/raid1/www/Hosts/bankrupt/TCRAP_Public/181019.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

           Friday, October 19, 2018, Vol. 21, No. 208

                            Headlines


A U S T R A L I A

BLUESTRIPE INVESTMENTS: Second Creditors' Meeting Set for Oct. 24
CELESTE CORPORATION: First Creditors' Meeting Set for Oct. 24
CLYDE CONTRACTORS: First Creditors' Meeting Set for Oct. 26
DIRECT FX: ASIC Cancels AFS Licence for Compliance Failures
EASTERN FIRE: First Creditors' Meeting Set for Oct. 26

FINANCIAL WELLNESS: ASIC Winds Up 17 Abandoned Companies
MAX BRENNER: Tozer & Co Acquires Franchise License in Australia
NATIONAL REMEDIAL: Second Creditors' Meeting Set for Oct. 26
ONSEMIRO PTY: First Creditors' Meeting Set for Oct. 29
ROGER DAVID: Placed in Voluntary Administration

WEST-PRO TRANSPORT: Second Creditors' Meeting Set for Oct. 25


I N D I A

A P GOYAL: Ind-Ra Migrates D LT Issuer Rating to Non-Cooperating
AIR INDIA: May Raise INR500cr from Banks Next Week
APCO AUTOMOBILES: CRISIL Reaffirms B Rating on INR21cr Loan
APOLLO CREATIONS: CRISIL Migrates B+ Rating to Not Cooperating
ATLANTI SPINNING: Insolvency Resolution Process Case Summary

BEST FOODS: CRISIL Reaffirms D Rating on INR1,500cr Cash Loan
BLACK HORSE: CRISIL Migrates B- Rating to Not Cooperating
BRIGHTSTAR HEALTHCARE: CRISIL Moves B Rating to Not Cooperating
CEL PACKAGING: CRISIL Migrates B+ Rating to Not Cooperating
CENTURY COMMUNICATION: Insolvency Resolution Process Case Summary

CITY BZR: Insolvency Resolution Process Case Summary
COMET EXPORTS: CRISIL Reaffirms B- Rating on INR4.0cr LT Loan
EL-TE MARINE: CRISIL Reaffirms B+ Rating on INR20cr Packing Loan
ESSAR STEEL: ArcelorMittal to Make $1BB Creditor Payment to Bid
FOCUS COMTRADE: CRISIL Migrates B+ Rating to Not Cooperating

GODAVARI KHORE: CRISIL Migrates B+ Rating to Not Cooperating
H. N. COTEX: CRISIL Moves B+ Rating to Not Cooperating Category
KAYVAL KRUPA: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
KIRTHI POWER: ICRA Lowers Rating on INR8cr Loan to D
KOYO GRANITO: CRISIL Moves B Rating to Not Cooperating Category

MAA SARADESWARI: CRISIL Migrates 'B' Rating to Not Cooperating
MALEBENNUR FOODS: CRISIL Migrates B Rating to Not Cooperating
N. B. COTEX: CRISIL Moves B+ Rating to Not Cooperating Category
NOBLE EDUCATIONAL: Ind-Ra Migrates BB Rating to Non-Cooperating
NUI PULP: Insolvency Resolution Process Case Summary

ORCHARD FOODS: CRISIL Lowers Rating on INR5CR Cash Loan to D
OVERSEAS LEATHER: CRISIL Migrates B Rating to Not Cooperating
PADMAVAHINI TRANSFORMERS: CRISIL Reaffirms B Cash Credit Rating
PIONEER GLOBEX: ICRA Moves D Rating to Not Cooperating Category
PIXION MEDIA: Insolvency Resolution Process Case Summary

PVS AUTOMOTIVE: CRISIL Migrates B+ Rating to Not Cooperating
RAI INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR7.6cr Loan
RATHI PACKAGING: CRISIL Migrates B+ Rating to Not Cooperating
RAYAN LABORATORIES: Insolvency Resolution Process Case Summary
S.V. EXPORTS: CRISIL Assigns B+ Rating to INR6cr Cash Loan

