure Leasing and
Financial Services Ltd last September spooked investors and
triggered a massive sell-off.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans. As of March 31, 2018, the company operates through a network
of 347 locations, including 187 branches, 135 micro branches, 20
zonal/regional/CPU offices, 2 disbursement hubs, and 1 collection
center in India, as well as overseas representative offices in
London and Dubai.

As reported in the Troubled Company Reporter-Asia Pacific on June
21, 2019, ICRA downgraded the rating on the 850-crore commercial
paper programme of Dewan Housing Finance Corporation Limited (DHFL)
to [ICRA]D from [ICRA]A4. The rating has been removed from Watch
with Negative Implications.


EDU SMART: CARE Moves D on INR116cr Loan to Non-Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Edu
Smart Services Private Limited (ESSL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     116.29       CARE D; ISSUER NOT COOPERATING;

   Facilities                      Based on best available
   Term Loan                       Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ESSL to monitor the rating
vide email communication dated July 9, 2019, July 8, 2019, July 5,
2019, and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, Edu smart Services
pvt ltd has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on Edu Smart
Services Pvt Ltd's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on March 7, 2018, the following were the
rating weaknesses

Key Rating Weaknesses

Delays in servicing of debt obligations: There have been delays in
debt servicing by ESSL. The delays are on account of stressed
liquidity position of Educomp Solutions Limited (ESL) and delay in
execution of ‘Smart Class' classrooms by ESSL leading to delays
in receipt of payments from the schools. The same led to a
shortfall in funds for ESSL to repay its debt obligations on time.

Incorporated on July 2, 2009, Edu Smart Services Private Limited
(ESSL) is a Special Purpose Vehicle (SPV) created with the
objective to implement the ‘Smart Class' and other associated
products and services of Educomp Solutions Limited, across various
private schools in India. The shareholding of ESSL vests with two
individuals Mr Pramod Thatoi (50%) and Mr Ashok Mehta (50%) (who
are ex-employees of ESL).


EDUCOMP INFRASTRUCTURE: CARE Moves D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Educomp
Infrastructure & School Management Limited (EISML) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      830.10      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EISML to monitor the rating
vide email communication dated July 9, 2019, July 8, 2019 July 5,
2019 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, Educomp
Infrastructure & School Management Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Educomp Infrastructure & School
Management Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in March 7, 2019, the following were the
weaknesses:

Key Rating Weaknesses

Delays in servicing of debt obligations:  There have been delays in
servicing of debt obligations by EISML on account of stressed
liquidity position of the company due to its poor operational and
financial performance during the period FY13-FY16 (refers to the
period April 1 to March 31).

EISML was promoted by Educomp Solutions Limited (ESL) with the
objective of developing quality school assets across the country in
order to cater to the huge unmet demand for quality schools in
India. The company has 32 schools operational as out of which 29
are owned by EISML and 3 are Joint Ventures (JV) with other
companies.

During FY16 (refers to the period April 1 to March 31), EISML
reported total operating income of INR58.95 crore and net loss of
INR132.01 crore as against total operating income of INR79.88 crore
and net loss of INR240.13 crore in FY15.


GREEN MIRROR: CARE Moves BD on INR11.5cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Green
Mirror Buildcon Private Limited (GMBPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      11.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 14, 2018, placed the
rating(s) of GMBPL under the ‘issuer non-cooperating' category as
GMBPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. GMBPL continues to be non-cooperative despite repeated
requests for submission of information through phone calls and an
email dated June 24, 2019 and June 26, 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on June 14, 2018, the following were the
rating strengths and weaknesses

Key Rating Weaknesses

Ongoing delay in debt servicing: GMBPL has been irregular in
servicing its debt obligation due to weak liquidity position
of the company.

Liquidity Position: The liquidity position remained weak marked by
below unity current ratio as on March 31, 2018. The Cash and bank
balance remained low at INR0.28 crore as on March 31, 2018 while
net cash flow from operating activities remained at INR1.87 crore
during FY18.

Incorporated in September 2013, Ahmedabad (Gujarat)-based GMBPL is
promoted by two promoters namely Mr Suresh Badgujar and Mr.
Jitendra Badgujar. GMBPL is undertaking a greenfield project to
manufacture Autoclaved Aerated Concrete (AAC) blocks/bricks with
proposed installed capacity of 1,00,000 Cubic Meters per Annum
(CMPA) at its plant located at Kheda district of Gujarat.


H.S. RAMESH: CRISIL Lowers Rating on INR5cr Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term and short term
bank facilities of H.S. Ramesh (HSR) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating', as
there has been delays in term loan repayments.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         4       CRISIL D (ISSUER NOT
                                  COOPERATING Downgraded from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit            5       CRISIL D (ISSUER NOT
                                  COOPERATING Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

   Proposed Long Term     1       CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING Downgraded from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

CRISIL has been consistently following up with HSR for obtaining
information through letters and emails dated July 30,2018,
September 3,2018 and September 10,2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

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

Based on the last available information, CRISIL has downgraded its
rating on the long-term and short term bank facilities of HSR to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable
Issuer Not Cooperating', as there has been delays in term loan
repayments.

HSR, set up as a proprietorship firm in 2010 by Mr H S Ramesh. Is
engaged in construction and maintenance of roads. The firm is based
in Mysuru, Karnataka, and execute orders in the state, where it is
registered as a first class contractor.


JMV ISPAT: CRISIL Migrates D Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JMV Ispat
Private Limited (JMV) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Term Loan        3.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    3.0      CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JMV for obtaining
information through letters and emails dated July 8, 2019 and July
12, 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 JMV. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMV is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

JMV was incorporated in 2011 by Mr. Aslam Qureshi and Mr. Niraj
Saini. The company manufactures mild steel ingots at its unit in
Haridwar (Uttarakhand).


KALINDI ISPAT: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kalindi Ispat Pvt
Ltd.'s (KIPL) Long-Term Issuer Rating to 'IND BB+' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based limits upgraded with IND BB+/Stable
     rating; and

-- INR10 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial increase in KIPL's scale of
operations along with an improvement in credit metrics. In FY19,
revenue improved to INR1,022.43 million (FY18: INR786.73 million)
on an increase in demand and also an improvement in the prices of
end products. EBITDA interest coverage (operating EBITDA/gross
interest expense) improved to 10.18x in FY19 (FY18: 4.58x) and net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) to 1.28x
(1.42x) due to an increase in absolute EBITDA and a decline in
gross interest expenses, lead by the company's low working capital
use.

The ratings are supported by KIPL's comfortable liquidity as
reflected in 76.20% of average maximum utilization of its
fund-based facilities for the 12 months ended June 2019. The cash
flow from operations remained positive at INR21.45 million (FY18:
INR15.21 million).

However, the ratings are restricted by KIPL's strong-but-volatile
EBITDA margins of 7.63% in FY19 (FY18: 8.57%; FY17: 7.66%). The YoY
decline in margins in FY19 was due to an increase in the cost of
raw material consumed. The return on capital employed came in at
19% in FY19 (FY18:17%). The ratings are also restricted by high
working capital days of 67 days in FY19 (FY18: 72 days).

The ratings are further constrained by KIPL's product concentration
risk as it manufactures only sponge iron and its by-product
dolochar.

However, the ratings continue to be supported by the founders'
experience of more than a decade in sponge iron manufacturing.

RATING SENSITIVITIES

Positive: Diversification in the product profile along with a
substantial improvement in the scale of operations while
maintaining the credit profile will be positive for the rating.

Negative: Deterioration in the credit profile and/or liquidity with
the net leverage being sustained above 3x will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2004, KIPL manufactures sponge iron at its 60,000
metric tons per annum facility in Bilaspur, Chhattisgarh.


KAVERI INDUSTRIES: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaveri
Industries Private Limited (KIPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     2.5     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan              4.5     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KIPL for obtaining
information through letters and emails dated July 8, 2019 and July
12, 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 KIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KIPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

KIPL is setting-up PVC pipes & fitting manufacturing unit at Guntur
(Andhra Pradesh). The company is promoted by Guntur based Reddy
family, Mr Srinivas Reddy has over 10 years of experience in the
pipe & allied manufacturing business.


KHANDWA INDUSTRIES: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Khandwa
Industries Private Limited (KIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      12.15       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 1, 2018, placed the
rating of KIPL under the ‘issuer non-cooperating' category as
KIPL had failed to provide information for monitoring of the rating
for the rating exercise as agreed to in its Rating Agreement. KIPL
continues to be noncooperative despite repeated requests for
submission of information through phone calls and an email dated
June 19, 2019, June 20, 2019, June 21, 2019 and June 24, 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on June 1, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing: The account has become NPA on the back of
weak liquidity position.

Liquidity Analysis:

Liquidity position of the KIPL remained weak owing to cashflow
mismatched from operations.

KIPL was incorporated in the year 2008 for manufacturing of cotton
bales & seeds and trading of cotton bales, oil, cakes and seeds.
KIPL is promoted by the Gupta family who are into the cotton
business since the year 1950. Mr Sandeep Gupta and Ms Ramadevi
Gupta are actively involved in operations of KIPL. KIPL is
primarily engaged in trading of ginned cotton. It also has an
installed capacity of processing 12800 metric tons per annum (MTPA)
of cotton seeds and 6700 MTPA of ginned cotton as on
March 31, 2015.


KUMAR BROTHERS: CRISIL Assigns B+ Rating to INR37cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the bank
facility of Kumar Brothers Chemists Private Limited (KBCPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           37       CRISIL B+/Stable (Assigned)

The rating reflects geographic concentration in revenue along with
intense competition, working capital intensive operations and its
weak financial profile. These weakness are partially offset by
established market position and its sound operating efficiencies
driven by favorable location of the retail store.

Key Rating Drivers & Detailed Description

Weakness

* Geographic concentration in revenue and intense competition:
Notwithstanding the 2 decade-long presence of in the medical
distribution business, the scale and networth has remained
moderate. Though KBCPL has been able to establish its brand within
the region, it has not diversified its geographic presence, thus
leading to significant concentration in revenue.

