/raid1/www/Hosts/bankrupt/TCRAP_Public/181017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 17, 2018, Vol. 21, No. 206

                            Headlines


A U S T R A L I A

ARMSTRONG ROAD: Second Creditors' Meeting Set for Oct. 24
AVERM PTY: First Creditors' Meeting Set for Oct. 24
DICK SMITH: Liquidators Accuse Synnex of Preferential Payments
LOVREK PTY: First Creditors' Meeting Set for Oct. 24
MYWINEMARKETER PTY: Clifton Hall Appointed as Liquidator

NATURAL WATER: Second Creditors' Meeting Set for Oct. 22
OWARRA PTY: First Creditors' Meeting Set for Oct. 24


C H I N A

CHINA BOHAI: Bankruptcy Threatens Chain Reaction in Finance
CHINA HUAYANG: Bond Default Triggered Cross-Defaults


I N D I A

ALIVELU RICE: ICRA Lowers Rating on INR10cr Loan to D
B.D. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
B.S. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
BANSIDHAR AGARWALLA: ICRA Maintains B- Rating in Not Cooperating
BHASKARA MARKETING: ICRA Maintains B Rating in Not Cooperating

CACHAR ALLOYS: Ind-Ra Retains B Issuer Rating in Non-Cooperating
DSG CORP: ICRA Maintains B- Rating in Not Cooperating Category
FIROZE FABRICATORS: Ind-Ra Assigns 'B+' LT Rating, Outlook Stable
GANAPATI MOTORS: ICRA Cuts Rating on INR21cr Loan to D
HINDUSTAN ORGANIC: CRISIL Assigns B Rating to INR50cr New Loan

INDIAN PULP: ICRA Assigns 'D' Rating to INR38.07cr Term Loan
INDU MULTI-PACK: CRISIL Migrates B+ Rating from Not Cooperating
INDUS MOTORS: CRISIL Reaffirms B Rating on INR7cr Overdraft
INFRASTRUCTURE LEASING: Secures Moratorium vs. Creditor Actions
JAIPRAKASH ASSOCIATES: Court Denies Bid to Restrain ICICI Bank

JALANDHAR AMRITSAR: Ind-Ra Cuts INR1.4BB LT Loan Rating to 'D'
KAVERI WAREHOUSING: CRISIL Assigns 'B' Rating to INR5.5cr LT Loan
LOHIYA DEVELOPERS: ICRA Moves B Rating to Not Cooperating
MAAJAGDAMBE PAPER: CRISIL Lowers Rating on INR4cr Term Loan to D
MAHAVIR SHEETGRAH: CRISIL Assigns B+ Rating to INR2.37cr Loan

MALWA AUTOMOTIVES: ICRA Maintains B+ Rating in Not Cooperating
MONNET ISPAT: Posts INR2,859.56cr Net Loss in Qtr Ended Sept. 30
ORIX PROPACK: ICRA Assigns B+ Rating to INR4.85cr Term Loan
PARICHITHA CONSTRUCTIONS: CRISIL Moves B+ Rating to Not Coop.
PRAGATI INGOTS: CRISIL Migrates B+ Rating to Not Cooperating

RADIANT BIZCOM: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
RAMAN AGRO: ICRA Maintains B+ Rating in Not Cooperating
RELIANCE FABRICATIONS: CRISIL Moves B+ Rating to Not Cooperating
RLJ CONCAST: ICRA Lowers Rating on INR31.01cr Loan to D
S.D. RICE: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable

SAMRAT WIRES: Ind-Ra Hikes Issuer Rating to 'B', Outlook Stable
SAVFAB DEVELOPERS: ICRA Maintains C+ Rating in Not Cooperating
SHANTHADURGA RICE: CRISIL Assigns B+ Rating to INR4cr Cash Loan
SHRI SODE: ICRA Migrates D Rating to Not Cooperating Category
SHYAMA AGRO: Ind-Ra Retains BB- Issuer Rating in Non-Cooperating

SPERRY INTERNATIONAL: CRISIL Lowers Rating on INR12cr Loan to D
SPERRY PLAST: CRISIL Lowers Rating on INR100cr Term Loan to D
SPRING BEE: Ind-Ra Withdraws 'B' Long Term Issuer Rating
SRI RAVICHANDRA: CRISIL Reaffirms B- Rating on INR18cr Loan
STANDARD CARTONS: Ind-Ra Migrates BB- Rating to Non-Cooperating

SUBRA ENTERPRISES: CRISIL Lowers Rating on INR8cr Cash Loan to D
THANE STEELS: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
UNITED TELECOMS: ICRA Maintains D Rating in Not Cooperating
VRC AGRO: CRISIL Lowers Rating on INR6.7cr Cash Loan to D
WOOLWAYS (INDIA): ICRA Migrates D Rating to Not Cooperating


N E W  Z E A L A N D

SINORAMA NZ: Goes Into Liquidation; Owes NZ$1MM to Customers


S I N G A P O R E

HYFLUX LTD: Seeks 2-Week Extension to Find Buyer for Tuaspring


                            - - - - -


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


ARMSTRONG ROAD: Second Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A second meeting of creditors in the proceedings of Armstrong
Road Pty Ltd has been set for Oct. 24, 2018, at 11:30 a.m. at the
offices of B.K. Taylor & Co. Meeting Room, Level 8, 608 St. Kilda
Road, in Melbourne, Victoria.

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. 23, 2018, at 5:00 p.m.

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


AVERM PTY: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------
A first meeting of the creditors in the proceedings of Averm Pty
Ltd will be held at the offices of 463 Scarborough Beach Road, in
Osborne Park, WA, on Oct. 24, 2018, at 10:30 a.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Averm Pty on Oct. 12, 2018.


DICK SMITH: Liquidators Accuse Synnex of Preferential Payments
--------------------------------------------------------------
CRN reports that Synnex has been dragged back into the seemingly
never-ending fallout around failed electronics retailer Dick
Smith's collapse in 2016.

CRN relates that the distributor's financial report lodged for
the financial year ending December 31, 2017 revealed that in
2018, Dick Smith's liquidators demanded up to AUD15 million from
Synnex for alleged unfair preferential transactions.

According to CRN, the report said Dick Smith's liquidators
alleged that the payments took place between July 2015 and
January 4, 2016, the six-month period immediately before Dick
Smith went under.

Synnex said in its financial report that its directors concluded
that there were no preferential payments received and that its
external lawyers were in process of establishing a defence to
respond to the liquidators, CRN relays.

Synnex declined to comment further on the matter. CRN also
reached out to McGrathNicol, who did not respond at the time of
writing.

CRN says it's not the first time the distributor has been brought
up during Dick Smith's ongoing legal drama over its closure.

In October 2016, former chief executive Nick Abboud told the
Supreme Court of NSW during an examination that Synnex had
stopped supplying iPads to Dick Smith in November, right before
the busy Christmas trading period and two months before it sank
into administration, CRN recalls.

CRN relates that Mr. Abboud claimed that there were delays in
inventory getting from Apple to Synnex then to Dick Smith,
denying that the retailer failed to pay its invoices.

He also told the court that Dick Smith relied on Apple as one of
its key suppliers despite being an infamously low-margin brand
for retailers and that it extended its facility with Macquarie
Bank by AUD10 million prior to its collapse to purchase more
Apple inventory. Dick Smith was unable to repay its debt back to
Macquarie, leading to the administration, adds CRN.

                         About Dick Smith

Dick Smith Holdings Limited Ltd was a retailer of consumer
electronics products in Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners James Stewart, Jim Sarantinos and
Ryan Eagle were appointed Receivers and Managers over DSH and
a number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

The TCR-AP, citing Otago Daily Times, reported on July 26, 2016,
that the creditors of Dick Smith have voted in favor of
liquidation.  According to the report, administrator McGrathNicol
will take over as liquidator of 10 companies within the Dick
Smith group following the vote by creditors at a meeting in
Sydney on July 25. ODT related that McGrathNicol will continue
to focus on the exact reasons for Dick Smith's collapse, and who
is to blame.


LOVREK PTY: First Creditors' Meeting Set for Oct. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Lovrek Pty
Ltd will be held at the offices of Worrells Insolvency & Forensic
Accountants, Level 15, 114 William Street, in Melbourne, in
Victoria, on Oct. 24, 2018, at 10:30 a.m.

Con Kokkinos and Matthew Kucianski of Worrells Solvency were
appointed as administrators of Lovrek Pty on Oct. 14, 2018.


MYWINEMARKETER PTY: Clifton Hall Appointed as Liquidator
--------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of
MyWineMarketer Pty Limited on Oct. 12, 2018.


NATURAL WATER: Second Creditors' Meeting Set for Oct. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Natural Water
Solutions Pty Ltd has been set for Oct. 22, 2018, at 4:00 p.m. at
Unit 6, 7 Prindiville Drive, in Wangara, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 19, 2018, at 5:00 p.m.

