/raid1/www/Hosts/bankrupt/TCRAP_Public/180924.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, September 24, 2018, Vol. 21, No. 189

                            Headlines


A U S T R A L I A

ARMSTRONG ROAD: First Creditors' Meeting Set for Oct. 1
BLUESTRIPE INVESTMENTS: First Creditors' Meeting Set for Oct. 1
JESSE ANDRE: Second Creditors' Meeting Set for Oct. 3
MEDALLION TRUST 2018-1: S&P Gives Prelim BB(sf) Rating to E Notes
NGARLUMA YINDJIBARNDI: Creditors Opt for Restructuring

OZENA NOMINEES: First Creditors' Meeting Set for Oct. 2
REAL METAL: First Creditors' Meeting Set for Oct. 3
REDZED TRUST 2018-1: Moody's Assigns B2 Rating to Class F Notes
SPYDER BIDCO: Moody's Withdraws '(P)B2' Corp. Family Rating
TSF PTY 2: First Creditors' Meeting Set for October 2


C H I N A

CHINA EVERGRANDE: Fitch Raises Sr. Unsec. Notes Rating to B+/RR4
CONCORD NEW ENERGY: S&P Lowers ICR to 'BB-', Outlook Stable
GREENLAND HOLDING: Moody's Alters Outlook to Stable & Affirms CFR


I N D I A

ABHIRAJ ENGICON: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
ADVATECH CERA: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ARIHANT SHIP: Ind-Ra Retains B- Issuer Rating in Non-Cooperating
BIHAR BOTTLERS: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
CHADHA SUGARS: ICRA Maintains B Rating in Not Cooperating

CLAVECON PRIVATE: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
ENTALLY ASTHA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
ESCORTS HEART: ICRA Reaffirms B+ Rating on INR78cr Term Loan
FORTIS HOSPITALS: ICRA Reaffirms B+ Rating on INR417.8cr Loan
GEETANJALI AGRO: ICRA Reaffirms B+ Rating on INR10cr Loan

GEMUS ENGINEERING: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
HIRANANDANI HEALTHCARE: ICRA Reaffirms B+ Rating on INR42cr Loan
INDEXPORT LEATHER: Ind-Ra Maintains B+ Rating in Non-Cooperating
INDIA COKE: Ind-Ra Raises Long Term Issuer Rating to 'BB'
INGENERIE TECH: Ind-Ra Maintains B+ LT Rating in Non-Cooperating

MARK INTERNATIONAL: Ind-Ra Maintains BB Rating in Non-Cooperating
N.V. NAGESWARA: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
OM SREE: Ind-Ra Migrates 'BB' LT Issuer Rating to Non-Cooperating
ORISSA ORDER: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
PRAMANIK METAL: ICRA Reaffirms B Rating on INR14cr Cash Loan

RAGA MOTORS: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
RAPID METRORAIL: ICRA Lowers Rating on INR1500cr Loan to D
RUBBER O MALABAR: Ind-Ra Maintains 'D' Rating in Non-Cooperating
SATWIK STEEL: Ind-Ra Retains B+ Issuer Rating in Non-Cooperating
SECUNDERABAD HOTEL: Ind-Ra Retains BB+ Rating in Non-Cooperating

SHREE ASHTVINAYAK: Ind-Ra Maintains 'D' Rating in Non-Cooperating
SHREE DURGA: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SHREE JEE: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
SHRI SHYAM: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
SHRUTHI MILK: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating

SINCON INFRA: Ind-Ra Retains BB Issuer Rating in Non-Cooperating
SUMAN VINIMAY: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SUSHRAVYA UPLIFTMENT: ICRA Reaffirms B Rating on INR10cr Loan
TATA MOTORS: Fitch Affirms 'BB+' IDR & Alters Outlook to Negative
TUNIC FASHION: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating

URBANEDGE HOTELS: ICRA Assigns C+ Rating to INR112cr Term Loan
YUVASHAKTHI ENTERPRISES: Ind-Ra Keeps BB in Non-Cooperating
ZENICA CARS: ICRA Lowers Rating on INR150cr LT Loan to D
ZENICA PERFORMANCE: ICRA Cuts Rating on INR40cr Loan to D


N E W  Z E A L A N D

MAINZEAL PROPERTY: Owes Much More Than Claimed, Liquidator Says


P H I L I P P I N E S

BANGKO BUENA: Creditors' Claims Deadline Set for Oct. 22


S I N G A P O R E

CHINA FISHERY: CFGI Wants to Pay Grand Success Arbitration Award
TRIYARDS HOLDINGS: Receives Winding Up Bid from Hong Leong


                            - - - - -


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


ARMSTRONG ROAD: First Creditors' Meeting Set for Oct. 1
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Armstrong
Road Pty Ltd, trading as JJ Armstrong Pty Ltd, will be held at
the offices of B.K. Taylor & Co. at Meeting Room, Level 8, 608
St. Kilda Road, in Melbourne, Victoria, on Oct. 1, 2018, at
11:30 a.m.

Paul Vartelas of B K Taylor & Co was appointed as administrator
of Armstrong Road on Sept. 18, 2018.


BLUESTRIPE INVESTMENTS: First Creditors' Meeting Set for Oct. 1
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bluestripe
Investments Pty Ltd, trading as Allstruct Engineering, will be
held at Level 49, 108 St Georges Terrace, in Perth, WA, on
Oct. 1, 2018, at 2:00 p.m.

David Ashley Norman Hurt & Jimmy Trpcevski of WA Insolvency
Solutions were appointed as administrators of Bluestripe
Investments on Sept. 19, 2018.


JESSE ANDRE: Second Creditors' Meeting Set for Oct. 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of Jesse Andre
Pty Ltd, trading as Bakers Delight Byford, Bakers Delight
Mandurah Forum, has been set for Oct. 3 at 11:00 a.m. at the
offices of Avior Consulting at Level 1, 1160 Hay Street
West Perth, WA 6005.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 2, 2018, at 4:00 p.m.

Dermott McVeigh of Avior Consulting was appointed as
administrator of Jesse Andre on Sept. 3, 2018.


MEDALLION TRUST 2018-1: S&P Gives Prelim BB(sf) Rating to E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Perpetual Trustee Co. Ltd. as trustee for Medallion
Trust Series 2018-1.

The preliminary ratings reflect:

-- The fact that this is not a closed pool, which means that new
    assets may be added during the transaction's revolving
    period. However, the purchase of new assets is subject to
    meeting eligibility criteria and S&P Global Ratings' review
    of the collateral pool before loan acquisition.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination and lenders' mortgage insurance to 15.0% of the
    portfolio, which covers 100% of the face value of these
    loans, accrued interest, and reasonable costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.80% of the invested amount of all notes
    and principal draws, are sufficient under our stress
    assumptions to ensure timely payment of interest.

-- The availability of a A$150,000 extraordinary expense reserve
    funded upfront by Commonwealth Bank of Australia (CBA) to
    support trust expenses. This reserve will be topped up with
    available excess spread if drawn on.

-- The fixed-to-floating interest-rate swap, which is provided
    by CBA to hedge the mismatch between receipts from any fixed-
    rate mortgage loans and the variable-rate RMBS.

-- The underwriting standards and centralized approval process
    of the seller, CBA.

The issuer has informed S&P Global Ratings Australia Pty Ltd.
that the issuer will be publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report.

  PRELIMINARY RATINGS ASSIGNED

  Medallion Trust Series 2018-1

   Class      Rating         Amount
                            (mil. A$)
   A1         AAA (sf)      1,500.0
   A2         AAA (sf)         61.96
   B          AA (sf)          30.98
   C          A (sf)           17.94
   D          BBB (sf)          6.53
   E          BB (sf)           6.53
   F          NR                6.53

NR--Not rated.


NGARLUMA YINDJIBARNDI: Creditors Opt for Restructuring
------------------------------------------------------
Alicia Perera at The West Australian reports that creditors of
indebted Roebourne-based Aboriginal community organisation
Ngarluma Yindjibarndi Foundation Limited have voted for the group
to be restructured under a deed of company arrangement, saving it
from going into liquidation.

Administrators Cor Cordis will segregate and sell off NYFL
properties to recover as much as possible of the about AUD5.5
million debt owed by the group, a majority of creditors decided
at a meeting held earlier this month, according to the report.

The West Australian relates that under current market conditions,
the sales process for those properties - a AUD10 million
portfolio which includes the historic Whim Creek Hotel, the
Ngurin Cultural Centre and a dozen other residential and
commercial properties in Roebourne - is expected to take at least
12 to 18 months.

According to The West Australian, Cor Cordis administrator Jeremy
Nipps said the firm had recommended a restructure of NYFL as the
option most likely to deliver better returns to creditors.

"Creditors agreed to essentially compromise the debt that NYFL
owes them, in satisfaction of the proceeds that are going to be
realised from certain property the foundation owns," the report
quotes Mr. Nipps as saying.

"If the company is wound up or goes through a restructure, it
would still be 12 to 18 months before we could pay unsecured
creditors, and through the restructure we can be a bit more
measured with our approach to sale to explore the value on return
for creditors."

NYFL, an asset-rich organisation which receives nearly AUD2
million a year from the Wooside-operated North West Shelf
Project, went into voluntary administration in March this year
owing about AUD2.8 million to secured creditors, AUD3.3 million
to unsecured creditors and AUD390,000 in employee entitlements,
The West Australian notes.

The group is a major presence within the Roebourne community and
has some 1,800 members, about 50 local staff and runs a number of
ventures in the region including the contract for Cossack's
tourism and promotion, the Ngurin Cultural Centre, Roebourne's
general store and Ieramugadu Cafe, the WY Employment Project and
the Whim Creek Hotel in partnership with Ngarluma Aboriginal
Corporation.

In May, administrators told The West Australian the group had
been "unduly reliant" on outside accountants and only discovered
in mid-2016 that it owed the Australian Taxation Office more than
AUD2 million - and its financial difficulties had been
exacerbated by the plunge in property values during the local
economic downturn.

The West Australian relates that Mr. Nipps said creditor
discussion at the meeting had also touched on the significant
social role NYFL played in the Roebourne community as another
reason to preference a restructure.

"Board members that I spoke to still see that as an important
part of what NYFL's about because their work is a central part of
Roebourne," he said.

The West Australian relates that during the administration
period, Cor Cordis has reviewed the organisation's operations to
stabilise cash flow, made changes to its financial reporting
practices to improve transparency and introduced more training
for the board.

Control of NYFL's operational business is expected to be handed
back to the board later this month, the report says.

Cor Cordis will oversee sale of the properties, having already
engaged a selling agent, and has set up a creditors' trust to
collect the funds, The West Australian states.

The West Australian adds that Mr. Nipps said NYFL may be able to
maintain part ownership of some of its community ventures by
partnering with other organisations on them.


OZENA NOMINEES: First Creditors' Meeting Set for Oct. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ozena
Nominees Pty Ltd and Newbishop Pty Ltd will be held at 11 Mounts
Bay Road, in Perth, WA, on Oct. 2, 2018, at 11:00 a.m.

Samuel Freeman and Marcus Ayres of Ernst & Young were appointed
as administrators of Ozena Nominees on Sept. 19, 2018.


REAL METAL: First Creditors' Meeting Set for Oct. 3
---------------------------------------------------
A first meeting of the creditors in the proceedings of Real Metal
Recyclers (Tas) Pty Ltd will be held at the offices of Hamilton
Murphy at Level 1, 255 Mary Street, in Richmond, Victoria, on
Oct. 3, 2018, at 11:00 a.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Real Metal on Sept. 20, 2018.


REDZED TRUST 2018-1: Moody's Assigns B2 Rating to Class F Notes
---------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Trustee Company Limited
as trustee of RedZed Trust Series 2018-1.

Issuer: Perpetual Trustee Company Limited as trustee of RedZed
Trust Series 2018-1

AUD50.000 million Class A-1S Notes, Assigned Aaa (sf)

AUD175.000 million Class A-1L Notes, Assigned Aaa (sf)

AUD88.125 million Class A-2 Notes, Assigned Aaa (sf)

AUD32.250 million Class B Notes, Assigned Aa2 (sf)

AUD6.375 million Class C Notes, Assigned A2 (sf)

AUD7.125 million Class D Notes, Assigned Baa2 (sf)

AUD6.000 million Class E Notes, Assigned Ba2 (sf)

AUD3.375 million Class F Notes, Assigned B2 (sf)

The AUD6.750 million of Class G-1 and Class G-2 Notes (together,
the Class G Notes) are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a securitisation of first-ranking mortgage
loans secured over residential properties located in Australia.
The loans were originated and are serviced by RedZed Lending
Solutions Pty Limited (RedZed, unrated).

Around 92.5% of loans are to self-employed borrowers; 89.6% were
extended on alternative income documentation verification (alt
doc) basis; and, based on its classifications, 13.3% are to
borrowers with adverse credit histories.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of RedZed as servicer.

Moody's MILAN CE - representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario -
is 16.5%. Moody's expected loss for this transaction is 2.3%.

Key transactional features are as follows:

  - While the Class A-2 Notes are subordinate to Class A-1L Notes
in relation to charge-offs, Class A-2 and Class A-1L rank pari
passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A-1L Notes.

  - The servicer is required to maintain the weighted average
interest rates on the mortgage loans at least at 4.00% above one
month BBSW, which is within the current portfolio yield of 6.1%.
This generates a high level of excess spread available to cover
losses in the pool.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, up to approximately AUD750,000,
thereby limiting their exposure to losses. At the same time, the
retention amount ledger ensures that the level of credit
enhancement available to the more senior ranking notes is
preserved.

  - The Class B to Class F Notes will start receiving their pro-
rata share of principal if certain step-down conditions are met.
Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Class G Notes do not receive principal payments
until the other notes are repaid, once step-down conditions are
met, their pro-rata share of principal will be allocated in a
reverse sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a weighted-average scheduled loan-to-value (LTV)
of 68.6%, and 20.9% of the loans have scheduled LTVs over 80%.
There is no loan with a scheduled LTV over 85%.

  - Around 92.5% of the borrowers are self-employed. This is in
line with RedZed's business model and strategy to focus on the
self-employed market. The income of these borrowers is subject to
higher volatility than employed borrowers, and they may
experience higher default rates.

  - About 89.6% of the loans were extended on an alt doc basis.

  - Loans secured by investment properties represent 41.8% of the
pool, with a further 2.5% of loans secured by both owner-occupied
and investment properties.

  - Interest-only loans represent 30.3% of the pool.