SAHARA INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
SANMATI PRECISION: CRISIL Assigns B+ Rating to INR7.4cr Loan
SANTOSHI LEATHER: ICRA Lowers Rating on INR6cr Loan to D
SAS AUTOCOM: Insolvency Resolution Process Case Summary
SECURE INDUSTRIES: Ind-Ra Hikes LT Rating to BB+, Outlook Stable

SHANTI INFRAENG'G: CRISIL Moves B+ Rating to Not Cooperating
SHREE KRISHNA: CRISIL Migrates D Rating to Not Cooperating
SHREE LOKENDER: CRISIL Assigns B+ Rating to INR6cr Cash Loan
SHREE RAM: ICRA Maintains B Rating in Not Cooperating Category
SIMRUT FOODS: Insolvency Resolution Process Case Summary

SIXTH DIMENSION: Insolvency Resolution Process Case Summary
SRI KALEESWARA: ICRA Migrates D Rating to Not Cooperating
STITCHFAB (INDIA): CRISIL Reaffirms B Rating on INR7cr Cash Loan
STONE WONDERS: CRISIL Migrates B Rating to Not Cooperating
SURANA CORPORATION: Insolvency Resolution Process Case Summary

TRANSSTROY (INDIA): Insolvency Resolution Process Case Summary
ULTIMATE AUTOMOBILES: CRISIL Moves B- Rating to Not Cooperating
UNITECH COTSPIN: ICRA Maintains B Rating in Not Cooperating
USHA MARTIN: Ind-Ra Alters 'BB+' LT Issuer Rating Watch to Pos.
VINAYAGA INFRA: Insolvency Resolution Process Case Summary

VISHAL RICE: CRISIL Migrates B+ Rating to Not Cooperating
WINWIND POWER: ICRA Maintains D Rating in Not Cooperating
WORLD STEELTECH: ICRA Lowers Rating on INR5.80cr Loan to 'D'
ZEPHYR FABRIC: Insolvency Resolution Process Case Summary


M A L A Y S I A

UTUSAN MELAYU: Calls Off Private Placement Plan


S I N G A P O R E

INTERPLEX HOLDINGS: Fitch Assigns BB- LT IDRS, Outlook Stable
INTERPLEX HOLDINGS: S&P Assigns BB- Long-Term ICR, Outlook Stable


S O U T H  K O R E A

SKINFOOD: Four Franchisers Seek Compensation


                            - - - - -


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


BLUESTRIPE INVESTMENTS: Second Creditors' Meeting Set for Oct. 24
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Bluestripe
Investments Pty Ltd has been set for Oct. 24, 2018, at 10:30 a.m.
at Level 49, 108 St Georges Terrace, in Perth, WA

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 23, 2018, at 4:00 p.m.

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


CELESTE CORPORATION: First Creditors' Meeting Set for Oct. 24
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Celeste
Corporation Pty Ltd, formerly trading as Jiffy Foods, will be
held at the offices of SM Solvency Accountants, Level 8/490 Upper
Edward Street, in Spring Hill, Queensland, on Oct. 24, 2018, at
12:00 p.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Celeste Corporation on Oct. 15, 2018.


CLYDE CONTRACTORS: First Creditors' Meeting Set for Oct. 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Clyde
Contractors Pty Ltd and Clyde Investments Pty Ltd will be held at
Rockhampton Golf Club, 40 Ann Street, in Rockhampton, Queensland,
on Oct. 26, 2018, at 11:00 a.m.

Michael de Rooy and Kelly-Anne Trenfield of FTI Consulting were
appointed as administrators of Clyde Contractors on Oct. 17,
2018.


DIRECT FX: ASIC Cancels AFS Licence for Compliance Failures
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the Australian financial services (AFS) licence of
Direct FX Trading Pty Ltd* following serious and continued
compliance failures.

