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

                      A S I A   P A C I F I C

           Friday, October 12, 2018, Vol. 21, No. 203

                            Headlines


A U S T R A L I A

BLUNT BUILDING: First Creditors' Meeting Set for Oct. 18
COUNTRY WELLNESS: Second Creditors' Meeting Set for Oct. 17
EVENTS MOVE: Miss Muddy Promoter Placed in Liquidation
ICPS AUSTRALIA: Second Creditors' Meeting Set for Oct. 18
KL SAMAD: Second Creditors' Meeting Set for Oct. 16

MACQUARIE IT: Enters Into Liquidation
PEPPER I-PRIME 2018-2: S&P Assigns B (sf) Rating to Class F Notes
PRODUCTION SMASH: First Creditors' Meeting Set for Oct. 18
RAV'S KITCHEN: Second Creditors' Meeting Set for Oct. 18


B A N G L A D E S H

BANGLADESH: Moody's Affirms Ba3 LT Issuer Rating, Outlook Stable


C H I N A

DR. PENG: S&P Cuts Issuer Credit Rating to BB-, Outlook Negative
TAHOE GROUP: Fitch Lowers LT FC IDR to B-, Outlook Negative

* CHINA: Bond Defaults to Rise in 2019 Despite Policy Easing


I N D I A

ADITYA SAI: CRISIL Migrates B+ Rating to Not Cooperating
ADVANCE LAMINATES: CRISIL Removes B+ Rating From Not Cooperating
AMIRA PURE: Insolvency Resolution Process Case Summary
ANUBHAV TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
BENARA AUTOS: CRISIL Moves D Rating to Not Cooperating Category

BHURJI SUPER-TEK: CRISIL Reaffirms D Rating on INR16.68cr Loan
DOSHI CERAMIC: ICRA Migrates B+ Rating to Not Cooperating
EMKAY AUTOMOBILE: Ind-Ra Withdraws BB Long Term Issuer Rating
ESSAR STEEL: JSW Steel Seeks Legal Opinion on Bidding Solo
ETHICS POLYSACK: ICRA Maintains B Rating in Not Cooperating

GLOBAL TECHNOCRATS: CRISIL Migrates B+ Rating to Not Cooperating
GULF ORIENT: ICRA Withdraws B- Rating on INR5cr Cash Loan
HEMCO GARMENT: CRISIL Migrates B- Rating to Not Cooperating
ICOMM TELE: Insolvency Resolution Process Case Summary
INFRASTRUCTURE LEASING: SFIO Probes Five Firms for Fund Diversion

J. K. DEVELOPERS: CRISIL Migrates B Rating to Not Cooperating
JAI AMBEY: CRISIL Migrates B+ Rating to Not Cooperating Category
JAI MAANGARH: CRISIL Assigns 'B' Rating to INR7.4cr LT Loan
K.K. DUPLEX: CRISIL Moves B+ Rating to Not Cooperating Category
KAILASH RICE: CRISIL Assigns B+ Rating to INR8cr Cash Loan

KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
KINETA GLOBAL: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
LIFESTYLE SAREES: CRISIL Migrates B+ Rating to Not Cooperating
LIOLI CERAMICA: ICRA Withdraws B/A4 Rating on INR125cr Loan
M.P. BOARD: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating

MAGMA AUTOLINKS: ICRA Maintains B+ Rating in Not Cooperating
MANN MEDICITI: CRISIL Assigns B+ Rating to INR5.8cr Cash Loan
MAYAR INFRASTRUCTURE: CRISIL Cuts Rating on INR115.6cr Loan to B-
MTAB ENGINEERS: CRISIL Reaffirms B+ Rating on INR9.5cr Loan
NADIA HEALTH: Insolvency Resolution Process Case Summary

NARSIMHA IRON: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
NIRMAAN GROUP: CRISIL Rates INR15cr Loan B+; Suspension Revoked
OPUS DEI: ICRA Withdraws B+ Rating on INR6cr Cash Loan
ORISSA STEVEDORES: CRISIL Lowers Rating on INR74cr Loan to C
PARAMOUNT CONDUCTORS: CRISIL Cuts Rating on INR11cr Loan to D

PUREWAL STONE: ICRA Maintains B Rating in Not Cooperating
RAJDHANI COLD: CRISIL Migrates B+ Rating to Not Cooperating
RAMSONS CASTING: ICRA Migrates B+ Rating to Not Cooperating
S. J. LOGISTICS: ICRA Withdraws B+ Rating on INR18cr Loan
SATYA CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating

SHREE NILKANTH: CRISIL Assigns 'B+' Rating to INR10cr LT Loan
SHRI SIDDHI: CRISIL Reaffirms B+ Rating on INR13cr Cash Loan
SK WHEELS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SKYLINE MILLARS: ICRA Maintains D Rating in Not Cooperating
SRI MAHESWARI: Ind-Ra Moves B- Issuer Rating to Non-Cooperating

SUJITHA POULTRY: CRISIL Assigns B Rating to INR5cr Cash Loan
SURYACHAKRA POWER: Insolvency Resolution Process Case Summary
TEBMA SHIPYARD: Insolvency Resolution Process Case Summary
TIRUPATI STARCH: Ind-Ra Withdraws BB Long Term Issuer Rating
TROTTING WHEELS: CRISIL Assigns B Rating to INR23cr LT Loan

UTTAM INDUSTRIAL: Ind-Ra Corrects August 27 Rating Release
VAMAN FABRICS: Insolvency Resolution Process Case Summary
VISHAL GLOBAL: Insolvency Resolution Process Case Summary


J A P A N

LEOPARD TWO: Fitch Affirms 'BB' Rating on Class D & E Notes


N E W  Z E A L A N D

MAINZEAL PROPERTY: Ex-PM Jenny Shipley Gives Evidence in Court


S O U T H  K O R E A

CAFFE BENE: Graduates from Court-Led Debt-Rescheduling Program
HYUNDAI MERCHANT: To Get $5 Billion in Funding from South Korea


V I E T N A M

VINGROUP JSC: Fitch Affirms B+ LT IDR; Alters Outlook to Negative


                            - - - - -


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


BLUNT BUILDING: First Creditors' Meeting Set for Oct. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Blunt
Building and Construction Pty Limited will be held at Chartered
Accountants Australia and New Zealand, Training Room 4, Level 18,
600 Bourke Street, in Melbourne, Victoria, on Oct. 18, 2018, at
2:30 p.m.

Nathan Deppeler and Matthew Jess of Worrells Solvency were
appointed as administrators of Blunt Building on Oct. 8, 2018.


COUNTRY WELLNESS: Second Creditors' Meeting Set for Oct. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Country
Wellness Pharmacy Palmerston Pty Ltd has been set for Oct. 17,
2018, at 11:00 a.m. at the offices of BRI Ferrier, Level 4,
307 Queen Street, in Brisbane, Queensland.

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. 16, 2018, at 5:00 p.m.

Stefan Dopking and Ian Currie of BRI Ferrier were appointed as
administrators of Country Wellness on Aug. 27, 2018.


EVENTS MOVE: Miss Muddy Promoter Placed in Liquidation
------------------------------------------------------
Tamara McDonald at Geelong Advertiser reports that the company
running a popular fitness event, which has previously been held
on the Bellarine Peninsula, has gone into liquidation.

It's caused the cancellation of popular Miss Muddy events, and
the company behind the all-female obstacle course fun runs has
said they cannot afford to provide refunds, the report says.

According to the report, thousands participated in the inaugural
Geelong Miss Muddy event in November last year, which was held at
Bellarine Estate Winery.

There was no Miss Muddy event scheduled in the Geelong region
this year, although four events were planned nationwide,
including one in Myrniong, the report notes.

Last year's event was run by Fun Events. Event Move Enterprises
took it over earlier this year, but the company has gone into
liquidation, Geelong Advertiser discloses.

Geelong Advertiser relates that a statement on the Miss Muddy
website said "we regret to inform you that the company that
delivers the Miss Muddy events, Events Move Enterprises Pty Ltd,
has ceased to operate and has been placed into the hands of
liquidators.

"The Liquidators will be in contact with all creditors (including
registrants) within five business days.

"Unfortunately the upcoming Miss Muddy events have been
cancelled, and there are no funds available to enable refunds for
the upcoming events."


ICPS AUSTRALIA: Second Creditors' Meeting Set for Oct. 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of ICPS
Australia Pty Ltd has been set for Oct. 18, 2018, at 10:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants,
8th Floor, 102 Adelaide St, in Brisbane, Queensland.

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. 17, 2018, at 5:00 p.m.

Christopher Richard Cook and Lee Crosthswaite of Worrells
Solvency were appointed as administrators of ICPS Australia on
Sept. 13, 2018.


KL SAMAD: Second Creditors' Meeting Set for Oct. 16
---------------------------------------------------
A second meeting of creditors in the proceedings of KL Samad Pty
Ltd, trading as Beds 'R' Us Wetherill Park, and Adkam Enterprises
(NSW) Pty Limited, trading as Beds 'R' Us Warwick Farm, has been
set for Oct. 16, 2018, at 10:00 a.m. at Level 11, 1 Margaret
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 15, 2018, at 4:00 p.m.

Andrew Thomas Sallway of BDO was appointed as administrator of KL
Samad on Sept. 10, 2018.


MACQUARIE IT: Enters Into Liquidation
-------------------------------------
Michael Jenkin at CRN reports that web, mobile and eCommerce
platform software development house Macquarie IT has entered
liquidation after being wound up by the Australian Taxation
Office.

The NSW registry of the federal court ordered the consultant be
wound up in insolvency on September 12. David John Kerr of RSM
Australia was appointed liquidator, CRN discloses.

A spokesperson for RSM told CRN it was unable to contact the
company's director at the time of writing, and that the ATO was
the only known creditor, with debts in the vicinity of
AUD585,000.

CRN says the company has been listed as permanently closed on
Google's directory, and the office number has been disconnected.
RSM's spokesperson also noted the company was no longer occupying
its principal place of business.

Founded in 2012, Macquarie IT was based in Sydney and serviced
customers from across Asia, Europe, and North America.  The
company developed apps for Android, iOS, and the web, and focused
on business solutions and content management systems for
verticals including healthcare, education, construction and
retail.


PEPPER I-PRIME 2018-2: S&P Assigns B (sf) Rating to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee of Pepper I-Prime 2018-2 Trust. Pepper
I-Prime 2018-2 Trust is a securitization of prime residential
mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies. The credit
    support for the rated notes comprises note subordination.

-- The underwriting standard and centralized approval process of
    the seller, Pepper Homeloans.

-- The availability of a yield-enhancement reserve, amortization
    reserve, and overcollateralization amount, which will all be
    funded by excess spread to cover potential yield shortfalls
    and loss reimbursements and to repay principal on the notes
    at various stages of the transaction's term.

-- The extraordinary expense reserve of A$250,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.2% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1-u1 notes.

  RATINGS ASSIGNED

  Pepper I-Prime 2018-2 Trust

  Class       Rating         Amount (mil.)
  A1-u1       A-1+ (sf)      US$253.0
  AR-u        AAA (sf)          A$0.0
  A1-a        AAA (sf)        A$132.0
  A2          AAA (sf)         A$72.0
  B           AA (sf)          A$14.7
  C           A (sf)           A$12.5
  D           BBB (sf)          A$8.5
  E           BB (sf)           A$5.4
  F           B (sf)            A$3.6
  G           NR                A$3.3
  NR--Not rated.

Note: The exchange rate applicable to the class A1-u1 notes is
US$0.72701 per Australian dollar.


PRODUCTION SMASH: First Creditors' Meeting Set for Oct. 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Production
Smash Repairs Pty Ltd, trading as Production Collision Centre,
will be held at Suite 601B, Level 6, 91 Phillip Street, in
Parramatta, NSW, on Oct. 18, 2018, at 3:00 p.m.

Graeme Robert Beattie of Worrells was appointed as administrator
of Production Smash on Oct. 8, 2018.


RAV'S KITCHEN: Second Creditors' Meeting Set for Oct. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Rav's Kitchen
Pty Ltd has been set for Oct. 18, 2018, at 11:00 a.m. at the
offices of Smith Hancock Chartered Accountants, Level 4, 88
Phillip Street, in Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 17, 2018, at 4:00 p.m.

Michael John Morris Smith of Smith Hancock was appointed as
administrator of Rav's Kitchen on Sept. 12, 2018.



===================
B A N G L A D E S H
===================


BANGLADESH: Moody's Affirms Ba3 LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed the Government of
Bangladesh's long-term issuer and senior unsecured debt ratings
at Ba3 and maintained the stable outlook. The short-term issuer
ratings are affirmed at Not-Prime.

The key drivers of the rating affirmation are:

1. Robust growth and policy that are conducive to macroeconomic
stability;

2. Low debt affordability owing to the government's weak revenue
generation capacity, balanced by a low debt burden and fiscal
discipline; and

3. Infrastructure, human capital and institutional constraints
that weigh on economic competitiveness and limit economic
diversification.

The decision to maintain the stable outlook reflects Moody's
expectation that risks to the ratings are balanced. On the
upside, effective implementation of measures to expand the tax
net and attract foreign direct investment could raise government
revenue beyond Moody's expectations and aid economic
diversification. On the downside, a sharp increase in risk
premia, which could result in sharp local currency depreciation
that raise inflation and interest rates, and/or a continued
increase in government borrowing through National Savings
Certificates (NSCs) would weigh on debt affordability.

Bangladesh's Baa3 local currency bond and deposit ceilings remain
unchanged. The Ba2 foreign currency bond ceiling and the B1
foreign currency deposit ceiling are also unchanged. The short-
term foreign currency bond and deposit ceilings remain unchanged
at Not-Prime. These ceilings act as a cap on the ratings that can
be assigned to the obligations of other entities domiciled in the
country.

RATINGS RATIONALE

RATIONALE FOR THE RATING AFFIRMATION

ROBUST GROWTH AND POLICY CONDUCIVE TO STABILITY

Moody's expects Bangladesh to continue achieving high growth
rates of around 7.0-7.5% over the next few years, supported by
its globally competitive ready-made garments (RMG) industry.
Strong growth and policies conducive to macroeconomic stability
support the sovereign's rating.

The RMG industry has gained global market share over the past
decade to account for more than 6% of global apparel exports in
2017 from less than 3% in 2007, and Bangladesh is now the second
largest exporter after China. The industry's global
competitiveness stems from a variety of factors ranging from low
labour costs to vertical integration and investment in technology
and environmentally sustainable processes, which help raise
efficiency and meet evolving consumer demand.

Prudent and credible monetary and fiscal policies further
underpin macroeconomic stability. In particular, moderate reserve
money growth -- the central bank's operational target -- anchors
credit growth and inflation expectations. Adherence to fiscal
deficit limits of 5% of GDP also fosters moderate inflation and
reduces growth volatility arising from pro-cyclical fiscal
policy. Policy effectiveness has been demonstrated by the
stability in economic growth over the past decade, low growth and
inflation volatility, and the absence of boom-bust credit cycles.