Melanie Samantha Grohovaz of EMJ Consulting was appointed as
administrator of Natural Water on July 23, 2018.


OWARRA PTY: First Creditors' Meeting Set for Oct. 24
----------------------------------------------------
A first meeting of the creditors in the proceedings of Owarra Pty
Ltd will be held at the offices of Hall Chadwick Chartered
Accountants, Level 4, 240 Queen Street, in Brisbane, Queensland,
on Oct. 24, 2018, at 10:00 a.m.

Blair Pleash of Hall Chadwick Chartered Accountants was appointed
as administrator of Owarra Pty on Oct. 15, 2018.



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


CHINA BOHAI: Bankruptcy Threatens Chain Reaction in Finance
-----------------------------------------------------------
Nicole Hao at The Epoch Times reports that with nearly $28
billion in unpaid debts, China Bohai Steel has begun to file for
bankruptcy, in a process that will affect 48 factories and 105
creditors in Tianjin, a port city of 15 million people located
near Beijing.

According to the report, Bohai Steel's bankruptcy process, which
began in September, could have serious repercussions for the
Tianjin financial sector, as it owes debts to seven major
regional banks, including the Beijing Bank, Tianjin Bank, Tianjin
Binhai Rural Commercial Bank, China Construction Bank, Shanghai
Pudong Development Bank, Industrial Bank, and Bank of China.

The Beijing Bank, Tianjin Bank, and Tianjin Binhai Rural
Commercial Bank each own more than CNY10 billion (about $1.5
billion) of Bohai Steel's debt, while each of the other four
banks owns CNY6 billion (about $870 million) to CNY10 billion of
debt, The Epoch Times discloses.

Other major creditors include the Northern Trusdebtt, Tianjin
Trust, and National Trust, altogether owning more than CNY2
billion (about $300 million) in Bohai Steel's debt. The steel
giant also owes Jizhong Energy CNY1.2 billion (about $174
million), and Jibin Development CNY620 million (about $90
million), adds The Epoch Times.

Bohai Steel was founded in July 2010 by the Tianjin government
through the merger of four major local state-owned steel
companies -- Tianjin Steel Pipe Group, Tianjin Iron & Steel
Group, Tianjin Tiantie Metallurgy Group, and Tianjin Metallurgy
Group.

At the founding ceremony, Bohai Steel received a CNY100 billion
credit limit from state-owned banks. Yang Dongliang, Tianjin's
deputy mayor at the time, expressed official thanks to the banks,
the report says. In 2015, Yang was subject to investigation by
the authorities. In 2017, he was sentenced to 15 years and made
to pay a CNY2 million fine for taking bribes and plundering the
public treasury, recalls The Epoch Times.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 29, 2018, China Money Network said Bohai Steel Group, a
debt-stricken state-owned enterprise, has entered bankruptcy
proceedings as Tianjin Higher People's Court accepted its
creditor Tianjin Seri Machinery Equipment Corp., Ltd.'s
application to reorganize Bohai Steel Group on August 24.


CHINA HUAYANG: Bond Default Triggered Cross-Defaults
----------------------------------------------------
Reuters reports that China Huayang Economic and Trade Group Co
triggered cross-defaults on two short-term commercial paper
issues when it defaulted on a bond in late September, the lead
underwriter for the commercial paper said Oct. 15.

Reuters relates that in a statement posted on the website of the
Shanghai Clearing House, Everbright Securities said that
Huayang's default on its CNY800 million ($115.48 million)
puttable medium-term note on Sept. 30 triggered cross-defaults on
two 270-day short-term commercial paper instruments also issued
by Huayang, each worth CNY1 billion.

One of the instruments was due to mature on Dec. 16, 2018 and the
other on Jan. 20, 2019. Both instruments had coupons of 7.5
percent, Reuters discloses.

China Huayang Economic and Trade Group Co is a China-based
trading and petrochemicals company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 5, 2018, S&P Global Ratings said that it lowered its long-
term issuer credit rating on China Huayang Economic and Trade
Group Co. Ltd. (Huayang) to 'SD' from 'B+'.

S&P said, "We lowered the rating on Huayang because the company
did not meet payments on its Chinese renminbi (RMB) denominated
medium-term notes (MTN) issued in 2015. The missed interest and
principal amounted to RMB38.4 million and RMB750 million,
respectively, and became due on Sept. 30, 2018 after investors
exercised put options on the notes. In our view, the company is
unlikely to repay the amount in five business days."

Huayang issued the RMB800 million MTN in September 2015. The
coupon was 4.8% and the MTN has a maturity of five years with an
option for investors to put back the MTN to the company after
three years, i.e. Sept. 30, 2018. Investors attempted to put back
RMB750 million out of the RMB800 million MTN.



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


ALIVELU RICE: ICRA Lowers Rating on INR10cr Loan to D
-----------------------------------------------------
ICRA has revised the ratings for the INR10.00 crore bank
facilities of Alivelu Rice Products (ARP) to [ICRA]D from
[ICRA]B-(stable) and the rating continues to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term-fund      10.0      [ICRA]D; ISSUER NOT COOPERATING;
   based limits                  Revised from [ICRA]B-(Stable);
                                 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, 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.

Rationale

The rating downgrade follows classification of ARP's C.C account
as NPA by the lender(s), as confirmed by them to ICRA.

Alivelu Rice Products was established as a partnership firm in
1997 by Mr. A. Ramakrishna and other family members, who have
more than 5 years of experience in trading of agricultural
commodities. The firm is located in Tanuku Mandal situated in
west Godavari district of Andhra Pradesh. The firm has started as
a rice mill to produce raw and boiled rice. However in 2012, the
firm shifted its line of business to trading of agricultural
commodities. The firm derives its revenue primarily from trading
in maize and other agricultural commodities.


B.D. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.D. Roadways'
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:

-- INR30.17 mil. Long-term loan maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR14.3 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating; and

-- INR1 mil. Non-fund-based working capital limits maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 6, 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 2011 as partnership firm by Gujral Group, B.D.
Roadways is primarily engaged in the transportation business.


B.S. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.S. Roadways'
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:

-- INR38.96 mil. Term loan maintained in non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR14 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR1.76 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 6, 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 2011 as a partnership firm by Gujral Group, B.S.
Roadways is primarily involved in the transportation business.


BANSIDHAR AGARWALLA: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Bansidhar
Agarwalla & Co. Pvt Ltd Unit: Chinsurah Cold Storage (CCS)
continues to remain under 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Working Capital      1.50       [ICRA]B- (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Seasonal Cash        3.25       [ICRA]B- (Stable) ISSUER NOT
   Credit                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Working Capital      0.86       [ICRA]B- (Stable) ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Bank Guarantee       0.17       [ICRA]B- (Stable) ISSUER NOT
                                   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, 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.

CCS, a cold storage unit of Bansidhar Agarwalla & Company Pvt.
Ltd was set up in 1963 in Chinsurah, in the Hooghly district of
West Bengal. CCS is primarily engaged in the business of storage
and preservation of potatoes and occasionally carries out trading
of potatoes as well. Currently, CCS has an annual storage
capacity of 20,000 tonne.


BHASKARA MARKETING: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of
Bhaskara Marketing Services (BMS) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          6.00       [ICRA]B(Stable); ISSUER NOT
   limits                         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, 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.

Bhaskara Marketing Services (BMS), established in the year 2001,
is engaged in the trading of Aqua feed(Prawn feed). It is a
partnership firm promoted by Mr. D. Veerabhadra Reddy & Smt. D.
Madhuri Latha. The firm has 3 branches in East Godavari District,
Andhra Pradesh. One of the branches is located in Kakinada town
and the other two branches are at Amalapuram and Pithapuram
respectively.


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

The instrument-wise rating actions are:

-- INR37.5 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR59 mil. Long-term loan maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 25, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Cachar Alloys was established in 2012 and has a 23,200mtpa MS
ingot manufacturing unit and an eight-ton induction furnace in
Cachar.


DSG CORP: ICRA Maintains B- Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the rating for the INR10.10-crore non-fund-based
facility of DSG Corp Private Limited (DCPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]B- (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Non-      10.10      [ICRA]B- (Stable) ISSUER NOT
   fund-based                     COOPERATING; Rating continues
                                  to remain in 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/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.

DCPL was started as a proprietorship firm by Mr. Sunil Gupta in
1992 which was converted to a partnership firm in 1995 and
subsequently converted to a private limited company in 1997 with
Mr. Sunil Gupta and Mrs. Kavita Gupta holding 100% shares of the
company. DCPL offered plumbing and fire-fighting equipment-
related systems and services to hotels, hospitals, information
technology parks, residential multiplexes, and educational
institutions. On August 31, 2010 Blue Star Limited (BSL) acquired
the business of DCPL; consequently DCPL currently has no business
operations.