* Working capital intensive operations: Gross current assets were
at 409 -315 days over the three fiscals ended March 31, 2018.
Working capital intensity is reflected in its gross current assets
(GCA) of 409 days as on March 31, 2018. Large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business needs, KBCPL holds large inventory in the store.

* Weak financial profile: KBCPL's debt protection measures have
also been at weak levels in past due to high gearing and low
accruals from the operations. The interest coverage and Net cash
accrual to total debt (NCATD) ratio are at 1.3 times and 0.02 times
for fiscal 2018. KBCPL's debt protection measures are expected to
remain at weak levels with high debt levels.

Strength

* Established market position: KBCPL's moderate scale provides it
operating flexibility in an intensely competitive industry.
Further, it also benefits from the promoters' experience of over
the decades, their strong understanding of market dynamics, and
healthy relations with customers and suppliers and will continue to
support the business.

* Sound operating efficiencies driven by favorable location of the
retail store: KBCPL has healthy operating efficiencies, marked by
healthy return on capital employed (RoCE). Driven by favorable
location of the retail store resulting in high economies of scale.
KBC has one shop located near CMC hospital and other located close
to PGI hospital, which are the prime medical institutes in
Chandigarh.

Liquidity
Liquidity may remain constrained over the medium term due to
extended credit facility to customer. The company is fully
utilizing the bank limits over the last one year through Mar'19.
Also, cash accrual is projected at INR120 lakh in fiscal 2020
against debt obligation of INR80 lakh, in the same year.
Furthermore, the promoters have infused additional 2.50 crore of
USL in fiscal 2019 to support the liquidity.

Outlook: Stable

CRISIL believes KBCPL will continue to benefit over the medium term
from its longstanding relationships with principals and experience
of the management to mitigate the inherent risk in trading
business.  The outlook may be revised to Positive if  revenue
growth and operating margins are sustained over the medium term
while ensuring an improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if business
stagnates due to weak demand or a stretch in receivables or pile-up
of inventory adversely affects liquidity.

KBCPL was set as a partnership firm under the name Kumar Brothers
in 1980. It was later converted to private limited under its
present name in 1998. Mr. Ashwani Singla and Mrs. Sangeeta Singla
are the directors of the company. The company is engaged in
retailing and institutional sale of Pharmaceutical product and
other clinical FMCGs like surgical products and cosmetic products
etc. KBCPL operates their retail unit at Chandigarh.


LOTUS PROJECTS: CRISIL Migrates D Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lotus Projects
Private Limited (LPPL) to 'CRISIL D Issuer not cooperating'.

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

   Proposed Long Term   1.05      CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan           11.45      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LPPL for obtaining
information through letters and emails dated July 19, 2019 and July
24, 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 LPPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1994, LPPL is engaged in plantation and processing
of tea. On August 10, 2015, the company took over the operations of
a tea estate of New Chumta Tea Co Ltd, at a purchase consideration
of INR13.5 crores. LPPL has an annual tea production capacity of 40
lakh kg.


MAA VAISHNO: CRISIL Lowers Ratings on INR6.15cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Maa
Vaishno Devi Educational Trust (MVD) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Drop Line              1.15       CRISIL D (Downgraded from
   Overdraft Facility                'CRISIL BB-/Stable')

   Overdraft              5.00       CRISIL D (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects overdrawing in the cash credit facility for
more than 30 days. The amount outstanding as on March 31, 2019, was
regularised on June 15, 2019.

The trust also has low occupancy rates in its colleges, which
impact operating efficiency, a modest scale of operations, and
geographical concentration in revenue. However, it continues to
benefit from the extensive experience of the trustees in the
education sector.

Key Rating Drivers & Detailed Description

Weaknesses:

* Continuous overdrawing in the cash credit facility: The trust had
overdrawn its cash credit facility for more than 30 days due to
delay in fee collection from students.

* Modest scale of operations with geographical concentration:
Revenue remained the same in fiscals 2018 at 2019 at INR2.1 crore.
This is a sharp deviation from CRISIL's earlier expectation of
revenue of over INR4 crore for fiscal 2019. The modest scale is
expected to continue to constrain the business risk profile over
the medium term.

Strength:

* Extensive experience of the trustees in the education sector:
The trustees, Mr Ajay Raj Agarwal and his mother, Mrs Sudha
Agarwal, have an experience of around a decade in the education
sector. This has enabled the trust to introduce additional
educational courses in its colleges.

Liquidity
Liquidity is weak as reflected by continuous overdrawing in the
cash credit facility for more than 30 days from March till June
2019.

MVD is a Lucknow-based educational trust that runs two colleges.
Maa Vaishno Devi Law College provides courses for achieving a
graduate degree in law and Maa Vaishno Devi and Law College
provides courses for postgraduate management degrees in finance,
human resources, and marketing. Both the colleges are based in
Lucknow and are affiliated to Lucknow University.


MACROTECH DEVELOPERS: Moody's Cuts CFR to B3, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Macrotech Developers Limited, formerly known as Lodha
Developers Limited, to B3 from B2.

At the same time, Moody's has downgraded the senior unsecured
rating of the US dollar-denominated bonds issued by Lodha
Developers International Limited and guaranteed by MDL to B3 from
B2.

The outlook on all the ratings is negative.

RATINGS RATIONALE

"The downgrade reflects heightened liquidity risk at MDL, because
of the company's lack of sufficient progress in refinancing its
upcoming debt maturities," says Sweta Patodia, a Moody's Analyst.

MDL has a GBP250 million construction loan with respect to Lincoln
Square, one of its London projects, maturing in December 2019, $324
million in bonds maturing in March 2020 (after the $1 million
buyback), and another GBP517 million of construction loans maturing
in March 2021.

The company intends to repay the Lincoln Square construction loan
maturing in December 2019 out of collections from sales made at the
property to date. As of 30 May 2019, the company sold units worth
GBP270 million at Lincoln Square. Deliveries have now commenced and
for the delivered units, collections have happened as per schedule.
For the balance units, as per market practice in London, 10-20% of
the sales proceeds have been received so far.

"MDL's initial plan to refinance the $324 million bonds through
proceeds from equity stake sales in London projects is now
uncertain, while progress on commercial asset sales in India has
also been slower than what Moody's had expected and remains subject
to further delays", adds Patodia, who is Moody's lead analyst for
MDL.

Although LDIL has received terms of offer from one of the existing
lenders for refinancing the outstanding USD bonds, the loan
agreement is yet to be executed and remains subject to finalization
of terms and due diligence. As such, even though the company has
made progress on its refinancing efforts, it needs to progress
further to mitigate the near term liquidity risk.

The onshore operations in India also have INR26.7 billion ($381
million) in debt maturing over the next 12 months.

Moody's expects MDL's onshore debt to be rolled over, given the
company's track record of rolling over these facilities in the
past, and its large unencumbered land bank at Palava, which could
be pledged to raise additional debt.

Apart from the material refinancing risks outlined, MDL's B3
corporate family rating (CFR) reflects its position as the leading
developer of residential properties in India and the large size of
its land bank. The CFR also takes into account the high quality of
its projects under construction combined with its strong execution
capability.

In addition, the CFR is supported by the diversity of the company's
project portfolio across India and London. In India, its projects
are spread across a wide price spectrum and are in different stages
of construction.

However, MDL's credit profile is constrained by its weak liquidity
position. The ratings also incorporate governance risks arising
from the company's concentrated ownership structure and its
aggressive financial policies.

The negative outlook reflects the uncertainty over the refinancing
of MDL's upcoming debt maturities.

Moody's would revise the outlook to stable if the company can put
in place a concrete refinancing plan for its upcoming maturities.

On the other hand, Moody's could downgrade the ratings if MDL fails
to arrange for definitive funding sources to refinance its upcoming
debt maturities within the next three months to address its
upcoming debt maturities.

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

Macrotech Developers Limited is the largest real estate developer
in India by sales of residential apartments. The company is focused
on residential developments in the Mumbai Metropolitan Region, with
some projects in nearby Pune.


MAJESTIC IMPEX: Ind-Ra Withdraws B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Majestic Impex's
(MI) Long-Term Issuer Rating of 'IND B+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The 'IND B+' rating on the INR7.6 mil. Term loan due on March
     2019 is withdrawn;

-- The 'IND B+' rating on the INR35 mil. Fund-based working
     capital facilities are withdrawn; and

-- The 'IND B+' rating on the INR21 mil. Non-fund-based working
     capital facilities are withdrawn.

KEY RATING DRIVERS

MI was amalgamated with its parent company, Majestic Printers on
October 2018. Ind-Ra is no longer required to maintain the ratings,
as the agency has received no-due certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017, for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
MI.

COMPANY PROFILE

MI manufactures notebooks, diaries calendar papers, and wrappers as
per customer specifications. It has an annual production capacity
of 200 million quires.


MOHAN TOBACCOS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mohan Tobaccos'
(MT) Long-Term Issuer Rating to 'IND C' from 'IND B- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- INR88 mil. Fund-based facilities Long-term rating downgraded;
     short-term rating affirmed with IND C/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects MT's stressed liquidity position as
indicated by several instances of overutilization of its fund-based
limits for a period of 10-15 days during the nine months ended
March 2019. However, the ratings are supported by the fact that
there have been no instances of overutilization in the three months
ended June 2019.

The downgrade factors in MT's continued small scale of operations.
Revenue plummeted to INR21 million in FY18, from INR293 million in
FY17. This fall in revenue is on account of the firm's
almost-inconsequential business operations, as it is in the
winding-up stage owing to the ill health of its proprietor, who is
the key person managing operations. MT generated nil revenue in
FY19.

The downgrade takes into consideration MT's declining
profitability. The firm booked EBITDA loss of INR0.3 million in
FY18, from INR12.4 million in FY17, owing to diminishing
operations, thereby leading to weak credit metrics.

RATING SENSITIVITIES

Positive: Improvement in the liquidity position will lead to
positive rating action.