External vulnerability risks also remain low despite Moody's
expectations for slightly wider current account deficits to
persist, driven mainly by fuel prices and higher infrastructure-
related imports -- in part related to the government's large
infrastructure projects. Moody's expects the current account
deficit to remain around 2-3% of GDP over the next few years,
after widening to an estimated 3.5% of GDP in fiscal 2018 (the
year ending in June 2018). The ongoing rebound in remittances
will lend some support to the current account balance, while
external financing from multilateral and bilateral lenders for
the infrastructure projects supports the broader balance of
payments dynamics.

Moody's expects foreign exchange reserves in Bangladesh to remain
adequate, sufficient to cover around 5-6 months of imports and
more than 90% of the government's gross external debt, which is
largely long dated and on concessional terms.

WEAK REVENUE GENERATION CAPACITY LIMITS FISCAL SPACE, BALANCED BY
FISCAL DISCIPLINE PRESERVING A LOW DEBT BURDEN

Balanced against the broad macroeconomic stability is the
government's very low revenue generation capacity. At 11.7% of
GDP in fiscal 2018, the government's revenue base is one of the
lowest in Moody's rated universe. Persistently low government
revenue adds to relatively high financing costs to weigh on debt
affordability and constrain the government's fiscal space,
particularly in light of infrastructure and social spending
needs. These credit constraints are balanced by fiscal discipline
that support the low government debt burden.

The authorities are implementing a number of measures to raise
revenue by widening the tax base and improving tax compliance.
Measures include the digitisation of value added taxes (VAT) and
the electronic filing of income taxes; organising week-long
annual tax fairs to increase tax registration and return filing;
and enforcing severe penalties on tax evaders.

Moody's baseline assumptions include some, albeit not all, of the
revenue increase planned by the government. Given Bangladesh's
track record, revenue shortfalls are likely to persist. In
general, delays in the implementation of revenue-raising measures
reflect the political, and in some cases technical, complexity of
meeting the government's targets. For instance, the VAT law that
is currently targeted by the government for implementation in
fiscal 2020 now seems likely to be passed but after it has been
deferred for four years.

Besides a narrow revenue base, Bangladesh's debt affordability is
weakened by a relatively high cost of government debt. Increased
issuance of National Savings Certificates (NSCs) -- social
savings instruments that currently offer an interest rate premium
over domestic treasury bills and bonds -- has raised the
government's overall financing costs. The share of general
government debt financed from the higher yielding NSCs increased
significantly to 34% in fiscal 2018 from 25% in fiscal 2016. The
authorities plan to introduce reforms to the NSCs in the upcoming
medium-term debt management strategy, due in December 2018, by
tightening eligibility requirements and improving the monitoring
of limits.

Bangladesh's low government debt burden offsets these fiscal
constraints. Moody's expects the general government debt to GDP
ratio to remain around 30-32%, anchored by the country's strong
nominal GDP growth and the government's track record in meeting
its deficit targets.

INFRASTRUCTURE, HUMAN CAPITAL AND INSTITUTIONAL CONSTRAINTS
CONTINUE TO WEIGH ON ECONOMIC COMPETITIVENESS AND LIMIT ECONOMIC
DIVERSIFICATION

Notwithstanding stability-conducive macroeconomic policies,
Bangladesh continues to face challenges in government
effectiveness, control of corruption, and weak credibility in its
legal structures. Institutional weaknesses limit efficacy in
long-term measures to improve the quality of infrastructure and
human capital.

Inadequate physical infrastructure continue to constrain
Bangladesh's manufacturing and export capacity and limit
diversification prospects. Road traffic is congested, rail routes
are limited, and there is only one major port in Chittagong
servicing exports. The government aims to reduce infrastructure
constraints through its large infrastructure projects, which
include two deep sea ports, the country's first mass rapid
transit network in Dhaka, a road-rail bridge, and power plants,
all due to be completed between 2019 and 2023. While additional
and newer infrastructure may relieve some of the constraints on
the economy, demand for infrastructure is growing at a fast pace.
It is likely that such demand will only be partially met, with
the economic returns materialising over a long period of time.

A further constraint to economic competitiveness in general and
to the development of adequate infrastructure in particular is
persistent weaknesses in corporate governance and lengthy
judicial and bankruptcy processes that raise operational risks in
the country and deter foreign investment. These institutional
constraints have resulted in weak asset quality and capital
adequacy in the state-owned banks.

Meanwhile, human capital constraints also weigh on global
economic competitiveness and limit opportunities for the country
to move up the value-added chain. Enrolment rates in secondary
education and beyond are low relative to peers. Despite abundant
labour supply, Bangladesh's economy continues to face a shortage
of skilled managers and specialists. Moody's does not expect
significant improvements in the quality of human capital.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects balanced risks to the ratings.

On the upside, effective implementation of the new VAT law and
measures to expand the tax net and attract foreign direct
investment could raise government revenue and economic growth
beyond Moody's expectations and aid economic diversification.

On the downside, although external financing needs are low and
provided for by multilateral and bilateral development partners,
a sharp increase in risk premia could result in sharp local
currency depreciation, which would raise inflation and interest
rates, and weigh on debt affordability. Continued increase in
government borrowing through NSCs would also raise interest
expense and weaken debt affordability further. Meanwhile,
persistent financial weakness in state-owned banks could
compromise the implementation of essential infrastructure
projects.

WHAT COULD CHANGE THE RATING UP

The stable outlook indicates that a rating change is unlikely in
the near future.

Over time, the rating would likely be upgraded in the event of
(1) improvements in the fiscal environment, including a
significant increase in the government's revenue generation
capacity and lower cost of financing, that would increase debt
affordability and the fiscal space; and/or (2) material progress
in developing critical physical infrastructure and institutional
and economic reforms that would raise economic competitiveness,
income levels and the economy's shock absorption capacity.

WHAT COULD CHANGE THE RATING DOWN

Conversely, the rating would likely be downgraded if (1) the debt
burden increased sharply, possibly through large borrowing to
fund infrastructure projects that do not provide commensurate
economic returns; (2) the banking sector's financial health
weakened, particularly for state-owned banks, with rising
contingent liability risks to the government; and/or (3)
political tensions increased and undermined macroeconomic policy
stability.

GDP per capita (PPP basis, US$): 4,784 (2017 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7.3% (2017 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 5.9% (2017 Actual)
Gen. Gov. Financial Balance/GDP: -3.4% (2017 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -0.6% (2017 Actual) (also known as
External Balance)

External debt/GDP: 18.1% (2017 Actual)

Level of economic development: Moderate level of economic
resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On October 8, 2018, a rating committee was called to discuss the
rating of the Bangladesh, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/framework, have materially
increased. The issuer's fiscal or financial strength, including
its debt profile, has not materially changed.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2016.



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


DR. PENG: S&P Cuts Issuer Credit Rating to BB-, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Dr. Peng Telecom & Media Group Co. Ltd. to 'BB-' from 'BB'. The
outlook is negative. At the same time, S&P lowered the issue
rating on the company's guaranteed senior unsecured debt to 'BB-'
from 'BB'.

Dr. Peng is a Shanghai-listed telecommunication service provider
offering fixed-line broadband access, Internet data center (IDC)
operations, and media services in China.

S&P lowered the rating because it expects Dr. Peng's weakening
market position in China's fixed-line broadband sector to result
in rapid margin compression, lower operating cash flows, and
higher leverage over the next 12 months.

Dr. Peng's financial metrics are likely to continue to
deteriorate, given intensifying competition from China's three
state-owned telecommunication operators. Dr. Peng's market
position and financial metrics rapidly deteriorated in the first
half of 2018. The company reported a 17.1% year-over-year (YoY)
decrease in total revenue, a marked deviation from S&P's previous
assumption of a marginal increase in 2018. This was largely
driven by a 18.1% YoY contraction in sales in the fixed-line
broadband service. A consistent decline in average revenue per
user (ARPU) and loss of subscribers contributed to the poor
performance. Specifically, the number of Dr. Peng's broadband
service subscribers dropped 4.8% during the six months to June
2018, while all the three state-owned peers grew their
subscribers.

S&P said, "We believe that Dr. Peng will continue to lose market
share to the three state-owned telecommunication operators. We
also expect Dr. Peng to switch to a defensive rather than an
expansive strategy for its fixed-line broadband services.
Cumulative strengths such as financial resources, infrastructure,
network coverage, and diversified service offerings have enabled
state-owned players to price aggressively and provide competitive
bundling services. Also, the high base of fixed-line broadband
penetration in China implies slower growth and rising competition
among incumbent players. We see little signs of recovery for Dr.
Peng's fixed-line broadband business. Relatively, the company
lacks access to wireless telecommunication services and has
limited financial resources to support prolonged price
competition, coverage expansion, and infrastructure upgrades.

"We anticipate a decrease in Dr. Peng's ARPU and broadband
service subscribers over the next 12-18 months. And given the
dominance (over 70% revenue contribution) of fixed-line broadband
services in the company's financial performance, we could see a
decline in revenue, profitability, and operating cash flows. In
particular, we estimate company's EBITDA margin to be 36%-40%
over the next 12-18 months, down from 41.5% in 2017. The
company's profitability was hit during the first half of 2018,
with EBITDA margin falling 466 basis points YoY to 38.1%."

Dr. Peng's planned migration to the IDC business may require
additional spending for capacity expansion and acquisitions,
which could further weigh on the company's leverage and liquidity
over the next 12-18 months. Dr. Peng considers data center and
cloud computing to be the new propellers for its business. Such
migration entails investments to expand cabinet capacity and to
offer broader value-added services.

S&P said, "Despite our expectation of reduced investments for
broadband network expansion or infrastructure upgrades, Dr.
Peng's capital expenditure for facility maintenance is likely to
remain steady. This is on top of spending for constructing a
submarine cable. Therefore, we estimate Dr. Peng's capital
expenditure to stay high at Chinese renminbi (RMB) 3.2 billion-
RMB3.6 billion in 2018, and RMB2.9 billion-RMB3.3 billion in
2019, compared with RMB3.4 billion in 2017. We also anticipate
equity investments, including acquisitions, of RMB0.8 billion-
RMB1.3 billion in 2018 and RMB0.7 billion-RMB1.2 billion in 2019,
compared with RMB0.7 billion in 2017.

"Accordingly, we forecast Dr. Peng's leverage (debt-to-EBITDA
ratio) to rise to 2.1x-2.5x by the end of 2018 and 2.9x-3.3x in
2019. The company's leverage rose to 2.0x for the first half of
2018, from 1.3x a year ago, and above our previous assumption of
1.0x-1.5x for 2018.

"We also foresee a weakening in Dr. Peng's capital structure and
rising liquidity pressure as US$500 million of senior unsecured
debt matures in mid-2020. This is in conjunction with diminishing
liquidity sources associated with declining cash levels and
weakening operating cash flows.

"The negative outlook reflects our expectation that Dr. Peng's
market position in fixed-line broadband services will continue to
weaken and the company would incur significant capital
expenditure and have some debt-funded acquisitions over the next
12 months. We therefore expect higher leverage and a
deterioration in liquidity, compared with 2017.

"We could lower the rating if Dr. Peng's liquidity deteriorates.
This could happen if the company's liquidity sources decline by
RMB500 million from about RMB2.9 billion as of June 30, 2018.
This could be due to: (1) sizable capital expenditures and free
cash flow deficits; or (2) refinancing of the US$500 million bond
maturing in June 2020.

"We could also lower the rating if Dr. Peng's debt-to-EBITDA
ratio approaches 3.5x. This could happen if the company
undertakes more aggressive acquisitions or capital expenditure
than we expect; or it is less resilient to intensifying
competition than we expect, indicated by significant loss in
subscribers and severe deterioration in profitability and cash
flows.

"We could revise the outlook to stable if Dr. Peng's market
position and profitability in the fixed-line broadband business
stabilize and the company is able to make quick progress in the
IDC and submarine cable businesses. A sustainable debt leverage
of less than 3x, coupled with strengthened liquidity condition,
would indicate such improvement."


TAHOE GROUP: Fitch Lowers LT FC IDR to B-, Outlook Negative
-----------------------------------------------------------
Fitch Ratings has downgraded China-based homebuilder Tahoe Group
Co., Ltd.'s Long-Term Foreign-Currency Issuer Default Rating to
'B-' from 'B'. The Outlook is Negative. Fitch has also downgraded
the senior unsecured rating to 'CCC+' from 'B-', with a Recovery
Rating of 'RR5'.

The ratings reflect its belief that Tahoe's leverage will remain
above 70% for the next 18-24 months. Tahoe's rating is
constrained by its persistently high leverage, which is driven by
aggressive land acquisitions before 2018. It financed the
acquisitions via debt, which has also resulted in a heavy
interest burden that severely weakened its ability to generate
operating cash flow. The Negative Outlook reflects the heightened
liquidity risk from its poor cash collection performance.
Management's refinancing plan still faces execution risk because
of the tight credit environment and uncertainty about the
company's land acquisition appetite.

The senior unsecured rating of 'CCC+' and Recovery Rating of
'RR5' reflect the subordination of Tahoe's unsecured debt to its
secured borrowings. Tahoe had CNY51 billion of unsecured debt,
equivalent to 34% of total debt, at end-June 2018. Fitch
estimates the liquidation value, which includes a proportion of
cash, accounts receivables, and inventory, excluding customer
deposits, covers only 27% of unsecured debt. Further deleveraging
or reduction in the proportion of secured debt that results in
the recovery rate rising above 30% may result in a Recovery
Rating of 'RR4', which will lead Fitch to revise the senior
unsecured rating to the same level as the IDR.

KEY RATING DRIVERS

High leverage Constrains Rating: Leverage, as measured by net
debt/adjusted inventory (with proportionate consolidation of the
JVs), was 82.8% at end-2017. Fitch expects leverage of 80.7% at
end-2018. The high leverage is due to Tahoe's aggressive land-
banking since 2013. The attributable land premium as a share of
collected sales was high at 219% in 2013 and above 100% since
2014. While Tahoe has significantly scaled down its land
purchases in 2018, to help deleveraging, the company's plan to
accelerate its churn rate and achieve considerable contracted
sales growth would put pressure on Tahoe's land bank life, which
is around 3.5 years at the current pace of development.

Poor Cash Collection Rate: Fitch estimates that Tahoe's cash
collection rate was around 65% in 2016 and further decreased to
38% in 2017, which is much lower than the industry average of
above 80%. This was because its reported sales included purchase
intentions that did not result in actual sales, and the company's
relatively high-end products were more affected by banks' tighter
lending policies. Fitch estimates the cash collection rate will
improve to 65%-70% as the company makes more effort to boost the
quality of contracted sales and targets its products towards the
mass market.