FIROZE FABRICATORS: Ind-Ra Assigns 'B+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Firoze
Fabricators (FF) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating; and

-- INR16 mil. Non-fund-based working capital limit assigned with
    IND A4 rating.

KEY RATING DRIVERS

The ratings reflect FF's medium scale of operations as indicated
by revenue of INR188.5 million in FY18 (FY17: INR96.2 million).
The improvement in revenue was due to an increase in work orders.
The firm booked revenue of INR71.87 million in 5MFY18. As of
August 2018, FF had a modest order book of INR81.22 million
(0.43x of FY18 revenue), scheduled to be executed by end-December
2018. FY18 financials are provisional in nature.

The ratings are also constrained by FF's modest credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 1.8x in FY18 (FY17: 1.3x) and net leverage (total
adjusted net debt/operating EBITDA) of 1.3x (4.2x). The
improvement in the credit metrics was attributed to lower
utilization of working capital limits and a rise in absolute
EBITDA following the growth in revenue.

The ratings also factor in the partnership nature of the firm and
moderate liquidity position. Its average use of the fund-based
limits was 50% during the 12 months ended September 2018. Net
cash cycle improved to 45 days in FY18 (FY17: 171 days) on
account of a decline in receivable and inventory days.

However, the ratings benefit from FF's healthy profitability
margin of 6.4% in FY18 (FY17: 8.7%) with a return on capital
employed of 18% (9%). The decline in the margins was on account
of an increase in variable cost.

The ratings remain supported by the firm's partners' around five
decades of experience in the fabrication and erection of
mechanical and engineering equipment.

RATING SENSITIVITIES

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

Positive: A rise in the operating profitability, leading to a
sustained improvement in the credit metrics could lead to a
positive rating action.

COMPANY PROFILE

FF was established in 1964 as a partnership and started
commercial operations from 1974. FF is engaged in the fabrication
and erection for mechanical and engineering equipment. It
undertakes fabricating contracts for all kinds of mild steel,
stainless steels, copper and aluminum fabrication, supplying of
boilers components pressure parts vessels and non-pressure parts
and erection of heavy machinery and equipment's to various
process industries.


GANAPATI MOTORS: ICRA Cuts Rating on INR21cr Loan to D
------------------------------------------------------
ICRA has downgraded the long-rating for the bank facilities of
Ganapati Motors (GM) to [ICRA]D from [ICRA]BB-. The rating
continues to be in the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         7.50       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Revised from [ICRA]BB- (Stable)
                                  and continues to be in 'Issuer
                                  Not Cooperating' category

   Fund based-         21.0       [ICRA]D ISSUER NOT COOPERATING;
   Dealer Financing               Revised from [ICRA]BB- (Stable)
   Scheme                         and continues to be in '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, despite the downgrade.

Rationale

The rating downgrade follows the irregularity in debt servicing
by GM, as confirmed by a lender to ICRA.

Established in 2004, Ganapati Motors (GM) is involved in the
automobile dealership business as an authorised dealer of Maruti
Suzuki India Limited in Bhilai, Chhattisgarh.


HINDUSTAN ORGANIC: CRISIL Assigns B Rating to INR50cr New Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the proposed bank facilities of Hindustan Organic Chemicals
Limited (HOCL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Fund-
   Based Bank Limits       50        CRISIL B/Stable (Assigned)

   Proposed Non
   Fund based limits       50        CRISIL A4 (Assigned)


The ratings reflect the company's weak financial risk profile
because of eroded networth and high external liabilities, driven
by continued losses. The ratings also factor in susceptibility of
performance to fluctuations in raw material and product prices,
government regulations with respect to import, and competition.
These weaknesses are partially offset by the company's
established presence in the chemicals industry and improving
operating performance.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile because of eroded networth and high
external liabilities, driven by continuous losses: Large fixed
operating cost, acute shortage of working capital funding, and
competition from cheap import had led to intermittent working of
plants and continuously weak operating performance leading to
losses in the past. Resultantly, the financial risk profile has
been weak due to erosion of networth and high external
liabilities.

Nonetheless, the government has approved a revival plan for HOCL
wherein the company is closing all its non-viable plants at
Rasayani (Maharashtra) and will unlock cash through sale of 442
acres of land at Rasayani. The land sale is underway and the
company has been utilising the sales proceeds to pay creditors,
salary arrears, retirement compensation, and statutory dues. The
financial risk profile is likely to improve post completion of
sale of land and receipt of sales proceed.

* Susceptibility to price fluctuations, regulations related to
import, and competition: HOCL's operating performance is
susceptible to fluctuations in prices of final products and key
raw materials. Major raw materials include benzene, LPG, and
Hydrogen, the prices of which are linked to crude oil prices.
Furthermore, the company faces competition from cheap import and
operations are susceptible to government regulations regarding
duties on import. Satisfactory and sustained operating
performance post closure of operations at Rasayani remains
critical and will be closely monitored.

Strengths

* Established presence in the chemicals business and improving
operating performance: HOCL was set up in 1960 by the Government
of India for achieving self-sufficiency in basic organic
chemicals. The company has been manufacturing organic chemicals
such as phenol and acetone for over four decades and has
established a prominent position in the industry. Its operating
performance is improving on account of closure of its Rasayani
unit which had large associated cost and limited utilisation. It
had revenue and profit after tax of INR184.5 crore and INR40
crore in the quarter ended June 30, 2018. Sustenance of the
improved performance over the medium term is critical and will be
monitored.

Outlook: Stable

CRISIL believes HOCL will benefit over the medium term from its
established position and ongoing implementation of its revival
plan. The outlook may be revised to 'Positive' if there is a
significant and sustained increase in revenue and profitability
and improvement in capital structure. The outlook may be revised
to 'Negative' if lower-than-expected growth in revenue and
profitability, or stretch in working capital cycle further
weakens the capital structure and debt protection metrics.

Set up in 1960, HOCL manufactures organic chemicals, primarily
phenol, acetone, and hydrogen peroxide etc. It is a Government of
India (GoI) enterprise (GoI holds 58.78% equity stake) under the
administrative control of Department of Chemicals and
Petrochemicals, Ministry of Chemicals and Fertilizers. The
company currently has manufacturing facilities at Kochi.


INDIAN PULP: ICRA Assigns 'D' Rating to INR38.07cr Term Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D the term loans
(including funded interest term loan and working capital term
loan) of INR38.07-crore and cash credit facilities of INR15.93
crore of Indian Pulp & Paper Private Limited (IPPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          38.07       [ICRA]D; Assigned
   Limits-Term
   Loan

   Fund Based          15.93       [ICRA]D; Assigned
   Limits-Cash
   Credit

Rationale

The rating primarily considers the company's stretched liquidity
position due to its low cash accrual vis-a-vis its high debt
service obligation, which led to irregularity in payment of
principal and interest on term loans. The rating also considers
the vulnerability of IPPL's profitability to volatility in the
prices of raw materials, its substantial accumulated losses over
the years, which led to a negative net worth as well as its
exposure to geographical concentration risks with a major portion
of sales confined to West Bengal. ICRA also notes the company's
limited product diversification as well as the highly fragmented
and competitive nature of the paper industry, which exerts
pressure on pricing flexibility of the players. The rating,
however, continues to factor in the promoters' experience,
spanning over 30 years, in the paper industry and the company's
improved capacity utilisation in the recent past, aided by
increasing demand of kraft paper.

In ICRA's opinion, the company's ability to regularise debt
servicing by improving turnover and profitability would be the
key rating sensitivity, going forward.

Outlook: Not Applicable

Key rating drivers

Credit strengths:

Experience of the promoters in the paper industry: IPPL's
promoters have over three decades of experience in trading and
manufacturing of paper. Before entering the paper manufacturing
business in 2006, the promoters were involved in trading of
paper.

Improved capacity utilisation, aided by increasing demand of
kraft paper: IPPL has a recycling-based paper plant at Naihati,
West Bengal with a capacity of 45,000 metric tonne per annum
(MTPA). The company's production volume increased substantially
in the recent past, aided by increasing demand for kraft paper
for packaging purpose. In FY2018, IPPL's capacity utilisation
stood at around 80% compared to 65% in FY2017.

Credit challenges:

Low cash accrual vis-a-vis high debt service obligation led to
stretched liquidity position: IPPL's cash accrual remained
positive in the last two fiscals compared to negative cash
accruals in the preceding few years, but still stood at a low
level. This, coupled with the company's high interest expense and
significant debt repayment obligation adversely impacted its
liquidity position, leading to delays in payment of principal and
interest on term loans.

Substantial accumulated losses over the years led to a negative
net worth: The company's net worth remained negative (-Rs. 37.05
crore as on March 31, 2018) due to significant losses incurred in
the past. Given nominal net profits during the last two fiscals,
IPPL's net worth is likely to remain negative in the medium term.