  - Based on its classifications, around 13.3% of borrowers have
adverse credit histories.

  - Based on its classifications, 90.3% of loans are secured by
properties located in metro areas, which is higher than the
market average.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization, or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance,
and fraud.


SPYDER BIDCO: Moody's Withdraws '(P)B2' Corp. Family Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn Spyder BidCo Pty Ltd's
provisional corporate family rating of (P)B2 and a provisional
(P)B2 rating assigned to the group's proposed backed first lien
senior secured term loan facility of AUD300 million and the
proposed backed first lien senior secured revolving credit
facility of AUD15 million.

Concurrently, Moody's has withdrawn a provisional (P)B3 rating
assigned to the group's proposed backed second lien senior
secured term loan facility of AUD100 million. Moody's has also
withdrawn the stable outlook on all ratings.

RATINGS RATIONALE

Moody's has withdrawn the ratings for reorganization purposes.
The provisional ratings were assigned on the basis that Camp
Australia would successfully merge with Junior Adventures Group
to form the combined Camp Australia Group. The merger did not
proceed.


TSF PTY 2: First Creditors' Meeting Set for October 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of TSF
(No. 2) Pty Ltd will be held at the offices of Clifton Hall at
Level 3, 431 King William Street, in Adelaide, SA, on Oct. 2,
2018, at 3:00 p.m.

Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of TSF (No. 2) on Sept. 19, 2018.



=========
C H I N A
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CHINA EVERGRANDE: Fitch Raises Sr. Unsec. Notes Rating to B+/RR4
----------------------------------------------------------------
Fitch Ratings has upgraded China Evergrande Group's (B+/Positive)
senior unsecured rating and the ratings on all its outstanding
notes to 'B+/RR4' from 'B-/RR6'.

The upgrade follows the drop in the China-based homebuilder's
total debt by CNY60 billion by end-June 2018 from end-2017.
Evergrande is also using more payables, non-controlling interest
funding as well as offshore unsecured debt to replace prior-
ranking onshore debt, which will reduce the subordination of its
senior notes.

KEY RATING DRIVERS

Reduced Subordination of Senior Notes: Fitch estimates that the
liquidation value of Evergrande's assets, including net
inventory, improved by more than CNY20 billion by end-1H18 from
end-2017, providing better protection to senior unsecured
bondholders. The better liquidation value followed Evergrande's
increased use of offshore senior unsecured debt through the issue
of HKD18 billion 4.25% convertible bonds due 2023 and more non-
controlling interest funding in 1H18. Fitch estimates the
proportion of prior-ranking debt decreased to 89% of total debt
by end-June 2018 from 92% at end-2017 after the convertible bond
issuance.

Improving Leverage: Evergrande's leverage, measured by net
debt/adjusted inventory, fell to 42% by end-June 2018 from 50% as
of end-2017. The company's total and net debt dropped by around
CNY60 billion and CNY26 billion, respectively, in 1H18. The
deleveraging was mainly due to having more construction payables
and increased participation in joint venture (JV) projects that
raised the equity contributions from its non-controlling
interests.

Evergrande's payable-to-inventory ratio increased to 0.44x by
end-June 2018 from 0.38x at end-2017 as the company used more
working capital to fund its property-development operations in
1H18. Fitch will assess Evergrande's deleveraging plan in
conjunction with its trade payable changes to ensure that the
company is not merely increasing its reliance on its contractors
and suppliers to extend more credit to help it deleverage.

Strong Sales Performance: Evergrande remains one of China's three
largest property developers, with 20% yoy growth in total sales
to CNY385 billion in January-August 2018, driven by a 13%
increase in gross floor area (GFA) sold and a 6% rise in average
selling price (ASP) to CNY10,510/sq m. Nevertheless, Evergrande's
attributable sales will drop in the coming year due to more
investment in projects with JV partners or associates.

Sufficient Low-Cost Land Reserves: Evergrande has land reserves
of 305 million sq m with a low cost of CNY1,683/sq m, of which
Tier 1-2 cities accounted for 68% with average land cost of
CNY2,092/sq m and Tier 3 cities made up 32% with average land
cost of CNY1,196/sq m. Fitch thinks Evergrande's land reserves
are sufficient for around five years of development.

Positive Outlook: Fitch revised the Outlook on Evergrande's
Issuer Default Rating to Positive from Stable in May 2018, taking
into consideration the uncertainty over management's commitment
to lower the company's leverage while keeping control of its
payable-to-inventory ratio to prevent a material increase and
reduce its reliance on suppliers' credit.

DERIVATION SUMMARY

Evergrande's business profile is more comparable with 'BB'
category peers as the company has a diversified footprint across
the country and products. This offsets its very aggressive
financial profile, which is in the weak 'B' category.

Its peers like Country Garden Holdings Co. Ltd. (BBB-/Stable),
Greenland Holding Group Company Limited (BB-/Stable) and Sunac
China Holdings Limited (BB-/Negative) are operating with similar
aggressiveness in their scale expansion and are of similar size
except for Sunac, which is growing very rapidly to match these
peers.

Country Garden's leverage of around 30% and churn rate of over
1.5x are commensurate with an investment-grade profile and
explain the multiple-notch rating difference with Evergrande.
Greenland's leverage is higher than Evergrande's but Greenland
has a large level of uncollected sales and a lower payable ratio
to offset its high leverage. Greenland, as a state-owned
enterprise, has a strong position in acquiring land at low costs
especially for new city districts that local governments are keen
to develop. Fitch expects Sunac's leverage to fall below 50% in
2018 and it does not have high payable risks, unlike Evergrande.

KEY ASSUMPTIONS

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

  - low single-digit total growth in land bank over the next
    three years

  - ASP to increase in 2018 but moderate to 2017 level by 2020;
    GFA growth to range between 5% and 10% to get single-digit
    contracted sales growth from 2019

  - land cost to increase by 5% per annum resulting in EBITDA
    margin falling towards 25%

Recovery Rating Assumptions:

  - Evergrande will be liquidated in a bankruptcy because it is
    an asset-trading company

  - 10% administrative claims

  - The liquidation estimate reflects Fitch's view of the value
    of inventory and other assets that can be realised and
    distributed to creditors

  - Fitch applied a haircut of 30% on its receivables, and 50% on
    its investment properties

  - Fitch applied a higher haircut of 40% on adjusted inventory
    despite Evergrande's high margin, which would otherwise
    support a lower 25% to 30% discount rate, because Fitch
    believes there will be a leakage of its recoverable value to
    its very high level of trade creditors

  - Fitch also assumed Evergrande will be able to use 100% of the
    restricted cash to pay debt

Fitch estimates the recovery rate of the offshore senior
unsecured debt at 91%, which corresponds to a Recovery Rating of
'RR2'. However, Evergrande's Recovery Rating is capped at 'RR4'
because debt of offshore Chinese holding companies face
structural issues as the onshore operating companies do not
provide upstream guarantees, according to Fitch's Country-
Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - Contracted sales/gross debt sustained above 0.8x (0.7x in
    2017)

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

  - Failure to achieve the above over the next 12 months

  - Change in management strategy to refocus on aggressive
    expansion from stated objective to reduce gearing ratio

  - Failure to reduce short-term debt to below 35% of total debt
    (48% at end-2017; 44% at end-June 2018)

LIQUIDITY

Liquidity Remains Adequate: Evergrande has maintained a large
cash balance totalling CNY258 billion, including CNY101 billion
of restricted cash at end-June 2018. Fitch estimates that
Evergrande has around CNY300 billion of short-term debt including
interest-bearing payables and believes it can be funded by
ongoing contracted sales and its existing cash. Fitch expects
Evergrande's working capital investment to drop sufficiently to
generate positive cash flow from operations (CFO) in 2018 to
support debt repayment. The company also issued HKD18 billion
(approximately CNY15 billion) in convertible bonds in 1Q18 to
improve its liquidity.

FULL LIST OF RATING ACTIONS

China Evergrande Group

  - Senior unsecured debt rating upgraded to 'B+/RR4' from
    'B-/RR6'

  - USD598.18 million 6.25% senior notes due 2021 upgraded to
    'B+/RR4' from 'B-/RR6'

  - USD1 billion 8.25% senior notes due 2022 upgraded to 'B+/RR4'
    from 'B-/RR6'

  - USD4.68 billion 8.75% senior notes due 2025 upgraded to
    'B+/RR4' from 'B-/RR6'

  - USD1 billion 9.5% senior notes due 2024 upgraded to 'B+/RR4'
    from 'B-/RR6'

  - USD500 million 7% senior notes due 2020 upgraded to 'B+/RR4'
    from 'B-/RR6'

  - USD1.34 billion 7.5% senior notes due 2023 upgraded to
    'B+/RR4' from 'B-/RR6'


CONCORD NEW ENERGY: S&P Lowers ICR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Concord New Energy Group Ltd. to 'BB-' from
'BB'. The outlook is stable. S&P also lowered its long-term issue
rating on the company's senior unsecured notes to 'B+' from
'BB-'. Concord is a China-based wind and solar farm developer and
operator listed on the Hong Kong stock exchange.

S&P said, "We lowered the rating because we expect the recovery
in Concord's financial health to be slow for a higher rating
level over the next 12-18 months. The growth in the company's
cash flows from new capacity will likely lag the resolute capital
expenditure (capex), significantly increasing its debt.
Construction and testing takes time before the new capacity can
be ready for commercial operation. We estimate that Concord's
debt could double to Chinese renminbi (RMB) 10 billion by 2019
from that in 2017." The company is determined to commission 500
megawatts (MW) of wind power capacity each year over 2018-2019 to
take advantage of regulated tariffs. This requires unprecedented
peak spending of RMB3.0 billion-RMB3.5 billion a year.

While operating cash flows are recovering on new capacity, S&P
expects the speed and magnitude will not be enough, making the
improvement in Concord's cash flow leverage only gradual. It will
take time for the capacity additions to fully ramp up and
contribute to cash flows. S&P expects the company's ratio of
funds from operations (FFO) to debt to recover to 7.5%-8.5% in
2018 and 9.5%-10.5% in 2019, from 4.7% in 2017. However, the
improvement in the ratios isn't commensurate with a higher
rating, particularly given Concord's size among much larger and
established peers in China. Concord is a relatively small-scale
renewable developer in China with high growth coming over the
next two years. As of June 30, 2018, the company has consolidated
capacity of 1.2 gigawatts (GW) and attributable capacity of
1.9GW.

Working capital requirements can also drag on operating cash
flows because the renewable subsidy, which is 35%-45% of power
revenues and partly noncash, continuously accrues on Concord's
balance sheet. As of June 30, 2018, the company has about 800MW
(and still growing) wind power yet to be listed on the new
renewable subsidy catalog batches. For the subsidy-entitled
capacity, the collection timing and amount are unknown. Partly
offsetting the drag on working capital is the cash inflow from
the value-added tax refund, which is about 20% of power revenue.

Given its relatively small size, Concord's financial performance
is susceptible to even small hiccups. In S&P's transition
analysis, 10% less EBITDA in 2018 or equivalent RMB100 million
less cash generation would lower the company's ratio of FFO to
debt by more than 1 percentage point. In addition, the company's
issue of US$200 million senior bonds with a 7.9% coupon rate
early this year exposes it to higher interest expenses and
exchange risk in view of the recent renminbi depreciation.

S&P said, "We expect Concord's business fundamentals to remain
sound over the next 12-18 months. The company will benefit from
the government's supportive policy to increase the use of
renewables and good power demand. During the first half of 2018,
Concord's utilization for controlled wind capacity was 1,297
hours with near zero curtailment (renewable power that could have
been dispatched but was abandoned), an increase of 17.8% year on
year. Priority dispatch resulted in much lower traded volume
compared with providers of thermal power. During the first six
months of 2018, traded volume accounted for 16.8% of the total,
increasing slightly from 14.1% in 2017.

"The stable outlook reflects our view that Concord will execute
its expansion plan and that new capacity will generate enough
cash flows to partially fund its high capex such that the company
can maintain its credit quality. We expect Concord's FFO-to-debt
ratio to be 7.5%-10.5% over the next 12 months."

S&P may lower its rating on Concord if the company's financial
health deteriorates without signs of prompt recovery, as
indicated by an FFO-to-debt ratio of below 9% or FFO interest
cover of below 2.5x. This could be caused by:

-- Lower-than-expected operating cash flows caused by a delay in
    connecting new capacity to the grid, subpar utilization
    hours, lower average tariffs arising from higher-than-
    anticipated discount for its market-traded portion, or
    working capital drag due to a delay in the collection of
    subsidy receivables;

-- Higher-than-expected capex leading to a significant increase
    in debt; or

-- Materially adverse regulatory developments that call into
    question the sustainability of cash flows for renewable
    power, although S&P sees this scenario as unlikely.

The likelihood of an upgrade is low over the next 12 months,
given Concord's large expansion and capex plan and the
uncertainty over renewable subsidy collections, which would
impact cash flows.

That said, S&P could upgrade Concord if it demonstrates a track
record of effectively and smoothly operating at a much larger
scale. This would be reflected in a stable FFO-to-debt ratio
approaching 15%.


GREENLAND HOLDING: Moody's Alters Outlook to Stable & Affirms CFR
-----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on the ratings of Greenland Holding Group Company Limited
and its subsidiaries Greenland Gloabl Investment Limited and
Greenland Hong Kong Holdings Limited.

At the same time, Moody's has affirmed the following ratings:

1. The Ba1 CFR on Greenland Holding;

2. The (P)Ba2 backed senior unsecured rating on Greenland Global
   Investment Limited's (Greenland Global) medium-term note (MTN)
   program, with the notes unconditionally and irrevocably
   guaranteed by Greenland Holding;

3. The Ba2 backed senior unsecured ratings on Greenland Global's
   senior unsecured notes, which are unconditionally and
   irrevocably guaranteed by Greenland Holding;

4. The Ba2 CFR on Greenland Hong Kong;

5. The (P)Ba3 backed senior unsecured rating on Greenland Hong
   Kong's MTN program; and

6. The Ba3 backed senior unsecured rating on Greenland Hong
   Kong's USD notes.

The MTN program of Greenland Hong Kong and the related notes are
supported by a deed of equity interest purchase undertaking and a
keepwell deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

RATINGS RATIONALE

"The change in ratings outlook to stable from negative reflects
our expectation that Greenland Holding will continue to
deleverage, using its improving operating cash flow, which is in
turn due to the company controlling its capital spending and
working capital requirements over the next 1-2 years," says Danny
Chan, a Moody's Analyst.