Direct FX's AFS licence was cancelled after ASIC found that
Direct FX:

  * failed to comply with client money reporting rules requiring
    the company to provide to ASIC daily and monthly
    reconciliations of client money held by Direct FX;

  * continued to carry on a financial services business while
    Suspended by continuing to allow clients to enter into
    trades;

  * failed to comply with its Net Tangible Asset (NTA)
    requirements provided in Class Order 12/752, including not
    having sufficient cash and cash equivalents to comply with
    its obligations. Specifically, Direct FX continued to enter
    into transactions when its NTA was less than 75% of the
    required NTA of $1 million in breach of its obligations;

  * did not maintain the competence required to provide the
    financial services covered by its AFS licence by failing to
    replace key persons named on its licence;

  * did not fully understand its obligations as an AFS licensee
    and cannot be relied upon to  discharge the duties and
    obligations imposed by the financial services laws on a
    licensed provider of financial services;

  * resources were not sufficient to enable Direct FX to provide
    financial services efficiency, honestly and fairly given the
    possible magnitude of its financial services business and the
    risks associated with the trading of derivatives; and

  * failed to comply with an ASIC s912C(3) Direction to give ASIC
    an audit report about Direct FX's compliance with various
    financial licence conditions.

ASIC Commissioner Cathie Armour said, 'Direct FX was in breach of
multiple conditions of its AFS licence, which are aimed at
protecting investors from the higher operational and credit risks
posed by the retail OTC derivative sector. Direct FX ignored key
conditions of the notice of suspension by continuing to open new
trading positions and failed to comply with its client money
reporting obligations whilst suspended. The ongoing and
demonstrated disregard for meeting their obligations has resulted
in ASIC acting to remove the company from the industry'.

ASIC notes the cancellation will affect the financial services
provided by Direct FX's authorised representative, Core Liquidity
Markets Pty Ltd, to the extent that they are provided under
authorisations granted under Direct FX's licence.

To minimise the impact of the cancellation on its past and
current clients, Direct FX will be required to maintain its
membership of an external dispute resolution scheme and adequate
professional indemnity Insurance until 30 April 2019.

ASIC notes that Direct FX was placed into external administration
and a liquidator appointed, by the Supreme Court of NSW on the 11
October 2018, after the cancellation of the AFSL which was
effective on 8 October 2018.

Direct FX has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

On April 17, 2018, ASIC suspended the AFS licence of Direct FX
for a period of up to six months, expiring October 17, 2018.
Direct FX's AFS licence was suspended because ASIC found that
Direct FX hads contravened, and was likely to contravene, both
financial and non-financial obligations as set out in s912A.

This work continues ASIC's focus on the retail OTC derivative
sector, including margin FX, CFDs and binary options.

* ASIC's action relates to the Australian-registered AFS licence
holder Direct FX Trading Pty Ltd (AFSL 305539) and not a New-
Zealand registered entity, Direct FX Ltd, which also holds an AFS
licence in Australia (AFSL 291471).


EASTERN FIRE: First Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of Eastern
Fire Pty Ltd will be held at the offices of Chartered Accountants
Australia and New Zealand, Level 18, 600 Bourke Street, in
Melbourne, Victoria, on Oct. 26, 2018, at 11:30 a.m.

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Eastern Fire on Oct. 16,
2018.


FINANCIAL WELLNESS: ASIC Winds Up 17 Abandoned Companies
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
assisted employees gain access to the Fair Entitlements Guarantee
scheme (FEG) by exercising its wind-up powers and appointing
liquidators to 17 abandoned companies in the 12-month period
ending September 30, 2018.

Because ASIC appointed the liquidators, employees of these 17
companies can now apply to recover owed unpaid employee
entitlements. The 17 abandoned companies owe at least 32
employees more than $570,000 in employee entitlements.

The appointment of liquidators also facilitates a full and proper
investigation into the reasons why the companies failed and
allows recovery of any voidable or unreasonable director-related
transactions that can potentially be returned to creditors.

ASIC made the following nine appointments from a new panel of
liquidators who can be appointed to abandoned companies.