Highly fragmented and competitive industry exert pressure on
pricing flexibility: The company faces stiff competition from
other kraft paper manufacturers as the industry is highly
fragmented. This limits IPPL's pricing flexibility, thereby
putting pressure on margins.

Limited geographical diversification as a major portion of IPPL's
sales is confined to West Bengal: IPPL derives a major portion of
its revenues (by selling kraft paper) from West Bengal, which
exposes it to geographical concentration risks. Nevertheless, the
company is in the process of expanding its clientele in other
states. In FY2018, the proportion of sales generated from West
Bengal declined to 87% from 99% in FY2017.

Vulnerability to volatility in raw material prices: The company
produces kraft paper by recycling waste paper, which is mainly
procured from domestic sources and a small portion is imported.
The company's profitability is likely to remain susceptible to
volatility in the prices of waste paper, given its limited
ability to pass on the price hike owing to intense competition in
the industry.

Balaji Kagaz Private Limited was incorporated in 2004 by the
Kolkata-based Agarwal family. In 2006, the company acquired
Indian Paper Pulp Company Limited (IPPCL) from the Government of
West Bengal and subsequently the name of the company was changed
to Indian Pulp & Paper Private Limited (IPPL). IPPL currently
manufactures kraft paper (with 16-30 burst factor) by recycling
waste paper. Its manufacturing facility is located in Naihati,
West Bengal with a capacity of 45,000 metric tonne (MT) per
annum.

In FY2018, on a provisional basis, the company reported a net
profit of INR0.40 crore on an operating income of INR102.27
crore, compared to a net profit of INR0.77 crore on an operating
income of INR85.32 crore in the previous year.


INDU MULTI-PACK: CRISIL Migrates B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Indu Multi-Pack Industries
(IMPI) to 'CRISIL B+/Stable/CRISIL A4/Issuer not cooperating'.
CRISIL has withdrawn its rating on bank facility of IMPI
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL is migrating
the ratings on bank facilities of IMPI from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1.5      CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Cash Credit           2.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Foreign Letter
   of Credit             1.0      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

   Term Loan             2.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

IMPI, incorporated in March 2014, manufactures synthetic
multilayer plastic films that are used for various industrial and
food packaging purposes. The manufacturing facility is located in
Daman, with installed capacity of 4,200 metric tonnes per annum.
Its operations are managed by Mr. Mukesh Sheth and Mr. Ronak
Sheth.


INDUS MOTORS: CRISIL Reaffirms B Rating on INR7cr Overdraft
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Indus
Motors Light Commercial Vehicles Private Limited (IMLCVPL) at
'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          0.75       CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility             5.00       CRISIL B/Stable (Reaffirmed)
   Long Term Loan       0.27       CRISIL B/Stable (Reaffirmed)
   Overdraft            7.00       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility   0.98       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect average scale of operations and
below-average financial risk profile because of weak capital
structure. These weaknesses are partially offset by extensive
experience of its promoters in the automobile dealership business
and its established relationship with principal Ashok Leyland Ltd
(ALL).

Analytical Approach

Unsecured loans from promoters are treated as neither debt nor
equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Average scale of operations: IMLCVPL operates on a modest
scale, as indicated by its revenue of INR84 Cr during fiscal 2017
and is estimated to report around INR97 crores in fiscal 2018, in
the fragmented auto dealership segment with geographical
concentration in the company's revenue profile. IMLCVPL
operations are concentrated in Kerala, rendering the company
susceptible to geographic concentration risk; any downturn in the
local economy will impact auto sales, and in turn, auto dealers
such as IMLCVPL.

* Below-average financial risk profile: Networth is negative as
on March 31, 2017 and will continue remain negative in fiscal
2018 due to accumulated losses in the past resulting in weak
capital structure. Low profitability and large short-term bank
borrowing led to weak debt protection metrics, with interest
coverage ratio of below 1 time in fiscal 2018. In the absence of
equity infusion and low accretion to reserves, financial risk
profile is expected to remain below average over the medium term.

Strength

* Extensive experience of promoters in auto dealership segment
and established relationship with principal, ALL: IMLCVPL has an
established presence in the auto dealership market in Kerala,
supported by its 6-year relationship with ALL. Indus Motors is
promoted by Mr. Ali Mubarak and Mr. Ali Muneer, who have diverse
business interests. Promoters have also been supporting the
business in the form on unsecured loans benefitting the overall
business profile.

Outlook: Stable

CRISIL believes IMLCVPL will continue to benefit over the medium
term from its established position in the auto dealership in
Kerala and promoters' extensive experience. The outlook may be
revised to 'Positive' if financial risk profile improves
significantly due to substantial cash accrual or sizable fresh
equity infusion. The outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, weakens further
because of a sharp decline in cash accrual driven by subdued
demand, stretched working capital cycle, or sizeable debt-funded
capital expenditure.

Set up in 2011 by Mr. Ali Mubarak and Mr. Ali Muneer, IMLCVPL is
an authorised dealer of Ashok Leyland Ltd's light commercial
vehicles in Kerala.


INFRASTRUCTURE LEASING: Secures Moratorium vs. Creditor Actions
---------------------------------------------------------------
Livemint.com reports that Infrastructure Leasing & Financial
Services Ltd (IL&FS) said on Oct. 15 the country's appellate
company law tribunal has passed an interim order granting a
moratorium on all creditor actions against the company and its
group firms.

The moratorium, effective immediately, prohibits initiation or
continuation of any legal proceedings and enforcement of security
over assets of IL&FS and group companies, IL&FS said in a
statement, Livemint.com relays.

Livemint.com notes that India replaced the entire IL&FS board
earlier this month after defaults on some of its debt triggered
sharp falls in stock and debt markets, sparking fears about
contagion in the country's financial sector.

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 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.


JAIPRAKASH ASSOCIATES: Court Denies Bid to Restrain ICICI Bank
--------------------------------------------------------------
Livemint.com reports that the Supreme Court on Oct. 12 dismissed
a plea by Jaiprakash Associates Ltd (JAL) seeking to restrain
ICICI Bank from initiating insolvency proceedings against it.

Livemint.com relates that a bench led by Justice N.V. Ramana
upheld the order of the Allahabad High Court that had relied on
the apex courts August order in the Jaypee Infratech (JIL)
insolvency case, where it asked the National Company Law Tribunal
(NCLT), Allahabad, to deal with insolvency proceedings against
JIL.

A limitation period of 180 days had been set to conclude
insolvency proceedings at NCLT, the report says.

According to Livemint.com, the Allahabad High Court had also
allowed the Reserve Bank of India (RBI) to direct banks to
initiate separate insolvency proceedings against JIL's holding
company JAL.

Livemint.com notes that the top court was ruling on a plea by
debt-ridden JAL seeking to restrain ICICI Bank from initiating
insolvency proceedings against it under Section 7 of the
Insolvency and Bankruptcy Code (IBC).

In its appeal, JAL told the apex court that the Composite
Restructuring and Realignment Plan (CRRP) approved by the Joint
Lenders forum (JLF) and pending consideration of the NCLT,
Allahabad, could not co-exist with insolvency proceedings
initiated at the instance of the RBI, Livemint.com says.

In the Jaypee Infratech insolvency case, the top court had
allowed the RBI to initiate insolvency proceedings against JAL,
noting that it owes over Rs 30,000 crore to 30 banks, the report
adds.

                    About Jaiprakash Associates

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.

JAL featured in Reserve Bank of India's second list of at least
26 defaulters with which it wants creditors to start the process
of debt resolution before initiating bankruptcy proceedings.


JALANDHAR AMRITSAR: Ind-Ra Cuts INR1.4BB LT Loan Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Jalandhar Amritsar Tollways Ltd.'s (JATL) bank loans as follows:

-- INR1.417 bil. Bank loans (long-term) downgraded with IND D
     rating.

KEY RATING DRIVERS

The downgrade reflects JATL's tight liquidity and inadequate
operating revenue to meet premium obligations. JATL has to pay a
premium of INR1,840 million (negative grant) to National Highways
Authority of India (NHAI; 'IND AAA'/Stable) over FY19-FY21. The
project sponsor, IVRCL Limited, is facing insolvency resolution
plan proceedings, eliminating any chance of support to the
project. The project is relaxed from interest and principal
payments over FY19-FY21, as per the earlier concessions granted
by the lenders. The project has failed to perform major
maintenance due to non-availability of funds.

RATING SENSITIVITIES

Positive: An increase in revenue, leading to the project self-
sufficient to pay premium and debt service payments, on a
sustained basis, would result in an upgrade.