"And, Greenland Holding's improving credit metrics will position
the company appropriately at the Ba1 CFR level," adds Chan.

Moody's expects that Greenland Holding's revenue/adjusted debt
will trend toward 130%-140% from 120% for the 12 months ended
June 30, 2018 and EBIT/interest will improve to around 3.0x from
2.8x for the same period. These levels will position the company
appropriately at the Ba1 CFR rating band, considering its large
operating scale, strong access to funding, and business
diversification.

The improvement in Greenland Holding's credit metrics will be
driven by the company's slower debt growth, continued property
sales growth, prudent land acquisition strategy, and a continued
focus on improving its cash collection. The company reduced its
reported debt to RMB264 billion at June 30, 2018 from around
RMB277 billion at the end of 2017 and RMB286 billion at the end
of 2016.

At the same time, Moody's forecasts that Greenland Holding will
register contracted sales of around RMB400 billion in 2018 and
RMB430 - RMB450 billion in 2019, while maintaining its land
acquisition spending below 30% of its annual contracted sales.

Such a low level of spending will be supported by the company's
sizable land bank. Moody's estimates that Greenland Holding's
land bank of 138 million square meters at June 30, 2018 will be
sufficient to support its property development plans over the
next four to five years.

The continued rise in contracted sales will provide important
funding for Greenland Holding's business expansion and support
its revenue growth over the next 12-18 months.

Moody's believes Greenland Holding's revenue will continue to
rise steadily, driven by the growth in property sales and the
expansion in its construction business. Its construction business
accounted for around 49% of total revenues and 10% of total gross
profits in 1H 2018, according to Moody's estimates.

The stable outlook on Greenland Holding's CFR reflects Moody's
expectation that the company will continue to control its debt
growth and pace of land acquisitions, while growing its scale
over the next 12-18 months.

Greenland Holding's Ba1 CFR reflects the company's track record
of delivering solid growth for its property development business
and establishing leading market positions in its key markets,
owing to its highly diversified geographic coverage in China (A1
stable).

The Ba1 rating also considers Greenland Holding's strong ability
to access funding and acquire land by virtue of its status as a
local state-owned enterprise, as well as its strong corporate
status in Shanghai, given its important role in the urbanization
of the city.

The key constraint on Greenland Holding's rating is its modest
credit metrics, the result of its fast business expansion in the
past. In addition, its rating is tempered by the execution risks
associated with its fast growing non-property businesses.
Nonetheless, such concerns are partly mitigated by the company's
improving debt management over the past 12-18 months.

The change in Greenland Hong Kong's ratings outlook to stable
from negative reflects Greenland Holding's improved ability to
provide support to Greenland Hong Kong.

The stable outlook for Greenland Hong Kong's ratings reflects
Moody's expectation that Greenland Holding will provide Greenland
Hong Kong with financial and operational support in times of
need, and that Greenland Hong Kong's standalone credit profile
will remain stable over the next 12-18 months.

Greenland Hong Kong's Ba2 CFR includes a two-notch rating uplift,
based on Moody's expectations that the company will receive
strong support from Greenland Holding in times of need.

Greenland Hong Kong's standalone credit profile reflects its
developing but well-located land bank, and Moody's expectation
that it will grow in size through organic expansion and increased
levels of operational integration with its parent.

Its standalone credit profile also takes into consideration
Greenland Holding's support for Greenland Hong Kong's operations
and access to funding.

Moody's could upgrade Greenland Holding's rating if the company
can: (1) sustain its leading position in China's residential
market; (2) maintain prudent practices in its land acquisitions
and financial management; and (3) improve its credit metrics,
such that revenue/debt is above 140% and EBIT/interest is above
3.5x on a sustained basis.

On the other hand, Greenland Holding will face downward rating
pressure if the company shows: (1) weak sales performance or weak
collections on its sales proceeds; (2) a decline in profit
margins; (3) a sizeable increase in debt, arising from aggressive
expansion or land acquisitions; and/or (4) an increase in the
risk profile of its non-property businesses.

Moody's would consider downgrading the rating if the company's
credit metrics weaken, with revenue/adjusted debt below 100%, and
consolidated EBIT/interest coverage below 2.0x-2.5x on a
sustained basis.

A material reduction in the Shanghai government's ownership in
Greenland Holding - which leads to a negative effect on the
company's access to funding - would also be negative for the
rating.

Upward ratings pressure on Greenland Hong Kong could emerge if
the company can: (1) successfully implement its business plan;
(2) improve its scale and diversity; and (3) improve its credit
metrics, such that debt leverage - as measured by
revenue/adjusted debt - is above 85%-90%, and adjusted
EBITDA/interest rises above 3x-3.5x on a consistent basis.

In addition to the considerations, Moody's would only upgrade
Greenland Hong Kong's ratings if the parent's rating is upgraded.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company: (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to maintain
contracted sales and revenue growth; or (3) materially
accelerates development, and executes an aggressive land
acquisition plan or acquisitions, such that debt leverage - as
measured by revenue/adjusted debt - falls below 60%-65% on a
sustained basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of Greenland Holding's rating,
will result in a downgrade of Greenland Hong Kong's ratings.

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

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group. The Shanghai State-owned
Assets Supervision and Administration Commission is effectively
the largest shareholder of Greenland Holding. The company is
headquartered in Shanghai, with a focus on the real estate
sector. It also engages in other businesses, including
construction, finance and auto dealerships.

Greenland Hong Kong Holdings Limited is principally engaged in
the development of large-scale, high-quality residential
communities, city center integrated projects, and travel and
leisure projects that target the middle- to high-end customer
segment. At June 30, 2018, the company's land bank totaled 20
million square meters, located in key cities in the Pan-Yangtze
River Delta and Pan-Pearl River Delta. Greenland Holding owned
59.07% of Greenland Hong Kong at June 30, 2018.



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


ABHIRAJ ENGICON: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Abhiraj Engicon
Private Limited (AEPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.50 mil. Fund-based limits assigned with IND BB-/Stable/
    IND A4+ rating; and

-- INR25 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect AEPL's small scale of operations as indicated
by revenue of INR178 million in FY18 (FY17: INR110 million). FY18
financials are provisional in nature. Also, the growth of
business depends entirely upon the company's ability to
successfully bid for tenders and emerge as the lowest bidder. The
outstanding work orders in hand amounted to INR1,121 million as
of end-August 2018 and AEPL booked a turnover of INR95 million
during April 2018 till mid-August 2018. The orders pertain to the
construction of earthen dams and canals for Water Resources
Department, Maharashtra.

The ratings are constrained by AEPL's modest operating EBITDA and
thus moderate credit metrics, due mainly to the highly fragmented
and competitive industry. Also, the projects executed by the
company have a long gestation period because of the time taken to
receive payments from its customers which are mostly government
agencies and for the various approvals required to be obtained
during the phase of project execution. The company's ROCE was
9.5% in FY18 (FY17: 5%) and EBITDA margin was 10.9% (10.46%).
Interest coverage (operating EBITDA/gross interest expense)
declined to 6.2x in FY18 (FY17: 12.2x) due to an increase in
interest expenses because of the additional debt availed whereas
net leverage (adjusted debt/operating EBITDAR) improved to 4.0x
(4.2x) on account of an increase in absolute EBITDA to INR19
million (INR11 million).

The ratings factor in the company's comfortable liquidity
position as indicated by the 46% average utilisation of its
working capital limits during the 12 months ended August 2018.

Moreover, AEPL's promoters have about two decades of experience
in the civil construction sector and the company has established
relations with suppliers and sub-contractors over the years.

RATING SENSITIVITIES

Positive: Significant growth in the revenues and order book
position along with an improvement in the credit metrics on a
sustained basis will be positive for the ratings.

Negative: Any decline in the order book position resulting in low
visibility of revenues and sustained deterioration in the credit
metrics will lead to a negative rating action.

COMPANY PROFILE

AEPL is a Pune (Maharashtra) based is registered as a Class-IA
Contractor, which undertakes engineering procurement construction
of dams and canals for mainly for Water Resources Department
majorly in Konkan and Vidarbha regions of Maharashtra. The
company was previously incorporated as a partnership company by
the name P I Rachkar & Company in 1995 and was subsequently
reconstituted as a private limited company in 2007.


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

The instrument-wise rating actions are:

-- INR125 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR21.9 mil. Term loan due on September 2020 migrated to non-
     cooperating category with IND BB-(ISSUER NOT COOPERATING)
     rating; and

-- INR32.9 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Advatech Cera Tiles manufactures tiles. It
has an annual installed capacity of 30,00,000sf. The company is
managed by Mr. Raval and family.


ARIHANT SHIP: Ind-Ra Retains B- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Arihant Ship
Breakers' Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating;

-- INR16.2 mil. Long-term loans maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Arihant Ship Breakers is engaged in ship breaking and wreck
removal activities.


BIHAR BOTTLERS: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bihar Bottlers
and Blenders Pvt. Ltd.'s Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR15.5 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR59.49 mil. Term loan maintained in Non-Cooperating
    Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 2, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Bihar Bottlers and Blenders is engaged in
the manufacturing, bottling and sale of alcoholic beverages. Its
120,000-box-per-month plant is in the Siwan district, Bihar.


CHADHA SUGARS: ICRA Maintains B Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for INR324.59 crore bank facility of Chadha
Sugars & Industries Limited (CSIL) continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.

                    Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-term Scale     168.33       [ICRA]B(Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Fund based          109.80       [ICRA]B(Stable) ISSUER NOT
   Limits                           COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Unallocated          40.46       [ICRA]B(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

   Short-term            6.00       [ICRA]A4 ISSUER NOT
   Scale LC                         COOPERATING*; Rating
                                    continues to remain in the
                                    'Issuer Not Cooperating'
                                    Category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

CSIL was incorporated in 2004. The company is a part of the Late
Mr. Hardeep Chadha Group, which has business interests in diverse
areas such as real estate, sugar, liquor, paper etc. CSIL has set
up a 4500 TCD sugar plant (expanded to 5000 TCD), 26 MW co-
generation unit, 30 KLPD grain based distillery and 30 KLPD
molasses based distillery. The plant is located at village Teri
Afghana in Gurdaspur district of Punjab.


CLAVECON PRIVATE: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Clavecon (India)
Private Limited's (CIPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR79.57 mil. Term loan due on August 2022 upgraded with
    IND BB-/Stable rating;

-- INR5 mil. Non-fund-based working capital limit upgraded with
    IND A4+ rating;

-- INR35 mil. Fund-based working capital limit upgraded with
    IND BB-/Stable/IND A4+ rating; and

-- INR5 mil. Non-fund-based working capital limit* assigned with
    IND A4+ rating.

* The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects a significant growth in CIPL's revenue in
FY18, leading to an improvement in its credit metrics to moderate
from weak. Revenue surged to INR335.28 million in FY18 (FY17:
INR219.18 million), driven by an increase in demand for concrete
blocks. Despite the improvement in revenue, the scale of
operations remained small. Net leverage (adjusted net
debt/operating EBITDA) improved to 3.22x in FY18 (FY17: 7.43x)
and gross interest coverage (operating EBITDA/gross interest
expense) to 2.50x (1.08x) due to an increase in EBITDA and a
decline in debt.

The company's return on capital employed was 14.7% in FY18 and
EBITDA margins were healthy at 12.58% (FY17: 9.71%). The
improvement in the margins was on account a decline in raw
material costs.

The ratings continue to be supported by CIPL's comfortable
liquidity position as indicated by about 86% average utilisation
of its fund-based limit during the 12 months ended August 2018.

RATING SENSITIVITIES

Negative: A substantial decline in the operating profitability
leading to deterioration in the credit metrics, could lead to a
negative rating action.

Positive: A significant increase in the revenue and operating
profit leading to an improvement in the credit metrics, could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2013, CIPL manufactures autoclaved aerated
concrete and concrete blocks. It has an installed capacity of
15,000 cubic metres per month.


ENTALLY ASTHA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Entally
Astha's term loans to 'IND D (ISSUER NOT COOPERATING)' from 'IND
BB- (ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR100 mil. Term loans downgraded with IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the classification of Entally Astha's term
loans as non-performing assets by the lenders.

RATING SENSITIVITIES

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

COMPANY PROFILE

Entally Astha, established in 2004-2005, was incorporated under
the Society Registration Act, 1961. Its head office is in
Kolkata. Since April 2010, it has been engaged in microfinance
operations through the self-help group model and various
livelihood programmes.

The society focuses on women empowerment, given only women are
eligible for its credit services. It also imparts training on
capacity building and income-generating activities, and provides
guidance on skill development and financial literacy.


ESCORTS HEART: ICRA Reaffirms B+ Rating on INR78cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating for INR78.0 crore term
loans and INR20.0 crore fund-based limits of Escorts Heart
Institute and Research Centre Limited (EHIRCL) at [ICRA]B+. ICRA
has also reaffirmed the short-term rating for INR5.0 crore non-
fund-based facilities of EHIRCL at [ICRA]A4. ICRA has placed the
ratings on watch with developing implications and has removed the
negative outlook on long-term rating.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans            78.0       [ICRA]B+&; rating reaffirmed;
                                    rating placed on watch with
                                    developing implications and
                                    negative outlook removed


   Fund-based Limits     20.0       [ICRA]B+&; rating reaffirmed;
                                    rating placed on watch with
                                    developing implications and
                                    negative outlook removed

   Non-fund-based         5.0       [ICRA]A4&; rating reaffirmed;
   Limits                           ratings placed on watch with
                                    developing implications

Rationale

Rating action on EHIRCL's borrowing follows the approval by
shareholders of its parent, Fortis Healthcare Limited (FHL1), for
issuance of shares to IHH Healthcare Bhd on a preferential basis,
that will result in infusion of INR4000 crore equity into the
company. It will also help in funding the exit of Private Equity
investors from SRL Limited and in funding the proposed
acquisition of assets of Business Trust (BT) listed on Singapore
Stock Exchange, leading to elimination of service fees being paid
to BT thus significantly increasing its consolidated EBITDA.
Further, IHH has an established track record of acquiring and
successful running large healthcare facilities across multiple
countries and a stronger promoter will enable FHL in
renegotiating better agreements with key vendors and lenders.
Nonetheless, the consummation of the deals is subject to
regulatory approvals. ICRA will continue to monitor the
developments closely and take rating action, as and when more
clarity emerges.