COMPANY PROFILE

Mohan Tobaccos was set up in 2011 as a proprietorship concern by
Mr. Bellam Ramu. The firm is involved in trading of tobacco.


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

The instrument-wise rating actions are:

-- INR172.5 mil. Fund-based working capital limits (Long
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR30 mil. Non-fund-based working capital limits (Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR44.1 mil. Term loan (Long-term) due on October 2022
     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 continued delays in debt servicing by NIL,
the details of which are unavailable.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1974, NIL is a premium bicycle tires and tubes
brand in India and abroad. It is situated in Mandideep, Bhopal and
has an installed manufacturing capacity of 6 million tires and 3.6
million tubes per annum.


ODYSSEUS LOGOS: Ind-Ra Migrates BB Loan Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Odysseus Logos
LLP's term loan ratings 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 ratings will now appear as 'IND BB (ISSUER NOT
COOPERATING)' on the agency's website.

The detailed rating action is:

-- INR82 mil. Term loan due on June 2029 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May
21, 2019. Ind-Ra is unable to provide an update, as the agency does
not have adequate information to review the ratings.

COMPANY PROFILE

Odysseus Logos LLP (OLLLP), has set up a 2MW (2.4DC)
grid-interactive solar photovoltaic power project at Gandlaparthy
Village, Raptadu Mandal, Ananthpur District in Andhra Pradesh.
Abhimanyu Lavu and Lavu Papu Rao are the partners.


PRAYAN ISPAT: CARE Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prayan
Ispat & Steels Private Limited (PIS) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      5.09        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

   Short-term Bank     1.50        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018, placed the
ratings of PIS under the ‘issuer non-cooperating' category as PIS
had failed to provide information for monitoring of the rating. PIS
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated June 21, 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018, the following was the
rating weakness (updated for the information available
from Registrar of Companies):

Key Rating Weakness

On-going delays: Prayan Ispat and Steel Private Limited (PIS) is
engaged manufacturing of M S Ingots. The company's financial risk
profile is affected by the slowdown in demand of iron and steel
products due to subdued industry performance.  The same led to
stressed liquidly issues which resulted into delays in debt
servicing.

Uttar Pradesh-based Prayan Ispat & Steels Private Limited (PIS), is
a private limited company incorporated in 2010 and is currently
managed by Mr Amit Agarwal Mrs Gaura Agarwal. PIS is engaged in the
manufacturing of M S Ingots. The manufacturing facility of the
company is located in Bijnor, Uttar Pradesh. Agarwal Sales
Corporation is the group associates of PIS which is engaged in
trading of iron & steel product.


QUEST INFOSYS: Ind-Ra Affirms 'B' Rating on INR100MM Loan
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Quest Infosys Foundation's (QIF) bank facilities:

-- INR57 mil. Term loan due on March 2019 withdrawn (paid in
     full); and

-- INR100 mil. (increased from INR40 mil.) Fund-based working
     capital facility affirmed; Outlook revised to Positive from
     Stable with IND B/Positive rating.

KEY RATING DRIVERS

The Positive Outlook reflects Ind-Ra's expectation of a continued
increase in QIF's student headcount in the near-to-medium term on
account of increasing demand for its newly introduced courses. QIF
maintained healthy operating margins above 34.00% during FY15-FY19
(FY19: 35.77%, FY18: 36.44%), coupled with a moderate average
acceptance rate of 69.90% and healthy enrolment rate of 100%.
Despite a downward enrollment trend in Bachelor of Technology
course across the education sector in India (FY18: down 3.56% YoY,
FY17: down 2.82% YoY), the trust's total student strength increased
to 981 in FY19 (FY18: 804) on account of an increase in admissions
for courses such as Bachelor in Computer Applications, Bachelor of
Business Administration, B.Com (Honors) and Bachelor of Travel and
Tourism Management introduced during FY17-FY19. FY19 financials are
provisional in nature.

QIF's total income remained in the range of INR77.9 million-95.3
million during FY15-FY19 (FY19: INR85.5 million, FY18: INR77.9
million) on account of the modest growth in total headcount and
tuition fee per student. For income, QIF is largely reliant on
tuition fees, which constituted an average of 84.77% of the total
income during FY15-FY19. The trust's fee income grew at 8.91% YoY
to INR73.5 million in FY19. QIF's total expenditure is largely
dominated by operating expenditure (average FY15-FY19: 43.92%),
followed by staff costs (average: 37.06%).

The affirmation reflects QIF's continued tight liquidity position
in FY19, as reflected by low cushion available with the trust for
both long-term debts (FY19: 12.60%; FY18: 9.86%) and operating
expenditure (FY19: 22.57%; FY18: 25.32%). In addition, the
collection period increased to 239 days in FY19 (FY18: 186) due to
further build-up in pending scholarship receivables.

To cater to the limited liquidity, the trust has availed a
fund-based overdraft facility of INR100 million. Its average
maximum utilization of the facility was 90.5% during the 12 months
ended June 2019.

The ratings are also constrained by the high debt burden
(debt/current balance before interest and depreciation as it has
remained in the range of 5.65x-6.71x during FY15-FY19 (FY19: 6.26x,
FY18: 6.71x). Although the trust's long-term debt has been
declining over the years due to scheduled repayments, the working
capital debt outstanding at year-end has displayed an increasing
trend.

The trust's debt service coverage ratio stood at 0.90x in FY19
(FY18: 0.85x); it remained below 1x during FY15-FY19. The interest
service coverage ratio improved to 2.66x in FY19 (FY18: 2.55x)
owing to an increase in the current balance to INR19.45 million in
FY19 (FY18: INR17.72 million).

RATING SENSITIVITIES

Positive: Operating margins sustaining above 35%, improving
headcount coupled with significant improvement in the collection
period, could be positive for the ratings.

Negative: Declining headcount or a fall in the operating margins
below 30% and/or further elongation of the collection period,
leading to a stress on the liquidity position and deterioration in
the credit metrics could lead to negative rating action.

COMPANY PROFILE

QIF operates Quest Group of Institutions. It is headed by Mr.
Dipinder Singh Sekhon. The institute is approved by All India
Council of Technical Education, Ministry of Human Resource
Development, Government of India and affiliated with I. K. Gujral
Punjab Technical University (formerly Punjab Technical University),
Jalandhar.


RAIGANJ DALKHOLA: CARE Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raiganj
Dalkhola Highways Limited (RDHL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank     321.63       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2018 placed the
rating(s) RDHL under the ‘Issuer non-cooperating' category as
RDHL had failed to provide information for monitoring of the
rating. RDHL continues to be non-cooperative despite repeated
requests for submission of information through emails dated June
28, July 1, July 3, July 5 & July 15, 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.

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

The rating has been reaffirmed on account of non-submission of
material information required for periodic review exercise.

Detailed description of the key rating drivers

At the time of last rating on April 6, 2018 the following were the
rating strengths and weaknesses:

On-going delay in servicing of debt obligations: There are on-going
delays in servicing of interest amounting to INR 1.04 crore as on
March 31, 2017. The interest for every month is serviced in the
existing debt to equity ratio (0.89 times) by the bankers and HCC
group. On account of delays in infusion of funds by HCC group and
delay in disbursals of interest during construction (IDCs) by the
bankers owing to pending receipt of RoW, interest servicing in the
company is delayed. Timely servicing of debt obligations along with
timely recommencement of project is crucial from credit
perspective.

Further delay in completion of the project: As per the initial
schedule, the company had envisaged completion of the entire
project by August 1, 2013. However, the project work is stalled
since November 2011 owing to delays in receipt of right of way
(RoW). The delay in achieved progress against planned is mainly due
to delay in acquisition of land. More than 50% of the project
length comes under green field bypasses and delay in acquisition of
this land has resulted in substantially less work being done in
this passage. The cumulative physical progress achieved in the
project as on March 27, 2017, is 9% (8.73% in May 30, 2015).
However, there is development in receipt of RoW in the past few
months and currently, out of the total 50 km, the company has
received RoW for 48 km (46km in FY16 [refers to the period April 1
to March 31]) of the land. Increase in project cost and
postponement of principal repayment schedule.

Owing to delays in the project, the principal repayment:
obligations are postponed to June 30, 2018 from June 30, 2016. The
interest obligations are to be serviced monthly by the company. The
company has submitted revised project cost to the lead
banker for appraisal and is in the process of finalization of the
same based on the revised traffic study. The total project cost
is expected to increase by INR520 crore to INR1,204 crore from the
current INR684 crore. The entire cost overrun is expected
to be funded by debt. The company has approached bankers for a
fresh loan of INR841 crore. The new loan will be used to
repay the existing outstanding loan of INR92 crore and the balance
utilized for construction of road. Timely receipt of pending
RoW, determination and funding of cost overrun remain to be crucial
from credit perspective once project work is resumed.

On-going Arbitration Proceedings: The company has also put a claim
on National Highways Authority of India for losses incurred by the
company owing to delays in receipt of RoW which is in midst of
arbitration proceedings.

Key Rating Strengths

Experienced promoters with long track record in construction: RDHL
is promoted by HCC and HCL, a step-down subsidiary of HCC. HCC has
a long experience of more than eight decades in infrastructure
construction industry. HCC has contributed immensely to the
country's infrastructure by executing large number of projects in
the hydro power and nuclear power generation, roads and expressways
and complex tunneling in addition to the hundreds of bridges, dams
and barrages. However, on account of weakened credit profile of HCC
group, timely infusion of funds by HCL for cost overruns remains
crucial from the credit perspective.

Favorable location of the stretch: The project is on the existing
Kolkata-Dalkhola section of NH-34 which is already a busy corridor.
NH-34 that runs through Baharampore, Farakka, Malda and Raiganj
acts as the primary conduit for the transport of passenger as well
as freight traffic among the states of Uttar Pradesh, Jharkhand,
Bihar and West Bengal. The project highway is an important corridor
for the movement of agricultural commodities, automobiles, oil and
mineral water. Presently, the existing highway is facing congestion
and is saturated in terms of the carrying capacity. The project
stretch is favorably located and the traffic composition includes
mainly freight traffic (63%) followed by others (passenger cars,
Light Commercial Vehicles, buses) (37%) thus providing substantial
revenue visibility, as per the last traffic study report conducted
in 2014.