Tight Liquidity; High Interest Cost: Tahoe had CNY18.4 billion in
unrestricted cash and CNY55.6 billion in unused banking
facilities at end-June 2018, which fell short of the CNY55.8
billion in short-term debt. Furthermore, Tahoe's high interest
cost is a big drag on its cash flow. The annual interest expense
of up to CNY11 billion is the single largest cash outflow after
land and construction expenditure. Tahoe's free cash flow, after
payments for working capital, tax, sales, general and
administrative costs, capex and dividends, is likely to remain
negative while it continues its asset expansion.

Tahoe has a CNY12 billion quota for onshore corporate bond
issuance and other structured financing plans, such as REITs and
asset-backed securitisation, but it has not yet demonstrated it
can issue these securities and refinance its short-term debt amid
current market conditions. The company's free cash flow was
negative in the past few years, largely due to its land
acquisitions. However, slower land acquisitions may reduce its
land bank life to an unsustainable level.

Increasing Scale and Improved Margin: Tahoe's business profile is
supported by its moderate scale and ongoing geographic
diversification into Tier 1 and 2 cities in China. Tahoe does not
disclose consolidated sales but its sales collection rose 45% to
CNY30.7 billion in 2017, with EBITDA margin improving to 25.0%
from 22.2% in 2016. However, based on Fitch's estimate, Tahoe's
cash collection rate is 65%-70%, much lower than the industry
average. Therefore, Fitch uses collected sales in its ratio
calculations rather than contracted sales, as it would more
accurately reflect its operational situation, until Tahoe's cash
collection rate improves to the industry average of above 80%.

Weak Parent, Weak Linkage: Tahoe's largest shareholder is Tahoe
Investment, which has a 48.97% stake. However, Tahoe's rating is
not linked to the parent because Tahoe is separately managed and
only two of seven board members affiliated with the parent. Tahoe
Investment will not be able to access cash flows from Tahoe
except via dividends, and historically Tahoe has paid minimal
dividends. In addition, Tahoe Investment has pledged 99.24% of
its Tahoe shares (as of end-June 2018) to banks, further reducing
its influence on Tahoe.

DERIVATION SUMMARY

Tahoe's business profile is similar to that of low 'BB' category
peers, given Tahoe's rapidly growing contracted sales scale and
diversification across the regions and products. However, this is
offset by its very aggressive financial profile and tight
liquidity condition, which consistent with peers in the 'B-'
rating category.

Tahoe's leverage is among the highest in the rated homebuilder
space. Its net debt / adjusted inventory was 82.8% at end-2017,
higher than Oceanwide Holdings Co. Ltd.'s (B-/Stable) 78.6% and
Xinhu Zhongbao Co., Ltd.'s (B/Stable) 62.4%. Xinhu is smaller in
scale than Tahoe but has higher margin. Tahoe has larger
contracted sales and better land bank quality than Oceanwide, but
Oceanwide enjoys better margin.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to increase to CNY80 billion
    in 2018 and CNY100 billion by 2019

  - Cash collection rate of 65%-70% in 2018- 2021

  - Average selling price of contracted sales continue to decline
    as more sales are derived from Tier 2 cities or cities
    adjacent to Tier 1 cities, rather than Beijing, Shanghai and
    Shenzhen.

  - Attributable land premium to be 23% of collected contracted
    sales in 2018 and 7% in 2019.

  - 8% borrowing cost for new borrowings.

Recovery Rating Assumptions

  - Tahoe would be liquidated in a bankruptcy because it is
    an asset-trading company

  - 10% administrative claims deducted from liquidation value

  - The value of inventory and other assets can be realised in
    a reorganisation and distributed to creditors

  - A haircut of 25% on adjusted inventory, which is lower than
    the norm used for peers because of Tahoe's higher-than-
    industry profit margin and its inventory will have a higher
    liquidation value than that of peers

  - A 30% haircut to accounts receivables

  - A 35% haircut to net property, plant and equipment

  - Based on its calculation of the adjusted liquidation value
    after administrative claims, Fitch estimates the recovery
    rate of the offshore senior unsecured debt to be 27%, which
    corresponds to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

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

  - The Outlook may be revised to Stable if the negative
    guidelines are not met

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

  - Increased likelihood of the company failing to refinance its
    maturing debt or reduce short-term debt in its debt structure
    in the next 12 months

  - Continued increase in leverage, as measured by net
    debt/adjusted inventory

  - Land bank life sustained below 1.5 years

LIQUIDITY

Tight Liquidity: Tahoe's unrestricted cash and unused banking
facilities as of end-June 2018 are not sufficient to cover its
short-term debt. Tahoe's free cash flow is likely to remain
negative and it will require external funding to repay or
refinance its short-term debt, which may prove difficult in the
current tight market liquidity. Fitch will closely monitor
whether the company can successfully deliver its funding and
refinancing plans.

FULL LIST OF RATING ACTIONS

Tahoe Group Co., Ltd

  - Long-Term Issuer Default Rating downgraded to 'B-' from 'B';
    Outlook Negative

  - Senior unsecured ratings downgraded to 'CCC+' with Recovery
    Rating of 'RR5' from 'B-'/ 'RR5'

Tahoe Group Global (Co.,) Limited

  - USD430 million 7.875% senior notes due 2021 downgraded to
    'CCC+'/'RR5' from 'B-'/'RR5'

  - USD225 million 8.125% senior notes due 2023 downgraded to
    'CCC+'/'RR5' from 'B-'/'RR5'

In accordance with Fitch's policies the issuer appealed and
provided additional information to Fitch that resulted in a
rating action which is different than the original rating
committee outcome.


* CHINA: Bond Defaults to Rise in 2019 Despite Policy Easing
------------------------------------------------------------
Chinese corporate bond defaults are likely to continue to rise in
2019 due to high refinancing pressures, the government's greater
tolerance for defaults, and tight credit availability - despite
the recent shift in the policy stance towards easing, says Fitch
Ratings. Corporate defaults should remain concentrated in the
private sector, which has benefitted less from policy easing than
state-owned enterprises (SOEs) and local-government financing
vehicles.

The onshore default rate was 0.23% in 1H18, down from 0.37% in
2017 and a peak of 0.66% in 2016. The decline has largely
reflected improved conditions in the commodity sector, which has
benefitted from supply-side reforms and a recovery in prices.
Nevertheless, we expect the full-year default rate to be higher
in 2018 than in 2017, with funding conditions for the private
sector likely to remain relatively tight. Financial institutions'
corporate lending capacities continue to be constrained by
stricter "shadow banking" regulations, while lenders' risk
appetite is being tempered by economic uncertainties and global
financial market volatility. Financial institutions remain
particularly cautious in lending to private companies and non-
strategic, financially weak SOEs.

The offshore default rate in 1H18 was 0.6%, due to the default of
China Energy Reserve and Chemicals Group on USD1.28 billion of
bonds (unrated). Offshore default rates have typically been
higher than onshore, due largely to a larger representation of
SOE issuers in the onshore market. SOEs accounted for around 70%
of onshore corporate issuers versus 42% offshore as of end-1H18.
In both markets, private companies have accounted for most of the
default since 2014.

SOEs generally enjoy stronger access than private companies to
external funding channels, especially domestic bank financing, as
lenders believe SOEs are more likely to receive government
support if they run into difficulties. This makes private
companies more vulnerable than SOEs to liquidity and refinancing
risks. Aggressive business strategies, "key man risk", and weak
accounting and corporate governance practices have also been
drivers of some private-sector defaults. Cross-guarantees among
unrelated private companies, for example, are a common practice
to obtain bank financing in some regions, which increases the
risk of chain defaults.

Most onshore defaults have yet to show a clear path towards
resolution. Cases where bondholders have received partial or full
repayments did not generally involve court-administered
bankruptcy proceedings. Court-administered legal proceedings tend
to be very slow in China. Most local court judges lack experience
in dealing with defaults, especially in remote and less
economically developed regions, while local governments often
intervene in negotiations with creditors, which can drag out
proceeding for years. Reorganisation is generally preferred over
liquidation by local governments and courts to protect employment
and maintain social stability.

Recovery rates for offshore bondholders have been lower than
onshore creditors in most default cases. Offshore bondholders are
in most cases only able to file claims in offshore courts -
unless they are provided with guarantees from onshore
subsidiaries - and legal enforcement of offshore court orders is
extremely weak. This makes it very difficult for offshore
bondholders to freeze an issuer's onshore bank account or seize
onshore assets.

The report "China Corporate Bond Defaults" is available on
www.fitchratings.com



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


ADITYA SAI: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aditya Sai
Cot Spin Private Limited (ACSPL) to CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with ACSPL for
obtaining information through letters and emails dated
September 14, 2018 and September 17, 2018, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2008, ACSPL is promoted by Warangal based Reddy
Family. Mr. B. Ravinder Reddy has almost two decades experience
in the cotton ginning and trading industry. The company has its
facility located in Warangal, with capacity of 350 bales per
day.The daily operation of the company is managed by Mr. B.
Ravinder Reddy and Mr. Veda Prakash.


ADVANCE LAMINATES: CRISIL Removes B+ Rating From Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the ratings
on the long-term bank facility of Advance Laminates Private
Limited (ALPL) to 'CRISIL B+/Stable; issuer not cooperating'.
However, ALPL has subsequently started sharing information,
necessary for a comprehensive rating review. Consequently, CRISIL
is migrating the rating to 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            6.5       CRISIL B+/Stable (Migrated
                                    from CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Term Loan              2.0       CRISIL B+/Stable (Migrated
                                    from CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The rating continues to reflect the working capital-intensive
nature of operations, the average financial risk profile, and
modest scale of operation. These weaknesses are partially offset
by extensive experience of the promoters in the laminates
industry.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive nature of operations: Operations are
highly working capital intensive, as reflected in gross current
assets and receivables of 575 days and around 328 days,
respectively, as on March 31, 2018. Further, the company
maintains inventory of around 240 days, owing to the long
operating cycle of manufacturing and stocking requirements, to
meet diverse customer needs.

* Average financial risk profile: Gearing, at 1.96 times as on
March 31, 2018, should remain moderately high, due to the
incremental working capital debt. Debt protection metrics were
modest, with interest coverage and net cash accrual to total debt
ratios of 1.6 times and 0.06 time, respectively, in fiscal 2018,
and may remain modest. Networth, which stood at INR7.40 crore as
on March 31, 2018, will continue to be constrained by small
accretion to reserve.

Strength

* Extensive experience of the promoters: The promoter, Mr.
Pranjivan Patel has been managing the operations since inception
of the company in 2005, and has built healthy relationships with
customers and suppliers. The established network of around 35
distributors and diverse range of suppliers, enhance the business
risk profile.

Outlook: Stable

CRISIL believes ALPL will benefit from the extensive experience
of its promoter. The outlook may be revised to 'Positive' if
growth in revenue and profitability or better working capital
management strengthen the financial risk profile. The outlook may
be revised to 'Negative' in case of a decline in revenue and
profitability, or if a stretch in the working capital cycle,
weakens the capital structure or financial metrics.

ALPL, which was set up in 2005, manufactures laminates in its
facility at Rajkot (Gujarat). The director, Mr Pranjivan Patel,
looks after the daily operations.


AMIRA PURE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Amira Pure Foods Private Limited
        B-1/E-28, Mohan Cooperative Industrial Estate
        New Delhi 110044

Insolvency Commencement Date: October 8, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 5, 2019

Insolvency professional: Lekhraj Bajaj

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

Last date for
submission of claims:    October 21, 2018


ANUBHAV TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anubhav
Trading's (AT) Long-Term Issuer Rating to 'IND B+' from 'IND BB-
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR80 mil. Fund-based working capital limits downgraded with
    IND B+/Stable rating.

KEY RATING DRIVERS

The downgrade reflects the deterioration in AT's revenue and
credit profile in FY18. The revenue dropped to INR205.20 million
in FY18 (FY17: INR282.7 million), mainly due to the
discontinuation of the distributorship of LG electronic
appliances. The interest coverage deteriorated to 0.98x in FY18
(FY17: 1.34x) due to a fall in absolute EBITDA to INR8.24 million
(INR13.11 million) and net financial leverage (adjusted net
debt/operating EBITDAR) increased to 13.15x (5.85x) because of an
increased debt level. The operating EBITDA margin of the company
was modest at around 4.02% in FY18 (FY17: 4.64%), owing to its
trading nature of business. The ROCE was 8% in FY18.

The ratings are further constrained by AT's tight liquidity, as
reflected from average working capital utilization of 94% during
the 12 months ended September 2018 and proprietorship nature of
business.

The ratings, however, are supported by the proprietor's
experience of almost 10 years in the trading business.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Further deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2008, AT is a distributor of electronic
appliances of various companies in Bhagalpur, Bihar. It is
managed by Mr. Dilip Jaiswal.


BENARA AUTOS: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Benara
Autos Private Limited (BAPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       0.25      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          2.50      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Foreign Bill         0.50      CRISIL D (ISSUER NOT
   Discounting                    COOPERATING; Rating Migrated)

   Letter of Credit     0.25      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Packing Credit       1.50      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Standby Fund-        0.40      CRISIL D (ISSUER NOT
   Based Limits                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BAPL for obtaining
information through letters and emails dated Aug. 28, 2018,
Aug. 29, 2018 and Sept. 3, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.'

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

Detailed Rationale

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

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

Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his
mother, Ms. Prem Lata Jain, BAPL manufactures auto components
such as engine bearing, hoses, rubber parts, and oil seals for
the domestic and global markets.


BHURJI SUPER-TEK: CRISIL Reaffirms D Rating on INR16.68cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Bhurji Super-tek Industries Limited (BSIL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          0.5      CRISIL D (Reaffirmed)
   Cash Credit             4.0      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      3.82     CRISIL D (Reaffirmed)
   Term Loan              16.68     CRISIL D (Reaffirmed)

The ratings continue to reflect modest scale of BSIL's
operations, and large working capital requirement. These
weaknesses are partially offset by the experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was modest at INR41 crore in fiscal 2018.

* Large working capital requirement: Operations have been working
capital intensive, with gross current assets, debtors and
inventory at 338 days, 59 days and 244 days, respectively, as on
March 31, 2018. Large working capital requirements leads to high
bank limit utilisation of around 101% for the 12 months through
August 2018.

Strength

* Experience of promoters: Benefits from the promoters'
experience of over three decades, their strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

BSIL, incorporated in 1986, provides end-to-end solutions for
manufacturing electronic goods, including coolers, water filters,
and geysers. It also manufactures moulded plastic structures/body
primarily for original equipment manufacturers, catering mainly
to the electronics industry. Mr Kamaljeet Singh Bhurji and his
son, Mr Amarjeet Singh Bhurji, are the promoters.