ICRA has also taken note of the repayment of overdue debt
obligations and curing of the delays in debt servicing by
EHIRCL's parent, Fortis Healthcare Limited (FHL1), in May 2018.
Further, FHL has raised additional funds in Q1FY2019, which will
enable it in managing its operations in the short term; however,
the group will remain reliant on debt funding and refinancing
till the time the proposed deal with IHH Healthcare Bhd (IHH) is
consummated. The ratings continue to derive comfort from FHL's
long and established track record in healthcare sector in India,
favourable maturity profile of majority of its hospitals, and its
large and established network of healthcare facilities which is
difficult to replicate by the competition. The rating also draws
comfort from FHL's presence across various healthcare verticals,
including secondary, tertiary and diagnostics, and positive
outlook for healthcare services in the country due to better
affordability, widening medical insurance coverage, and growing
healthcare awareness.

The ratings are, however, constrained by the sharp decline in
FHL's operating performance in FY2018 and Q1FY2019 due to drying
up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical
negligence/overcharging and restrictions placed by NPPA on the
pricing of cardiac stents and knee implants. The operational
performance is expected to remain weak and liquidity is likely to
stay stretched till new management takes control and infusion of
funds happen, subject to pending approvals.

ICRA has noted the qualified and adverse opinion expressed by the
statutory auditors as well as the systematic lapses and override
of internal controls pointed out by the auditors. ICRA has
further taken note of the series of investigations that have been
initiated against the company by Securities and Exchange Board of
India (SEBI), Serious Fraud Investigations Office (SFIO), and
Registrar of Companies (RoC). Further, there are significant
outstanding litigations, especially the appeal filed by Daiichi
Sankyo Company Limited in High Court of Delhi, and contingent
liabilities of the company. Any adverse outcome of these
investigations or litigations will impair company's ability to
maintain its operational and financial risk profile. ICRA will
continue to monitor the situation closely and take rating action,
as and when more clarity emerges.

Ratings placed on watch with developing implications: The group's
consolidated risk profile has been constrained by stretched cash
flow position owing to large advances extended to related
parties, large fee payable to Business Trust (BT) listed in
Singapore, poor operational performance, corporate governance
issues, and investigations initiated by SEBI, SFIO and RoC.
However, the change in ownership is likely to address many of
these challenges and proposed equity infusion by IHH Healthcare
Bhd along with subsequent acquisition of assets of RHT and stake
of private equity investors in SRL will improve the cash flows
substantially. Nonetheless, these deals are subject to approval
from regulatory authorities and may also be subject to any order
passed by court, based on appeal filed by Daiichi Sankyo Company
Ltd. ICRA will continue to monitor the developments closely and
take rating action, as more clarity emerges.

Key rating drivers

Credit Strength

Financial risk profile to be strengthened as and when the deal
with IHH gets consummated: The conclusion of the deal with IHH
will be a credit positive as it will result in infusion of
INR4000 crore equity into the group. It will also help in funding
the exit of Private Equity investors from SRL Limited and in
funding the proposed acquisition of assets of Business Trust (BT)
listed on Singapore Stock Exchange, leading to elimination of
service fees being paid to BT thus significantly increasing its
future EBITDA.

Established branded healthcare provider in India: FHL is one of
the largest healthcare services provider in the country, with
~4600 beds spread across 45 healthcare facilities (including
projects under development) and over 346 diagnostic centres.
Further, the group has diversified presence across multiple
healthcare verticals, such as secondary care, tertiary care,
quaternary care, and diagnostics.

Positive outlook for the sector in long run: Positive demand
outlook for healthcare services in the country, due to growing
awareness of healthcare issues, under-served nature of the
sector, better affordability through increasing per capita
income, and widening medical insurance coverage
Favourable asset profile- Majority of the hospitals in the
network are now mature and the company will benefit from high
operating leverage of the hospital business. Further, the large
network of mature hospitals is difficult to replicate over short-
to-medium term.

Credit weaknesses

Advances extended to related parties has significantly impacted
the liquidity profile and led to write offs: ICRA had been
deriving comfort from FHL's strong liquidity position; with these
advances to related parties, the group's financial flexibility is
expected to be severely restricted till the deal with IHH is
consummated.

Investigations by SEBI, SFIO & RoC and Ongoing Litigations: the
group and its promoters are currently facing multiple
investigations and litigations and any adverse ruling may impact
its management and operations.

Deterioration in performance in FY2018 and Q1FY2019: FHL's
operations have suffered in FY2018 and Q1FY2019 due to due to
drying up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical
negligence/overcharging and restrictions placed by NPPA on the
pricing of cardiac stents and knee implants. The operational
performance is expected to remain weak and liquidity is likely to
stay stretched till new management takes control and infusion of
funds happen.

Significant outflows towards business trust fee: Though the
quantum of fee paid to Business Trust will reduce after
acquisition of economic interest in Fortis Hospotel Limited, it
will continue to have significant impact on the cash flows and
consequently the debt coverage indicators of the company.

Escorts Heart Institute and Research Centre Limited (EHIRCL) owns
and operates one hospital in Delhi and one in Raipur
(Chhattisgarh). EHIRCL was established in 2000 and was acquired
by Fortis Healthcare Limited (FHL) in 2005. The hospital in Delhi
is located in Okhla and has 294 operational beds. The hospital in
Chhattisgarh is located in Raipur and has 40 beds. 100% stake in
EHIRCL is owned by Fortis Healthcare Limited.

Fortis Healthcare Limited (FHL) was promoted by late Dr.
Parvinder Singh. The company commenced its operations with
opening of its first hospital at Mohali in 2001. Since, then the
Company has expanded its operations via expansions and
acquisitions. It now has 45 healthcare facilities, operational
bed capacity of ~4600 beds and the potential to reach around
10,000 beds. Further, through its subsidiary, SRL Limited, the
company operates 346 diagnostic centres in the country. In the
EGM dated August 11, 2018, the shareholders of Fortis Healthcare
Limited have approved the issuance of shares on preferential
basis to Northern TK Ventures Pte Ltd (subsidiary of IHH
Healthcare Bhd; classification of erstwhile promoters- Mr.
Malvinder Singh and Mr. Shivinder Singh- as public shareholders,
and classification of Northern TTK Ventures Ltd as a promoter
shareholder. The transaction is subject to final approval from
Competition Commission of India (CCI).


FORTIS HOSPITALS: ICRA Reaffirms B+ Rating on INR417.8cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating for INR417.8 crore1 term
loans programme and INR235.0 crore fund-based limits of Fortis
Hospitals Limited (FHsL) at [ICRA]B+. Further, ICRA has
reaffirmed the short-term rating for INR97.2 crore non-fund-based
facilities of FHsL at [ICRA]A4. ICRA has placed the ratings on
watch with developing implications and has removed the negative
outlook on long-term rating.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans           417.8       [ICRA]B+; rating reaffirmed;
                                    rating placed on watch with
                                    developing implications and
                                    negative outlook removed

   Fund-based           235 23      [ICRA]B+; rating reaffirmed;
   Limits                           rating placed on watch with
                                    developing implications and
                                    negative outlook removed

   Non-fund-             97.20      [ICRA]A4; rating reaffirmed;
   based Limits                     ratings placed on watch with
                                    developing implications

Rationale

Rating action on FHsL's borrowing follows the approval by
shareholders of its parent, Fortis Healthcare Limited (FHL2), for
issuance of shares to IHH Healthcare Bhd on a preferential basis,
that will result in infusion of INR4000 crore equity into the
company. It will also help in funding the exit of Private Equity
investors from SRL Limited and in funding the proposed
acquisition of assets of Business Trust (BT) listed on Singapore
Stock Exchange, leading to elimination of service fees being paid
to BT thus significantly increasing its consolidated EBITDA.
Further, IHH has an established track record of acquiring and
successful running large healthcare facilities across multiple
countries and a stronger promoter will enable FHL in
renegotiating better agreements with key vendors and lenders.
Nonetheless, the consummation of the deals is subject to
regulatory approvals. ICRA will continue to monitor the
developments closely and take rating action, as and when more
clarity emerges.

ICRA has also taken note of the repayment of overdue debt
obligations and curing of the delays in debt servicing by FHsL's
parent, Fortis Healthcare Limited (FHL2), in May 2018. Further,
FHL has raised additional funds in Q1FY2019, which will enable it
in managing its operations in the short term; however, the group
will remain reliant on debt funding and refinancing till the time
the proposed deal with IHH Healthcare Bhd (IHH) is consummated.
The ratings continue to derive comfort from FHL's long and
established track record in healthcare sector in India,
favourable maturity profile of majority of its hospitals, and its
large and established network of healthcare facilities which is
difficult to replicate by the competition. The rating also draws
comfort from FHL's presence across various healthcare verticals,
including secondary, tertiary and diagnostics, and positive
outlook for healthcare services in the country due to better
affordability, widening medical insurance coverage, and growing
healthcare awareness.

The ratings are, however, constrained by the sharp decline in
FHL's operating performance in FY2018 and Q1FY2019 due to drying
up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical
negligence/overcharging and restrictions placed by NPPA on the
pricing of cardiac stents and knee implants. The operational
performance is expected to remain weak and liquidity is likely to
stay stretched till new management takes control and infusion of
funds happen, subject to pending approvals.

ICRA has noted the qualified and adverse opinion expressed by the
statutory auditors as well as the systematic lapses and override
of internal controls pointed out by the auditors. ICRA has
further taken note of the series of investigations that have been
initiated against the company by Securities and Exchange Board of
India (SEBI), Serious Fraud Investigations Office (SFIO), and
Registrar of Companies (RoC). Further, there are significant
outstanding litigations, especially the appeal filed by Daiichi
Sankyo Company Limited in High Court of Delhi, and contingent
liabilities of the company. Any adverse outcome of these
investigations or litigations will impair company's ability to
maintain its operational and financial risk profile. ICRA will
continue to monitor the situation closely and take rating action,
as and when more clarity emerges.

Ratings placed on watch with developing implications: The group's
consolidated risk profile has been constrained by stretched cash
flow position owing to large advances extended to related
parties, large fee payable to Business Trust (BT) listed in
Singapore, poor operational performance, corporate governance
issues, and investigations initiated by SEBI, SFIO and RoC.
However, the change in ownership is likely to address many of
these challenges and proposed equity infusion by IHH Healthcare
Bhd along with subsequent acquisition of assets of RHT and stake
of private equity investors in SRL will improve the cash flows
substantially. Nonetheless, these deals are subject to approval
from regulatory authorities and may also be subject to any order
passed by court, based on appeal filed by Daiichi Sankyo Company
Ltd. ICRA will continue to monitor the developments closely and
take rating action, as more clarity emerges.

Key rating drivers

Credit Strength

Financial risk profile to be strengthened as and when the deal
with IHH gets consummated: The conclusion of the deal with IHH
will be a credit positive as it will result in infusion of
INR4000 crore equity into the group. It will also help in funding
the exit of Private Equity investors from SRL Limited and in
funding the proposed acquisition of assets of Business Trust (BT)
listed on Singapore Stock Exchange, leading to elimination of
service fees being paid to BT thus significantly increasing its
future EBITDA.

Established branded healthcare provider in India: FHL is one of
the largest healthcare services provider in the country, with
~4600 beds spread across 45 healthcare facilities (including
projects under development) and over 346 diagnostic centres.
Further, the group has diversified presence across multiple
healthcare verticals, such as secondary care, tertiary care,
quaternary care, and diagnostics.

Positive outlook for the sector in long run: Positive demand
outlook for healthcare services in the country, due to growing
awareness of healthcare issues, under-served nature of the
sector, better affordability through increasing per capita
income, and widening medical insurance coverage.

Favourable asset profile: Majority of the hospitals in the
network are now mature and the company will benefit from high
operating leverage of the hospital business. Further, the large
network of mature hospitals is difficult to replicate over short-
to-medium term.

Credit weaknesses

Advances extended to related parties has significantly impacted
the liquidity profile and led to write offs: ICRA had been
deriving comfort from FHL's strong liquidity position; with these
advances to related parties, the group's financial flexibility is
expected to be severely restricted till the deal with IHH is
consummated.

Investigations by SEBI, SFIO & RoC and Ongoing Litigations: the
group and its promoters are currently facing multiple
investigations and litigations and any adverse ruling may impact
its management and operations.

Deterioration in performance in FY2018 and Q1FY2019: FHL's
operations have suffered in FY2018 and Q1FY2019 due to due to
drying up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical
negligence/overcharging and restrictions placed by NPPA on the
pricing of cardiac stents and knee implants. The operational
performance is expected to remain weak and liquidity is likely to
stay stretched till new management takes control and infusion of
funds happen.

Significant outflows towards business trust fee: Though the
quantum of fee paid to Business Trust will reduce after
acquisition of economic interest in Fortis Hospotel Limited, it
will continue to have significant impact on the cash flows and
consequently the debt coverage indicators of the company
Analytical approach: For arriving at the ratings, ICRA has taken
a consolidated view of Fortis Healthcare Limited (FHL) and all
its subsidiaries, which are present in healthcare business.

Fortis Hospitals Limited (FHsL) was incorporated on June 18,
2009, as a 100 per cent subsidiary of Fortis Healthcare Limited
(FHL). FHsL acquired 10 Wockhardt in FY2010, for INR909 crore. In
FY2014, Fortis Health Management (North) Limited (FHMNL) was
amalgamated with FHsL. FHsL currently manages the operations of
majority of the hospitals in FHL's network.

Fortis Healthcare Limited (FHL) was promoted by late Dr.
Parvinder Singh. The company commenced its operations with
opening of its first hospital at Mohali in 2001. Since, then the
Company has expanded its operations via expansions and
acquisitions. It now has 45 healthcare facilities, operational
bed capacity of ~4600 beds and the potential to reach around
10,000 beds. Further, through its subsidiary, SRL Limited, the
company operates 346 diagnostic centres in the country. In the
EGM dated August 11, 2018, the shareholders of Fortis Healthcare
Limited have approved the issuance of shares on preferential
basis to Northern TK Ventures Pte Ltd (subsidiary of IHH
Healthcare Bhd; classification of erstwhile promoters- Mr.
Malvinder Singh and Mr. Shivinder Singh- as public shareholders,
and classification of Northern TTK Ventures Ltd as a promoter
shareholder. The transaction is subject to final approval from
Competition Commission of India (CCI).