Postponement of principal repayment obligations: Owing to delays in
the project, the principal repayment obligations are postponed to
June 30, 2018, from June 30, 2016. The interest obligations are to
be serviced monthly by the company. The company has submitted
revised project cost to the lead banker for appraisal and is in the
process of finalization of the same based on the revised traffic
study.

Liquidity: Very Poor Liquidity, Account is already an NPA.

Incorporated on March 11, 2010, RDHL is a special purpose vehicle
(SPV) promoted by HCC (rated CARE D for its bank facilities and
instruments) and HCC Concessions Limited (HCL) - step-down
subsidiary of HCC - to undertake the augmentation of the existing
stretch of 50 km from 398 km to 452 km on the Raiganj-Dalkhola
section of NH-34 under National Highway Development program (NHDP)
Phase III in the state of the West Bengal by 4-Laning on Design,
Build, Finance, Operate and Transfer (DBFOT) – Toll basis. The
concession agreement (CA) was executed between RDHL and National
Highways Authority of India (NHAI) on February 3, 2011 for a
concession period of 30 years from the appointed date. Due to lack
of support from NHAI in confirming the related land delay cost
overrun to the lenders the project was terminated on March 31,
2017. Consequently since the delay was on account of default by
NHAI, RDHL has notified NHAI that it shall be entitled for the
termination payment as per the terms of Concession Agreement (CA).
Accordingly the cost incurred by RDHL till March 31, 2018 amounting
to INR 177. 42 Crore is considered fully recoverable by the
management of RDHL.

The project cost was originally estimated at INR684.32 crore which
was to be met from a combination of an equity contribution from
promoters (INR137.15 crore), grant from NHAI (INR225.54 crore) and
term loan (INR321.63 crore). Thus, project was financed at a
debt-equity ratio of 0.89 times and the requisite debt had been
tied up. However, owing to delays in receipt of RoW, there were
cost overruns.


RAJSHRI IRON: Ind-Ra Raises Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rajshri Iron
Industries Private Limited's (RIIPL) Long-Term Issuer Rating to
'IND BB-' from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR146.5 mil. Fund-based limits upgraded with IND BB-/Stable
     rating; and

-- INR53.5 mil. Non-fund-based limits upgraded with IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects RIIPL's stable operating profits in FY19,
after a continuous decline since FY12 (FY19: INR47.72 million,
FY18: INR46.99 million, FY17: negative INR166.35 million, FY16:
INR22.23 million), owing to a decline in raw material prices. The
company's return on capital employed was 6% in FY19 (FY18: 6%) and
margins are modest at 6.5% (5.4%). FY19 financials are provisional
in nature.

However, the ratings remain constrained by RIIPL's small scale of
operations as reflected by revenue of INR732.13 million in FY19
(FY18: INR868.54 million). The decline in revenue was due to the
closure of its plant for 48 days for setting up gas fire
equipment.

The ratings also continue to factor in RIIPL's modest credit
metrics with gross interest coverage (operating EBITDA/gross
interest expense) of 2.2x in FY19 (FY18: 2.2x) and adjusted net
financial leverage (total adjusted net debt/operating EBITDAR),
excluding subordinated unsecured loans of INR76.95 million of total
unsecured loan of INR177.59 million, of 3.92x (2.58x). Further, net
leverage (net debt/EBITDAR) stood at 5.5x in FY19 (FY18: 4.2x). The
net leverage deteriorated on account of an increase in total debt
in the form of unsecured loans from related parties during the
period.

The ratings, however, are supported by RIIPL's comfortable
liquidity position with 82.6% average use of its fund-based working
capital limit for the 12 months ended June 2019. Its cash flow from
operations turned negative to INR65.34 million in FY19 (FY18:
INR7.20 million) due to an increase in working capital
requirements. RIIPL's cash and cash equivalents stood at INR20.10
million at FYE19 (FYE18: INR19.03 million).

The ratings also continue to benefit from the promoters'
decade-long experience in the iron and steel industry.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margin, leading to
deterioration in the overall credit metrics and/or pressure on the
liquidity position, will be negative for the ratings.

Positive: A substantial improvement in the revenue and operating
profitability, leading to an improvement in the net leverage below
4.5x, will be positive for ratings.

COMPANY PROFILE

Incorporated in October 2004, RIIPL manufactures sponge iron at its
plant is located in Jamuria, West Bengal. The company commenced
commercial operations in FY10. Abhishek Sharma is the promoter.  


RAMESHVAR IMPEX: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rameshvar Impex
(RMPX) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR 70 mil. Fund-based limits affirmed with IND B+/Stable/IND
     A4 rating; and

-- INR 8.75 mil. Non-fund based limits affirmed with IND A4
     rating.

KEY RATING DRIVERS

The affirmation reflects RMPX's continued small scale of
operations, despite consistent improvement in revenue to INR660
million in FY19 (FY18: INR481 million; FY17: INR457 million) on
account of increased order execution. The firm also started
exporting diamonds from FY19 to new geographies of Hong Kong and
Bangkok. FY19 financials are provisional in nature.

The rating factor in RMPX's modest credit metrics. Its interest
coverage (operating EBITDA/gross interest expense) improved to 2.4x
in FY19 (FY18: 2.1x) and net leverage (total adjusted net
debt/operating EBITDAR) to 3.98x (5.70x). The improvement in credit
metrics is on account of improvement in absolute EBITDA to INR18.5
million (FY18: INR12.5 million) due to growth in the firm's
revenue. RMPX's year-end total debt stood at INR74.2 million in
FY19 (FY18: INR72.2 million) and it doesn't have any CAPEX plans
for the near term.

The ratings also factor in RMPX's average EBITDA margin to 2.8%
(FY18: 2.60%) due to the competitive nature of business. Return on
capital employed stood at 12% (FY18:9%).

The ratings are constrained by RMPX's tight liquidity, as indicated
by average peak utilization of 99.7% for the 12 months ended June
2019. Cash flow from operations turned positive to INR 0.55 million
in FY19 (FY18: negative INR36.11 million) on improvement in the
working capital cycle to 76 days (FY18: 103 days). The working
capital cycle improved mainly due to declining in inventory days to
104 (FY18: 128) and improvement in creditor days to 154 (91).

The ratings are also constrained by the partnership nature of the
firm.

The ratings, however, continue to be supported by the partners'
more than four decades of experience in the diamond trading and
manufacturing business.

RATING SENSITIVITIES

Positive: Improvement in the credit metrics and liquidity position
would be positive for the rating.

Negative: Any decline in the revenue and EBITDA margin leading to
deterioration in the credit metrics as well as tight liquidity
would be negative for the rating.

COMPANY PROFILE

RMPX was formed in 2011 by Haresh Miyani, Mukesh Vaghani, and Hiren
Kevadiya and is engaged in the cutting and polishing of diamonds.


RAOS EDUCATIONAL: CRISIL Assigns 'D' Rating to INR10cr Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
loan facility of Raos Educational Society (RES), owing to delays in
debt servicing. The delays have been caused by weak liquidity.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Rupee Term Loan       10       CRISIL D (Assigned)

The rating also factors in Weak financial profile and Vulnerability
to stringent regulations. However, these rating weaknesses are
partially offset by Extensive industry experience of the
management.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial profile: RES's debt protection measures have been
at weak level due to high gearing and low accruals from the
operations. The interest coverage and Net cash accrual to total
debt (NCATD) ratio are at 0.79 and -0.03 for fiscal 18 .RES debt
protection measures are expected to remain at weak level with high
debt levels.

* Vulnerability to stringent regulations: Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), MCI, AICTE, CBSE, universities,
state governments etc. Each body has detailed procedures for
granting permission to set up institutions, and approvals need to
be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc. leading to loss
of reputation for the college and revenue for the trust.

Strength:

* Extensive industry experience of the management: The chairman and
managing director have an experience of over 25 years in Education
Services industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
which will continue to support the business profile.

Liquidity

Liquidity profile of the company remains weak on account of low
accruals due to accumulated losses in the last 3 years.

Rao's Group is one of the leading educational organization in
Telangana and Andhra Pradesh prominent states in India. Established
in the year 1985 and has expanded to 32 schools and junior college.
RES was incorporated by Mr.Prabhakar Rao and currently has
Mr.Nidhin Rao Polsani as its managing director.


RITVIK STEEL: CRISIL Assigns B+ Rating to INR5cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ritvik Steel Private Limited (RSPL).

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

The rating reflects the company's exposure to risks related to
implementation of its ongoing project, susceptibility of its
operating margin to volatility in raw material prices, and
vulnerability to cyclicality in the infrastructure and real estate
sectors. These weaknesses are partially offset by the extensive
experience of the promoters in the steel industry and their funding
support to the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to implementation of ongoing project:
RSPL is scheduled to commence operations in July 2019. Intense
competition in the steel ingot business may lead to moderate demand
risk. Timely completion of the project and successful stabilization
of operations will remain key rating sensitivity factors.

* Susceptibility of operating margin to volatility in raw material
prices, and vulnerability to cyclicality in the infrastructure and
real estate sectors: Cost of production and profit margin depend on
prices of raw materials (sponge iron and mild steel scrap).
Furthermore, profitability is linked to the fortunes of the steel
industry, which is inherently cyclical and has a strong correlation
with growth in the gross domestic product. Operating performance
will remain susceptible to volatility in raw material prices and
demand from the infrastructure and real estate sectors, which are
the key user sectors.

Strengths:

* Extensive industry experience of the promoters: The promoters
have experience of over 5 yearsin the steel industry, which has
given them an understanding of the dynamics of the market and
helped them establish relationships with suppliers and customers.
* Promoters' funding support: The project of INR8.5 crore has been
funded entirely through promoters' equity (INR 5 crore) and
unsecured loan (INR 3.5 crore). This should keep the gearing
moderate. Furthermore, timely and need-based financial support from
the promoters (capital and unsecured loans) should continue to
support the business.