                              Current panel liquidator
Company                      and firm                   State
-------                      --------                   -----
Financial Wellness            Andrew Heard of             SA
Pty Ltd                       Heard Phillips

The Perfume Parlour           Simon Miller of             SA
West Lakes Pty Ltd            Clifton Hall

Gladstone District            James Imray of              QLD
Transport Logistics           Rodgers Reidy
Pty Ltd

Controlability Pty            John Goggin of              NT
Ltd                           Worrells

Mansion Showgirls &           Mitchell Herrett            QLD
Nightclub Pty Ltd             of RSM Australia

Cardcorp HDP Pty Ltd          Michael Billingsley         NSW
                              of Deloitte

Metro Power Pty Ltd           Michael De Rooy of          NSW
                              FTI Consulting

DC2 Pty Ltd                   Paul Allen of FTI           VIC
                              Consulting

Bosco Corporations            Shabnam Amirbeaggi          NSW
Pty Ltd                       of Crouch Amirbeaggi

Prior to February 2018, ASIC made eight appointments under the
previous (now expired) panel as follows:

                             Expired Current panel
Company                      liquidator and firm        State
-------                      -------------------        -----
The Le Page Group Pty Ltd     Jason Tracy of Deloitte      WA

M&JS Pty Ltd                  Leigh Prior of Pitcher       SA
                              Partners

Jeff's Shed Furniture         Simon Wallace-Smith of       VIC
& Rug Warehouse Pty Ltd       Deloitte

Platinum Group Qld            Tracy Knight of Bentleys     QLD
Pty Ltd

Lac Operations Pty Ltd        Vaughan Strawbridge of       NSW
                              Deloitte

Dm Garden Creations Pty       Ross Blakeley of FTI         VIC
Ltd                           Consulting

Greenwood Pine Pty Ltd        Steven Hernyk of Deloitte    TAS

Mechtune Pty Ltd              Jason Tracy of Deloitte      WA

Background

The FEG is a legislative safety net funded by the Australian
Government. It is designed to assist employees recover owed
unpaid employee entitlements because of their employer company's
liquidation or bankruptcy. In addition, the Department of Jobs
and Small Business operates the 'FEG Recovery Programme'; a
programme designed to strengthen recovery activity of amounts
advanced under the FEG.

Some employees owed entitlements cannot access FEG because the
companies' directors are either unable to discharge their duties
or abandoned their insolvent companies without putting them into
liquidation. ASIC's appointment of liquidators facilitates access
to FEG for these employees. ASIC first used its powers in 2013
and to date has wound up 110 companies.


MAX BRENNER: Tozer & Co Acquires Franchise License in Australia
---------------------------------------------------------------
Dominic Powell at SmartCompany reports that Much-loved Australian
chocolate cafe chain Max Brenner has been saved from the brink of
collapse after investment house Tozer & Co announced it would
acquire the license for the franchise in Australia.

SmartCompany relates that the Israeli-born brand was introduced
to Australian in 1999 by rich listers Tom and Lilly Haikin, who
set up 37 franchised stores across the country. Earlier this
month, the chain entered voluntary administration, with
administrators McGrath Nicol blaming "escalating costs and
tighter retail trade".

And just on Oct. 17, liquidators were appointed and the Israeli
owners of the chain terminated the Australian license, with the
sales process for the stores ending.

However, in a statement on Oct. 18, appointed liquidators BDO
Australia announced a new operator had been found, with
liquidator Andrew Sallway saying Tozer & Co had acquired the
license from the Israeli operators, SmartCompany says.

Tozer & Co is a Queensland-based family investment office
operated by brothers David and Craig Tozer, the report discloses.
The two have a number of investments in various Australian
companies in the technology and financial services space, and
Craig Tozer is the current chief executive of Oporto.

In a SmartCompany profile in 2016, Craig Tozer said he'd owned
businesses with his brother since the age of 21 and said the most
important thing in a family business "is to be objective and
honest with each other about your strengths and weaknesses".

SmartCompany says David Tozer, in a statement, expressed his
excitement to be acquiring the Max Brenner brand in Australia due
to its "rich history".