GEETANJALI AGRO: ICRA Reaffirms B+ Rating on INR10cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR10.00-crore fund-based limits and the INR3.00-crore
unallocated limits of Geetanjali Agro Industries (GAI). The
outlook on the long-term rating is Stable.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund based limits    10.00       [ICRA]B+ (Stable); Reaffirmed
   Unallocated Limits    3.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating considers GAI's small scale of operations in the rice-
milling industry and its moderate financial profile characterised
by thin margins, moderate gearing and coverage indicators. The
rating is further constrained by the intensely competitive rice-
milling industry, which restricts the operating margins. Besides,
agro-climatic risks can affect the availability of paddy in
adverse weather conditions and thereby revenues. The ratings also
consider the risks arising from the partnership nature of the
firm.

The ratings, however, favourably factor in GAI's experienced
management, its extensive track record of operations in the rice
industry and easy availability of paddy as the rice mill is
located in a major paddy-growing region of Karnataka. Moreover,
ICRA considers the favourable demand prospects of the industry as
India is one of the largest producers and consumers of rice.

Outlook: Stable

ICRA believes that GAI will continue to benefit from the
extensive experience of its partners in the rice milling
industry. The outlook may be revised to Positive if substantial
growth in revenue and profitability, and better working capital
management strengthen its financial risk profile. The outlook may
be revised to Negative if cash accrual is lower than expected, or
if any major capital expenditure, or a stretch in the working
capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoter in the rice-milling and
trading business: The promoters have significant experience of
over two decades in the rice milling industry, resulting in
established relationship with customers.

Presence of the firm in major paddy-growing region: GAI's plant
is located in Raichur, which is surrounded by areas such as
Manvi, Sindhnoor and Gangawati well known for paddy cultivation.
This results in low transportation cost for the firm and easy
availability of paddy.

Favourable demand prospects for rice: The demand prospects for
the rice industry are likely to remain favorable as rice is a
staple food grain and India is the world's second largest
producer and consumer of rice.

Credit challenges

Small scale of operations: The firm's scale of operations has
been small with an installed capacity of 8 metric tonne of paddy
per hour and revenues of Rs.39.0 crore in FY2018, limiting its
financial flexibility. Moreover, capacity utilisation has been
low at 45% in FY2017, which improved to 50% in FY2018 on the back
of improved demand.

Moderate financial profile: GAI's financial profile remained
moderate as reflected by thin margins with operating margins of
6.4% in FY2018, moderate gearing of 1.3 times as on March 31,
2018 and moderate coverage indicators with interest coverage of
2.3 times, NCA/Total debt ratio of 12% in FY2018.

Intense competition in the industry: The rice milling industry is
intensely competitive with presence of a large number of
organised and unorganised players, limiting the pricing
flexibility and impacting the margins.

Industry susceptible to agro-climatic risks: The rice-milling
industry is susceptible to agro-climatic risks, which can affect
the availability of paddy in adverse weather conditions.
Risk related to the partnership nature of the firm - The firm is
exposed to the risks inherent to the partnership nature of the
firm, including the capital withdrawal risk.

Established in 2014 by Mr. B. Srinivas and family, GAI is a
partnership firm, involved in the milling of paddy and produces
rice. The firm's major products include boiled rice, raw rice,
bran, broken rice and husk. Although, the rice mill commenced
operations in November 2013, the promoter group has been engaged
in similar business for more than two decades. The firm's plant
is spread over an area of 5 acres in Raichur district of
Karnataka with a capacity to process 8 tonne of paddy per hour.
The firm sells its products under the brand name 'Geetanjali'
with different variants such Mayur, Gold, Life, Camel, Camel
Gold, and Perfect Broken Rice.

According to provisional financials, GAI reported an operating
income (OI) of INR39.0 crore and a net profit of INR0.7 crore in
FY2018 against an OI of INR34.6 crore and a net profit of INR0.6
crore in FY2017.


GEMUS ENGINEERING: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gemus
Engineering Limited (GEL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR85 mil. Fund-based limits assigned with IND BB-/Stable
    rating;

-- INR23.5 mil. Term loan due on September 2024 assigned with
    IND BB-/Stable rating; and

-- INR40 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect GEL's small scale of operations, indicated by
a revenue of INR263 million in FY18 (FY17: INR185 million).
Revenue growth in FY18 was driven by increased work order
execution, indicated by a rise in capacity utilisation to 7,000
metric tons per annum from 4,000 metric tons per annum.

The ratings also reflect GEL's modest credit metrics. Its
interest coverage ratio (operating EBITDA/gross interest expense)
was 1.6x (FY17: 1.5x) and net leverage ratio (net debt/operating
EBITDA) was 4.5x (FY17: 5.6x). The improvement in the leverage
was primarily driven by a decline in net debt due to the
repayment of a term loan, though EBITDA fell.

The ratings, however, are supported by a comfortable liquidity,
indicated by an average 93.7% utilisation of the cash credit
facilities for the 12 months ended August 2018.

The ratings derive support from an average EBITDA margin of
12.88% in FY18 (FY17: 14.8%). The fall in the margin was due to
an increase in the cost of raw material consumed. Moreover, in
FY18, its return on capital employed was 15.0% (FY17: 12.5%).

The ratings further derive support from the promoter's experience
of more than two decades in the ductile iron casting
manufacturing business.

RATING SENSITIVITIES

Negative:  Any deterioration in the credit metrics may lead to a
negative rating action.

Positive: Any revenue growth, along with any improvement in the
credit metrics, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1996, GEL manufactures cast iron components of
various grades and shapes at its 7,000-metric ton-per-annum
facility in Birshibpur in the Uluberia industrial region of West
Bengal. The company is promoted by Mr Rajeev Sharma.


HIRANANDANI HEALTHCARE: ICRA Reaffirms B+ Rating on INR42cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating for the INR42.98-crore
term loans and INR3.00 crore fund-based limits of Hiranandani
Healthcare Private Limited (HHPL) at [ICRA]B+. Further, ICRA has
also reaffirmed the short-term rating for the INR0.02 crore non-
fund-based limits of HHPL from at [ICRA]A4. ICRA has placed the
ratings on watch with developing implications and has removed the
negative outlook on long-term rating.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loans           42.98      [ICRA]B+; rating reaffirmed;
                                   rating placed on watch with
                                   developing implications and
                                   negative outlook removed

   Overdraft             3.00      [ICRA]B+; rating reaffirmed;
                                   rating placed on watch with
                                   developing implications and
                                   negative outlook removed

   Non-funds-            0.02      [ICRA]A4; rating reaffirmed;
   based Limits                    ratings placed on watch with
                                   developing implications

Rationale

Rating action on HHPL's borrowing follows the approval by
shareholders of its parent, Fortis Healthcare Limited (FHL2), for
issuance of shares to IHH Healthcare Bhd on a preferential basis,
that will result in infusion of INR4000 crore equity into the
company. It will also help in funding the exit of Private Equity
investors from SRL Limited and in funding the proposed
acquisition of assets of Business Trust (BT) listed on Singapore
Stock Exchange, leading to elimination of service fees being paid
to BT thus significantly increasing its consolidated EBITDA.
Further, IHH has an established track record of acquiring and
successful running large healthcare facilities across multiple
countries and a stronger promoter will enable FHL in
renegotiating better agreements with key vendors and lenders.
Nonetheless, the consummation of the deals is subject to
regulatory approvals. ICRA will continue to monitor the
developments closely and take rating action, as and when more
clarity emerges.

ICRA has also taken note of the repayment of overdue debt
obligations and curing of the delays in debt servicing by HHPL's
parent, Fortis Healthcare Limited (FHL3), in May 2018. Further,
FHL has raised additional funds in Q1FY2019, which will enable it
in managing its operations in the short term; however, the group
will remain reliant on debt funding and refinancing till the time
the proposed deal with IHH Healthcare Bhd (IHH) is consummated.
The ratings continue to derive comfort from FHL's long and
established track record in healthcare sector in India,
favourable maturity profile of majority of its hospitals, and its
large and established network of healthcare facilities, which is
difficult to replicate by the competition. The rating also draws
comfort from FHL's presence across various healthcare verticals,
including secondary, tertiary and diagnostics, and positive
outlook for healthcare services in the country due to better
affordability, widening medical insurance coverage, and growing
healthcare awareness.

The ratings are, however, constrained by the sharp decline in
FHL's operating performance in FY2018 and Q1FY2019 due to drying
up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical negligence/
overcharging and restrictions placed by NPPA on the pricing of
cardiac stents and knee implants. The operational performance is
expected to remain weak and liquidity is likely to stay stretched
till new management takes control and infusion of funds happen,
subject to pending approvals.

ICRA has noted the qualified and adverse opinion expressed by the
statutory auditors as well as the systematic lapses and override
of internal controls pointed out by the auditors. ICRA has
further taken note of the series of investigations that have been
initiated against the company by Securities and Exchange Board of
India (SEBI), Serious Fraud Investigations Office (SFIO), and
Registrar of Companies (RoC). Further, there are significant
outstanding litigations, especially the appeal filed by Daiichi
Sankyo Company Limited in High Court of Delhi, and contingent
liabilities of the company. Any adverse outcome of these
investigations or litigations will impair company's ability to
maintain its operational and financial risk profile. ICRA will
continue to monitor the situation closely and take rating action,
as and when more clarity emerges.

Ratings placed on watch with developing implications: The group's
consolidated risk profile has been constrained by stretched cash
flow position owing to large advances extended to related
parties, large fee payable to Business Trust (BT) listed in
Singapore, poor operational performance, corporate governance
issues, and investigations initiated by SEBI, SFIO and RoC.
However, the change in ownership is likely to address many of
these challenges and proposed equity infusion by IHH Healthcare
Bhd along with subsequent acquisition of assets of RHT and stake
of private equity investors in SRL will improve the cash flows
substantially. Nonetheless, these deals are subject to approval
from regulatory authorities and may also be subject to any order
passed by court, based on appeal filed by Daiichi Sankyo Company
Ltd. ICRA will continue to monitor the developments closely and
take rating action, as more clarity emerges.

Key Rating Drivers

Credit Strength

Financial risk profile to be strengthened as and when the deal
with IHH gets consummated: The conclusion of the deal with IHH
will be a credit positive as it will result in infusion of
INR4000 crore equity into the group. It will also help in funding
the exit of Private Equity investors from SRL Limited and in
funding the proposed acquisition of assets of Business Trust (BT)
listed on Singapore Stock Exchange, leading to elimination of
service fees being paid to BT thus significantly increasing its
future EBITDA.

Established branded healthcare provider in India: FHL is one of
the largest healthcare services provider in the country, with
about 4600 beds spread across 45 healthcare facilities (including
projects under development) and over 346 diagnostic centres.
Further, the group has diversified presence across multiple
healthcare verticals, such as secondary care, tertiary care,
quaternary care, and diagnostics.

Positive outlook for the sector in long run: Positive demand
outlook for healthcare services in the country, due to growing
awareness of healthcare issues, under-served nature of the
sector, better affordability through increasing per capita
income, and widening medical insurance coverage.

Favorable asset profile: Majority of the hospitals in the network
are now mature and the company will benefit from high operating
leverage of the hospital business. Further, the large network of
mature hospitals is difficult to replicate over short-to-medium
term.

Credit weaknesses

Advances extended to related parties has significantly impacted
the liquidity profile and led to write offs: ICRA had been
deriving comfort from FHL's strong liquidity position; with these
advances to related parties, the group's financial flexibility is
expected to be severely restricted till the deal with IHH is
consummated.

Investigations by SEBI, SFIO & RoC and Ongoing Litigations: The
group and its promoters are currently facing multiple
investigations and litigations and any adverse ruling may impact
its management and operations.

Deterioration in performance in FY2018 and Q1FY2019: FHL's
operations have suffered in FY2018 and Q1FY2019 due to due to
drying up of liquidity of the company, internal challenges faced,
plausible impact of cases of alleged medical negligence/
overcharging and restrictions placed by NPPA on the pricing of
cardiac stents and knee implants. The operational performance is
expected to remain weak and liquidity is likely to stay stretched
till new management takes control and infusion of funds happen.

Significant outflows towards business trust fee: Though the
quantum of fee paid to Business Trust will reduce after
acquisition of economic interest in Fortis Hospotel Limited, it
will continue to have significant impact on the cash flows and
consequently the debt coverage indicators of the company
Analytical approach: For arriving at the ratings, ICRA has taken
a consolidated view of Fortis Healthcare Limited (FHL) and all
its subsidiaries, which are present in healthcare business.

Hiranadani Healthcare Private Limited (HHPL) owns and operates a
tertiary care hospital - Fortis Hiranandani. Established in 2007,
the hospital is located at Mini Sea Shore Road, Vashi, Navi
Mumbai. It is a tertiary care, multi-specialty hospital equipped
with 149 beds and spread over an area of 1,20,000 sq. ft. Fortis
Hiranandani is accredited by the National Accreditation Board of
Hospitals (NABH). 100% stake in HHPL is owned by Fortis
Healthcare Limited.

Fortis Healthcare Limited (FHL) was promoted by late Dr.
Parvinder Singh. The company commenced its operations with
opening of its first hospital at Mohali in 2001. Since, then the
Company has expanded its operations via expansions and
acquisitions. It now has 45 healthcare facilities, operational
bed capacity of about 4600 beds and the potential to reach around
10,000 beds. Further, through its subsidiary, SRL Limited, the
company operates 346 diagnostic centres in the country. In the
EGM dated August 11, 2018, the shareholders of Fortis Healthcare
Limited have approved the issuance of shares on preferential
basis to Northern TK Ventures Pte Ltd (subsidiary of IHH
Healthcare Bhd; classification of erstwhile promoters - Mr.
Malvinder Singh and Mr. Shivinder Singh - as public shareholders,
and classification of Northern TTK Ventures Ltd as a promoter
shareholder. The transaction is subject to final approval from
Competition Commission of India (CCI).


INDEXPORT LEATHER: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained IndExport
Leather Export Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR86.4 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR4.5 mil. Term loan maintained in non-cooperating category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1988, Kolkata-based IndExport Leather Export
manufactures leather and leather handbags, wallets and other
leather accessories primarily for the European and American
markets.


INDIA COKE: Ind-Ra Raises Long Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded India Coke and
Power Private Limited's (ICPPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB-'. The Outlook is Positive.

The instrument-wise rating action is:

-- INR1.0 bil. Non-fund-based working capital facility affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The upgrade factors in the strong growth of 82.7% yoy in ICPPL's
revenue to INR22,898 million in FY18. The average realisation
grew 43.3% yoy during FY18 due to an increase in the commodity
prices while sale volumes grew 25.8% yoy. The latter was due to a
robust demand for its products from the steel and power
industries. Ind-Ra expects the company to register moderate
revenue growth in FY19, considering the increase in imported coal
usage, given the lower incremental domestic coal availability.