Liquidity

* Nil term debt obligation: Liquidity is supported by the fact that
there is no debt obligation. Expected annual cash accrual of
INR0.70-1.0 crore from fiscals 2020 to 2022 should help fund
incremental working capital requirement.

* Support from the promoters by way of unsecured loan or equity
infusion: The promoters are likely to extend support in the form of
equity and unsecured loans to meet working capital requirement.

Outlook: Stable

CRISIL believes TELLP will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained and significant increase in scale of
operations and operating profitability and efficiency in working
capital cycle strengthens financial risk profile. The outlook may
be revised to 'Negative' if low revenue or profitability or large
working capital requirement or capital expenditure, weakens
financial risk profile particularly liquidity.

Incorporated in 2018, RSPL is setting up a plant to manufacture
steel ingots in Bahraich (Uttar Pradesh). The plant is to be
commissioned in July 2019. RSPL is owned and managed by Mr Yogesh
Kumar, Mr Mohit Maheshwari, and Mr Devendra Kumar.


S. A. IRON: CARE Lowers Ratings on INR65cr Loans to 'D'
-------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. A. Iron
and Alloys Private Limited (SIPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      62.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating on the basis
                                   of best available information

   Long-term Bank       3.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; Issuer
                                   not cooperating on the basis
                                   of best available information
  
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIPL to monitor the ratings
vide e-mail communications/letters dated July 18, 2019, July 18,
2019. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on S. A. Iron and Alloys Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating has been revised on account of ongoing delays in
servicing its debt obligations in timely manner.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing delays in servicing debt obligation: There are ongoing
delays in servicing of its debt obligations in timely manner on
account of stretched liquidity position.

S. A. Iron and Alloys Private Limited (SIPL) was incorporated in
2003 by Mr. Arun Kumar Jain and Mr. Subhash Chandra Aggarwal. The
company is engaged in manufacturing of sponge iron. The
manufacturing facility of the company is located at Ramnagar in
Uttar Pradesh with the installed capacity of 90,000 MTPA. The
company is selling its final product directly to companies
operating in blast furnace industry mainly in Uttar Pradesh and
Uttrakhand.


SAARTH ENTERPRISES: CARE Keeps D on INR8cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saarth
Enterprises Private Limited (Saarth) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      8.00        CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on Best Available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 25, 2018, placed the
rating(s) of Saarth under the ‘issuer non-cooperating' category
as Saarth Enterprises Private Limited had failed to provide
information for monitoring of the rating. Saarth Enterprises
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated July 8, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

Detailed description of the key rating drivers

At the time of last rating in July 20, 2018, the following were the
rating strengths and weaknesses (updated for the information
available from Banker).

Key rating weakness

Delay in debt servicing: As per interaction with banker, there have
been delay in debt servicing and account has been
classified as NPA.

Incorporated in June 2012, Saarth Enterprises Private Limited
(Saarth) took over the business of M/s. Hitesh Trading Co.
(established in the year 1995) which was engaged in the trading of
construction materials in Maharashtra. The company trades in
various construction materials viz. clay and ancillary materials
such as Geo Textiles & Geo Synthetics used for road construction.
The company runs its operations from its office located at Powai,
Mumbai.


SAMRUDDHI REALTY: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Samruddhi
Realty Limited (SRL) to 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Non Convertible      55.00     CRISIL D (ISSUER NOT
   Debentures LT                  COOPERATING; Rating Migrated)

CRISIL has been following up with SRL for information through
letters and emails, dated May 2, 2019 and July 5, 2019, July 12,
2019 and July 17, 2019 through telephone calls. However, SRL
continues to be non-cooperative.

'Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned/reviewed with the
suffix, 'issuer not cooperating'. Such ratings lack a forward
looking component as they are arrived at without interaction with
the entity's management. The ratings are, thus, based on best
available, limited, or dated information on the entity'.

Detailed Rationale

CRISIL has migrated its rating on the non-convertible debentures of
SRL to 'CRISIL D Issuer not cooperating' on account of lack of
cooperation by SRL in the rating review process. The rating also
reflects continued delays in debt servicing by SRL owing to its
severe liquidity crunch. The ratings are based on information
available in the public domain.

Analytical Approach

CRISIL has taken a standalone view on SRL's business and financial
risk profiles.

Set up in 2003 by Mr V R Manjunath, Mr Hemang Rawal, and Mr
Ravindra Madhudi, SRL develops real estate in Bengaluru and
currently undertakes only residential projects. The company has
around 1.7 million sq ft of ongoing and 2.3 million sq ft of
planned projects.


SAMRUDH PHARMACARE: CRISIL Raises Rating on INR8.89cr Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Samrudh Pharmacare Private Limited (SPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and has reaffirmed its 'CRISIL A4' rating to
the short-term facilities.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           1        CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

   Letter of Credit      0.50     CRISIL A4 (Reaffirmed)

   Proposed Long Term    0.11     CRISIL B/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

   Term Loan             8.89     CRISIL B/Stable (Upgraded from
                                  'CRISIL B-/Stable')

The upgrade reflects an improvement in the business risk profile,
marked by growth in revenue and sustained operating margin, and
funding support via unsecured loans, received from the promoters.

The ratings continue to reflect SPL's below-average financial risk
profile, its small scale of operations, and exposure to risks
related to customer concentration in revenue and intense
competition in the pharmaceutical formulations segment. These
weaknesses are partially offset by the extensive experience of
promoters and efficient working capital management.

Analytical Approach

Unsecured loans estimated to be around INR12.14 crore as on March
31, 2019, are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile was
marked by small networth and high total outside liabilities to
adjusted networth ratio, estimated at INR6 lakh and 317 times as on
March 31, 2019, due to high reliance on external debt. Interest
coverage and net cash accrual to adjusted debt ratios were weak,
estimated at 1.74 times and 0.08 time, respectively, for fiscal
2019.

* Improved yet small scale of operations, and customer
concentration in revenue: Though revenue rose to INR27.71 crore in
fiscal 2019, from INR19.41 crore in fiscal 2018, the scale of
operations remains small, thus restricting the bargaining power
with customers and suppliers. The revenue profile is also highly
concentrated, as the top five customers form around 90% of total
revenue.

* Exposure to intense competition in the pharmaceutical
formulations industry: SPL manufactures veterinary pharmaceutical
formulations. However, the company faces intense competition from
several organised and unorganised players in the domestic
formulation drugs industry.

Strengths

* Extensive experience of the promoters in the pharmaceutical
industry: The promoter, Mr Sharad S. Sheth has over three decades
of experience in the pharmaceutical industry. He was the founder
and working partner of SR Pharmaceutical, which used to cater to
the requirements of multinational companies.

* Funding support received from the promoters: The promoters have
extended unsecured loans to help the company cover working capital
requirement and debt obligation. Unsecured loans were estimated at
INR12.14 crore as on March 31, 2019.

* Efficient working capital cycle: Working capital is managed
efficiently, as reflected in estimated gross current assets of 76
days as on March 31, 2019, led by inventory and receivables of
around 27 days and 42 days, respectively.

Liquidity

Liquidity remains stretched, as reflected in insufficient cash
accrual against the maturing debt, moderate bank limit utilisation,
low current ratio and unencumbered cash and bank balance, though
supported by unsecured loans extended by the promoters and absence
of any large capex plan. Cash accrual of around INR1.17 crore was
reported in fiscal 2019, against maturing term debt of INR2.17
crore. The shortfall was met via unsecured loans extended by the
promoters, (INR 3.61 crore infused in fiscal 2019). Cash accrual of
INR1-1.25 crore expected per annum in the medium term, should
comfortably cover the yearly term debt of INR0.42 crore. Bank limit
utilisation was moderate, averaging 55% over the 12 months through
March 2019. Current ratio is estimated at 0.79 time as on March 31,
2019 and seen around 1 time in the medium term. Unencumbered cash
and bank balance was estimated at INR0.03 crore as on March 31,
2019.

Outlook: Stable

CRISIL believes SPL's credit risk profile will benefit from the
extensive experience of the promoters, while infusion of unsecured
loans will aid liquidity. The outlook may be revised to 'Positive'
in case of a substantial and sustained growth in profitability, or
a sizeable equity infusion by the promoters, strengthens liquidity.
The outlook may be revised to 'Negative' if a steep decline in
profitability, a large capital expenditure or stretch in the
working capital cycle, weakens liquidity.

SPL (formerly known as Samrudh Packaging Pvt Ltd) was incorporated
in 1995, by the promoters, Mr Sharad Sheth, Mr Piyush Shah, Mr Alok
Sheth and Mr J C D'Souza. The Mumbai-based company manufactures
ointments and creams, at its facility in Tarapur, Maharashtra.


SRI BALAJI: CRISIL Assigns 'B' Ratings to INR7.0cr Loans
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Balaji Agro Industries (SBAI).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan           3.95       CRISIL B/Stable (Assigned)

   Cash Credit         3          CRISIL B/Stable (Assigned)
   Proposed Fund-

   Based Bank Limits    .05       CRISIL B/Stable (Assigned)

The ratings reflect the susceptibility to nascent stage of
operations, exposure to climatic conditions and volatility in raw
material prices and below-average financial risk profile. This
rating weaknesses are partially offset by extensive experience of
partners' in rice milling business.

Key Rating Drivers & Detailed Description

Weakness:

* Nascent stage of operation: Commercial operations are expected to
commence from August 2019. Timely stabilisation and commensurate
ramp-up in sales remains critical during the initial phase.

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on adequate and timely monsoon. Thus, SBAI is exposed to
the risk of limited availability of its key raw material i.e. paddy
during a weak monsoon. Also production and yield affect the pricing
and may impact profitability of players.

* Below-average financial risk profile: Financial risk profile is
expected to be below-average marked by a expected small networth
and moderately high gearing of INR4 crore and 1.6 times,
respectively, as on March 31, 2020. Inventory maintained and
working capital debt contracted for the same remain critical for
maintaining the gearing.