COMPANY PROFILE

JATL is a special purpose company that was set up to widen,
operate, and maintain a 49km road stretch on the National Highway
1 between Jalandhar and Amritsar in Punjab. NHAI has awarded the
project to JATL under a 20-year concession. JATL is wholly owned
by IVRCL. The project stretch is maintained by IVRCL, which has
over two decades of experience in operating toll roads.


KAVERI WAREHOUSING: CRISIL Assigns 'B' Rating to INR5.5cr LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kaveri Warehousing (KW).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Long Term Loan       5.5         CRISIL B/Stable (Assigned)

The rating reflects exposure to risks related to timely
completion of project and its subsequent stabilization in
operations and the expected modest scale of operations. These
weaknesses are partially offset by benefits from extensive
experience of promoters in the warehousing business.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to high risks related to implementation and
stabilisation of the project: The project is currently under
construction and is now 50% completed. Operations are expected to
commence from fiscal 2020. Timely commencement and stabilization
of the cash flows will remain key rating sensitivity factors.

* Expected modest scale of operations in the initial phase: KW is
expected to commence commercial operations only in April 2019.The
revenues are expected to remain modest at around INR2 crores over
medium term.

Strengths

* Extensive experience of promoters The promoter, Mr. Sunil Kumar
has more than 15 years of experience in the warehouse industry.
His extensive experience will continue to support the business
risk profile

Outlook: Stable

CRISIL believes KW 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, 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, longer than expected  working capital
cycle leading to deterioration in the financial risk profile.

KW, established in 2015 in Dhanbad is engaged in setting up a
godown for FCI with a capacity of 20,000 MT.


LOHIYA DEVELOPERS: ICRA Moves B Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Lohiya Developers (LD) to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-Term Fund        5.0      [ICRA]B (Stable) ISSUER NOT
   based/Cash                     COOPERATING; Rating moved to
   Credit                         the 'Issuer Not Cooperating'
                                  category

   Short-Term Fund       0.5      [ICRA]B (Stable) ISSUER NOT
   based/Bank                     COOPERATING; Rating moved to
   Guarantee                      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/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.

Lohiya Developers was incorporated in 2008 by Mr. Munendra Singh
Lohiya. The company is engaged in the field of civil construction
in government, public and private sector. The company has its
head office in Meerut (Uttar Pradesh). Over the past few years
the company has been executing work for PWD and other state
government departments in the state of UP, mostly in the city of
Meerut. In FY2016, Mr. Manuj Kumar, son of Mr. Munendra Lohiya
became partner of the firm with 40% stake.


MAAJAGDAMBE PAPER: CRISIL Lowers Rating on INR4cr Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Maajagdambe Paper Mills Private Limited (MPMPL) to 'CRISIL D '
from 'CRISIL B/Stable'.

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

   Term Loan             4         CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects the company's delay in the repayment of
long term debt obligation for the month of September 2018.

The rating continues to reflect the company's delay in the
project implementation and subsequent stabilization and ramp up
operation. The rating also factors below average financial risk.
These weaknesses are partially offset by the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity:  Liquidity has been weak, owing to no cash
generation due to delay in the project of the company.

* Risks associated with completion of the on-going project and
subsequent stabilization and ramp up in operations:
The company has undergone a capital expenditure of approximately
INR 7-8 crore towards setting up of its manufacturing unit with
capacity of 12000 TPA. However due to delay in the approval from
electricity board the trail run has not yet been started.

Strengths

* Extensive experience of the partners: The two decade-long
experience of the promoters in the paper industry, and their keen
grasp over local market dynamics, will continue to support the
business risk profile.

Incorporated in May 2016,MPMPL is setting up manufacturing unit
for kraft paper and writing paper. The factory is situated at
Mahuli, Bihar.


MAHAVIR SHEETGRAH: CRISIL Assigns B+ Rating to INR2.37cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mahavir Sheetgrah Private Limited (MSPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            2.37      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility   1.78      CRISIL B+/Stable (Assigned)

   Cash Credit          2.00      CRISIL B+/Stable (Assigned)

   Overdraft            0.35      CRISIL A4 (Assigned)

The ratings reflect MSPL's the weak financial risk profile and
exposure to vulnerability in the delay in payments by the farmers
because of adverse market conditions. These weaknesses are
partially offset by the extensive experience of the promoters in
the cold storage industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth is estimated at a low
INR1.6 crore and gearing high at 3.24 times as on March 31,
2018.. Debt protection metrics were also weak in fiscal 2018
indicated by net cash accruals to total debt (NCATD) and interest
cover of 0.08 times and 2.00 times respectively for fiscal 2018.

* Vulnerability to delay in payments by the farmers because of
adverse market conditions: Cold storages contract debt from
banks, and extend it to the farmers as financial assistance.
Repayment of loans depend on timely realisation of payments by
the farmers, but the primary responsibility to service loans lies
with cold storages. However, payments are often stretched. In
case of adverse market conditions, when agricultural commodity
prices fall significantly, the farmers do not lift their stock to
save on rental charges, and tend to default on loans, which
pressurises the profitability of cold storages.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience and established relations with
local farmers should support the business.

Outlook: Stable

CRISIL believes MSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and stable profitability
improve cash accrual and strengthen financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
decline in profitability, resulting in low cash accrual, or any
large debt-funded capital expenditure exerts pressure on
liquidity and weaken the financial risk profile.

Incorporated in May 2011, Firozabad (Uttar Pradesh)-based MSPL
provides cold storage facilities to farmers for potatoes.


MALWA AUTOMOTIVES: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for INR17-crore bank facility of Malwa
Automotives Pvt. Ltd. (MAPL) continues to remain in the 'Issuer
Not Cooperating' category. The rating is now denoted as [ICRA]B+
(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based-         13.00      [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Fund Based-          4.00      [ICRA]B+ (Stable) ISSUER NOT
   Term loan                      COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

MAPL, incorporated in 2012, is an authorised dealer of Jaguar
Land Rover luxury cars. The company has established a 3S (sales,
service and spares) showroom in Karnal (Haryana), the commercial
operations of which commenced from October 2014. Apart from MAPL,
the group also has dealerships of Tata Motors Limited, Hyundai
Motor India Limited, Nissan Motor India Private Ltd, Chevrolet
(GM) and Honda Motorcycle and Scooter India Pvt Limited in
Haryana and Delhi.


MONNET ISPAT: Posts INR2,859.56cr Net Loss in Qtr Ended Sept. 30
----------------------------------------------------------------
Livemint.com reports that Monnet Ispat and Energy Ltd (MIEL) on
Oct. 15 reported a net loss of INR2,859.56 crore for the quarter
ended September 2018 due to impairment of value of its assets.

Its net loss was INR353.24 crore in the year-ago quarter, said
MIEL, a joint venture company of AION and JSW Steel Ltd,
Livemint.com relays.

Livemint.com relates that the company's total income, however,
increased to INR423.03 crore in July-September quarter of 2018-19
fiscal as compared to INR318.39 crore in corresponding period of
the previous year.

Its net loss widened sharply because of an exceptional item of
INR2,772.81 crore on account of impairment of value of its
assets, Livemint.com discloses.

This includes impairment of property plant and equipment
amounting to INR2,440.93 crore and impairment of investments,
inventories, receivables, current and non-current assets
aggregating to INR1,558.37 crore considered not realizable, says
Livemint.com. It also wrote back its certain liabilities from the
book totalling INR1,226.49 crore.

                        About Monnet Ispat

Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.

Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).

As reported in the Troubled Company Reporter-Asia Pacific on
April 11, 2018, BloombergQuint said Monnet Ispat's committee of
creditors on April 10 approved a resolution plan submitted by a
joint venture between AION Investments Pvt Ltd and JSW Steel Ltd.
The plan was approved by lenders with a 98.97 percent majority.
The bid will now be placed before the National Company Law
Tribunal for final approval, before being implemented.

On Feb. 27, BloombergQuint had reported that the JSW-AION
consortium had made a INR3,700 crore offer for Monnet Ispat. Of
this, INR2,650 crore were to be used to repay lenders against
admitted claims worth INR10,000 crore. That would mean that the
financial creditors would take a 76 percent haircut on their
exposure.


ORIX PROPACK: ICRA Assigns B+ Rating to INR4.85cr Term Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR4.85-crore term loan facilities and the INR1.50-crore cash
credit facilities of Orix Propack Pvt. Ltd.  The outlook on the
long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan             4.85      [ICRA]B+ (Stable); Assigned

   Fund-based-
   Cash Credit           1.50      [ICRA]B+ (Stable); Assigned

Rationale

The assigned ratings are constrained by the modest scale of
operations in a highly competitive industry Which limits pricing
flexibility and profitability of the company. The ratings takes
into account OPPL's leveraged capital structure, given the debt
funded capital expenditure. ICRA notes the company's scheduled
debt repayment obligations, which are large relative to its
projected cash accruals.