The upgrade also reflects the improvement in the customer
concentration risk, with ICPPL's top 10 customers' contribution
to revenue reducing to 32% in FY18 (FY17: 47%). The ratings also
reflect the moderate-to-low receivable risk as ICPPL does not
extend open credit for a major portion of its sales which are
either backed by letters of credit or are against advances or are
on cash basis.

Moreover, ICPPL's credit metrics were better than the agency's
expectations during FY18, with gross interest cover of 5.6x
(FY17: 433.2x) and net adjusted leverage of negative 10.1x
(negative 1.2x). The better-than-expected credit metrics were on
account of lower interest expenses and lower debt levels due to
lower-than-expected dependence on working capital facilities.
This was on account of the company's continued procurement of
majority of its raw materials from IMR Metallurgical AG, which
offers a long credit period.

Furthermore, ICPPL's liquidity is supported primarily by the high
creditor days of 114 days in FY18 (FY17: 93 days) which had
resulted in a rise in cash flow from operations to INR559 million
(INR245 million).

The Positive Outlook reflects the agency's expectations of a
steady credit profile in FY19, despite higher debt levels and
thus interest expenses to fund the higher scale, on the back of
an improvement in operating EBITDA during the period aided by
better management of risks.

Despite the increase in revenue, ICPPL's operating EBITDA
declined during FY18 to INR52.1 million (FY17: INR130 million),
as the company took an inventory write-down on the coal given the
decline in the prices of coal and coke.

The ratings remain constrained by the exposure of the company's
profitability to fluctuations in commodity prices and forex
rates. Around 30% of the company's trade is on stock and sale
basis and the balance is on back-to-back basis (procurement
backed by confirmed orders). However, ICPPL mitigates the forex
risk by an efficient hedging mechanism. Also, its TOL/TNW
increased to 24.0x in FY18 (FY17: 18.2x).

RATING SENSITIVITIES

Positive: A sustained improvement in EBITDA margins and stability
in profitability due to a reduction in inventory risk while
maintaining the credit metrics on a sustained basis could be
positive for the ratings.

Negative: A sharp decline in the scale of operations and/or
weaker-than-expected credit metrics on a sustained basis could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, ICPPL is engaged in the trading of
metallurgical coke, coking coal, thermal/steam coal, pig iron,
iron ore, pet coke, chrome-ore, manganese ore, anthracite, and
ferro alloys. The company is promoted by Mr. Anirudh Misra.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Term loan due on March 2019 maintained in Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 27, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ingenerie Technologies Solutions was established in 2005 by YV
Reddy. Its registered office is in Hyderabad.


MARK INTERNATIONAL: Ind-Ra Maintains BB Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mark
International Foods Stuff Pvt Ltd.'s Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mark International Foods Stuff processes and exports frozen
buffalo meat.


N.V. NAGESWARA: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained N.V.Nageswara
Rao's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limits (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR29.1 mil. Term loan (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR20 mil. Non-fund-based limits (short-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 5, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1979, N.V. Nageswara Rao is a proprietorship
business engaged in the construction of roads, railway lines and
minor bridges.


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

The instrument-wise rating action is:

-- INR225 mil. Term loan due on March 2024 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Om Sree Papertek manufactures kraft paper.


ORISSA ORDER: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Orissa Order
Suppliers Pvt. Ltd.'s Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR210 mil. Fund-based cash credit limits (Long-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, Orissa Order Suppliers has a 10,000 tonne
per annum pulse mill in Jalgaon (Maharashtra) and trades in a
variety of pulses.


PRAMANIK METAL: ICRA Reaffirms B Rating on INR14cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR14.00-crore (enhanced from 10.00 crore) cash credit facility
of Pramanik Metal Corporation. ICRA has also assigned a short-
term rating of [ICRA]A4 to the INR14.00-crore of letter of credit
facility of the firm. Letter of credit is a sublimit of cash
credit facility. The outlook on the long-term rating is Stable.
The ratings have been removed from non-cooperation category.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund-based-         14.00        [ICRA]B (Stable); reaffirmed;
   Cash credit                      removed from non-cooperation
                                    category

   Non-fund-based-
   Letter of Credit    (14.00)      [ICRA]A4; assigned

Rationale

The reaffirmed ratings remain constrained by PMC's modest scale
of operations coupled with muted revenue growth over the last
five years. The ratings also remain constrained by the firm's
weak financial risk profile, characterised by leveraged capital
structure as indicated by a high gearing of 4.1 times and
depressed coverage indicators, as reflected in TD/OPBDITA of 14.1
times and interest coverage ratio of below 1 times as on March
31, 2018. This, coupled with the highly competitive intensity in
metal trading business and exposure to fluctuations in the traded
goods prices, resulted in low profitability and net cash accruals
in FY2018. ICRA further notes that imports form a significant
share of the total purchases and in the absence of any firm
hedging policy, the firm's profitability remains susceptible to
the foreign exchange fluctuation risks. The ratings are also
constrained due to the risks associated with the PMC being a
partnership concern; any substantial withdrawal from capital
account will impact the capital structure adversely.
However, the ratings favourably factor in the extensive
experience of the promoters in the metal trading industry, and
the established customer and supplier base of the firm.

Outlook: Stable

ICRA believes PMC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
Positive if substantial growth in revenue and profitability,
strengthens the financial risk profile and improves capital
structure. It may be revised to a Negative if cash accrual is
lower than expected, or the stretch in the working capital cycle
weakens the liquidity.

Key Rating Drivers

Credit strengths

Extensive experience of promoters in the metal trading industry:
The firm was incorporated in 1962 by the Mehta family for metal
scrap trading. Extensive experience of the promoters has ensured
repeat and regular business from established customers.

Long-term relationship with key customers and suppliers: The firm
has an established customer and supplier base. The customer
profile consists of metal recycling players as well as casting
units. The customer profile of the firm remains diversified on
account of the significant experience of the promoters in the
business and the customer concentration has been moderate with
the top 10 customers accounting for about 24% of the total sales
in FY2017.

Credit challenges

Modest scale of operations resulting in low bargaining power with
suppliers and customers: The firm has a modest scale of
operations and has witnessed low revenue growth of ~5.8% CAGR
over the last five-year period. The operating income stood at
INR98.9 crore in FY2017 as against INR111.2 crore in FY2016,
translating into a YoY de-growth of 11%. However, it was able to
recover in FY2018 with the operating income increasing by ~12.6%
to INR111.3 crore. The modest scale of operations led to low
bargaining power with the suppliers and customers as indicated by
a low payable period of 2-5 days and elongated receivable period
of about 50 days.

Low profitability given the highly competitive intensity in
trading nature of business: The firm faces stiff competition from
other unorganised players supplying copper and aluminium scrap.
Further, the trading nature of the business has resulted in low
profitability as reflected by low operating margin of about 1.5%
and lower net margin of below 0.5% in the recent years.

Leveraged capital structure and weak debt coverage indicators:
The total debt of the company mainly consists of working capital
borrowings from the bank and unsecured debt from relatives. High
reliance on external borrowings to meet the working capital
requirement and low net worth base has resulted in a leveraged
capital structure and weak debt coverage indicators as indicated
by a high gearing of 4.1 times, TD/OPBDITA of 14.1 times and low
interest coverage ratio of below 1 times as on March 31, 2018.

Vulnerability of profitability to fluctuations in prices of scrap
and exposure to foreign exchange fluctuations: Significant
portion of the scrap is imported by the firm from the Middle
East. Hence, the firm remains exposed to currency fluctuations.
Furthermore, the margins are largely affected by the metal scrap
price fluctuation which in turn affects the sales realisations.
Any adverse movement in the price of traded metal scrap can have
an adverse impact on the firm's margins, considering the limited
ability to pass on the price hike owing to intense competition.

Risk associated with being a partnership concern substantial
withdrawal from capital account to impact capital structure: PMC
is constituted as a partnership firm, which entails the risk of
capital withdrawal by the partners. However, in the past five
years, the partners have not withdrawn any substantial amount of
capital.

Pramanik Metal Corporation was incorporated in 1962 and recycles
metal under the leadership of Mr. Kajodimal Mehta. The firm is
now led by Mr. Jitendra Mehta and trades mainly in copper,
aluminium, and cable scrap. It is a regular importer of these
materials in the form of scrap, which is then sold domestically.
The firm is a member of the Metal Recycling Association of India,
the Bombay Metal Exchange and the Bombay Non-ferrous Metal
Association of India.

In FY2018, on a provisional basis, the firm reported a net profit
of INR0.4 crore on an operating income of INR111.3 crore, as
compared to a net profit of INR0.4 crore on an operating income
of INR98.9 crore in the previous year.


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

The instrument-wise rating action is:

-- INR190.9 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Raga Motors is an authorised dealer for Mahindra & Mahindra
Limited's ('IND AAA'/Stable) four-wheelers in Jalandhar,
Kapurthala and Nakodar in Punjab and Honda Motorcycle & Scooter
India Private Limited's two-wheelers in Jalandhar.


RAPID METRORAIL: ICRA Lowers Rating on INR1500cr Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]C to [ICRA]D
for the INR1500.00 crore bank facilities of Rapid Metrorail
Gurgaon South Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan          1500.00      [ICRA]D; revised from [ICRA]C

Rationale

The revision of RMGSL's rating takes into account the recent
irregularities in debt servicing by the company. RMGSL has not
paid the interest for the month of August 2018. The company's
inability to generate sufficient revenues due to continued weak
ridership on the project route had made it highly dependent on
timely funding support from promoters. However, the promoter has
not made available the required funds. As per the RMGSL's
management, the company has represented to Haryana Urban
Development Authority (HUDA) for claims due to breach of
provisions of the Concession Agreement.

Key rating drivers

Credit challenges

Recent delays in debt servicing: There has been delays in debt
servicing by the company in absence of timely funding support
from promoters. The interest for the month of August 2018 has not
been paid yet.

Weak ridership: The project started commercial operations from
March 31, 2017 and the ridership on the project route has been
significantly lower than expected.

Traffic risk: The project caters to the highly concentrated area
of Golf Course Road, hence its profitability is heavily dependent
on the willingness of the occupants to migrate to the metro mode
of transport as well as any future development of the area
nearby. The company is also exposed to the risk of emergence of
any low-cost alternate mode of transport in this area, which can
impact ridership.

RMGSL, a Special Purpose Vehicle (SPV), was incorporated with the
aim of implementing a Metro link from DMRC Sikandarpur Station to
Sector-56, in Gurgaon under concession from HUDA in Public
Private Partnership. The SPV's sponsors are IL&FS Rail Limited
(IRL) (65.0%) and IL &FS Transportation Networks Limited (ITNL)
(35.0%). The scope of the project includes design performance and
execution, engineering, financing, procurement, construction,
installation, commissioning and testing of the works together
with subsequent operation and maintenance of the entire project.
HUDA has granted the concession to the SPV for a period of 98
years starting from July 2, 2013.

The total cost of the project was funded by a combination of debt
(INR1,500 crore) and equity. The entire term loan of INR1,500
crore has been sanctioned by a consortium of five banks with
Canara Bank as the lead bank and an external commercial borrowing
(ECB) loan lender. The project achieved commercial operations on
March 31, 2017.

The IL&FS Group has experience in developing a similar metro
project and has successfully executed a metro line under RMGL.
This was the Group's first metro rail project with operations
commencing in November 2013. The link has been developed from
DMRC Sikanderpur Station to National Highway 8 (NH 8) in Gurgaon
under concession from HUDA.


RUBBER O MALABAR: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rubber O
Malabar Products Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR45.80 mil. Term loan (long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR14.2 mil. Fund-based facilities (long-/short-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, Rubber O Malabar Products manufactures
various types of rubber conveyor belts. It belongs to the Infinis
group of companies that is owned by a group of technocrats with
industry presence of over two decades.


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

The instrument-wise rating action is:

-- INR200 mil. Fund-based limits migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 4, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Satwik Steel trades iron and steel
products.


SECUNDERABAD HOTEL: Ind-Ra Retains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Secunderabad
Hotels Pvt. Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR226.4 mil. Long-term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR107.5 mil. Fund based working capital limit maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR11.5 mil.Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Secunderabad Hotels operates five three-
star hotels under the brand name Minerva Grand and six multi-
cuisine restaurants and bars under the name of Blue Fox
Restaurant in Andhra Pradesh and Telangana.


SHREE ASHTVINAYAK: Ind-Ra Maintains 'D' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree
Ashtvinayak Roller Flour Mills Private Limited's Long-Term Issuer
Rating in the non-cooperating category. The issuer did not
participate in the rating exercise, despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits (Long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR28.5 mil. Term loan (Long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated as a private limited company in December 2012, Shree
Ashtvinayak Roller Flour Mills was manufactures and processes
wheat flour products and semolina.


SHREE DURGA: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Durga
Khandsari (Sugar) Mills' (SDKSM) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR77.5 mil. Fund-based limit* affirmed with IND BB+/Stable
    rating; and

-- INR99.4 mil. (reduced from INR124 mil.) Term loans due on
    June 2019 - December 2023 affirmed with IND BB+/Stable
    rating.

* The limits are seasonal in nature and enhanced to INR140
million during October-May. During the rest of the period, the
limits stand at INR77.5 million.

KEY RATING DRIVERS

The affirmation reflects Ind-Ra's expectations of deterioration
in its credit metrics to modest from comfortable in view of an
INR305 million capex in FY19-FY20 to set up an ethanol unit. The
capex will be funded through a mix of debt and equity in the
ratio of 2.8:1.0.

In FY18, the credit metrics were impacted by the debt-led capex
in 4QFY17 that was incurred on the set up of the in-house power
plant. A fresh term loan was taken to meet the capex and, thus,
led to an increase in the overall financial cost. During FY18,
SDKSM's interest coverage (operating EBITDA/gross interest
expense) was 3.5x (FY17: 5.4x) and net financial leverage
(adjusted net debt/operating EBITDA) was 2.2x (3.8x). FY18
financials are provisional.

The ratings continue to be constrained by the partnership nature
of the business and the strong government intervention in the
industry.

The ratings also continue to reflect SDKSM's modest scale of
operations, although revenue rose to INR1,224 million in FY18
from INR1,056 million in FY17 on account of an increase in the
sales volumes of sugar and mollases.

The ratings, however, are supported by SDKSM's comfortable
liquidity, indicated by a 64% utilisation of the fund-based
limits during the 12 months ended August 2018.