Strength:

* Extensive experience of the partners: Benefits from the partner's
experience of more than two decade and established relations with
customers and suppliers should support the business amid initial
phase.

Liquidity

Liquidity is stretched because of nascent stage. Ramp-up in sales
and generation adequate cash accruals for scheduled debt repayments
remains to be seen. Financial assistance may be expected from the
promoters in case of exigency.

Outlook: Stable

CRISIL believes SBAI will benefit from the extensive experience of
its promoters and their funding support. The outlook may be revised
to 'Positive' if higher than expected ramp-up in sales and
generation of better cash accruals during initial phase. The
outlook may be revised to 'Negative' if lower than expected ramp-up
in sales or stretched working capital cycle weakens financial risk
profile particularly liqudity.

SBAI was established in 2018, it is located in Telangana with
installed rice milling capacity of 30000 MTPA which is expected to
commence operations shortly. SBAI is owned and managed by Mr. Thota
Pullaiah and Mr. Thota Venkatesh.


SUCHI FASTENERS: Ind-Ra Raises Issuer Rating to B, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Suchi Fasteners
Private Limited's (SFPL) Long-Term Issuer Rating to 'IND B' from
'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.50 mil. Fund-based limits upgraded with IND B/Stable
     /IND A4 rating;

-- INR1.027 mil. Working capital demand loan upgraded with IND B/

     Stable rating; and

-- INR 86.5 mil. Non-fund-based limits upgraded with IND A4
     rating.

KEY RATING DRIVERS

The upgrade reflects growth in SFPL's scale of operations to medium
from small. Its revenue improved to INR947.30 million in FY19
(FY18: INR639.36 million) due to higher execution of orders.

The ratings also factor in SFPL's healthy EBIDTA margins, which
increased marginally to 6.22% in FY19 (FY18: 6.10%) due to a
decline in operating cost. The return on capital employed was
28.47% in FY19 (FY18: 24.46%).

The rating also factors in SFPL's comfortable credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
improved to 3.95x in FY19 (FY18: 2.62x) due to an increase in
absolute EBITDA to INR58.90 million (FY18: INR38.99 million). Its
net leverage (adjusted net debt/operating EBITDA), too, improved to
1.01x in FY19 (FY18: 1.35x).  

The ratings take into consideration SFPL's moderate liquidity
position, as reflected in its around 75% average utilization of the
working capital limits during the 12 months ended June 2019. The
working capital cycle elongated to 46 days in FY19 (FY18: 40 days)
as its collection period rose to 26 days (23 days). Its cash flow
from operations turned negative to INR31.90 million at FY19 (FY18:
INR39.32 million) due to unfavorable changes in working capital.

The ratings, however, are supported by over two decades of
experience of the company's directors in the manufacturing and
trading of stainless steel products.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity position would lead to
negative rating action.

Positive: Improvement in the liquidity position could be positive
for the ratings.

COMPANY PROFILE

SFPL manufactures all types of stainless steel washers.


TRIMURTI FOODTECH: CRISIL Migrates D Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trimurti
Foodtech Private Limited (TFPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Funded Interest       0.86     CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

   Proposed Long Term    2.54     CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan             2.33     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Working Capital       6.11     CRISIL D (ISSUER NOT
   Term Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TFPL for obtaining
information through letters and emails dated July 8, 2019 and July
12, 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 TFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

TFPL, incorporated in 2007 at Aurangabad, manufactures frozen food,
including jellies, fruit pulp, and snacks. Mr Atul Banginwar, the
promoter, also owns the Pet Pooja chain of restaurants, which it
lets out on franchise basis for selling snacks. The products are
sold both in the domestic and global markets.


VINAYENDRA NATH: CRISIL Lowers Rating on INR1cr Loan to B-
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayendra Nath Upadhyaya (VNU) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        8        CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Overdraft             1        CRISIL B-/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The downgrade reflects the deterioration in business risk due to
lack of order execution in the business. The turnover fell from
INR66 crore in fiscal 2018 to INR2.5 crore in fiscal 2019 as the
contract with the National Highways Authority of India (NHAI)
expired in June 2018 and was subsequently not renewed.

The ratings reflect the modest scale with tender based operation
and geographical concentration in revenue. These weaknesses are
partially offset by the extensive experience of the proprietor in
toll collection

Key Rating Drivers & Detailed Description

Weakness:
* Small scale with tender-based operations and geographical
concentration in revenue: With tender-based operations, revenue
will remain susceptible to the risk of inability to win tenders,
leading to revenue volatility. Further, tender-based operations
limit pricing flexibility in an industry fraught with intense
competition. VNU derives significant revenue from Uttar Pradesh and
Bihar, which exposes the firm to geographical concentration and
intense competition in these states.

* Absence of any order book: Consequent to expire of NHAI contract,
VNU has nil order as it is under process of bidding for new
contracts. Hence, absence of order book will remain key
monitorables as directly impacts the business risk profile.

Strength:
* Proprietor's experience in toll collection: Benefits from the
proprietor's experience of over three decades and healthy relations
with principals should continue to support the business.

Liquidity
Liquidity is stretched as there is no operation in the business.
Lack of any operating cash flows will weaken the liquidity
further.

Outlook: Stable

CRISIL believes VNU will continue to benefit from the proprietor's
experience. The outlook may be revised to 'Positive' if revenue
increases significantly and cash accrual is stable. The outlook may
be revised to 'Negative' if decline in revenue and profitability or
capital withdrawal or any large debt-funded capital expenditure,
weakens the financial risk profile.

Set up in 1978, Varanasi (Uttar Pradesh)'based VNU, a
proprietorship concern of Mr Vinayendra Nath Upadhyaya, collects
toll for government agencies, such as NHAI, Uttar Pradesh Public
Works Department, and Bihar Pull Nirman Nigam.


VSSN JAMBALADINNI: CRISIL Moves B- Rating to Non-Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VSSN
Jambaladinni (Jambaladinni Society) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           21       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Jambaladinni Society
for getting information. CRISIL requested cooperation and
information from the issuer through its letters dated January 31,
2019 and February 28, 2019, apart from telephonic communication.
However, the issuer has continued to be 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

CRISIL has been consistently following up with VSSN Jambaladinni
(Jambaladinni Society) for getting information. CRISIL requested
cooperation and information from the issuer through its letters
dated January 31, 2019 and February 28, 2019, apart from telephonic
communication. However, the issuer has continued to be
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.

Jambaladinni Society is a primary agriculture society incorporated
in 1976, sponsored by State Bank of India (earlier sponsored by
State Bank of Hyderabad) since its inception. Jambaladinni Society
is registered with the Registrar of Co-operative Societies,
Karnataka. It operates in six villages in Raichur district of
Karnataka. The society extends crop loan to its members. As on
March 31, 2019, it had loan portfolio of INR29.9 crore.


VSSN KALLUR: CRISIL Moves B- on INR11cr Debt to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of VSSN Kallur
(Kallur Society) to 'CRISIL B-/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           11       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Kallur Society for
getting information. CRISIL requested cooperation and information
from the issuer through its letters dated January 31, 2019 and
February 28, 2019, apart from telephonic communication. However,
the issuer has continued to be 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 Kallur Society, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Kallur
Society is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kallur Society to 'CRISIL B-/Stable Issuer Not
Cooperating'.

Kallur Society is a primary agricultural society established in
1976, sponsored by State Bank of India (earlier sponsored by State
Bank of Hyderabad) since its inception. The society is registered
with the Registrar of Cooperative Societies, Karnataka. It operates
in six villages in the Raichur district. The society extends crop
loans to its members.




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

MALAYSIA PACIFIC: Resumes Trading After Winding Up Order Ended
--------------------------------------------------------------
Wong Ee Lin at theedgemarkets.com reports that Practice Note 17
(PN17) company Malaysia Pacific Corp Bhd (MPCorp) resumed the
trading of its shares starting on August 7 after the stock has been
suspended for a year.

This comes on the heel of the immediate effect of termination in
winding up order on August 6, that was filed by RHB Bank Bhd over
unpaid debts back in June last year, according to the report.

Notably, the company has filed an application for the termination
of the winding-up order on July 19, 2019, theedgemarkets.com says.
According to theedgemarkets.com, MPCorp received the sealed copy of
consent order from the Court of Kuala Lumpur on August 6, hence the
Winding-Up Order were no longer continuing, said the financially
ailing property developer.

"Therefore, the matters between the company and RHB Bank Bhd have
been settled," said MPCorp in a filing to Bursa Malaysia,
theedgemarkets.com relays.

The property developer's shares have been suspended since June 25,
last year, the report notes. It was last traded at 4.5 sen.

In March this year, MPCorp has signed a sale and purchase agreement
(SPA) to dispose of Wisma MPL in Jalan Raja Chulan for MYR189
million to Asia New Venture Capital Holdings Sdn Bhd, the report
recalls.

This will allow the group to settle its debts with RHB Bank Bhd, to
which it owes some MYR148.54 million as a redemption sum for the
land, the group said in a stock exchange filing on March 11, this
year, theedgemarkets.com notes.

After the signing of the SPA, MPCorp had on April 3, entered into a
validation consent order with RHB Bank, the liquidators of the
company and the purchaser (Asia New Venture Capital), for the
validation of the sale of the Property, as well as to agree on the
full payment of redemption to RHB Bank, theedgemarkets.com relates.
This, then, enabled the company to apply for the termination of the
winding-up order, the report says.

                      About Malaysia Pacific

Malaysia Pacific Corporation Berhad is a Malaysia-based company
engaged in the business of letting of investment properties and
investment holding. The Company's segments are Property
development, Investment property and Construction. The Property
development segment is engaged in development of residential and
commercial properties. The Investment property segment is engaged
in letting of investment properties. The Construction segment is
engaged in construction of buildings. The Company's projects
include LakeHill Resort City, which include the LakeHill Medical &
Rejuvenation Center, the Heritage and Cultural Village, the
Entertainment City of Nusa Paradis, Factory Premium Outlets and
Real Rock Cafe; Asia Pacific Trade & Expo City-APTEC, which include
trade and Expo Center, Office Towers, Hotels; and a Residential,
Halal Center and Retail Mall. The Company's subsidiaries include
MPC Properties Sdn. Bhd. and MPC Management
Services Sdn. Bhd.