The rating, however, favorably takes into account the established
experience of promoters, the stable demand outlook for the
packaging industry and various fiscal benefits available to the
firm that are likely to support profitability.

Outlook: Stable

ICRA believes that OPPL will continue to benefit from the
established experience of promoters in the flexible packaging
industry. The outlook may be revised to Positive, if the company
successfully scales up its operations, significant improvement in
revenue and profitability while managing working capital
efficiently, thereby strengthening its financial risk profile.
The outlook may be revised to Negative if cash accruals are lower
than expected, or any further major debt-funded capital
expenditure or stretch in working capital cycle weakens the
company's liquidity position.

Key rating drivers

Credit strengths

Established experience of promoters: Prior to inception of OPPL,
the promoters were involved in the manufacturing of laminated
tube through their association with other companies, which is
expected to benefit the company in terms of business growth.

Favorable demand prospect: Adequate demand prospects for polymer-
based packaging in pharmaceutical and FMCG (Fast moving consumer
goods) sector, supported by cost and quality advantage as
compared to aluminium-based packaging.

Various fiscal incentives: OPPL is eligible to receive interest
subsidy, capital subsidy and electricity duty refund from the
state government. These incentives are expected to support the
profitability and the cash flows in the near to medium term.

Credit challenges

Limited track record of the company: The company commenced
operation in March 2017 with an installed capacity of 3 crore
laminated tubes per annum. It has achieved operating income of
INR2.63 crore in FY2018.

Leveraged capital structure: The company's capital structure is
expected to remain leveraged, given the debt funding of the
capital expenditure in incurred in FY2017 to set up manufacturing
unit coupled with planned capex in FY2019 to double its capacity.
The company has high repayment obligations over the next few
years, evidently, the DSCR3 is expected to remain weak in the
near term.

Intense competition: Given the low entry barriers, the industry
is characterised by the presence of some established players and
a large base of unorganised small players, which results in stiff
competition.

Limited bargaining power with customers: The company's clientele
consists of established private players from pharma and FMCG
sector and keeps selling price competitive. Therefore, it becomes
difficult for the company to pass on any rise in input cost to
customers.

Incorporated in 2016, Orix Propack Pvt. Ltd. (OPPL) is promoted
by Mr.Ravi Kotadiya, Mr. Nilesh Moradiya, Mr. Pramod Moradiya and
family members. OPPL is engaged in manufacturing of laminated
tubes of four different diameters of 19, 22, 28 and 35 mm. The
commercial operations commenced in March 2017 with a capacity of
3 crore laminated tubes per annum. The manufacturing facilities
is located at Morbi, Gujarat. OPPL has planned capex in FY2019 to
double to 6 crore the capacity in FY2018.


PARICHITHA CONSTRUCTIONS: CRISIL Moves B+ Rating to Not Coop.
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Parichitha
Constructions (PC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       3          CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft            3.5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PC for obtaining
information through letters and emails dated August 28, 2018 and
September 11, 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 PC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of PC migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

PC was established as a proprietorship firm by Mr. N Srinivas
Murthy in 1987. It is based in Bengaluru and undertakes civil
construction of roads, bridges, drains, and underpasses for
government bodies.


PRAGATI INGOTS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pragati
Ingots and Power Private Limited (PIPPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          6.2       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   5.2       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan             .6       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

Based on the last available information, the rating on bank
facilities of PIPPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2009, PIPPL is promoted by Mr. Rajesh Agrawal and
Mr. Pradeep Agrawal. The company manufactures mild steel ingots,
which find application in rolling mills, where they are used as
raw material to manufacture various steel products. The
manufacturing plant is in Raipur.


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

The instrument-wise rating action is:

-- INR250 mil. Fund-based facilities (long-term/short-term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 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 August 2014, Radiant Bizcom is engaged in the
business of television and digital content, including digi beta
tapes, videotapes and cassettes. It has its own library and owns
the rights to 670 episodes across various genres such as drama,
comedy, thriller and action in regional Indian languages.


RAMAN AGRO: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facility of
Raman Agro Exports Pvt Ltd (RAEPL) continues to be in the 'Issuer
Not Cooperating' category. The rating is denoted as [ICRA]B+
(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.00      [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Term Loan             6.00     [ICRA]B+ (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

Established in 2008, RAEPL manufactures cattle feed at its
manufacturing facilities located at Varanasi, Uttar Pradesh (UP)
and Raigarh, Chhattisgarh, with a total manufacturing capacity of
200 tonnes per day, with the Varanasi plant being automated in
all stages of production, from the feeding of raw material to the
packing of the finished product. RAEPL sells its products through
distributors in Bihar, Jharkhand, UP, Madhya Pradesh, and Odisha
under the brand names, 'Doodh Dhara' and 'Kranti'.


RELIANCE FABRICATIONS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Reliance
Fabrications Private Limited (RFPL) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      1         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    2.68      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Standby Line           .45      CRISIL B+/Stable (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RFPL for obtaining
information through letters and emails dated September 10,
2018among 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 RFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of RFPL migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

Established as a closely held company in 1966, RFPL promoted by
the Jamshedpur-based Gutgutia family manufactures process-plant
equipment and maintenance spares for several industries,
including petroleum, refining, chemical, fertiliser, steel,
cement, and power.


RLJ CONCAST: ICRA Lowers Rating on INR31.01cr Loan to D
-------------------------------------------------------
ICRA has downgraded the ratings of bank facilities of RLJ Concast
Private Limited (RLJ) to [ICRA]D from the long-term rating of
[ICRA]BB and short-term of [ICRA]A4.  ICRA has also moved the
ratings to the 'Issuer Not Cooperating' category. The rating is
now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based-       31.01       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Revised from [ICRA]BB (Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Fund Based-       15.60       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Revised from [ICRA]BB (Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

   Non-fund Based    14.79       [ICRA]D ISSUER NOT COOPERATING;
                                 Revised from [ICRA]A4+ and moved
                                 to 'Issuer Not Cooperating'
                                 category

Rationale

The rating downgrade follows the delays in debt servicing by RLJ
to the lender(s) on account of stretched liquidity position of
the company. ICRA has limited information on the entity's
performance since the time it was last rated in March 2017.

As part of its process and in accordance with its rating
agreement with RLJ, 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 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

RLJ processes sponge iron and MS Ingots/billets. Its
manufacturing facility, with an installed capacity of 60,000
tonnes per annum (TPA), is located at village Baragaon, Chunar
area, District Mirzapur (Uttar Pradesh). RLJ is promoted by Mr.
Arun Kumar Jain, who has also promoted S.A Iron & Alloys Private
Limited, a 90,000 TPA sponge iron unit in Jeevnathpur, Chandauli
(Uttar Pradesh). RLJ has recently set-up an induction furnace
with a capacity of 28,800 TPA and a 6MW power generation plant.
The projects started commercial production in October 2016.


S.D. RICE: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.D. Rice Mills
(SDRM) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR165 mil. Fund-based working capital limit assigned with
    IND B+/Stable/INDA4 rating.

KEY RATING DRIVERS

The ratings reflect SDRM's small scale of operations and weak
credit metrics.  The company's revenue increased to INR579.77
million in FY18 (FY17: INR489.66 million) due to the better
realization. Its interest coverage (operating EBITDAR/gross
interest expense + rents) was 1.17x in FY18 (FY17: 1.18x) and net
leverage (total adjusted net debt/operating EBITDAR) was 8.58x
(10.33x). The net leverage improved on account of an increase in
EBITDA and a decline in external borrowings. The ratings are
further constrained by SDRM's modest EBITDA margin of 5.65% in
FY18 (FY17: 5.24%) with a return on capital employed of 10% in
FY18

The ratings also reflect the partnership nature of the firm.

The ratings, however, are supported by more than two decades of
experience of SDRM's promoters in the rice industry. The ratings
are further supported by the comfortable liquidity position of
the company as indicated by 89% average utilization of cash
credit limits during the 12 months ended September 2018.

RATING SENSITIVITIES

Negative: A decline in revenue or EBITDA margin, leading to
deterioration in the credit metrics could be negative for the
ratings.

Positive: Any improvement in revenue or EBITDA margin, leading to
improvement in the credit metrics could be positive for the
ratings.

COMPANY PROFILE

SDRM is a partnership firm established in 1983. It is promoted by
Mr. Darshan Wadhwa and his family members. The firm primarily
processes basmati rice and also converts semi processed rice into
parboiled basmati rice. SDR's milling unit is based in Jalalabad,
district Ferozpur, Punjab, which is in close proximity to the
local grain market.