The ratings are also supported by a healthy EBITDA margin, which
rose to 13.7% in FY18 from 10.9% in FY17 as the sale of
electricity from its 11MW in-house power plant commenced in FY18.
Its return on capital employed was 22.7% in FY18 (FY17: 14.0%).

The ratings are supported by the partners' decade-long experience
in the sugar industry. Moreover, SDKSM maintained a comfortable
debt equity ratio of 1.1x in FY18 (FY17: 1.6x).

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity or the credit
metrics will be negative for the ratings.

Positive: A rise in the revenue and the liquidity, along with the
credit metrics staying at or improving from the current levels,
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1974, SDKSM produces sugar at its facility in
Barwani, Madhya Pradesh.


SHREE JEE: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shree Jee
Flour Mills Pvt Ltd.'s Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limit maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR2.2 mil. Term loan due on March 2018 maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR5 mil. Non-fund-based limit maintained in non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 22, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2002, Shree Jee Flour Mills manufactures
wheat products at its 37,500mt plant in Asansol, West Bengal.


SHRI SHYAM: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri Shyam
Agro Biotech Private Ltd.'s Long-Term Issuer Rating in the non-
co-operating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR140 mil. Fund-based limits maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR3.7 mil. Term loan maintained in non-cooperating category
    with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR11 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 22, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in May 2001, Shri Shyam Agro Biotech manufactures
wheat products at its 57,000mt plant in Raniganj, West Bengal.


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

The instrument-wise rating actions are:

-- INR24.8 mil. Term loan maintained in non-cooperating category
    with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Cash credit limit maintained in non-cooperating
    category with IND  BB+ (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shruthi Milk Products processes and supplies milk and related
products such as ghee, ice cream and flavoured milk.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR210 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sincon Infrastructure undertakes construction of bridges,
railways, roads and flyovers.


SUMAN VINIMAY: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Suman Vinimay
Pvt Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR170 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR45 mil. Term loan maintained in non-cooperating category
    with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Suman Vinimay operates a Tanishq franchisee
in Burdwan, West Bengal.


SUSHRAVYA UPLIFTMENT: ICRA Reaffirms B Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR10.00-crore long-term bank facilities of Sushravya Upliftment
Foundation. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-term bank
   Facilities          10.0         [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation factors in Sushravya's geographically
concentrated and modest scale of operations, its stretched
capital structure, limited financial flexibility and modest
earnings profile. The entity's geographical concentration of
operations exposes it to considerable regional risks and the
portfolio is also susceptible to ago-climatic risks as most of
the borrowers are dependent on agriculture. Sushravya's gearing
was stretched at 20 times as on March 31, 2018 (provisional) with
a low net worth of INR0.3 crore. The entity's internal generation
is modest and profit for FY2018 (provisional) stood at INR0.1
crore (INR0.2 crore for FY2017).

The rating factors in the financial and operational support from
Organisation for Development of People (ODP) and the track record
of ODP's operations in the microfinance business albeit on a
modest scale. ICRA notes that Sushravya is vulnerable to the
risks associated with unsecured lending, a marginal borrower
profile and other socio-political and operational risks inherent
in microfinance operations. Going forward, it is critical for
Sushravya to improve its loan appraisal, IT and audit systems to
adequately manage the risks associated with the microfinance
business.

Outlook: Stable

ICRA believes Sushravya would continue to benefit from ODP's
regionally established franchise and support. The outlook may be
revised to Positive with an improvement in the financial risk
profile. The outlook may be revised to Negative in case of a
significant deterioration in the asset quality or further
weakening in the overall financial profile.

Key Rating Drivers

Credit strengths

ODP's regionally established franchise: ODP has a track record of
over two decades in microfinance activities with a member base of
about 45,000. ODP used to offer microfinance loans directly to
its self-help group (SHG) members. However, it discontinued
incremental lending in June 2016. ODP currently focuses on
extending credit plus facilities for the empowerment of rural
women and also provides financial literacy and training for
various programmes for the livelihood of rural women. Sushravya
was started by ODP's governing body members to provide
microfinance loans to its SHG members.

Credit challenges

Modest scale and geographically concentrated operations:
Sushravya provides microfinance loans and had a portfolio
outstanding of INR6.2 crore as on March 31, 2018 (Rs4.5 crore as
of March 31, 2017). The entity's operations are concentrated in
four districts, predominantly around the Mysuru district of
Karnataka. Portfolio concentration exposes the entity to regional
risks including agro-climatic risks as it primarily lends to
borrowers involved in agri/agri-related activities.

Critical to improve loan appraisal, IT and risk management
systems: The entity's branches are not connected on a realtime
basis and the day-to-day accounts are maintained at the head
office based on the weekly data received from the
branches. Sushravya does not undertake credit bureau checks
during its loan appraisal process and it does not have a
formal internal audit procedure. The absence of credit bureau
checks exposes the entity to overleveraging of borrowers.
Though Sushravya has a collection efficiency of close to 100% at
present, it is critical for the entity to strengthen its loan
appraisal, IT and audit systems to ensure good asset quality as
the business expands.

Weak financial risk profile: Sushravya's capital structure is
stretched with a low net worth of INR0.3 crore (provisional as
on March 31, 2018) and a gearing of about 20 times. The entity's
internal generation is modest, and profit stood at Rs.
0.1 crore (provisional for FY2018). Currently, the entity's
borrowings for microfinance loans are from ODP, without a
fixed repayment schedule. During FY2018, a loan of INR5.0 crore
was sanctioned from NABARD (INR0.8 crore availed as
of March 2018) for lending for sanitation facilities. It is
critical for Sushravya to secure funding from diverse sources at
competitive rates to scale up its operations while maintaining
adequate liquidity.

Sushravya Upliftment Foundation is registered under Section 8 of
the Companies Act, 2013 as a not-for-profit entity. The
entity commenced operations in June 2016. Headquartered in
Mysuru, Karnataka, Sushravya is entirely held by the governing
members of Organisation for Development of People (ODP). ODP is a
society, registered in 1990 to undertake welfare activities in
the four districts of Karnataka - Chamraja Nagar, Kodagu, Mandya
and Mysuru.

ODP formed the Federation of Maholidaya Self-Help Groups in 1991
to provide microfinance to women SHGs and then formed Grama
Vikasa Swa-Sahaya Sanghagala Maha Okkuta in 2000 for men SHGs. As
on March 31, 2017, ODP managed around 2,900 SHGs (including 350
men SHGs) with around 45,000 members. In June 2016, ODP stopped
microfinance disbursements and Sushravya commenced lending to
ODP-managed SHGs.

As of March 31, 2018, Sushravya's microfinance portfolio stood at
INR6.2 crore. Water and sanitation loans accounted for 58% of the
total loan portfolio as on March 31, 2018, followed by income-
generating loans (39%) and housing loans (3%). It has two
branches with seven field officers and undertakes monthly
collections across its 21 collection points.

During FY2018, Sushravya reported a provisional profit of INR0.1
crore on an asset base of INR6.4 crore vis-a-vis a net profit of
INR0.2 crore on an asset base of INR4.6 crore during FY2017.


TATA MOTORS: Fitch Affirms 'BB+' IDR & Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Tata Motors Limited
(TML) to Negative from Stable and has affirmed its Long-Term
Issuer Default Rating at 'BB+'.

The revision of the Outlook reflects Fitch's expectations of
rising negative free cash flow (FCF) over the fiscal years ending
March 2019 (FY19) and FY20, following upward capex revisions at
TML's fully owned subsidiary, Jaguar Land Rover Automotive plc
(JLR, BB+/Negative). Fitch expects FCF to improve post FY20, but
the ratings may be downgraded if Fitch believes TML's FCF is not
likely to improve in line with its expectations. The Outlook
revision also takes into account evolving risks, including a
disorderly Brexit, higher global tariffs and slower execution of
JLR's plan to move away from diesel-based powertrains in Europe.
Fitch revised its Outlook on JLR to Negative from Stable on
September 13, 2018.

The affirmation of TML's rating reflects the robust positioning
of JLR - which accounts for more than 65% of TML's EBITDA
generation - in the premium segment and a financial profile that
will remain solid even after considering substantial investment
in capacity expansion and new technologies over the next few
years. The rating, which includes a one-notch uplift from TML's
'BB' standalone rating on its linkage with its parent, Tata Sons
Limited (TSOL), also reflects its leading position in India's
commercial-vehicle market and the recovering passenger vehicle
business, after successful new-product launches in the previous
few years.

Fitch expects a gradual improvement in TML's profitability that
has weakened in the previous few years due to weaker
profitability at JLR. This should help FCF turn positive in FY21
and curb deterioration in consolidated leverage - as measured by
net adjusted debt/EBITDAR, excluding TML's auto-financing
subsidiary, TMF Holdings Limited - above 1.5x, the level where
Fitch may consider negative rating action.

KEY RATING DRIVERS

Risks to Better Profitability: Fitch believes a disorderly Brexit
could significantly disrupt JLR's supply chain and affect TML's
earnings and cash generation compared with its current
projections, which point towards gradual margin improvement.
Risks may also come from the fluid global tariff situation and if
JLR is slow to adopt non-diesel drivetrains in Europe. JLR's
EBITDA margin fell to 9.7% in FY18 (FY17: 11.6%) due to higher
costs, leaving TML's margin at around 11.0% (FY18: 11.2%, FY17:
10.6%), despite an improvement in its Indian business.

Fitch expects a gradual lift in TML's profitability over the
medium-term following launches and model refreshes at JLR along
with enhanced productivity and a shift in production mix towards
low-cost locations, such as the new plant in Slovakia. Fitch also
expects TML's Indian business to benefit from volume growth and
its strategy to reduce the number of passenger-vehicle platforms,
which will support margins despite intense competition. Fitch
does not expect TML's leverage to exceed 1.5x and to gradually
improve to 1.2x by FY21 on better profitability.

Large Investments at JLR: Fitch expects JLR's continuing large
investments to keep TML's FCF negative over FY19 and FY20,
compared with its earlier expectations of FCF turning positive by
FY20. The investments are driven by JLR's increased focus on
electrification, autonomous driving and shared mobility. The
company investments in emerging mobility technologies have gained
traction, as evidenced by positive reviews of its first all-
electric sport-utility vehicle (SUV), I-PACE, which was launched
recently. JLR is also developing a new modular platform to help
it move away from diesel drivetrains, notably in Europe.

Nonetheless, Fitch expects the investments to improve the group's
ability to respond to emerging sector trends and strengthen its
business profile in the long run.

Improving Indian Business: TML has further strengthened its
leading position in India's commercial-vehicle segment, with
robust growth over the five months to August 2018. Sales volume
rose by 62% yoy in medium and heavy commercial vehicles and 39%
in light commercial vehicles. Fitch expects demand for commercial
vehicles to remain healthy in the next 12-18 months, supported by
India's improving economy and government plans to ramp up
infrastructure spending.

Sales volume in the expanding SUV market also surged by more than
200%. Although this growth came off a low base, it reflects
progress in the company's strategy to regain lost passenger-
vehicles segment market share. Fitch expects continued expansion
of TML's passenger-vehicle business as the company aims to
increase its product range to cover nearly 95% of the market by
2020, from about 70% currently.

Strategic Importance to Parent: TML's rating benefits from a one-
notch uplift due to its moderate linkages with its strong
shareholder, TSOL, as per Fitch's Parent and Subsidiary Rating
Linkage criteria. Fitch believes TSOL is likely to continue
supporting TML, if required, due to TML's strategic importance to
the group and the reputational risk arising from the shared Tata
brand. TSOL subscribed in full to its share of TML's INR74.3
billion rights issue in FY16 and has provided financial support
to TML in the past. Any weakening of the linkages between the
group and TML or a deterioration in TSOL's ability to provide
support is likely to negatively affect TML's ratings.

DERIVATION SUMMARY

TML's standalone rating of 'BB' compares well against peers. Its
premium product offerings - through JLR - counterbalance its
small operating scale when compared with Fiat Chrysler
Automobiles N.V. (FCA, BB/Positive). This, together with its
similar financial profile, supports TML's standalone rating at
the same level as that of FCA.

TML's standalone rating is a notch lower than that of Peugeot
S.A. (BB+/Positive), which has a considerably larger scale and
stronger financial profile that outweighs its higher exposure to
cyclicality in its largely mass-market focused business.

KEY ASSUMPTIONS

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

  - JLR volume growth of about 4%-5% over FY19-FY20 (FY18: 2%)
    and EBITDA margin improving to around 12%-13% due to new
    model launches and production ramp-up in low-cost countries,
    such as Slovakia.

  - India operations to see sustained volume growth, with the
    EBITDA margin improving to around 7% (FY18: 5.5%).

  - Capex/revenue to average at 15% in FY19 and FY20 and at
    around 13% thereafter (FY18: 12%).

  - Resumption of dividend payment, gradually increasing to
    INR7.0 billion by FY20.

RATING SENSITIVITIES

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

  - Fitch may consider revising the Outlook to Stable if TML
    demonstrates additional positive track record in improving
    sales, profitability and free cash generation.

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

  - Weakening of linkages between Tata group and TML.

  - Consolidated net adjusted debt/EBITDAR - excluding TML's
    auto-financing subsidiary - exceeding 1.5x on a long-term
    basis due to weaker sales or profitability, either at TML or
    JLR, or due to debt-funded investments that are higher than
    its expectations.

  - Sustained negative FCF.

LIQUIDITY

Strong Liquidity: TML's readily available cash balance of more
than INR400 billion at FYE18 was adequate to meet INR180 billion
of debt (both excluding the financial-services business) maturing
in FY19. The liquidity profile is further supported by a balanced
debt maturity profile and undrawn committed credit facilities -
including GBP1.9 billion available to JLR and INR5 billion to
TML. TML's financial flexibility remains robust in the near-term
as available liquidity will sufficiently cover forecast negative
FCF of more than INR100 billion in FY19.


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

The instrument-wise rating action is:

-- INR20 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Tirupur-based Tunic Fashion Apparels manufactures and exports
readymade garments primarily to retailers and wholesalers in
Europe.