MP Corp fell into Practice Note 17 (PN17) status after its external
auditors expressed a disclaimer opinion on its latest audited
accounts in December 2014. The Company on July 13, 2018, secured
approval for an extension of time until Dec. 31, 2018, to submit
its regularisation plan.

Since June 25, 2018, MPC shares have been suspended from trade
following a winding-up petition by RHB Bank Bhd, according to
theedgemarkets.com.




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

HONESTBEE: Faces SGD6MM of Creditor Demands, Owes at least US$209M
------------------------------------------------------------------
Sharanya Pillai at The Business Times reports that Honestbee has
received demands from creditors claiming SGD6 million, and owes
about US$209 million to its largest creditors, the embattled
grocery startup revealed in an affidavit filed at a Singapore High
Court pre-trial conference on August 6.

The startup, which is asking the court for a six-month moratorium
to restructure its debt, also has outstanding leases for three
units at Boon Leat Terrace for its supermarket habitat and its
premises at Blk 2 Tampines Logis Park, BT discloses citing the
documents, which confirmed an earlier report by Vulcan Post on
August 5.

honestbee is further saddled with outstanding leases for 19 vans
from Goldbell Leasing and Think One Leasing, the documents
indicate, BT relays.

honestbee chief executive Ong Lay Ann had earlier indicated in an
interview with BT that the company could be facing more than US$180
million in debt.

In his court affidavit, Mr. Ong said that honestbee has been served
with four statutory demands for a total of SGD940,942 since July
15, from entities Century Global and Soochow CSSD, as well as its
backers Gay Chee Cheong and Melissa Kwee, BT discloses.

The startup has also received 34 letters of demand for about SGD5.1
million, the document stated, BT relays. The largest claimant is
cited as Benjamin Lim Jia-Rong, who is seeking US$3.8 million.

On August 2, BT reported that Mr. Lim is suing honestbee's former
chief executive Joel Sng for repayment of this sum. According to
regulatory filings, Mr. Lim is a director of Swee Chioh Fishery and
The Market @ Central.

A further 11 legal proceedings have been commenced against
honestbee by parties including LuxLight, Seafood Market Place and
FoodXervices, the document, as cited by BT, said. Ang Tian Hock
Trading has obtained a default judgment for the over SGD38,500 that
it seeks.

In total, honestbee is facing liabilities of at least about US$209
million owed to lenders and trade creditors, according to the
affidavit cited by BT. Formation Group, a venture investor whose
general partners includes honestbee chairman Brian Koo, is the
startup's only secured creditor. The debt, for an undisclosed
amount, is secured by an all-monies charge, BT notes.

The 20 largest unsecured financial creditors are owed about US$204
million, BT notes. The largest of those creditors is A Honestbee
Pte Ltd, which is controlled by Mr Koo and is owed US$137.3
million. Mr Koo, who is also honestbee's third-largest unsecured
creditor, is owed US$16.2 million.

BT adds that the startup also owes its 20 largest unsecured trade
creditors a further US$5.7 million. The largest of those is Shopfit
(S) Pte Ltd, which is owed US$2.4 million, followed by Amazon Web
Services, with claims for over US$356,000.

Other claimants listed as having issued letters of demand include
Hong Kong supermarket ParknShop, which seeks SGD402,464 and food
supplier Indoguna, which is demanding close to SGD230,000, BT
says.

Consumer rewards startup ShopBack and Prime Supermarket are
indicated as each seeking over SGD142,000 from honestbee.

According to BT, honestbee said that it has received support from
Mr. Koo, A Honestbee and Formation Group for its proposal to
exchange its unsecured debt into equity at a rate that has yet to
be determined. The three parties, who represent about 77.2 per cent
of honestbee's debt, have also expressed interest in investing up
to a further US$10 million each in the company, according to
letters attached to the affidavit.

Formation Group has also expressed that it is prepared to commit
US$25 million to honestbee after restructuring, BT says.

In his affidavit, Mr. Ong said that potential investors have been
deterred from stepping in due to fears that their funding will be
used to pay off current creditors, instead of being used for
working capital. honestbee hopes the restructuring will address
these concerns, BT notes.

In terms of strategy, honestbee intends to focus on selected
markets, namely Singapore, Malaysia, the Philippines, Taiwan, Japan
and Thailand, according to the affidavit cited by BT. Operations in
these markets, except for habitat in Singapore, are suspended.

BT adds that the company also plans to move towards an "asset light
and tech-heavy model".

"Our intention is to continue to work on a marketplace partnership
model where we will provide the technology required to bring an
offline store online and increase the catchment area of the store,"
Mr. Ong wrote in the document.

The latest set of court documents reveal that honestbee had a unit
in India, but is exiting the market. The Vietnam, Indonesia and
Hong Kong businesses have been shut down, adds BT.

Headquartered in Singapore, honestbee is an online grocery and food
delivery service as its core business, a concierge service, and
also a parcel delivery service for its B2B clients.


MARBLE II: Moody's Affirms Ba2 CFR, Outlook Stable
--------------------------------------------------
Moody's Investors Service has affirmed Marble II Pte. Ltd.'s Ba2
corporate family rating and the Ba2 senior unsecured rating on its
$500 million 5.3% senior notes due 2022.

The ratings outlook is stable.

RATINGS RATIONALE

"The ratings affirmation reflects continued strong operating
performance and robust liquidity at Mphasis Limited, Marble II's
52.3% owned operating entity and its only investment," says Sweta
Patodia, a Moody's Analyst.

Mphasis' performance remains in line with Moody's expectation with
revenue growth of around 20% and EBITA margins of around 17% for
the 12 months ended June 2019. Apart from currency impact, the
growth has mainly been driven by new deal wins within the 'Direct
International' customer segment that remains the largest
contributor to Mphasis' revenues. New generation services like
Digital, Cloud, and Artificial Intelligence comprised around 80% of
the new deal wins.

Increased spending on such emerging technologies will likely
continue to be a key growth driver for Mphasis, which underpins
Moody's expectation of low double-digit revenue growth over the
next 12-18 months.

In addition, Mphasis' master service agreement with Hewlett Packard
Enterprise Company (HP, Baa2 stable) that guarantees revenues of
$990 million over a five-year period starting September 2016 will
also continue to support revenue growth. Moreover, Mphasis' access
to Blackstone's portfolio of investee companies provides it with a
significant customer base which will further help to boost revenue
growth.

"Despite strong revenue growth, Mphasis remains exposed to various
social risks, such as changes in immigration laws and the
availability of a skilled workforce, which could result in higher
employee costs, and consequently, an erosion in its EBITA margins,"
adds Patodia who is also Moody's Lead Analyst for Marble II.

However, Mphasis has partially mitigated this risk by establishing
several offices abroad and hiring a local workforce. As such,
Mphasis' EBITA margins, although lower than historical levels of
16%-17%, will remain healthy at around 15%-16% over the next 12-18
months.

Consequently, Moody's expects Marble II's consolidated debt/EBITDA
to trend towards 2.7x by March 2020 from 2.9x as of June 30, 2019.


In May 2018, Marble II sold an 8% stake in Mphasis and used the
proceeds to pay dividends to its shareholders. This situation is
credit negative for Marble II because it leads to higher cash
leakage to Mphasis' minority shareholders and increases the
absolute amount of dividends that Mphasis is required to pay to
meet Marble II's interest requirement.

Such shareholder friendly initiatives point towards an aggressive
financial policy and highlight governance risks. At the same time,
the rating also incorporates other governance risks arising from
company's concentrated ownership structure.

Nonetheless, Moody's also acknowledges that the bond indenture
limits additional debt at the holding and operating companies
through dual incurrence tests which mitigates financial risks to
some extent.

Marble II's liquidity position is strong. At June 30, 2019, it had
consolidated cash and cash equivalents of $327 million in
comparison to $64 million of debt maturing over the next 12 months.


Marble II's Ba2 CFR is underpinned by its 52.3% ownership of
Mphasis and reflects the strong financial profile and high EBITDA
to cash flow conversion rates at Mphasis, along with its solid
liquidity position. At the same time, the rating remains
constrained by Mphasis' mid-sized scale relative to large global IT
and business process management service providers, and high
customer and geographic concentration.

For the 12 months to June 30, 2019, Mphasis generated 48% of
revenue from its top five clients. While such high customer
concentration poses a key risk, it is balanced by the company's
long-term relationships with these customers, the multiple
contracts for each customer, and the integrated nature of its
services in its customers' operations.

The stable ratings outlook reflects Moody's expectation that
Mphasis will continue to generate strong internal cash flow, such
that leverage will trend towards 2.7x by March 2020. It also
incorporates Moody's expectation that cash balances at Marble II,
along with the dividends received from Mphasis, will be sufficient
to service its interest obligations on the bond.

Any upward ratings momentum is unlikely over the next 18-24 months,
given Mphasis' high customer concentration.

Nevertheless, the ratings could be upgraded in the medium term, if
Mphasis continues to grow and diversify its customer base. At the
same time, Moody's expects that the company will maintain strong
free cash flow generation. Specific metrics that Moody's would look
at for an upgrade include debt/EBITDA below 2.5x, and free cash
flow less share buybacks/total consolidated debt above 15%, both on
a sustained basis.

Moody's could downgrade the ratings if overly aggressive business
acquisitions or higher-than-expected shareholder distributions
cause gross leverage to exceed 3.5x on a sustained basis. Moody's
could also downgrade Mphasis' ratings if its liquidity were to
deteriorate, such that cash balances fall below USD180 million and
free cash flow less share buy backs remains negative.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Marble II Pte. Ltd. is 100% owned by Marble I Pte Ltd. The parent
company is in turn 86% owned by Blackstone Group, with the
remaining 14% by the Singapore wealth fund, GIC Pte Ltd.