SAMRAT WIRES: Ind-Ra Hikes Issuer Rating to 'B', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Samrat Wires
Private Limited's (SWPL) Long-Term Issuer Rating to 'IND B' from
'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR54 mil. Term loan due on March 2021 upgraded with
    IND B/Stable rating;

-- INR30 mil. Non-fund-based working capital limit Long-term
    rating upgraded; Short-term rating affirmed with
    IND B/Stable/IND A4 rating; and

-- INR50 mil. Fund-based working capital limit Long-term rating
    upgraded; Short-term rating affirmed with IND B/Stable/IND A4
    rating.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in SWPL's working
capital cycle to 59 days in FY18 (FY17: 890 days), attributed to
a reduction in inventory holding period to 39 days (100 days).
The ratings also reflect an improvement in the company's credit
metrics because of a decline total debt and the resultant
decrease in interest cost. Net leverage (adjusted net
debt/operating EBITDA) improved to 10.32x in FY18 (FY17: 10.55x)
and gross interest coverage (operating EBITDA/gross interest
expense) to 2.43x (1.18x). FY18 financials are provisional in
nature.

However, the ratings are constrained by SWPL's modest EBITDA
margin of 12.43% in FY18 (FY17: 12.11%) with a return on capital
employed of 4%.

The ratings also remain constrained by SWPL's small scale of
operations. Revenue declined to INR184.47 million in FY18 (FY17:
INR 199.78 million) owing to lower orders.

The ratings also factor in the company's moderate liquidity
position as indicated by about 93% average utilization of the
fund-based limit utilization during the 12 months ended September
2018.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue leading to
deterioration in the credit metrics, on a sustained basis, could
lead to a negative rating action.

Positive: A significant increase in revenue, along with an
improvement in the credit metrics, could lead to a positive
rating action.

COMPANY PROFILE

Established in 2010, SWPL manufactures wires at its state-of-the-
art facility in Khopoli, Raigad (Maharashtra).


SAVFAB DEVELOPERS: ICRA Maintains C+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR35.0 crore bank facilities of
Savfab Developers Private Limited (SDPL) continues to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] C+ ISSUER NOT COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Fund-based        35.0      [ICRA] C+ ISSUER NOT COOPERATING;
                               Rating continues to remain in 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/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.

Incorporated in 2012, SDPL is developing a residential project
called "Jasmine Grove" at Village Mehrauli, on NH-24, Ghaziabad,
Uttar Pradesh. In the last year, the company increased the scope
of the project to 517 flats from the originally envisaged 370
flats. The company is part of the Saviour group, which is
promoted by Mr. Dhanesh Goel and Mr. Vineet Goel, who have been
executing projects in NCR for many years.


SHANTHADURGA RICE: CRISIL Assigns B+ Rating to INR4cr Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shanthadurga Rice Industries (SRI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term
   Bank Loan Facility      1        CRISIL B+/Stable (Assigned)

   Cash Credit             3        CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit            4        CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale and its working
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of the partners in the rice
milling business and a moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale: Scale is small at INR17 crore generated in fiscal
2018, due to nascent stage of operations in a highly fragment
rice milling industry. The firm began its commercial operation in
the fiscal 2018 and is expected to scale up over the medium term.

* Large working capital requirement: Operations are expected to
be working capital intensive, due to expected inventory stocking
of around 120 days, owing to the seasonal nature of the crop.

Strength

* Extensive experience of the partners: Presence of more than two
decades in the grain trading segment has enabled the partners to
understand local market dynamics and establish healthy
relationships with customers and suppliers.

* Moderate financial risk profile: The financial risk profile is
moderate, as reflected in gearing of less than 1 time as on
March 31, 2018. Debt protection metrics were healthy with
interest cover over of 6.7 times and net cash accrual to total
debt (NCATD) of 37% for fiscal 2018.

Outlook: Stable

CRISIL believes SRI will continue to benefit from the partners'
extensive experience. The outlook may be revised to 'Positive' if
substantial improvement in revenue and profitability, leads to
sizeable cash accrual and in turn to a better financial risk
profile. The outlook may be revised to 'Negative' if lower-than-
expected accrual, stretch in working capital cycle, or any large,
debt-funded capital expenditure, weakens the financial risk
profile, especially liquidity.

Set up in 2015 in Siddapura, as a partnership concern, SRI mills
and processes paddy into rice.


SHRI SODE: ICRA Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Shri Sode Vadiraja Mutt Education Trust (SSVMET) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       21.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating 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
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.

Shri Sode Vadiraja Mutt Education Trust was incorporated in the
year 2009 and manages an engineering college named by Shri Madhwa
Vadiraja Institute of Technology and Management (SMVITM), in
Udupi district, Karnataka. The college started functioning from
July 2011 and is affiliated to Visvesvaraya Technological
University (VTU) and is also AICTE approved (All India Council
for Technical Education) and recognized by Government of
Karnataka. The trust was formed by Shree Vishwa Vallabha Theertha
Swamiji for undertaking educational and research activities. The
members of the trust are Shree Vishwa Vallabha Theertha Swamiji,
Shri P. Srinivas Tantry and Shri Rathna Kumar. The main objective
of the trust is to set up and operate government aided and
private courses/programs in the field of technical education,
training and research in engineering and technology.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR37.76 mil. Long-term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shyama Agro Foods & Exports runs a 120-ton-per-day roller flour
mill in Muzaffarpur, Bihar.


SPERRY INTERNATIONAL: CRISIL Lowers Rating on INR12cr Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Sperry
International Private Limited (SIPL; part of the Sperry group) to
'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer
Not Cooperating' as account has been classified as NPA.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Letter of Comfort       12       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated June 18, 2018, and
July 30, 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 SIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on best available information, CRISIL has downgraded the
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating' as account has been classified as NPA.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPL and Sperry Plast Ltd (SPL;
together referred to as the Sperry group) as SIPL is a subsidiary
of SPL and both companies are in a similar business, and have
financial linkages and a common management.

Incorporated in December 2004, SIPL is a subsidiary of SPL
(holding 80.03% stake) which has invested in Sperry Wictor SRL,
Italy (100% subsidiary of SIPL - which is into manufacturing of
adhesives). SIPL is promoted by Mr. Vikram Jain.

Incorporated in April 1992, SPL is a closely held company
promoted by Mr. Vikram Jain and his family. It manufactures
thermoplastic rubber compound, plastic moulded components, and
expanded polystyrene (EPS) foam. It has its four manufacturing
facilities in Greater Noida (2 units), Chennai and Jammu.


SPERRY PLAST: CRISIL Lowers Rating on INR100cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Sperry
Plast Limited (SPL; part of the Sperry group) to 'CRISIL D/
CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating' as account has been classified as NPA.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           50        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

   Letter of Credit      25        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Term Loan            100        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

CRISIL has been consistently following up with SPL for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 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 SPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on best available information, CRISIL has downgraded the
rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' as account has
been classified as NPA.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sperry International Private Limited
(SIPL) and SPL; together referred to as the Sperry group) as SIPL
is a subsidiary of SPL and both companies are in a similar
business, and have financial linkages and a common management.

SPL
Incorporated in April 1992, SPL is a closely held company
promoted by Mr. Vikram Jain and his family. It manufactures
thermoplastic rubber compound, plastic moulded components, and
expanded polystyrene (EPS) foam. It has its four manufacturing
facilities in Greater Noida (2 units), Chennai and Jammu.

SIPL
Incorporated in December 2004, SIPL is a subsidiary of SPL
(holding 80.03% stake) which has invested in Sperry Wictor SRL,
Italy (100% subsidiary of SIPL - which is into manufacturing of
adhesives). SIPL is promoted by Mr. Vikram Jain.


SPRING BEE: Ind-Ra Withdraws 'B' Long Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Spring Bee
Dairy Products Private Limited's Long-Term Issuer Rating of
'IND B (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND B rating on the INR200 mil. Proposed long-term loans
    are withdrawn; and

-- The IND B rating on the INR90 mil. Proposed fund-based
    facilities are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as Spring
Bee Dairy Products did not proceed with the instruments as
envisaged.

COMPANY PROFILE

Incorporated in October 2015, Spring Bee Dairy Products will be
engaged in the processing of raw milk to produce milk powder,
packaged milk and milk by-products such as clarified butter and
butter. Its promoters are Mr. Yalavarthi Ravindra Kumar, Mr.
Jaswanth Kadiyam, Mr. Prasannaraju Yalavarthi, Mr. Ramesh Babu
Yalavarthy and Ms. Rosyhemalathajoynehu Yalavarthi.


SRI RAVICHANDRA: CRISIL Reaffirms B- Rating on INR18cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the bank
facilities of Sri Ravichandra Textiles Private Limited (SRTPL)

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          18         CRISIL B-/Stable (Reaffirmed)

   Long Term Loan       11.22      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   10.28      CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect SRTPL's large working capital
requirements, its weak financial risk profile marked by high
gearing, modest net worth and debt protection metrics and its
susceptibility to volatility in cotton prices,. These rating
weaknesses are partially offset by the benefits that SRTPL
derives from its promoters' extensive industry experience and its
established customer relationships.