URBANEDGE HOTELS: ICRA Assigns C+ Rating to INR112cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long -term rating of [ICRA]C+ to the
INR112.00 crore term loan facilities of Urbanedge Hotels Private
Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan          112.00       [ICRA]C+; Assigned

Rationale

The ratings are constrained by UHPL's weak financial profile
characterised by a stretched capital structure, inadequate
coverage metrics and insufficient cash flow from operations to
service debt obligations. The company is highly leveraged with
debt at unsustainable levels given the current scale of
operations. The company's debt was restructured during FY2012 to
extend the repayment period. However, the operations could not
sustain debt servicing. The private equity (PE) investor has been
infusing funds into the company since April 2015 to ensure timely
servicing of repayments. However, during a two-month period in
October-November 2017, disqualification of the board pending
submission of financial statements for the period FY2014-FY2017,
led to delays in debt servicing. This was corrected in January
2018 with further infusion of funds into the company by the PE.
Past delays in debt servicing, and concerns raised by statutory
auditors regarding internal control weaknesses and corporate
governance issues have further constrained the rating. In July
2015, the company has appointed third party financial advisors to
review the company's financial transactions and provide
accounting and advisory services.

UHPL's four hotels are in proximity to large business parks in
Chennai, Bangalore, Ahmedabad and Coimbatore. This helps to
attract stable demand from corporate customers. However, in line
with the industry, UHPL's revenues and margins are exposed to
industry cyclicality, economic cycles and exogenous risks.

Outlook: Not applicable

Key rating drivers

Credit strengths

Equity infusions from PE investors supports debt servicing:
UHPL's operations are yet to achieve break-even and requires
constant financial support from its PE investors. The PE
investor, who currently holds 97.92% stake in the company, have
infused INR300.6 crore over the past five years (since April 1,
2013) for loss funding and to support debt servicing. Going
forward, timely equity infusions from the PE investors will
remain critical for repayment of principal and interest given the
highly leveraged capital structure, and continued net losses
expected in the near term.

Strategic location of hotels likely to support future occupancy:
UHPL's hotel properties are in strategic locations in close
vicinity to business/information technology parks, airport, etc.
This attracts business travellers. While occupancy is currently
low at 45% (FY2018) given the high competition, the company's
strategy to focus on corporate customers is expected to support
improvement in occupancy going forward.

Credit challenges

Past delays in debt servicing: UHPL's term loans were
restructured in 2012 consequent to delays in meeting the debt
obligations. Since April 2015, the company has been regular in
meeting the term loan obligations with the continued equity
infusions from the PE investors. There were temporary delays in
repayment of term loan during October-November 2017 due to
disqualification of directors by the Ministry of Corporate
Affairs for delay in filing of financial statements. Subsequently
the company has been regular in debt servicing.

Financial profile characterised by weak capital structure and
coverage indicators: UHPL has been incurring net losses since its
inception in FY2007 with the launch of properties coinciding with
a deep downcycle in the Indian hospitality industry. The
company's operating cash flows are not sufficient to meet the
term loan obligations, resulting in negative debt coverage
indicators. Going forward, the capital structure and coverage
indicators will remain dependent on the continued funding support
from the PE investors.

Vulnerability of revenues to inherent industry cyclicality,
economic cycles and exogenous events: Operating performance of
the properties is exposed to seasonality, general economic cycles
and exogenous factors (geo-political crisis, terrorist attacks,
disease outbreaks, etc.).

UHPL was incorporated in 2006 as a special purpose vehicle (SPV)
between Auromatrix Hotels Private Limited (Auromatrix ~3% stake)
and CPI India I Limited (CPI). CPI, a fund managed Apollo Global
Management LLC3, owns 97.92% stake in UHPL. Auromatrix was
promoted by Mr. Kumaran Sitaraman in 2002 to develop, operate and
manage hotels. UHPL owns four hotels in Chennai (Old
Mahabalipuram Road IT Expressway), Bangalore (Whitefield),
Coimbatore (Singanallur) and Ahmedabad (SG Road) with 638 rooms.
Auromatrix has developed the hotels and currently manages the
same under a franchisee agreement of the four-star upscale brand
'Aloft', owned by the Marriot Hotels Group.

In FY2018, the company incurred a net loss of INR49.2 crore on an
operating income (OI) of INR62.1 crore as compared with net loss
of INR44.7 crore on an OI of INR58.5 crore in FY2017.


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

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Yuvashakthi Enterprises is engaged in the civil construction
business since 1987.


ZENICA CARS: ICRA Lowers Rating on INR150cr LT Loan to D
--------------------------------------------------------
ICRA has downgraded the long-term rating for INR150.01
unallocated facilities of Zenica Cars India Private Limited
(ZCIPL) to [ICRA] D from [ICRA]BBB. ICRA has also moved the
ratings to 'Issuer non-co-operating' category in the absence of
adequate information for determining credit quality of the
company despite follow up by ICRA.

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term          150.00      [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    downgraded from [ICRA]BBB
   Limits                         (Stable) and moved to issuer
                                  not cooperating category

Material Event

The lenders of ZCIPL have verbally informed that the company has
been delaying in servicing its debt obligations and its accounts
have recently slipped into non-performing category with select
lenders. The same implies misrepresentation by the company
management while providing timely no-default declaration to ICRA
for the past several months.

Impact of the Material Event
ICRA has downgraded the long-term rating for INR150.01
unallocated facilities of ZCIPL to [ICRA] D (pronounced ICRA D)2
from [ICRA]BBB (pronounced ICRA triple B). ICRA has also moved
the ratings to 'Issuer non-co-operating' category in the absence
of adequate information for determining credit quality of the
company despite follow up by ICRA.

Rationale

The rating downgrade reflects the default by ZCIPL in servicing
its debt obligations, as informed by the lenders. This indicates
misrepresentation by the company management to ICRA who had
provided timely (monthly) non-default declarations. ICRA also
takes note of media reports, on possible discrepancies on past
financial reports of the company.

In the absence of adequate information to determine the credit
quality, the ratings have been moved to 'Issuer non-co-operation'
category.

Key rating drivers

Credit Weaknesses

Default in debt servicing: The lenders of the company have
informed that the company had been delaying payments for the past
few months and the accounts have recently been categorised as
NPA. This indicates misrepresentation to ICRA by the company
management, as it had provided timely (monthly) non-default
declarations, while delaying payments.


ZENICA PERFORMANCE: ICRA Cuts Rating on INR40cr Loan to D
---------------------------------------------------------
ICRA has downgraded the long-term rating for INR40.01 unallocated
limits of Zenica Performance Cars Private Limited (ZPCPL) to
[ICRA]D from [ICRA]BBB-. ICRA has also downgraded the short-term
rating for INR10.0 crore non-fund-based limits of ZPCPL to
[ICRA]D from [ICRA]A3. ICRA has also moved the ratings to 'Issuer
non-co-operating' category in the absence of adequate information
for determining credit quality of the company despite follow up
by ICRA.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-Term           40.0       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                    downgraded from [ICRA]BBB-
   Limits                         (Stable) and moved to issuer
                                  not cooperating category

   Short-Term          10.0       [ICRA]D ISSUER NOT COOPERATING;
   Non-Fund Fund                  downgraded from [ICRA]A3 and
   Based                          moved to issuer not cooperating
                                  category

Material Event

The lenders of ZPCPL have verbally informed that the company has
been delaying in servicing its debt obligations and its accounts
have recently slipped into non-performing category with select
lenders. The same implies misrepresentation by the company
management while providing timely no-default declaration to ICRA
for the past several months.

Impact of the Material Event

ICRA has downgraded the long-term rating for INR40.01 unallocated
limits of ZPCPL to [ICRA]D from [ICRA]BBB-. ICRA has also
downgraded the short-term rating for INR10.0 crore non-fund-based
limits of ZPCPL to [ICRA]D from [ICRA]A3. ICRA has also moved the
ratings to 'Issuer non-co-operating' category in the absence of
adequate information for determining credit quality of the
company despite follow up by ICRA.

Rationale

The rating downgrade reflects the default by ZPCPL in servicing
its debt obligations, as informed by the lenders. This indicates
misrepresentation by the company management to ICRA who had
provided timely (monthly) non-default declarations. ICRA also
takes note of media reports, on possible discrepancies on past
financial reports of the company.

In the absence of adequate information to determine the credit
quality, the ratings have been moved to 'Issuer non-co-operation'
category.

Key rating drivers

Credit Weaknesses

Default in debt servicing: The lenders of the company have
informed that the company had been delaying payments for the past
few months and the accounts have recently been categorised as
NPA. This indicates misrepresentation to ICRA by the company
management, as it had provided timely (monthly) non-default
declarations, while delaying payments.



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


MAINZEAL PROPERTY: Owes Much More Than Claimed, Liquidator Says
---------------------------------------------------------------
Radio New Zealand reports that when Mainzeal collapsed it owed
creditors millions more than has been claimed, the liquidator for
failed construction firm said.

The former construction giant went into liquidation in 2013 amid
claims of governance failures and reckless trading, Radio NZ
says.

According to Radio NZ, about NZ$117 million in claims were filed
against Mainzeal following its collapse, but liquidator Andrew
Bethell told the Auckland High Court it in fact owed creditors
far more.

"The liquidators have admitted NZ$117 million of creditor claims
out of NZ$157 million received. In reality, creditors have lost
many millions more than that due to claims not being filed."

This included a NZ$46 million claim from AMP Capital in relation
to its Botany Town Centre development, which was never followed
through.

It is claimed that Mainzeal gave millions of dollars in loans to
affiliated companies and did not take appropriate steps to recoup
debts when it was not paid, Radio NZ discloses.

Radio NZ relates that the court was told on Sept. 19 that it
should have been apparent as early as 2008 that it would not get
the money it was owed.

According to the report, the directors, who include former prime
minister Dame Jenny Shipley, had been counting on Mainzeal's
parent company, Richina, to provide the finance it needed, but
this never happened.

The directors had also continued to take on large construction
contracts, while leaky building claims against it continued to
stack up.

Mr. Bethell was highly critical of the directors for not
insisting on repayment of loans it was owed, the report states.

"In the circumstances, I believe this showed a reckless disregard
for the interests of creditors," Radio NZ quotes Mr. Bethell as
saying.

He said Mainzeal should have ceased trading years before it did
and not doing so put creditors' money at risk, adds Radio NZ.

                      About Mainzeal Property

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

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

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

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

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

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



=====================
P H I L I P P I N E S
=====================


BANGKO BUENA: Creditors' Claims Deadline Set for Oct. 22
--------------------------------------------------------
Creditors of the closed Bangko Buena Consolidated, Inc. (A Rural
Bank) have until October 22, 2018 only to file their claims
against the bank's assets. Claims filed after said date shall be
disallowed. Creditors refer to any individual or entity with a
valid claim against the assets of the closed Bangko Buena
Consolidated and include depositors with uninsured deposits that
exceed the maximum deposit insurance coverage (MDIC) of
PhP500,000.

The Philippine Deposit Insurance Corporation (PDIC), the
liquidator of the closed Bangko Buena Consolidated, announced
that creditors of the closed bank may file their claims
personally at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM, except
holidays. Creditors also have the option to file their claims
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City. Claims filed by mail must have a postmark dated not
later than October 22, 2018. The prescribed Claim Form against
the assets of the closed bank may be downloaded from the PDIC
website, www.pdic.gov.ph. The Corporation also reiterated that
creditors should transact only with authorized PDIC personnel.

In case claims are denied, creditors shall be notified officially
by PDIC through mail. Claims denied or disallowed by the PDIC may
be filed with the liquidation court within sixty (60) days from
receipt of final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the MDIC of PhP500,000 who have already filed claims
for the insured portion of their deposits are deemed to have
filed their claims for the uninsured portion or the amount in
excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Bangko Buena Consolidated was ordered closed by the Monetary
Board (MB) of the Bangko Sentral ng Pilipinas on July 26, 2018
and PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located at #23 Valeria St.
cor. Rizal St., Brgy. Nonoy, City of Iloilo. Its seven branches
are located in Bacolod, Negros Occidental; Barotac Nuevo and
Lambunao in Iloilo; Buenavista, Guimaras; Culasi and Pandan in
Antique; and Dao, Capiz.

All requests and inquiries relating to the closed Bangko Buena
Consolidated should be addressed to the PDIC Public Assistance
Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, or through telephone
numbers (02) 841-4630 or 841-4631. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at 1-
800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday,
8:00 AM to 5:00 PM, except holidays. Inquiries may also be sent
as private message at Facebook through
www.facebook.com/OfficialPDIC



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


CHINA FISHERY: CFGI Wants to Pay Grand Success Arbitration Award
----------------------------------------------------------------
BankruptcyData.com reported that the Chapter 11 Trustee in the
China Fishery Group case requested Court authority for non-debtor
subsidiary, CFG Investment S.A.C. ("CFGI"), to satisfy an
arbitration award entered against Grand Success and guaranteed by
CFGI to the extent required by the Grand Success Guarantee.

BankruptcyData relayed that the motion explains, "Following a
series of appeals and related suits, the arbitral panel issued a
final judgment in favor of Veramar (the 'Arbitration Award').
While the final amount of the Arbitration Award is still being
finalized, the Chapter 11 Trustee understands that the
Arbitration Award will be in the range of US$8 million to US$10
million. Because Grand Success does not have any substantial
assets, the Chapter 11 Trustee expects Veramar will seek to
collect from CFGI as guarantor in accordance with the Grand
Success Guarantee. If CFGI fails to pay the Arbitration Award,
Veramar may seek to exercise certain remedies to collect payment
including sweeping CFGI's cash and foreclosing on CFGI's assets.
Regardless of the propriety of such actions, the Chapter 11
Trustee believes such actions would measurably disrupt CFGI's
operations and could possibly have a very deleterious effect on
the value held by all stakeholders."

The Court scheduled an October 10, 2018 hearing to consider the
motion with objections due by September 26, 2018, according to
BankrutpcyData.

              About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other
than CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter
11 trustee for CFG Peru Investments Pte. Limited (Singapore), one
of the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves
as the trustee's bankruptcy counsel; Hogan Lovells US LLP serves
as special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.


TRIYARDS HOLDINGS: Receives Winding Up Bid from Hong Leong
----------------------------------------------------------
The Business Times reports that Hong Leong Finance has served a
winding-up petition on the yard operating arm of Ezra Holdings,
Triyards.

The winding-up application was filed on Sept. 18 with Singapore's
High Court, Triyards said, the report relates.

Hearing for the court application is scheduled for Oct. 12, 2018.

According to the report, Hong Leong Finance is understood to be
the second senior lender after DBS to have pressed on with
further legal actions against Triyards.

On Sept. 17, Triyards said DBS has appointed Justin Lim Loo Khoon
of Deloitte & Touche as receiver for its Singapore-incorporated
subsidiary, Strategic Marine and other assets, BT discloses.

These developments have surfaced about 12 months after the yard
subsidiary of erstwhile stock market darling, Ezra Holdings,
entered into a trading suspension and embarked on a debt-
restructuring exercise, the report notes.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

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

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



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