DOSHI CERAMIC: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the INR5.58 crore bank facilities
of Doshi Ceramic Industries to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable)/A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          0.50      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Term Loan            2.92      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Bank Guarantee      0.20       [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Unallocated         1.96       [ICRA]B+ (Stable)/A4 ISSUER
   Limits                         NOT COOPERATING; Ratings moved
                                  to 'Issuer Not Cooperating'
                                  category

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

Doshi Ceramic Industries (DCI) was incorporated on 1st April 2012
and is promoted by Mr. Bipinchandra Doshi and Mr. Rajesh Doshi.
DCI is based in the Thangadh (Morbi) region of Gujarat which
undertakes the manufacturing of ceramic sanitary ware products
like wash basins, closets, urinals, pans and related accessories.
The plant has an installed capacity of 10,800 MTPA. The unit
commenced commercial operations in January 2013 and initially the
sale of the firm was focused in domestic market with majority of
the sales being made to wholesalers as well as merchant
exporters. However, since FY2015 onwards, DCI is focusing more in
overseas market with better market scenario.


EMKAY AUTOMOBILE: Ind-Ra Withdraws BB Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Emkay
Automobile Industries Limited's (Emkay) Long-Term Issuer Rating
of 'IND BB (ISSUER NOT COOPERATING)'. The Outlook was Negative.

The instrument-wise rating actions are:

-- The IND BB rating on the INR40 mil. Non-fund-based working
    capital limit are withdrawn; and

-- The IND BB rating on the INR350 mil. Fund-based bank working
    capital limit are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the
above bank facilities as the agency has not received any
objection to the withdrawal of the ratings from the lender. Ind-
Ra will no longer provide rating or analytical coverage for
Emkay.

COMPANY PROFILE

Emkay, a closely held company, commenced operations in 2000. It
manufactures various automobile components such as coil springs,
sheet metal, tubular components and forgings for the two-wheeler
and four-wheeler industries. Emkay has five manufacturing
facilities across India.


ESSAR STEEL: JSW Steel Seeks Legal Opinion on Bidding Solo
----------------------------------------------------------
BloombergQuint reports that JSW Steel Ltd. is seeking a legal
opinion if it can bid solo for the stressed assets of Essar Steel
Ltd., a top company official said.

When asked if JSW Steel is mulling going solo for acquiring
stressed assets of Essar Steel if fresh bids were allowed, JSW
Steel Joint Managing Director Seshagiri Rao said that it would
depend on legal opinion and the view of the committee of
creditors, according to BloombergQuint.

"It depends upon the legal opinion and the view of the Committee
of Creditors and the Resolution Professional. If they take a
positive view, then we are open to look at it," he told reporters
in Delhi at the International Conference on Minerals and Metals,
BloombergQuint relays. "We are seeking a legal opinion and based
on that opinion we will take a call."

According to BloombergQuint, JSW Steel had teamed up with NuMetal
to place a INR37,000-crore offer for Essar Steel in the second
round of bidding.

BloombergQuint relates that NuMetal and ArcelorMittal were the
only two parties that bid to buy out Essar Steel in the first
round, but the resolution professional was advised to reject both
the bids owing to their promoters being linked to defaulter
companies.

According to BloombergQuint, the Supreme Court had last week
granted one more opportunity to steel and mining major
ArcelorMittal and Russia's VTB Bank-promoted NuMetal to bid for
Essar Steel, provided the two pay off the non-performing assets
of their related corporate debtors within two weeks.

As per the judgement, ArcelorMittal would qualify to bid for
Essar Steel only if it clears the INR7,000 crore dues of two
firms, Uttam Galva and KSS Petron, it was previously associated
with, BloombergQuint says.

With regard to NuMetal, it has not specified NPAs of its related
corporate debtors which have to be paid off to become eligible to
bid for corporate debtors Essar Steel, which had NPAs or bad
debts amounting to INR45,000 crore, adds BloombergQuint.

                        About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


ETHICS POLYSACK: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
The rating of INR6.00 crore bank facilities of Ethics Polysack
LLP (EPL) continues to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable); ISSUER
NOT COOPERATING."

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          1.40       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          4.60       [ICRA]B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek 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 basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Ethics Polysack LLP was established in March 2016 as a limited
liability partnership for setting up a greenfield project at
Tankara, Gujarat to manufacture PP/HDPE based woven sacks,
fabrics and tarpaulin. The proposed installed capacity of the
unit was 1500 tonnes of PP/HDPE laminated fabric per annum.


GLOBAL TECHNOCRATS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Global
Technocrats Private Limited (GTPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with GTPL for obtaining
information through letters and emails dated August 8, 2018,
September 3, 2018 and September 3, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

GTPL was set up by Mr Atul Agarwal in 1998. The company
manufactures concertina coils, which are used in security fencing
products. Its manufacturing unit is in Bhiwadi, Rajasthan. Its
products include punched tape concertina coils, razor wire
concertina coils, concertina barbed tape, concertina flat wrap,
reinforced barbed tape, and concertina wire mesh.


GULF ORIENT: ICRA Withdraws B- Rating on INR5cr Cash Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- (Stable) and
the short-term rating of [ICRA]A4 to the INR10.00 crore bank
limits of Gulf Orient Shipping.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Cash Credit          5.00      [ICRA]B- (Stable); Withdrawn

   Unallocated          5.00      [ICRA]B- (Stable)/A4; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

Gulf Orient Shipping (GOS or the firm) is a part of the Mumbai
based SJL Group which is engaged in the clearing and forwarding
business. The firm was started by Mr. Rajen Shah in April 2010
for providing shipping services for international shipments
(export/import). GOS mainly operates from Nhava Sheva (Mumbai)
and Mundra Port (Gujarat) and caters to traffic from north and
west regions. The firm specializes in handling of steel cargo.
Over the years, the promoter of SJL group has gradually expanded
the business by adding various value added services to provide
end to end shipping & logistics solutions for
exporters/importers. SJL group currently has four entities
operating in the country which provide shipping services such as
ocean & air freight forwarding, customs clearance, transportation
etc. The group mainly concentrates on ocean export shipments.
Each entity specializes in handling of particular
cargo/commodities.


HEMCO GARMENT: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hemco
Garment Pvt Ltd. (HGPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             4.0       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HGPL for obtaining
information through letters and emails dated August 28, 2018,
September 11, 2018, and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

HGPL, incorporated in 2009 in Dehradun, manufactures and sells
detergent powders, cakes, soaps, shampoos, and other personal and
homecare products. It is promoted by Mr Rajiv Rana and family.


ICOMM TELE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s. ICOMM Tele Ltd.

        Registered Office:
        Plot no. 40-46, Phase I, IDA
        Charlapally, HCL Post, Hyderabad
        Telangana 500051

        Corporate Office:
        ICOMM House, Plot No. 31, Phase 1
        Kamalapuri Colony, Srinagar Colony
        Banjara Hills, Hyderabad 500073

Insolvency Commencement Date: October 4, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 2, 2019

Insolvency professional: Mr. Sreenivasa Rao Ravinuthala

Interim Resolution
Professional:            Mr. Sreenivasa Rao Ravinuthala
                         FF 26, Raghavaratna Tower
                         Chirag Ali Lane, Abids
                         Hyderabad 500001
                         E-mail: cma.ravisrao@gmail.com
                                 ipravisrao@gmail.com

Last date for
submission of claims:    October 18, 2018


INFRASTRUCTURE LEASING: SFIO Probes Five Firms for Fund Diversion
-----------------------------------------------------------------
The Economic Times reports that the Serious Fraud Investigation
Office (SFIO) has zeroed in on five group firms of Infrastructure
Leasing & Financial Services (IL&FS) for culpable fund diversion
and mismanagement. These are IL&FS Transportation Networks Ltd,
IL&FS Financial Services, IL&FS Energy Development, IL&FS Tamil
Nadu Power and IL&FS Engineering and Construction.

Together, these five companies account for more than 50% of the
revenues of the entire group that has more than 350 entities in
its fold, ET says. There was some evidence that funds were
diverted by these firms in projects worth INR30,000 crore, said
two government officials aware of the initial investigations
conducted by the probe agency, ET relays.

"It is clear that management of other subsidiaries of group were
also in collusion with the group management," ET quotes one of
the officials as saying. The investigating agency is expected to
submit a preliminary report by the month end, the report notes.
He said investigators were also looking to see if there were any
political payoffs in certain projects. Another government
official said the top management and independent directors on the
IL&FS board will be summoned for questioning.

"IL&FS chief Ravi Parthasarathy may be called for questioning
soon," he said, adding data with the ministry of corporate
affairs (MCA) showed IL&FS has around 169 companies as of 2017-
2018, whereas the chairman of the new government appointed board
Uday Kotak said there were 348 entities, according to ET. The
inability of the company's independent directors to detect
misrepresentation is also being probed, he said, adding that
arrests may be made if required.

According to the report, the Institute of Chartered Accountants
of India (ICAI) has taken cognizance of the matter suo motu and
issued notices to the statutory auditors on October 4 seeking an
explanation. The auditor for IL&FS was SR Batliboi, an affiliate
of EY India.

"In addition, the ICAI is also in touch with other regulatory
authorities, and based on the responses received, ICAI would be
fast-tracking its investigation on the role of member/firm of the
Institute allegedly involved in terms of the disciplinary
mechanism as provided under the provisions of Chartered
Accountants Act and the Rules framed thereunder," the report
quotes president of ICAI, Naveen N D Gupta, as saying.

Earlier this month, government moved the NCLT's Mumbai bench with
a prayer to sack the board and appoint a new one with immediate
effect. It had then appointed a six-member board comprising Uday
Kotak, Vineet Nayyar, GN Bajpai, GC Chaturvedi, Malini Shankar
and Nand Kishore.

The ministry of corporate affairs also accused the former IL&FS
board of deficiencies in the books and painting a deceptively
rosy picture of finances. They "failed to discharge their
fiduciary duties" and the management is "responsible for
negligence and incompetence," the ministry told NCLT.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden Infrastructure
Leasing & Financial Services Ltd (IL&FS) by moving the National
Company Law Tribunal (NCLT) to supersede and reconstitute the
board of the firm which has defaulted on a series of its debt
payments over the last one month. This was said to be an attempt
to restore the confidence of financial markets in the credibility
and solvency of the infrastructure financing and development
group.


J. K. DEVELOPERS: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of J. K.
Developers (JKD) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             12       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JKD for obtaining
information through letters and emails dated August 29, 2018 and
September 3, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

JKD was set up in 2010 by Mr Bhalchandra Murkute, Mr Dhananjay
Nimbalkar, Mr Anil Salunkhe and Mr Milind Jadhav. The firm is a
part of the Relicon group which is engaged in real estate
development largely in Pune. JKD is currently undertaking the
development of Kian, a residential-cum-commercial project with
176 residential units and around 42 commercial units, in
Ambegaon, Pune.


JAI AMBEY: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jai Ambey
Distributors (JAD) to CRISIL B+/Stable Issuer not cooperating'.
                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JAD for obtaining
information through letters and emails dated September 10, 2018
and September 14, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Based out of Lucknow, JAD was established in 1997 as
proprietorship firm and is distributor for LG Electronics'
products, Tata Sky Ltd. Dish TV and recharges, Reliance
Communication, Vodafone and ITZ recharges.


JAI MAANGARH: CRISIL Assigns 'B' Rating to INR7.4cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Jai Maangarh Palace (JMP).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Long Term Loan          7.4        CRISIL B/Stable

The rating reflects exposure to risks related to timely
completion of project and its subsequent stabilization in
operations. These rating weaknesses are partially offset by
funding available from the Bank.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to high risks related to implementation and
stabilisation of the project: Operations are expected to commence
from December 2019. Timely commencement, production rates, demand
from prospective customers and stabilisation of the working
capital cycle will remain key rating sensitivity factors.

* Highly competitive landscape: JMP's hotel will be situated on a
national highway, which will help in improving prospects of
better occupancy. However, there are other hotels on the highway
that will provide competition to JMP in terms of price. Therefore
the ability of JMP to price its offering in a competitive
landscape will remain a key rating sensitivity factor.

Strengths:

* Low funding risk: The concerned company has received funding of
INR7.4 crore from the Bank, which helps reduce uncertainty with
respect to funding of the project.

Outlook: Stable

CRISIL believes JMP will continue to benefit from the
considerable experience of its proprietor in the industry. The
outlook may be revised to 'Positive' if the project is
implemented in a timely manner without any significant cost
overrun, and the product demand is higher than expected, leading
to continuous accretion to reserves. The outlook may be revised
to 'Negative' in case of any significant time or cost overrun in
commissioning the project, subdued cash accruals as a result of
low demand leading to deterioration in the financial risk
profile.

JMP, sole proprietorship floated by Mr. Sanjay Bhandari,
established in 2017, is involved in construction of Hotel. Mr.
Sanjay Bhandari is also associated with another company named:
Jain Trading co. which is into trading of agriculture
commodities. The firm is in the process of setting-up the hotel
in Udaipur. Commercial operations are likely to start by December
2019.


K.K. DUPLEX: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K.K. Duplex
and Paper Mills Private Limited  (KKDPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       .25        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit         3.00        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan      7.50        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Standby Letter       .25        CRISIL B+/Stable (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KKDPL for
obtaining information through letters and emails dated
August 28, 2018, September 11, 2018, and September 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of K.K.Duplex and Paper Mills Private Limited to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

Established in 1995 as a private limited company, KKDPL
manufactures kraft paper and duplex boards. It undertakes
production through waste paper procured from the domestic market.
The company, based in Muzzafarnagar, Uttar Pradesh, is promoted
by Mr Bharat Agarwal and Mr Sunil Agarwal.


KAILASH RICE: CRISIL Assigns B+ Rating to INR8cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Kailash Rice and General Mills - Kaithal (KRGMK).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              8        CRISIL B+/Stable (Assigned)

The ratings factor in the modest financial risk profile and
modest scale of operations. These weaknesses are partially offset
by extensive experience of the partners in the industry.

Analytical Approach

Unsecured loans of INR2.2 crore have been treated neither as debt
nor as equity as they are from partners and related parties, are
low interest bearing, interest is ploughed back to the extent it
is above market rate, and are expected to support the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue is modest at around INR35
crore as of fiscal 2018 due to intense competition in the
industry. Revenue is expected to be INR35-40 crore in fiscal
2019.

* Modest financial risk profile: Debt protection metrics were
modest with interest cover and net cash accrual to adjusted to
adjusted debt ratios of 1.2 times and 0.03 time as of fiscal
2018. Adjusted networth was modest and total outside liabilities
to adjusted networth was high at INR1.3 crore and 7.6 times,
respectively, as on March 31, 2018.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than 25 years and established
relationships with suppliers and customers are expected to
support the business over the medium term.

Outlook: Stable

CRISIL believes that KRGMK will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if significant growth in operating income and
profitability, and stable working capital management strengthen
key credit metrics. The outlook may be revised to 'Negative' if
decline in operating margin, stretch in working capital cycle, or
large debt-funded capital expenditure weakens financial risk
profile.