Analytical Approach

CRISIL has treated the unsecured loans of INR11.82 crores from
promoters as 75 per cent equity and 25 per cent debt as these
have no fixed repayment schedule, are non-interest bearing, have
not been withdrawn over the past three years ending March, 2018
and are expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The gearing remained high
at 1.92 times with net worth at INR18.14 crore as on March 31,
2018. The net cash accruals to total debt (NCATD) and interest
coverage ratio stood at 0.06 times and 1.63 times for fiscal
2018.

* Susceptibility of margins to volatility in cotton prices
Raw cotton constitutes more than 70 per cent of SRTPL's cost of
sales. Company's operating margin is vulnerable to volatility in
raw material prices.

* Large working capital requirement: SRTPL's business is highly
working capital intensive, as reflected in estimated gross
current asset (GCA) days of 182 days as on March 31, 2018. The
high GCA emanates from the company's inventory levels of around
170 days and receivables cycle of 11 days as on March 31, 2018.

Strengths

* Promoters' extensive industry experience' and its established
customer relationships: SRTPL is promoted by Mr. Gopalakrishana
along with his family members. The promoters have been associated
with the cotton industry from over 12 years and have established
relation with its customers.

* Support from promoters in form of infusion of unsecured loan or
equity: The promoters are likely to extend support in the form of
equity and unsecured loans to the company to meet its working
capital requirements and repayment obligations.

Outlook: Stable

CRISIL believes that SRTPL will continue to benefit over the
medium term from its promoters' extensive experience in the
cotton business. The outlook may be revised to 'Positive' in case
of considerable improvement in SRTPL's financial risk profile,
marked by significant improvement in its revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenue and
profitability, or large debt-funded capital expenditure, stretch
in working capital management leading to deterioration in its
financial risk profile.

SRTPL, incorporated in 2010, manufactures cotton yarn, primarily
in counts of 10s, 13s, 16s, and 20s. The company's manufacturing
facilities are in Guntur (Andhra Pradesh), and started commercial
production in November 2012.


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

The instrument-wise rating actions are:

-- INR2.69 mil. Term loan-I due on January 2021 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR7.26 mil. Term loan-II due on March 2021 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR13.45 mil. Term loan-III due on March 2021 Migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR17.50 mil. Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR40 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Proposed fund-based limit migrated to Non-
    Cooperating Category with Provisional IND BB- (ISSUER NOT
    COOPERATING)/Provisional A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 9, 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 2000, Delhi-based Standard Cartons manufactures
corrugated cartons and mono cartons for packaging purposes at its
plants in Okhla, Delhi, and Gurugram.

It procures raw materials (paper and starch) domestically and
sells customized packaging cartons to companies from the
automobile, consumer durable and pharmaceutical industries


SUBRA ENTERPRISES: CRISIL Lowers Rating on INR8cr Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Subra
Enterprises (SE) to 'CRISIL D; Issuer not cooperating' from
'CRISIL B/Stable; Issuer not co-operating'.

The downgrade reflects delays by the firm in servicing debt.
CRISIL had discussion with the bank, which has confirmed the
delay in repayment.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            8        CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable ISSUER
                                   NOT COOPERATING')

CRISIL has been consistently following up with SE for obtaining
information through letters and emails dated April 6, 2017, and
May 4, 2017, 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 Subra Enterprises. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Subra Enterprises is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL D'; Issuer Not Cooperating.

SE, set up in 2012, is based in Chennai. It trades in agro
commodities. Its operations are managed by Mr. A S Sharath
Chandran and his son, Mr. Shiyaam Sharath.


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

The instrument-wise rating actions are:

-- INR210 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR29.64 mil. Term loan maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR31.1 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
October 26, 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 1995, Thane Steels is engaged in manufacturing of
MS ingots and thermos-mechanically treated bars at its
manufacturing facility in Thane, Maharashtra.


UNITED TELECOMS: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating of INR365.00 crore bank facilities of United
Telecoms Limited (UTL) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        59.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund         306.00       [ICRA]D ISSUER NOT COOPERATING;
   Based limits                  Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

The rating takes into account continued delays in debt servicing
by the entity as per the lender's feedback. As part of its
process and in accordance with its rating agreement with UTL,
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.

Incorporated in 1984, United Telecoms Limited (UTL) is a
Bangalore based information and communication solutions company
with wide experience in telecom equipments, telecom networks,
e-governance networks and real estate development.


VRC AGRO: CRISIL Lowers Rating on INR6.7cr Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of VRC Agro
Farms Private Limited (VRC) to 'CRISIL D Issuer Not Cooperating'
as the company has been delaying on its debt repayments.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.7       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term    3.3       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded
                                   from 'CRISIL B+/Stable')

CRISIL has been consistently following up with VRC for obtaining
information through letters and emails dated August 27, 2018, and
September 11, 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 VRC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SAME is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' as the company has been delaying on its debt
repayments.

Set up in 1994 as a proprietorship firm, Kanneganti Sea Foods,
was reconstituted into two private limited companies - VRC and
VRC Shoreline Enterprises Private Limited in 2011. VRC is engaged
in both cultivation and trading of prawns and is based out of
Hyderabad, Telangana.


WOOLWAYS (INDIA): ICRA Migrates D Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the rating for the INR10.0 crore bank facilities
of Woolways (India) Limited (WIL) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D/[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long/Short-          10.0     [ICRA]D ISSUER NOT COOPERATING
   term Fund based               category; 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
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.

WIL was incorporated in 1994 as a public limited company. It is
engaged in the manufacturing of readymade garments from its two
manufacturing facilities at Ludhiana, Punjab. The company is
promoted by Mr. Rakesh Nayar and his wife, Mrs. Babita Nayar, who
have over three decades of experience in readymade garment
manufacturing. The company has its own brands for children's
wear, 'Unikid'. The company also manufactures knitting garments
for other players. WIL markets its product through its 21 retail
outlets spread across northern and central India. WIL also has
tie-ups with online aggregators for marketing and selling its
products online. The company derives around 15-20% of its
revenues from exports to Middle Eastern markets, such as Saudi
Arabia and the United Arab Emirates (UAE), as well as to China.



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


SINORAMA NZ: Goes Into Liquidation; Owes NZ$1MM to Customers
------------------------------------------------------------
TVNZ reports that hundreds of Kiwis who paid for overseas travel
packages to Asia and Europe are having their trips cancelled -
and are in jeopardy of losing their money - after Auckland-based
travel agency Sinorama NZ went into liquidation earlier this
month.

The company sold NZ$1,000-plus overseas tours, often through
discount websites GrabOne and Groupon, the report says.

According to TVNZ, liquidator Peri Finnigan told Stuff customers
in New Zealand are owed about NZ$1.1 million, with Australian
customers owed another NZ$800,000. Some travellers were due to
leave as early as Oct. 8, the newspaper chain reported.

TVNZ relates that Ms. Finnigan said her office has been flooded
with calls in the four days since McDonald Vague was appointed
liquidator.

"We understand GrabOne holds some recent deposits for customers,"
she said, suggesting customers also check with their banks,
credit card companies and travel insurers to see if a refund is
possible, TVNZ relays.

Many customers, however, appeared resigned to the idea that they
will be losing money.

"Our tour date was changed and then cancelled," a woman wrote two
days ago in an online forum, TVNZ relays. "We're trying to see if
we can get money back through Visa card. We are out of pocket for
the visas and we won't get a complete refund on our travel
insurance.

"I'll email Southern Cross to see if they cover failed tour
companies, however I suppose they won't."



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


HYFLUX LTD: Seeks 2-Week Extension to Find Buyer for Tuaspring
--------------------------------------------------------------
Channel News Asia reports that Hyflux Ltd has requested a two-
week extension to find a buyer and sign a binding deal for its
Tuaspring Integrated Water and Power Plant.

The deadline was meant to be on Oct 15. The troubled water
treatment firm had said last week that it was assessing a bid
submitted by one of two interested buyers that have been approved
by relevant authorities, the report says.

In an SGX filing on Oct. 15, Hyflux said Maybank - its largest
secured lender - has given in-principle approval for the
extension until Oct. 29, according to CNA.

With liabilities of SGD2.95 billion, the divestment of its
Tuaspring plant, which cost more than S$1 billion to build, has
been seen as key to resolving the company's cash crunch, CNA
discloses.

According to the report, Hyflux did not reveal details about the
two interested buyers, but a Bloomberg report earlier this month
said Sembcorp Industries was the only party that submitted a bid.

Citing unnamed sources, the report said the bid from Sembcorp was
below Tuaspring's book value of SGD1.3 billion and will not be
enough to fully pay back loans, says CNA.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

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

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



                             *********

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.


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

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

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

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

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



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