Marble II owns 52.26% of Mphasis II. There are no operations at
Marble II and its sole asset is its investment in Mphasis stock.

Mphasis Limited is an Indian outsourced IT solutions provider. It
provides application maintenance & other services (33%),
application development (33%), knowledge process (7%),
infrastructure management services (12%), transaction processes
(6%), as well as service/technical help desk and other services
(9%).

PACC OFFSHORE: Net Loss Widens to US$8.6MM in Q2 Ended June 30
--------------------------------------------------------------
Fiona Lam at The Business Times reports that PACC Offshore Services
Holdings (POSH) has sunk further into the red, with its
second-quarter net loss widening by 49 per cent to US$8.6 million
from a net loss of US$5.8 million in the year-ago period.

Loss per share was 0.48 US cent for the three months ended
June 30, compared to a loss per share of 0.32 US cent a year ago,
the mainboard-listed operator of offshore support vessels (OSVs)
said on August 7, BT relays. No dividend was declared for the
quarter.

According to the report, revenue tumbled 11 per cent year on year
to US$74 million for the quarter, down from US$83.1 million,
despite higher contributions from the OSV and the transportation
and installation segments.

This was because revenue from the offshore accommodation segment
shrank by 43 per cent to US$25.8 million, largely due to POSH
Arcadia – one of the group's two semi-submersible accommodation
vessels – having only commenced its charter in June 2019, the
report says.

BT relates that contributions also fell from the harbour services
and emergency response segment, which recorded an 8 per cent
decrease in revenue to US$6.6 million for the quarter.

Oversupply of vessels continued to be a drag on charter rates
although there were signs of increased activities in select
segments, POSH said.

For the first half-year, the group recorded a net loss of US$21.4
million, 64 per cent bigger than the net loss of US$13 million in
the year-ago period, BT discloses. Revenue fell 12 per cent to
US$135.8 million from US$153.7 million a year ago. Loss per share
stood at 1.18 US cents from 0.72 US cent previously.

The group added that it is undertaking a comprehensive review of
its business, including divesting non-performing assets and
investments, BT relays.

"Headline performance was impacted by ongoing market challenges,
but we are encouraged by continued growth in our new businesses,
and improved performance from the offshore accommodation monohull,"
BT quotes chief executive officer Lee Keng Lin as saying.

Singapore-based PACC Offshore Services Holdings Ltd. provides
offshore marine support services worldwide. The company's Offshore
Supply Vessels segment operates a fleet of mid to deepwater anchor
handling tug supply vessels, which offer towing and positioning
drilling rigs, transporting drilling materials, and other equipment
services; and platform supply vessels that transport drilling
materials and supplies to drilling rigs and offshore production
platforms, as well as pipes and other materials for construction of
marine structures or pipelines. The company's Transportation and
Installation segment supports marine contractors in the
construction and maintenance of oilfield infrastructure and
pipelines.




=================
S R I   L A N K A
=================

IDEAL FINANCE: Fitch Affirms B+ National LongTerm Rating
--------------------------------------------------------
Fitch Ratings Lanka affirmed Ideal Finance Limited's National
Long-Term Rating at 'B+(lka)' with a Stable Outlook.

KEY RATING DRIVERS

Ideal's National Long-Term rating reflects its high-risk appetite,
with significant exposure to the more-vulnerable segments of the
finance and leasing market and aggressive growth. The rating also
captures the company's still-developing franchise, which is
reflected in its small market share and limited operating history.

Fitch expects Ideal's asset quality to remain under pressure due to
its unseasoned loan book following sustained rapid loan expansion
amid a weak operating environment. Its reported non-performing loan
ratio (greater than 180 days overdue) increased to 2.7% in the
financial year ended March 2019 (FY19) (FY18: 1.6%). Fitch sees
Ideal's exposure to non-core real-estate investments (6% of equity
at FYE19) as a risk due to its cyclical nature.

Fitch expects Ideal to raise capital to meet the regulatory minimum
core capital requirement for licensed finance companies as its
internal capital generation is unlikely to be sufficient. It fell
short of the LKR1.5 billion interim requirement by January 1, 2019,
and its non-compliance could give rise to regulatory risks. Ideal's
leverage in terms of debt/tangible equity (FYE19: 2.5x; FYE18:
1.9x) could be supported by possible equity infusions but it is
likely to increase in the medium-term as the company builds scale.

Ideal's profitability in terms of pre-tax net income/average assets
has improved (FYE19: 6.0%; FYE17: 4.2%) supported by higher
interest margins. Its profitability could come under pressure from
rising credit costs amid asset-quality pressures.

Ideal's financial flexibility remains low compared with that of
higher rated peers due to its reliance on secured funding. Deposits
accounted for 21% of its total funding at FYE19 and its deposit
base remains highly concentrated. Ideal is most likely to depend on
non-deposit funding to fund its loan book in the medium term.

Ideal is one of the smallest finance companies in Sri Lanka,
accounting for only 0.3% of total sector assets at FYE19.

RATING SENSITIVITIES

An increase in Ideal's operating scale alongside stronger
capitalisation and a moderation in risk appetite could lead to a
rating upgrade.

Deterioration in Ideal's capital buffers through a significant
deterioration in asset quality or an increase in risk appetite
through, for instance, an aggressive ramp-up in real-estate
investments, could lead to a rating downgrade.

Issuer Disclosure on Regulatory Action
The Central Bank of Sri Lanka has imposed a cap of LKR700 million
on total deposits due to Ideal's non-compliance with the interim
minimum capital requirement of LKR1.5 billion.

The 'Issuer Disclosure on Regulatory Action' heading was provided
by the issuer and is included pursuant to applicable regulatory
requirements. Fitch Ratings Lanka is not responsible for the
contents of such information.




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

SHBANK FINANCE: Moody's Assigns B3 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has assigned a first-time B3 issuer and
corporate family rating to SHBANK Finance Company .

The entity-level outlook on SHB Finance is stable.

RATINGS RATIONALE

The B3 issuer rating and CFR incorporate SHB Finance's standalone
assessment of caa1, and one notch of rating uplift to reflect
Moody's expectation of a high probability that SHB Finance will
receive support from its parent, Saigon -- Hanoi Commercial Joint
Stock Bank (SHB, B2 stable, b3), in times of need.

The caa1 standalone assessment takes into account SHB Finance's
young and marginal market position in the consumer finance industry
in Vietnam, its strong capitalization since its establishment in
2017, and improving profitability.

At the same time, the standalone assessment reflects the company's
ambitious plans to expand its lending portfolio over the next three
years, which will lead to an erosion of capital and weaker asset
quality as its loan portfolio grows and seasons over time.

In addition, the standalone assessment also reflects the company's
weak liquidity, and its short operating history with a still
developing risk governance structure that remains untested.

SHB Finance is a 100% owned subsidiary of SHB. The company is one
of the newer and smaller firms among 16 finance companies operating
in Vietnam, with a market share of around 1% by assets at the end
of 2018.

SHB Finance's exposure to credit risk is high, as its loan
portfolio is concentrated in unsecured personal loans to
lower-income retail customers. Such customers are less financially
resilient to negative macroeconomic factors.

SHB Finance's asset quality will weaken as its lending accelerates.
Total past due and impaired loans accounted for 5.6% of total loans
at the end of 2018, following its first year of lending.

The company's tangible common equity to total managed assets
declined to 85% at the end of 2018 from close to 100% a year ago,
driven by its rapid loan growth over the year.

Profitability is improving as the company's loan portfolio grows.
Its return on assets (ROA) rose to 0.8% in 2018 from 0.4% a year
ago, as net interest income growth accelerated and outpaced the
growth in operating costs. However, Moody's expects credit costs
will grow and weigh more on the company's profits as its lending
increases.

The company's funding and liquidity are modest and vulnerable to
market disruptions and credit events. As a finance company, SHB
Finance cannot accept retail deposits and relies entirely on
wholesale funding. The company has made good progress in expanding
and diversifying its funding base. However, it has very limited
liquid assets that can be mobilized to overcome any unexpected cash
flow issues. Liquid assets, comprising cash and interbank deposits,
made up just 1% of the company's total assets at the end of 2018.
This risk is partially offset by a committed line provided by SHB.


Given SHB Finance's relatively short operating history, its
corporate governance practices and risk-management capabilities
continue to develop with business growth and remain largely
untested.

Moody's assumption of a high probability of affiliate support for
SHB Finance is driven by: (1) the 100% ownership of SHB Finance by
SHB; (2) SHB Finance's strategic importance to SHB's retail
strategy; and (3) the growing financial links between SHB Finance
and SHB, as seen by SHB Finance's repatriation of 85% of its 2017
net income to SHB.

The CFR is assigned to a corporate family as if it had a single
class of debt and a single consolidated legal entity structure.
Consequently, if a single security class of debt represents the
clear majority of a family's total debt, the rating assigned to
that debt will equal the CFR. Given that all of SHB Finance's
outstanding debt is borrowed on an unsecured basis, the CFR is
assigned to the company's unsecured debt class. As such, its issuer
rating is positioned at the same level as the CFR.

WHAT COULD CHANGE THE RATING UP

SHB Finance's standalone assessment could be upgraded if the
company (1) strengthens its market position in Vietnam; (2)
establishes a track record of improving risk-adjusted profitability
and stable asset quality; and (3) achieves sustainable improvements
in its funding and liquidity.

Its CFR could be upgraded if its standalone assessment is upgraded.


WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade SHB Finance's standalone assessment and CFR
if there is a significant increase in its leverage and a sharp
deterioration in its asset quality, leading to a significant
reduction in profitability and erosion of capital.

In addition, a downgrade of SHB's BCA or any indication of a change
in the company's importance to its parent, which would alter
Moody's assessment of the probability of support in times of
stress, could lead to a downgrade of SHB Finance's rating.

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

Headquartered in Hanoi, SHB Finance reported total assets of
VND1,192.3 billion as of December 31, 2018.



                           *********


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-
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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
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Editors.

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

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