Set up in 1991, KRGMK engaged in processing of paddy and
production of basmati rice. The company has manufacturing
facility based in Kaithal, Haryana and supplies to exporters
based in Kaithal, Karnal, Panipat, Delhi, etc.


KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Kashipur
Infrastructure and Freight Terminal Private Limited's (KIFTPL)
Outlook to Positive from Stable while affirming the Long-Term
Issuer Rating at 'IND BB'.

The instrument-wise rating actions are:

-- INR390.1 mil. (reduced from INR400 mil.) Term loan due on
    March 2023 affirmed; Outlook revised to Positive from Stable
    with IND BB/Positive rating; and

-- INR50 mil. Working capital facilities affirmed; Outlook
    revised to Positive from Stable with IND BB/Positive/IND A4+
    rating.

KEY RATING DRIVERS

The Positive Outlook reflects the ramp up of KIFTPL's operations
during FY18-YTD FY19 in the form of increased transportation
volumes in the export-import business, largely attributable to
the customers other than those of the joint venture partner -
India Glycols Limited (IGL; 'IND A-'/Stable). During FY18, the
company generated revenue of INR97.7 million (FY17: INR22.2
million) with INR13.9 million of EBITDA (FY17: INR11 million).
High transportation cost coupled with lease expenses lead to a
lower EBITDA in FY18. According to the company's management,
KIFTPL generated INR93 million of revenue (unaudited) during
April-July 2018.

Ind-Ra foresees an improvement in KIFTPL's revenue and
profitability over the next two years,  coupled with spreading
over of the transportation cost (27%-30% of revenue), comprising
of lease rentals of trailers, over a larger revenue base. The
company also aims to enhance customer engagement with all its
customer contracts bounded by formal agreements.

The ratings factor in the continued committed equity support
extended by both joint venture partners - IGL and Apollo
Logisolutions Limited (ALL) - towards project funding, including
cost overruns and interest servicing, and ongoing operations in
the shareholding proportion. The partners also exhibit
operational and strategic linkages with KIFTPL as ALL runs a
similar business while IGL's Kashipur plant provides warranted
volumes. KIFTPL received an INR50 million of equity infusion in
FY18 from the promoters for debt servicing and project
completion. Ind-Ra expects the partners to continue their support
for KIFTPL for cost overruns, debt servicing and working capital
shortfall. The company also has INR50 million of unutilized fund-
based facility.

The ratings are constrained by Ind-Ra's expectation of a slight
improvement in KIFTPL's debt service coverage ratio for FY19 and
FY20, but it would remain near 1x due to a high debt burden
relative to EBITDA generation.

The ratings also reflect KIFTPL's moderate though improving
credit metrics. Gross interest coverage (operating EBITDA/gross
interest expense) improved to 2.4x (unaudited) during April-July
2018, on account of a rise in EBITDA with the improvement in the
export-import business, after reducing to 0.78x during FY18
(FY17: 1.5x) because of low EBITDA realization. Also, Ind-Ra
expects net leverage (adjusted net debt/ EBITDA) to improve over
the next two years, on account of an improvement in operating
performance and a likely reduction in debt. At FY18, the debt was
INR404 million (FY17: INR394 million) with EBITDA of INR14
million (INR11.2 million).

RATING SENSITIVITIES

Positive: An improvement in the scale/operational profile lead by
high capacity utilization and continued support from the parent
companies, coupled with debt servicing out of internal accruals,
all on a sustained basis, could lead to a rating upgrade.

Negative: Low capacity utilization and low EBITDA generation
leading to deterioration in operational and/or credit profile of
the company, coupled with lowering support by JV partners, all on
a sustained basis, could result in a Outlook revision to Stable.

COMPANY PROFILE

KIFTPL is a JV between IGL and ALL. It has been set up to operate
an inland container depot in Kashipur, Uttarakhand.

IGL is a manufacturer of green technology-based bulk, specialty
and performance chemicals and natural gums, spirits, industrial
gases, sugar and nutraceuticals. Its product offerings include
glycols, ethoxylates, glycol ethers and acetates, and various
performance chemicals.

ALL, a 90% subsidiary of Apollo International Limited, provides
integrated logistics services through its global network. It
operates two container freight stations spread over 59 acres of
developed premises.


KINETA GLOBAL: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kineta Global
Limited's (KGL) a Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR500 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects KGL's medium scale of operations and
weak credit metrics inherent to the trading nature of business.
Revenue fell 45.6% yoy to INR1,024.8 million in FY18, owing to
the lack of new orders and delays in the execution of existing
work contracts. In FY18, trading and construction contributed 75%
and 25%, respectively (FY17: 69% and 32%) to the company's top
line. Net leverage (Ind-Ra adjusted net debt/operating EBITDAR)
was 5.8x in FY18 (FY17: 5.2x) and interest coverage (operating
EBITDA/gross interest expense) was 1.2x (1.2x). FY18 financials
are provisional in nature.

The ratings also factor in KGL's modest EBITDA margins of 8.4%
(FY17: 4.5%) with return on capital employed at 5% (5.1%). The
improvement in margins was due to a change in the product mix
with the inclusion of granite.

Moreover, the ratings continue to reflect KGL's tight liquidity
profile as evident from its around 99.9% average utilization of
the working capital facilities during the 12 months ended
September 2018. During FY18, net working capital cycle had
stretched to 327 days (FY17: 150 days) on account of a longer
inventory holding period of 254 days (FY17: 94 days) as the
company expanded its product mix. However, according to the
management, the company liquidated its granite inventory in the
beginning of FY19.

The ratings, however, are supported by around two decades of
experience of the company's promoter in manufacturing burnt lime,
import of metallurgical coal and coke and export of iron ore,
which has led to its established relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: A substantial and sustained improvement in the revenue,
profitability, liquidity and credit metrics could be positive for
the ratings.

Negative: A decline in the revenue and profitability and/or
further tightening of liquidity, leading to deterioration in the
credit metrics, all on a sustained basis could be negative for
the ratings.

COMPANY PROFILE

Established in 2006, KGL is primarily engaged in the trading of
iron ore, building materials such as TMT bars, cement and
granite. It also undertakes engineering, procurement and
construction irrigation projects on sub-contract basis.


LIFESTYLE SAREES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lifestyle
Sarees Private Limited (LSPL) to CRISIL B+/Stable Issuer not
cooperating.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            24        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lifestyle Sarees Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Lifestyle Sarees Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

LSPL was originally established as a proprietorship concern in
1988; the firm was reconstituted as a private limited company in
1999. The company is promoted by the Dhandharia family of Surat,
Gujarat. LSPL outsources processing activities such as dyeing,
printing, and designing of sarees, which it sells under brand
names Antra, Aravalli, and Lifestyle.


LIOLI CERAMICA: ICRA Withdraws B/A4 Rating on INR125cr Loan
-----------------------------------------------------------
ICRA has withdrawn the outstanding long-term/short-term rating of
[ICRA]B and [ICRA]A4 the INR125.00 crore bank loan facilitates of
Lioli Ceramica Pvt. Ltd.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long-term/Short-
   term unallocated
   limits              125.00       [ICRA]B(Stable)/A4; withdrawn

Rationale

The long-term and short-term ratings assigned to Lioli Ceramica
Pvt. Ltd. have been withdrawn at the request of the company,
based on the no objection certificate provided by its bankers.

Incorporated on October 28, 2016, Lioli Ceramica Pvt. Ltd. (LCPL)
manufactures thin glazed vitrifies tiles/ slabs of large size
with its plant situated at Morbi, Gujarat. The company
manufactures large sized glazed vitrified tiles with different
sizes. LCPL is promoted as joint venture of Detroja family and
Gadar Family. Mr. Hitesh, Mr. Anil and Mr. Nilesh from Detroja
family, have longstanding experience in the ceramic industry vide
their presence through Lexus groups since last one decade by the
virtue of being partners/directors.


M.P. BOARD: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained M.P. Board and
Paper 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 BB- (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

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

-- INR4 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
September 2, 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 1962 as a partnership firm, the company
manufactures kraft paper from recycled waste paper at its
12,900MTPA manufacturing facility in Vidisha, Madhya Pradesh.


MAGMA AUTOLINKS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
The ratings for the Rs.6.00-crore bank facilities of Magma
Autolinks Private Limited (MAPL) continue to remain under 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       1.00      [ICRA]B+ (Stable); ISSUER NOT
   Based/CC                       COOPERATING; Continues to
                                  remain under the 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       5.00      [ICRA]B+ (Stable); ISSUER NOT
   Based TL                       COOPERATING; Continues to
                                  remain under the 'Issuer Not
                                  Cooperating' category

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

Incorporated in November 2013, Magma Autolinks Private Limited
(MAPL) is an authorised dealer for passenger vehicles of Honda
Cars India Limited (HCIL). The company is promoted by the Sharma
family, with Mr. Tushar Sharma and Ms. Shveta Sharma serving as
the directors.


MANN MEDICITI: CRISIL Assigns B+ Rating to INR5.8cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long
term bank facility of Mann Mediciti Wellness Centre Private
Limited (MMWC).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.8       CRISIL B+/Stable (Assigned)

   Proposed Working
   Capital Facility        0.2       CRISIL B+/Stable (Assigned)

The rating reflects its modest scale and customer concentration,
working capital intensive operations and weak financial risk
profile. These weaknesses are partially offset by its promoter
extensive experience in medical industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: MMWC has reported modest scale of
operations as reflected in its revenue of around Rs. 7.24 crores
in fiscal 2018. With 80% revenue derived from government, company
is exposed to customer concentration risk.

* Working capital intensive operations: Operations are working
capital intensive as reflected in its gross current asset of 200-
300 days in last three fiscals, due to high receivables. This
results in high bank limit utilisation.

Weak financial risk profile: MMWC's financial risk profile is
weak as reflected in its slightly leveraged capital structure,
wherein networth is expected to be modest at Rs3.20 and gearing
of 2 times in fiscal 2018.

Strength

* Extensive experience of promoter: MMWC is promoted by Dr.
Jasbir Singh Mann, who has been in medical industry for more than
28 years, the promoters' established reputation and experience in
operating hospital will benefit MMWC over the medium term.

Outlook: Stable

CRISIL believes MMWC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the financial risk profile, improves on account of
higher net cash accrual or better working capital management. The
outlook may be revised to 'Negative' if decline in revenue or
profitability, or deterioration in working capital management,
weakens the financial risk profile, especially liquidity.

MMWC, incorporated in 2009 by Dr. Jasbir Singh Mann, operates a
multi-specialty hospital in Jalandar, Punjab. The Hospital is
empanelled with Ex-servicemen Contributory Health Scheme (ECHS),
Employee State Insurance Scheme (ESIC) and the Food Corporation
of India (FCI).


MAYAR INFRASTRUCTURE: CRISIL Cuts Rating on INR115.6cr Loan to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Mayar Infrastructure Development Private Limited (MIDPL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Funded Interest       24.32       CRISIL B-/Stable (Downgraded
   Term Loan                         from 'CRISIL B/Stable')

   Term Loan            115.68       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects delay in leasing out of processing zone
for Biotech which is expected to lead to the deterioration in
both liquidity and financial risk profile of the company.
Currently only 4.3 per cent of the total area i.e. 230000 sqft
has been leased out which has led lower rental cash flows than
anticipated in fiscal 2019. The company is expected to generate
insufficient cash flows to meet its interest and term debt
obligations on account of low occupancy levels. Though, the
promoters have infused equity and unsecured loans to meet its
repayments; however, the occupancy levels of the biotech zone and
generation of sufficient cash flows to meet debt obligations will
remain a key rating sensitivity factor over the medium term.

The ratings continue to reflect MIDPL's exposure to demand risk
associated with current project and constrained financial
flexibility owing to start-up nature of project with negligible
occupancy. These weaknesses are partially offset by the extensive
experience of promoters and qualified management.

Key Rating Drivers & Detailed Description

Weakness

* Demand risk associated with current project: Lack of tie-ups
with customers for leasing/selling the special economic zone
(SEZ) project leads to negligible occupancy and muted cash
accrual.  Leasing out of the area and generation of cash accruals
will remain a key sensitive factor.

* Weak financial risk profile: Large debt of INR100 crore as of
March 2018 and stretched liquidity with no long-term tie ups
leads to below-average debt protection metrics.

Strength

* Extensive experience of promoters: The promoters have sound
understanding of the business on account of four decades of
experience in diversified industries through group companies.

Outlook: Stable

CRISIL believes MIDPL will continue to benefit from the strong
background of promoters and experienced management. The outlook
may be revised to 'Positive' if high lease rentals or occupancy
strengthens revenue and profitability. The outlook may be revised
to 'Negative' if further delay in off-take of project or lower
revenue or profitability weakens financial risk profile.

Incorporated in 1995, MIDPL is a part of the Mayar group. It
operates a Biotech SEZ at Sohna, Haryana, to support research &
development and manufacturing activities for biotech companies.


MTAB ENGINEERS: CRISIL Reaffirms B+ Rating on INR9.5cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of MTAB Engineers Private Limited (MTAB).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1.4      CRISIL A4 (Reaffirmed)
   Cash Credit             9.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        1.4      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      3.4      CRISIL B+/Stable (Reaffirmed)
   Term Loan               1.3      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of MTAB's
operations, exposure to risks inherent in tender-based business,
and susceptibility to fluctuations in raw material prices. These
strengths are offset by the experience of the promoters in the
equipment manufacturing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to risks inherent in
tender-based business: Intense competition and tender-based
operations (70% of income is tender based) may continue to
constrain scalability, pricing power, and profitability. Revenue
was modest at INR18.09 crore in fiscal 2018.

* Susceptible to fluctuations in raw material prices: Since cost
of procuring raw materials accounts for a bulk of the production
expense, even a slight variation in price can drastically impact
revenue. Absence of price escalation clause in contracts with
customers further degrades profitability. Hence, operating margin
has remained volatile in the range of 10 to 14 per cent during
the last 3 years ended fiscal 2018

Strength

* Experience of promoters: Benefits from the promoters'
experience of over two decades, their strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes MTAB will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
sustained increase in revenue and profitability strengthens
business risk profile. Conversely, the outlook may be revised to
'Negative' if decline in revenue or operating margin, stretch in
working capital cycle, or any large, debt-funded capital
expenditure weakens financial risk profile.

Established in 1991 as Machine Tool Aid (Bureau) Pvt Ltd by Ms S
Geetha and Mr S Sairaman, the company got its current name in
1993. Chennai-based MTAB manufactures computer-numerical-control
machines, flexible management systems, and other industrial
equipment that are used in the educational institutes,
automobiles, and oil and gas segments.


NADIA HEALTH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nadia Health Care Private Limited

        Registered Office:
        81/2A, Raja Dinendra Street
        Kolkata 700006

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 3, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Hrisikesh Dasgupta

Interim Resolution
Professional:            Mr. Hrisikesh Dasgupta
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: hkdaspt@gmail.com
                                 nadiahealth@avipgroup.co.in

Last date for
submission of claims:    October 20, 2018


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating; and

-- INR75 mil. Long-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
October 6, 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 2008, Narsimha Iron and Steel manufactures sponge
iron at its 30,000MTPA unit in Jharkhand.


NIRMAAN GROUP: CRISIL Rates INR15cr Loan B+; Suspension Revoked
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Nirmaan Group (Nirmaan) and has assigned its
'CRISIL B+/Stable' rating to Nirmaan's bank facilities. The
rating was 'Suspended' by CRISIL vide the Rating Rationale dated
June 3, 2016 since Nirmaan had not provided necessary information
required to take the rating review. Nirmaan has now shared the
requisite information enabling CRISIL to assign a rating on its
bank facilities.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan      15       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

The rating reflects Nirmaan's susceptibility to risks related to
funding of its ongoing project, accentuated by its high reliance
on customer advances and cyclicality in the domestic real estate
industry. These rating weaknesses are partially offset by
extensive experience of promoters, successful completion of phase
1 and location advantage for ongoing project.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to funding risks: The firm is executing phase 2
of residential cum commercial project ' Nirmaan Asamant. The firm
faces high funding risk, accentuated by high reliance on customer
advances and yet-to-be-sanctioned bank lines. Further, the
project is in nascent stage with no booking. The timely
completion of project and sale of units will remain key rating
sensitivity factor.

* Susceptibility to cyclicality in the real estate industry: The
domestic real estate industry is marked by cyclicality, opaque
transactions, and intense fragmentation because of the presence
of a large number of regional players.

Strengths

* Extensive experience of promoters: The firm will continue to
benefit from the longstanding presence of its promoters in Pune's
real estate segment, and their funding support. Further, on the
back of extensive experience of promoters, the firm has completed
the phase 1 of the ongoing project in a timely manner.

* Favorable location: The project benefits from its favorable
location supported by close proximity to prime areas of Pune.

Outlook: Stable

CRISIL believes that Nirmaan will continue to benefit from its
prompters' extensive experience in the real estate industry. The
outlook may be revised to 'Positive' in case of timely project
completion along with better-than-expected customer bookings
resulting in an improvement in the firm's liquidity. Conversely,
the outlook may be revised to 'Negative' in case of time or cost
overrun in relation to the project or in the event of lower-than-
expected ramp up in customer bookings leading to lower-than-
expected cash inflows or large debt-funding of its proposed
project pressurizing the liquidity.

Nirmaan, established in 2008 by Mr. Prakash Chavan and Mr. Nilesh
Kamthe, is a realty firm. It is developing a residential cum
commercial project in the Kondhwa area in Pune.


OPUS DEI: ICRA Withdraws B+ Rating on INR6cr Cash Loan
------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable) and
the short-term rating of [ICRA]A4 to the INR10.00 crore bank
limits of Opus Dei Logistics (India) Pvt. Ltd.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Cash Credit          6.00      [ICRA]B+ (Stable); Withdrawn

   Fund-based-
   Working Capital
   Demand Loan          1.00      [ICRA]B+ (Stable); Withdrawn

   Unallocated          3.00      [ICRA]B+ (Stable)/A4; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.


Opus Dei Logistics (India) Pvt. Ltd. (ODL or the company) is a
part of the Mumbai based SJL Group which is engaged in the
clearing and forwarding business. The company was started by Mr.
Rajen Shah in June 2010 for providing shipping services for
international shipments (export/import). ODL mainly operates from
Nhava Sheva/Jawaharlal Nehru Port - Mumbai (Maharashtra), Mundra
Port (Gujarat) for catering to traffic from north and west India,
and Chennai Port & Tuticorin Port (Tamiladu) for shipments from
southern parts of the country. The company specialises in
handling of project cargo, hazardous cargo and over dimension
cargo (ODC).

Over the years, the promoter of SJL group has gradually expanded
the business by adding various value added services to provide
end to end shipping & logistics solutions for
exporters/importers. SJL group currently has four entities
operating in the country which provide shipping services such as
ocean & air freight forwarding, customs clearance, transportation
etc. The group mainly concentrates on ocean export shipments.
Each entity specialises in handling of particular
cargo/commodities.


ORISSA STEVEDORES: CRISIL Lowers Rating on INR74cr Loan to C
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Orissa
Stevedores Limited (OSL) to 'CRISIL C' from 'CRISIL BB/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          74        CRISIL C (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects instances of delay in the repayment of
Non-convertible debentures.  The rating continues to reflect
extensive experience of OSL's promoters in the stevedoring
business, and the diversified and established clientele. These
rating strengths are partially offset by weak liquidity and
sizeable debt, coupled with highly utilised bank debt,
vulnerability to an economic downturn in the medium term and
sizeable investments in group companies.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to economic downturns: Operating performance is
significantly influenced by the level of sea trading activity at
ports where OSL operates. Demand for shipping services is linked
to international trade, which in turn, depends on economic cycles
and need for specific commodities. Hence, any economic downturn
can have a significant impact on OSL's revenue.

* Below average liquidity risk profile: The liquidity risk
profile is expected to remain constrained in fiscal 2019 on
account tightly matching net cash accruals against debt repayment
obligations coupled highly utilized bank lines.

* Sizeable Investments in group companies: The financial risk
profile is constrained on account of sizeable investments in
group companies and the same is expected to remain around INR342
crores as against networth of around INR385 crores in fiscal
2019.

Strengths:

* Extensive experience of the promoters in the stevedoring
business and established clientele: The three decade-long
presence of OSL's promoters in the stevedoring business, has
helped the group gain strong reputation, particularly in the
eastern ports of India. The group offers a wide range of
services, from cargo handling at ports, to warehousing, clearing,
and forwarding of goods. OSL handles majority of dry and non-
mechanised cargo at the Paradip port, and is one of the top five
stevedoring agents at the Visakhapatnam port. It also offers
services at all other seaports in India.

OSL is part of the Orissa-based OSL group, promoted by Mr
Mahimananda Mishra. Incorporated in 1978, the company offers
stevedoring and forwarding services, and liner/charter agency
activities, customs clearance, intra-port transportation, and
bulk handing of coal and other minerals. The company also
undertakes iron ore mining and related works.


PARAMOUNT CONDUCTORS: CRISIL Cuts Rating on INR11cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Paramount Conductors Limited (PCL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects the overdrawals in cash
credit facility for more than 30 days, caused primarily by weak
liquidity position.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             11        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

   Letter of Credit         6        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL A4 ISSUER NOT
                                     COOPERATING')

   Proposed Long Term       4.25     CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING; Downgraded
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan                 .75     CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded
                                     from 'CRISIL B/Stable
                                     ISSUER NOT COOPERATING')

CRISIL has been consistently following up with PCL for obtaining
information through letters and emails dated June 29, 2018,
September 3, 2018 and September 10, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PCL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PCL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information.

Incorporated in 1971 and promoted by Mr. G K Tapadia and his
family, PCL manufactures winding wires (aluminium and copper),
coils (high tension and low tension), and machines for
manufacturing coils (testing machines and motor rewinding). Units
are in Nagpur and Goa.


PUREWAL STONE: ICRA Maintains B Rating in Not Cooperating
---------------------------------------------------------
The ratings for the Rs.9.00-crore bank facilities of Purewal
Stone Crusher (PSC) continue to remain under the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       5.00      [ICRA]B (Stable); ISSUER NOT
   Based/Cash Credit              COOPERATING; Continues to
                                  remain under the 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       3.60      [ICRA]B (Stable); ISSUER NOT
   Based Term Loan                COOPERATING; Continues to
                                  remain under the 'Issuer Not
                                  Cooperating' category

   Long Term-           0.40      [ICRA]B (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Continues to
                                  remain under the 'Issuer Not
                                  Cooperating' category

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

Purewal Stone Crusher (Purewal) was established in 2013 as a
partnership firm. The firm crushes and processes river bed
material (RBD) into stone chips, stone grits and sand stone that
find usage in the construction and infrastructure industry.


RAJDHANI COLD: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Rajdhani
Cold storage (RCS) to CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         5.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RCS for obtaining
information through letters and emails dated August 29, 2018,
September 11, 2018 and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

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

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

RCS was formed in 2014 by Mr Mutreja in Raipur, Chhattisgarh. The
firm provides cold storage and warehouse services to farmers,
merchants, and traders. It has a total capacity of 6000 tonne,
with two chambers, for storing perishables. The firm also
undertakes opportunity-based trading in agro commodities such as
tamarind, jaggery, gram, and pulses.


RAMSONS CASTING: ICRA Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Ramsons Casting Private Limited (RCPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          7.50      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Non-fund based-      2.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated Limits   1.25      [ICRA]B+ (Stable)/[ICRA]A4
                                  ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer
                                  Not Cooperating' category

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

The entity's credit profile may have changed since the time it
was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.
In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

RCPL was incorporated in the year 1992 by Mr. Rajesh Sarda and
Mr. Ramswarup Sarda. The company is engaged in the manufacturing
of Mild Steel (MS) Ingots and rolled products such as MS angles,
channels and flats from MS billets and ingots, which in turn are
manufactured from sponge iron and scrap. The company's
manufacturing facility is located in MIDC, Nagpur with an
installed capacity of 61,500 metric tonnes per annum (MTPA).


S. J. LOGISTICS: ICRA Withdraws B+ Rating on INR18cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable) to
the INR25.00 crore bank limits of S. J. Logistics (India) Limited
(erstwhile S. J. Logistics (India) Pvt. Ltd.)

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-
   Cash Credit         18.00      [ICRA]B+ (Stable), Withdrawn

   Fund-based-
   Term Loan            6.80      [ICRA]B+ (Stable), Withdrawn

   Fund-based FCDL    (15.00)     [ICRA]B+ (Stable), Withdrawn

   Unallocated          0.20      [ICRA]B+ (Stable), Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

SJL is the flagship company of the Mumbai-based SJL Group, which
is engaged in the clearing and forwarding business. The company
was started by Mr. Rajen Shah as a proprietary concern in 2000
for providing shipping services to international shipments
(export/import). It was later converted into a private limited
company in December 2003. Over the years, the promoter has
gradually expanded the business by adding various value added
services to provide end-to-end shipping and logistics solutions
for exporters/importers.

Over the years, the promoter of SJL group has gradually expanded
the business by adding various value added services to provide
end to end shipping & logistics solutions for
exporters/importers. SJL group currently has four entities
operating in the country which provide shipping services such as
ocean & air freight forwarding, customs clearance, transportation
etc. The group mainly concentrates on ocean export shipments.
Each entity specialises in handling of particular
cargo/commodities.


SATYA CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the rating
on bank facilities of Satya Constructions Private Limited (SCPL)
to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management subsequently started sharing the information necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating from 'CRISIL
B+/Stable Issuer Not Cooperating)' to 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan          19.1      CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable;
                                     ISSUER NOT COOPERATING')

   Proposed Long Term      45.9      CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B+/Stable;
                                     ISSUER NOT COOPERATING')

The rating reflects exposure to risks related to completion,
saleability of ongoing projects, geographic concentration in
revenue and susceptibility to risks inherent in the real estate
industry. This weakness is partially offset by the extensive
experience of promoters in real estate development.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to execution and saleability of
projects, and geographic concentration in revenue: SCPL is
susceptible to moderate implementation and saleability risks as
reflected in its construction and booking progress of 55 per cent
and 42 per cent, respectively, until Mar, 2018. Any slowdown in
the real estate sector or cancellation/forfeiture of bookings
could adversely affect their execution and saleability. The
company has developed most of its projects in Guntur, and
geographic concentration exposes it to regional factors affecting
sales.

* Vulnerability to cyclicality inherent in Indian real estate
industry: The real estate sector in India is cyclical and is
marked by sharp movement in prices and a highly fragmented market
structure. The execution of the real estate projects in India is
affected by multiple property laws and non-standardised
government regulations across the states.

Strength

* Extensive experience of promoters: Benefits from the promoter's
extensive experience in the residential and commercial real
estate business should continue to support the business risk
profile. The company completed more than 1 million square feet of
real estate development across Guntur, Andhra Pradesh.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from the extensive
experience of its partners in the real estate market of Guntur,
Andhra Pradesh. The outlook may be revised to 'Positive' in case
of a substantial increase in cash flow, most likely due to
earlier-than-expected completion of, or significantly higher
realisations for, upcoming projects. The outlook may be revised
to 'Negative' in case of any delay in project completion or in
receipt of payments from customers, inability to sell units in
the upcoming projects, or any large, debt-funded projects
undertaken.

Established in 2003 by Mr Maddirala Sambasiva Rao and Mr Popuri
SatyaNarayana, SCPL undertakes residential and commercial real
estate construction business in Guntur. It has five ongoing
projects and has completed 24 projects.


SHREE NILKANTH: CRISIL Assigns 'B+' Rating to INR10cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shree Nilkanth Polytex (SNP).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             5        CRISIL B+/Stable (Assigned)
   Long Term Loan         10        CRISIL B+/Stable (Assigned)

The rating reflects the average financial risk profile and
exposure to project related risks. These weaknesses are partially
offset by experience of promoters in the packaging industry and
strategic location of the plant.

Analytical Approach

Unsecured loans (outstanding at INR1 crore as on August 31, 2018)
extended by the promoters have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation risk: Since the project is
in its nascent stage, timely completion and stabilisation of
operations without any cost overrun will remain key rating
sensitivity factor.

* Susceptibility of operating margin to raw material price
volatility and low bargaining power: Raw materials, such as
raisin and HDPPE account to more than 60% of the total cost of
sales. Due to intense competition, it will be difficult for
marginal players, such as SNP to pass on any hike in input rates
to customers. Hence, operating margin will remain exposed to raw
material price volatility and will be a key rating sensitivity
factor.

Strengths

* Experience of promoters: Benefits from the promoters'
experience of around a decade, their strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

* Strategic location of plant ensuring availability of raw
materials and labour: The unit is located in the industrial area
of Morbi where other units are also engaged and in close
proximity to raw material and machinery suppliers. Thus,
availability of raw materials and skilled labour is easy.

Outlook: Stable

CRISIL believes that SNP will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm stabilizes its operations on time, leading
to substantial cash accrual. The outlook may be revised to
'Negative' if lesser orders or lean margin, leads to low cash
accrual or if substantial working capital requirement or debt-
funded capital expenditure, weaken the financial risk profile.

SNP, incorporated in 2018 at Morbi, will be manufacturing plastic
woven bags and fabrics; operations are set to commence from
December 2018. Mr Hiteshbhai Ghanshyambhai Adroja and Mr
Damjibhai Becharbhai Kakasaniya are the promoters.


SHRI SIDDHI: CRISIL Reaffirms B+ Rating on INR13cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Shri
Siddhi Kumar Infrastructure Private Limited (SSKIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             13       CRISIL B+/Stable (Reaffirmed)

   Letter Of Guarantee      6       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.9     CRISIL B+/Stable (Reaffirmed)

The ratings reflect SSKIPL's exposure to risks related to tender-
based nature of business, and large working capital requirement.
These weaknesses are partially offset by the experience of the
promoters in the civil construction industry and a moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to tender-based nature of the business: SSKIPL
acquires orders mainly by bidding for tenders floated by various
large companies and government agencies. Hence, turnover depends
on successful bidding for tenders.

* Large working capital requirement: Gross current assets were
estimated at 334 days as on March 31, 2018, which improved from
364 days a year ago. Though the working capital cycle improved,
creditors reduced to 449 days from 463 days. Stretch in creditors
partially funded the working capital. Working capital management
will remain a key monitorable factor

Strengths

* Experience of promoters: Mr Ashok Jaswani, SSKIPL's founder, is
a first-generation entrepreneur. He started operations by setting
up a group concern, S Kumar Construction Co (SKC) in 1989, before
which, he worked as a commission agent for construction companies
and supplied construction materials such as cement and steel. The
promoters have experience of over two decades in the construction
industry and are actively involved in the functional areas of the
business. Their experience helped bag projects frequently from
large players such as Larsen & Toubro Ltd.

* Moderate financial risk profile: The financial risk profile
remains moderate with healthy capital structure and adequate debt
protection metrics. The financial risk profile, however has
improved in fiscal 2018. Better cash generation and controlled
working capital cycle leading to reduced dependence on external
debt will remain key rating sensitivity factors over the medium
term.

Outlook: Stable

CRISIL believes SSKIPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if efficient working capital management improves
liquidity. Conversely, the outlook may be revised to 'Negative'
if liquidity weakens due to stretch in working capital cycle,
decline in cash accrual, or large, debt-funded capital
expenditure.

SSKIPL, incorporated in 2000 and promoted by Mr Ashok Jaswani,
undertakes civil construction such as earthwork for roads and
bridges, earthmoving, and demolition services. The Jaswani family
also operates three proprietorship concerns, SKC, SKE, and SKD,
which are in similar line of activity. SSKIPL is based in Mumbai
and is jointly managed by Mr Ashok Jaswani and his son, Mr
Apoorva Jaswani.


SK WHEELS: Ind-Ra Lowers Long Term Issuer Rating to 'D'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SK Wheels Pvt
Ltd.'s (SKWL) Long-Term Issuer Rating to 'IND D (ISSUER NOT
COOPERATING)' from 'IND BBB- (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 actions are:

-- INR318 mil. Term loans (long term) downgraded with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR1.2 bil. Fund-based working capital facilities (long term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR60 mil. Non-fund-based working capital facilities (short
    term) downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR130 mil. Proposed term loan (long term) downgraded with
    Provisional IND D (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Proposed fund-based working capital facilities
    (long term) downgraded with Provisional IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the classification of SKWL as a non-
performing asset by its lenders in March 2018.

COMPANY PROFILE

Established by Mr. Anil Kumar in 2004, SKWL is a dealer of Maruti
Suzuki India Limited for new, premium (NEXA) and used cars in
Mumbai, Thane and Raigarh. It also provides after-sales services,
related accessories and financial services for the sale and
purchase of cars.


SKYLINE MILLARS: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
The rating for the INR6.00 crore bank facilities of Skyline
Millars Limited continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-        2.50       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

   Fund based-        3.50       [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain in
                                 the 'Issuer Not Cooperating'
                                 category

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with D C Metals, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

SML was incorporated on 28th November 1919 by the Walchand Group
in the name of ACME Manufacturing Company Limited. Mr. Ashok
Patel acquired the shares from Walchand Group and took over the
management of the company in 1972. Its name was changed to
Millars India Limited on 04th January 2002 and later on changed
to Skyline Millars Limited on 23rd October 2007 after sale of 43%
stake to the Skyline Group. The company is currently operating
out of three business segments viz: construction equipment realty
and pipes. The manufacturing facility of the construction
equipment unit is in Umreth Gujarat wherein the company
manufactures transit mixers, high speed pan mixers and batching
and mixing plants. However, the company is currently engaged in
servicing of Old cranes and supplying spare parts for the
Construction Equipments supplied by it earlier. SML is currently
developing a residential unit in Ghatkopar, Mumbai and a
residential complex in Karjat. The company is also into the
manufacturing of concrete pipes and manholes and has its
manufacturing unit at Wada, Maharashtra which is operational from
December 2013.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits migrated
    to Non-Cooperating Category with IND B- (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 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 1992, Sri Maheswari Wood Industries is a
partnership firm based in Shencottai, Tamil Nadu. The firm is
engaged in the trading of logs and sawn timbers. The firm imports
100% of timber from countries such as Malaysia, Myanmar, Ghana,
South Africa and others and sells it across Kerala, Tamil Nadu
and Karnataka.


SUJITHA POULTRY: CRISIL Assigns B Rating to INR5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facility of Sujitha Poultry Farm (SPF).

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

The ratings reflect the below average financial risk profile and
modest scale of operations amidst intense competition. The
ratings are partially supported by extensive experience of the
firm's promoters in the poultry industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The firm's financial risk profile
is weak reflected by a high gearing of 12.1 times and a small net
worth of INR0.5 crore as on March 31, 2018. The debt protection
metrics were average with interest coverage ratio and net cash
accruals to total debt at 1.9 times and 2 percent, respectively,
for fiscal 2018.

* Modest scale of operations amidst intense competition: SPF's
business risk profile is constrained by its modest scale of
operations in an intensely competitive industry. The firm
reported revenues of about INR28.3 crore for fiscal 2018.

Strengths

* Extensive experience of partners in poultry industry: The firm
benefits from partner's extensive industry experience. Mr P
Chinraj has experience of more than two decades in the industry
and has established relationship with key customers.

Outlook: Stable

CRISIL believes SPF will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if sustainable increase in revenue and operating
profitability leads to a better financial risk profile. The
outlook may be revised to 'Negative' if revenue or operating
profitability declines significantly, or if the firm undertakes
large, debt-funded capital expenditure, weakening its financial
risk profile.

Established in 2005, SPF is involved in the poultry business. It
is promoted by Mr P Chinraj and Mrs C Shanthi.


SURYACHAKRA POWER: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Suryachakra Power Corporation Limited

        Registered Office:
        Suryachakra House, Plot No: 304-L-III
        Road No: 78 Jubilee Hills, Hyderabad
        Telangana 500033, India

Insolvency Commencement Date: October 3, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 1, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Anup Kumar Singh

Interim Resolution
Professional:            Mr. Anup Kumar Singh
                         162/D/702 Lake Gardens, Kolkata
                         West Bengal 700045
                         E-mail: anup_singh@sumedhamanagement.com

                            - and -

                         Sumedha Management Solutions
                         Private Limited
                         Trinity Tower, Suit No. 3G
                         226/1 AJC Bose Road
                         Kolkata 700020, West Bengal
                         E-mail: ip.suryachakra@gmail.com

Last date for
submission of claims:    October 17, 2018


TEBMA SHIPYARD: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Tebma Shipyard Ltd
        Survey No. 377, Pazhamathur Village
        Pukathurai Post, Madurantakam Taluk
        Kanchipuram District: 603116

Insolvency Commencement Date: September 25, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 29, 2019
                               (180 days from commencement)

Insolvency professional: Mr. N. Kumar

Interim Resolution
Professional:            Mr. N. Kumar
                         Old No. 8, New No. 3, Third Street
                         Race View Colony Guindy
                         Chennai 600032
                         E-mail: Naraykumar71@rediffmail.com

Last date for
submission of claims:    October 15, 2018


TIRUPATI STARCH: Ind-Ra Withdraws BB Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tirupati Starch
& Chemicals Limited's Long-Term Issuer Rating of 'IND BB (ISSUER
NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB rating on the INR132.6 mil. Term loan due on
    March 2019 - March 2020 are withdrawn; and

-- The IND BB rating on the INR80 mil. Fund-based limits are
    withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 1985, Tirupati Starch & Chemicals is primarily
engaged in the wet milling of maize corn for manufacturing
unmodified/modified starch and other by-products (such as maize
corn germs, grits and gluten) for the textile, food,
pharmaceuticals, chemical paper, poultry and other industries in
India and abroad. It is an ISO 9001:2008 certified company and a
renowned corn starch manufacturer in central India.


TROTTING WHEELS: CRISIL Assigns B Rating to INR23cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
facilities of Trotting Wheels Private Limited (TWPL).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility        23       CRISIL B/Stable (Assigned)

The rating reflects the company's exposure to risks relating to
timely project execution and ramp-up of operations, and expected
modest scale. These strengths are partially offset by
entrepreneur experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project execution and demand risks: TWPL is setting
up a showroom in Dehradun, (Uttarakhand) equipped with 3S (Sales,
Service and Spares) facilities. The total cost for setting up the
remaining project is INR23.61 crore, which will be funded by
equity of INR4.95 crore, USLs of INR3.46 crores and the rest
through term loan. The promoters have already infused equity of
INR1.5 crores and USLs of INR0.5 crores till date. Stabilisation
of operations and utilisation of capacities will remain key
rating sensitivity factors.

* Expected modest scale of operation: The project is expected to
be complete by March 2019, however, the company will start
generating revenues through a rented outlet from Oct 15, 2018.
The start-up phase of the unit and intense competition are likely
to constrain scalability, with revenue expected at INR65 crore
for fiscal 2019.

Strength

* Extensive entrepreneurial experience of the promoters: The
promoters have entrepreneurial experience of around eight years.
They were engaged in real estate activities through group
companies. Their extensive entrepreneurial experience, and
understanding of local market dynamics helps them anticipate
price trends, and calibrate purchasing and stocking decisions.

Outlook: Stable

CRISIL believes that TWPL will benefit from the promoters'
extensive entrepreneur experience over the medium term. The
outlook may be revised to 'Positive' if TWPL stabilizes
operations of its proposed showroom in a timely manner and
generates higher -than 'expected revenue and profitability
leading to higher cash accruals. Conversely, the outlook may be
revised to 'Negative' in case the company faces delays in the
commencement of its operations, or generates lower-than expected
cash accruals during the initial phase of its operations,
resulting in a pressure on its liquidity.

Incorporated in April 2018, TWPL is setting up auto dealership
business for passenger vehicles of Toyota Kirloskar Motor Pvt Ltd
(Toyota) at Dehradun (Uttarakhand). The company has received the
exclusive dealership for Toyota in Uttarakhand. The company is
promoted by Mr. Sameresh Kumar Singh and his wife, Mrs. Shalini
Singh. The project is expected to be complete by March, 2019,
however, the company will start generating revenues through a
rented outlet from Oct. 15, 2018.


UTTAM INDUSTRIAL: Ind-Ra Corrects August 27 Rating Release
----------------------------------------------------------
This announcement corrects the version published on August 27,
2018 to include Outlook for the ratings. An amended version is as
follows:

India Ratings and Research (Ind-Ra) has downgraded Uttam
Industrial Engineering Private Limited's (UIEPL) Long-Term Issuer
Rating to 'IND B-' from 'IND BB'. The Outlook is Stable. The
rating has also been migrated to the non-cooperating category.
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 B-
(ISSUER NOT COOPERATING)/Stable' on the agency's website.

The instrument-wise rating actions are:

-- INR11.3 mil. (reduced from INR60 mil.) Long-term loan due on
    April 2018 - March 2028 downgraded and migrated to non-
    cooperating category with IND B- (ISSUER NOT
    COOPERATING)/Stable rating;

-- INR5 mil. Fund-based limits downgraded and migrated to non-
    cooperating category with IND B- (ISSUER NOT COOPERATING) /
    Stable rating; and

-- INR328.7 mil. (reduced from INR442.2 mil.) Non-fund-based
    limits downgraded and migrated to non-cooperating category
    with IND A4 (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects UIEPL's stressed liquidity profile. Cash
flow from operation continued to deteriorate in FY18 to INR7
million (FY17: INR87 million; FY16: INR156 million). Also, cash
position was low at INR0.05 million at FYE18 (FYE17: INR20
million). Revenue declined 52.8% yoy to INR868 million in FY18
(FY17: INR1,838 million) and interest coverage fell to 4.1x
(4.3x). FY18 financials are provisional in nature.

The ratings have been migrated to the non-cooperating category,
as the company did not provide Ind-Ra with the details of the
orders executed in FY18, financial projections for the next four
years and working capital utilization for the 12 months ended
July 2018, despite continuous requests and follow-ups by the
agency.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity, revenue and
credit metrics will be positive for the ratings.

Negative: A sustained deterioration in the revenue, credit
metrics and liquidity will be negative for the ratings.

COMPANY PROFILE

UIEPL is a privately held company, primarily engaged in the
engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.


VAMAN FABRICS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vaman Fabrics Private Limited
        29/292 Satya Nagar 4 Udhna Road
        Surat 395007 (Gujarat)

Insolvency Commencement Date: October 1, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 30, 2019

Insolvency professional: Premraj Ramratan Laddha

Interim Resolution
Professional:            Premraj Ramratan Laddha
                         304, Abhijit-3, Above Pantaloon
                         Mithakhali-Law Garden Road
                         Ellisbridge, Ahmedabad 380006
                         E-mail: premladdha@yahoo.com

Last date for
submission of claims:    October 22, 2018


VISHAL GLOBAL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vishal Global Limited

        Registered Office:
        52/124 Property No. 124, Pocket-52
        EPDP Colony, Chittranjan Park
        Delhi 110019

Insolvency Commencement Date: September 27, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghban Apartment
                         Sector-28, Rohini, New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407, Indraprakash Building
                         Barakhamba Road, New Delhi 110001
                         E-mail: vishalglobal.ip@gmail.com

Last date for
submission of claims:    October 19, 2018



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


LEOPARD TWO: Fitch Affirms 'BB' Rating on Class D & E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings of all rated notes of
Leopard Two Funding Limited and L-MAP One Funding Limited. These
transactions are securitisations of fully amortising mortgage
loans backed by multi-family apartment properties throughout
Japan.

The rating actions are as follows:

Leopard Two Funding Limited

JPY1,430.8m* Class A-1 notes affirmed at 'AAAsf'; Outlook Stable

JPY1,430.8m* Class A-2 notes affirmed at 'AAAsf'; Outlook Stable

JPY520m* Class B notes affirmed at 'AAsf'; Outlook Stable

JPY520m* Class C notes affirmed at 'Asf'; Outlook Stable

JPY540m* Class D notes affirmed at 'BBsf'; Outlook Stable

JPY41m* Class E notes affirmed at 'BBsf'; Outlook Stable

L-MAP One Funding Limited

JPY4,897.9m* Class A notes affirmed at 'AAAsf'; Outlook Stable

JPY391.1m* Class B notes affirmed at 'AAsf'; Outlook Stable

  * All tranche balances are as of October 9, 2018.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the stable performance
of the underlying loans and available credit enhancement (CE)
levels are sufficient to support the current ratings.

Due to high prepayments over the past several years, the number
of loans has significantly declined compared with at closing in
both transactions. Therefore, Fitch considers potential small-
pool risk as well as ageing of the underlying properties, which
lead us to assume greater performance volatility in underlying
loans in stress scenarios.

Japan's low interest rate environment and the master lease
structure for the collateral properties have contributed to
stable loan performance, and delinquencies and defaults have been
limited for both transactions. The number of defaulted loans has
been limited since closing. There has been one default from
Leopard Two and two from L-MAP One to date. Fitch expects this
trend to continue.

RATING SENSITIVITIES

An unexpected increase in the delinquency or default rates may
lead to higher loss assumptions, which may, in turn, affect the
ratings of the notes. However, the 'AAAsf' ratings on the class
A-1 and A-2 notes of Leopard Two and class A notes of L-MAP One
can be supported even if assumed property cash flows decline from
the agency's initial assumptions by 48% in Leopard Two and 29% in
L-MAP One.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G-10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch checked the consistency and plausibility of the information
it received about the performance of the underlying pools and the
transactions. There were no findings that were material to this
analysis. Fitch has not reviewed the results of any third-party
assessment of the underlying pool information or conducted a
review of loan origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided
about the underlying asset pool ahead of the transactions'
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that
the asset pool information relied upon for its rating analysis
was adequately reliable.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION

This information was used in the analysis:

Transaction data and reports provided by Capital Servicing Co.,
Ltd. as at September 2018.



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


MAINZEAL PROPERTY: Ex-PM Jenny Shipley Gives Evidence in Court
--------------------------------------------------------------
BusinessDesk reports that former Prime Minister Jenny Shipley has
taken the stand in the high-profile case against directors of
failed property company Mainzeal.

Ms. Shipley took the oath in the Auckland High Court, but spoke
for only 10 minutes before the court broke for lunch.

Ms. Shipley led New Zealand between December 1997 and December
1999 and left Parliament in 2002. She was a director of Mainzeal
from 2004 until February 2013 and chair of the company when
receivers were appointed in February 2013.

According to the report, liquidators acting for creditors argue
the directors were "reckless" in not pulling the plug on the
company earlier.

Unsecured creditors, including many sub-contractors working on
Mainzeal projects, were owed more than NZ$115 million when the
company collapsed, BusinessDesk notes.

BusinessDesk says evidence from earlier in the trial suggested
there were warning signs about company finances as early as 2004,
and that the company was technically insolvent in 2010.

BusinessDesk relates that lawyers for liquidators BDO argue
directors breached their obligations somewhere between
January 2011 and July 2011 - two years before they put the
company into liquidation.

But Ms. Shipley and the other directors, who include former
Brierley Investments boss Paul Collins and Richard Yan, head of
Mainzeal owner Richina Pacific, argue there was no reckless or
illegitimate trading, the report relays.

As Ms. Shipley told the court on Oct. 11: "I consider the board
of Mainzeal was diligent and careful, in the circumstances we
faced at the time. We kept the interests of Mainzeal's creditors,
employees and customers firmly in mind at all times and
endeavoured to protect their interests and avoid loss."

Ms. Shipley will read her evidence over the next couple of days
and is likely to be cross-examined on Oct. 15, BusinessDesk
reports.

                      About Mainzeal Property

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

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

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

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

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

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



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


CAFFE BENE: Graduates from Court-Led Debt-Rescheduling Program
--------------------------------------------------------------
Yonhap News Agency reports that Caffe Bene, a homegrown coffee
franchise, said on Oct. 11 it has graduated from a court-led
debt-rescheduling program after it submitted a 10-year repayment
plan to the court.

The company filed for court receivership in January as aggressive
expansion of its outlets and stiff competition resulted in
snowballing debt worth nearly KRW60 billion won (US$53 million),
a company spokesman said over the phone, Yonhap relates.

In the debt settlement plan approved in May, the coffee chain
company converted 30 percent of the overall debt into shares and
vowed to pay the remaining 70 percent of the debt in the next 10
years, he said, Yonhap relays.

"The court reached the conclusion that the company's going
concern value (KRW41.5 billion) is bigger than its liquidation
value (KRW16.5 billion) based on the debt repayment plan," the
spokesman, as cited by Yonhap, said.

                      About Caffe Bene

Caffe Bene is in the coffee house franchise business in South
Korea.  Caffe Bene currently operates 10 regular chain stores and
410 franchise stores that include overseas ones in the United
States, Taiwan, Indonesia, Malaysia, Mongolia, Saudi Arabia and
the Philippines.

As reported in the Troubled Company Reporter-Asia Pacific on
July 27, 2018, The Business Times said that Food Empire Holdings
on July 20, 2018, updated that its associated company, Caffe Bene
Co, had successfully obtained consent by the majority of its
creditors to commence the court-approved rehabilitation scheme.

Caffe Bene filed for a court-led restructuring scheme on Jan. 12,
2018, after suffering from a protracted slump and mounting
losses.


HYUNDAI MERCHANT: To Get $5 Billion in Funding from South Korea
---------------------------------------------------------------
Costas Paris at The Wall Street Journal reports that Hyundai
Merchant Marine is getting another $5 billion in state funding to
finance a series of new orders for megaships as the company tries
to compete with bigger Asian and European rivals in a difficult
container shipping market.

The Journal relates that HMM, the country's de facto flag carrier
after the collapse of Hanjin Shipping Co. in 2016, will spend
$2.8 billion to buy 20 large container vessels from South Korean
shipbuilders. The rest of the money will likely be used to buy
container terminals, the Journal says citing people involved in
the matter.

According to the Journal, the state intervention to prop up the
struggling container ship operator reflects the willingness of
Asian governments to stand behind national carriers that move
billions worth of exports to Western markets and the local
shipyards that build their vessels.

The financing was partly arranged by Korea Ocean Business Corp.,
a government body established in July to support a shipping
sector that is considered critical to the country's economy but
which has been foundering since a global downturn in maritime
business, the report notes.

"Let's say it's a government investment," the Journal quotes one
person involved in the matter as saying. "Korea must keep its
place in global shipping. It's a national interest issue."

The Journal says Korea's struggling shipbuilders -- Daewoo
Shipbuilding & Marine Engineering Co., Samsung Heavy Industries
Co. and Hyundai Heavy Industries Co. -- will split a new order of
12 behemoths that can move 23,000 containers each and another
eight smaller vessels, according to the people familiar with the
matter.

"The order couldn't have come at a better time," a senior
executive at one of the three yards, asking not to be named, told
the Journal. "Orders have dried up and we are desperate for
revenue to keep us going."

HMM controls 1.8% of the global container capacity, while the
world's top five container operators hold a combined 65% share of
the market, the report says. It narrowly escaped default last
year with a $660 million state bailout and has been losing money
for years.

Similar bailout packages have been arranged over the years for
the shipbuilders, adds the Journal.

Hyundai Merchant Marine Co., Ltd. -- http://www.hmm21.com/-- is
a Korea-based company specializing in the provision of shipping
services.  The Company provides its services under two main
segments: container and bulk.

Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.



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


VINGROUP JSC: Fitch Affirms B+ LT IDR; Alters Outlook to Negative
-----------------------------------------------------------------
Fitch Ratings has affirmed Vingroup JSC's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'B+'. The Outlook is
revised to Negative from Stable. All ratings have been removed
from Rating Watch Negative, on which they were placed on October
3, 2018. At the same time, the agency has withdrawn Vingroup's
'B+' senior unsecured rating because the company does not have
any outstanding senior unsecured debt.

The Negative Outlook reflects Vingroup's heightened business risk
and its estimates that leverage, defined as net debt/adjusted
inventory, is likely to rise to 58% in 2018, before falling to
36% in 2019 (2017: 45%), due to the USD3.1 billion capex for its
expansion into auto manufacturing, of which USD1.4 billion is
debt funded. Vingroup financed its equity contribution in
Vinfast, its auto-manufacturing venture, by selling down its
interest in its highly cash-generative property business,
following an earlier divestment of its investment-property arm.
Vingroup has no expertise and limited experience in the auto-
manufacturing segment, increasing execution risk. However
Vingroup has hired relevant people from the industry to run the
business, mitigating the risk. Continued losses in its retail and
hospitality segments also increase the group's business-risk
profile, leading Fitch to tighten Vingroup's negative leverage
guidance to 45%, from 60%.

The rating affirmation reflects its expectation that Vingroup's
remaining property business will support the period of
significant capex, which is likely to be followed by deleveraging
in the next two years. Fitch expects leverage to fall below 45%,
the level where Fitch would consider rating action, by 2020, even
under an additional 20% stress scenario to reflect the
deleveraging being based on strong presales, an improvement in
the retail business and Vingroup's high-churn model.

Fitch also considers the listings of Vinhomes JSC in May 2018 and
Vincom Retail in November 2017 - which are 74% and 59%,
respectively, owned by Vingroup post IPO - as credit negative, at
the listings reduced Vingroup's ownership of the businesses' cash
flow and assets, especially as the majority of group debt is
located at the Vingroup level. Fitch has adjusted its approach to
calculating leverage to capture Vingroup's decreased ownership in
these subsidiaries and the subordination and leakage of
associated cash, especially at Vinhomes, which is the group's
largest cash generator. Fitch has deducted net debt at Vinhomes
and Vincom Retail from consolidated net debt and adjusted
inventory and has assumed that Vingroup will have access to its
74% and 59% share, respectively, of the balance inventory. These
adjustments significantly increase Vingroup's leverage. However,
in addition to dividends, Vingroup continues to access the
subsidiaries' cash flow via intercompany loans or project
transfer despite of the recent listing of Vinhomes and Vincom
Retail, to support its liquidity needs.

KEY RATING DRIVERS

Property Business Drives Cash Flow: Fitch expects Vingroup's
adjusted leverage to rise to around 58% in 2018 - above the level
where it would consider negative rating action. However, Fitch
believes Vingroup's fast-churn cash-accretive property-
development sales model, which is supported by the company's
market leadership in Vietnam's property market, may help it
deleverage to below the negative rating guideline by end-2019.
Vingroup's sales model allows it to front-load presales by
collecting around 70% of presales in the first year, versus
around the 40% that Fitch would typically assume for property
developers. Vingroup is also able postpone land acquisitions
until near the point where it is ready to sell.

Vingroup's middle-upper property-market leadership allows it to
generate robust cash flow and scale up to a level that is
difficult to replicate by competitors. Its presales increased by
13% yoy in 2017 to VND94 trillion, the proceeds of which will
drive cash inflow for the next two years. Fitch estimates lower
presales in 2018 of around VND74 trillion, as a one-off delay in
government approval led Vingroup to postpone a product launch. In
addition, Vingroup's expansion into middle-class products only
started in 4Q18. Fitch expects presales to increase to VND155
trillion in 2019 in light of the company's launch pipeline and
strong pre-launch interest from prospective buyers of its new
middle-class property project, Vincity.

Start-Ups Increase Leverage: Vingroup's USD3.2 billion investment
in automotive manufacturing, of which USD1.4 billion is debt-
funded, will keep leverage elevated at least through to 2019.
Fitch does not expect the auto business to turn profitable or
cash flow positive in the medium-term in light of the high
execution risk associated with Vingroup's limited experience and
expertise in the segment.

In addition, consolidated gross debt has risen over the previous
few years, as the company has pursued expansion into retail and
hospitality, further elevating the group's risk profile over the
next two years. The slow ramp-up of the businesses has
constrained cash flow and Fitch only expects the hospitality and
retail segments to start contributing positive EBITDA in 2020 and
2021, respectively. This is supported by improved operating
metrics in 1H18, with stronger average room rates and same-store
sales growth.

Property Supports Funding Access: Vingroup's rating is supported
by the company's demonstrated access to the debt and equity
markets, having raised additional equity totalling VND37 trillion
(USD1.6 billion) from a combination of IPO proceeds and
preference shares issuance during the last 12 months. Fitch
believes Vingroup's access will remain strong provided its
property-development business performs solidly.

DERIVATION SUMMARY

Vingroup's property-development profile compares favourably
against that of Modern Land (China) Co., Limited (B+/Negative)
and Yida China Holdings Limited (B/Stable). Vingroup's market-
leading position in Vietnam translates into a larger property-
development scale, as measured by annual presales. The company
also benefits from better project diversity compared with Yida's
concentrated developments in China's port-city of Dalian and a
longer development life compared with Modern Land. Nevertheless,
Fitch's expectation of Vingroup's rising leverage and gradual
ramping-up of its retail and hospitality businesses drags its
overall business-risk profile closer to that of Yida and Modern
Land.

Vingroup's credit profile also compares favourably against
Indonesia-based property developer. PT Agung Podomoro Land Tbk
(APLN, B+/Stable). Vingroup's domestic market leadership in the
property market leads to a larger development scale and faster
presale turnover than that of APLN, but this is counterbalanced
by higher risk stemming from Vingroup's retail, hospitality and
automotive businesses. APLN's lower leverage and meaningful
recurring cash flow coverage of its interest expense compensates
for its smaller business scale, leading to both companies being
rated at the same level.

KEY ASSUMPTIONS

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

  - Presales to increase to VND155 trillion in 2019 and
    VND135 trillion in 2020

  - Land or project acquisition of VDN25 trillion in 2018 and
    VND18 trillion in 2019 (2017: VND14 trillion)

  - Total investment in automotive business of USD3.1 billion,
    funded by around USD1.4 billion in debt and the rest in
    equity

  - Automotive business generating negative EBITDA of -VND853
    billion in 2019, when car sales are planned to start, to
    -VND2.3 trillion in 2022

  - The hospitality and retail businesses ramping up and turning
    EBITDA positive in 2020 and 2021, respectively

RATING SENSITIVITIES

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

  - A combination of higher-than-Fitch-expected cash burn at
    the automotive business or weaker-than-Fitch-expected
    property sales that hamper deleveraging to below 45% by
    2020 or an improvement in the cash collection from property
    sales/gross debt ratio to more than 1.1x

  - Further dilution in Vingroup's ownership of its key
    subsidiaries, Vinhomes or Vincom Retail

  - Further investment into non-core businesses that increase
    Vingroup's business-risk profile

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

The Outlook may be revised to Stable if Vingroup does not trigger
the negative rating sensitivities over an extended period.

LIQUIDITY

Funding Access Supports Liquidity: Vingroup had unrestricted cash
and cash equivalents of around VND8 trillion against a current
portion of long-term debt of around VND11 trillion at end-2017.
Vingroup's liquidity is supported by the company's demonstrated
funding access to refinance maturing debt, if required. In June
2018 Vingroup raised additional borrowings of USD325 million in
exchangeable bonds in addition to previously raising a
combination of equity and debt for its investment in Vinfast.

In accordance with Fitch's policies, Vingroup appealed and
provided additional information to Fitch that resulted in a
rating that was different than the original rating committee
outcome.



                             *********

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.



                 *** End of Transmission ***