"We are delighted to have the opportunity to acquire Max Brenner
in Australia. In conjunction with the franchisor, we are excited
by the prospect of investing, growing and developing a highly
successful business," David Tozer said in a statement, notes the
report.

Tozer & Co will look to finalise the investment over the next few
months, with the stores trading as usual in the meantime, the
report states.

SmartCompany notes that more than 40 buyers came forward to
express interest in the languishing chain after it initially
entered administration, but the brand's troubles had already been
felt by its employees, with over 250 losing their jobs due to
unprofitable stores closing their doors.

Questions still remain as to the estimated AUD5.8 million owed to
employees, which included AUD2.1 million in super and AUD1
million in wages, SmartCompany adds.


NATIONAL REMEDIAL: Second Creditors' Meeting Set for Oct. 26
-------------------------------------------------------------
A second meeting of creditors in the proceedings of National
Remedial Building Pty Ltd has been set for Oct. 26, 2018, at
10:30 a.m. at Level 27, 259 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2018, at 4:00 p.m.

Sule Arnautovic and Peter John Moore of Jirsch Sutherland were
appointed as administrators of National Remedial on Sept. 20,
2018.


ONSEMIRO PTY: First Creditors' Meeting Set for Oct. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Onsemiro
Pty Ltd will be held at 22 Market Street, in Brisbane,
Queensland, on Oct. 29, 2018, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Onsemiro Pty on Oct. 17, 2018.


ROGER DAVID: Placed in Voluntary Administration
-----------------------------------------------
Craig Shepard -- cshepard@kordamentha.com -- and Leanne
Chesser -- lchesser@kordamentha.com -- of KordaMentha
Restructuring have been appointed Voluntary Administrators of
Roger David, one of Australia's largest independent menswear
fashion retailers.

The Roger David network has 57 stores and approximately 300
employees around Australia. It was established in 1942 and became
one of Australia's best-known clothing brands.

Mr. Shepard said the Administrators would begin a national
closing down sale immediately to clear stock and raise as much
money as possible for employees and other creditors.

"Roger David, like many other fashion retailers, has been
buffeted by global competition, stagnant sales and rising fixed
costs", Mr. Shepard said.

"The company has been exploring all options, including a sale of
the business, but has been unable to find an alternative to
administration."

At its peak, Roger David had more than 100 stores, selling suits,
other fashion and accessories under the Roger David and RDX
brands.

Gift cards will be honoured in full for one month to encourage
support from customers for the closing down sale. Stock will be
marked down to clear.

"Timing of store closures will be announced later," Mr. Shepard
added. The first meeting of creditors will be held on Oct. 30,
2018.


WEST-PRO TRANSPORT: Second Creditors' Meeting Set for Oct. 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of West-Pro
Transport Services Pty Ltd has been set for Oct. 25, 2018, at
3:00 p.m. at Boardroom of Chifley Advisory, Suite 1903, Level 19,
31 Market Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 24, 2018, at 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
West-Pro Transport on Oct. 4, 2018.



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


A P GOYAL: Ind-Ra Migrates D LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded A P Goyal
Shimla University's bank facilities to 'IND D' from 'IND B+'. The
Outlook was Stable. The agency has simultaneously migrated the
ratings to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using the
ratings. The ratings will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR433.4 mil. Term loans (long-term) due on May 2021-
    September 2022 downgraded and migrated to Non-Cooperating
    Category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Bank overdraft (long-term) downgraded and migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects ongoing delays in debt servicing by A P
Goyal Shimla University.

RATING SENSITIVITIES

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

COMPANY PROFILE

A P Goyal Shimla University is run by A P Goyal Charitable Trust,
a non-profit educational trust established in 2004 by Mr. Pramod
Goyal and Mr. Rajesh Goyal.


AIR INDIA: May Raise INR500cr from Banks Next Week
--------------------------------------------------
Livemint.com reports that Air India is likely to raise INR500
crore from banks by next week, as it looks for funds to meet
working capital needs and service interest on outstanding loans,
a senior Air India official said on Oct. 17.

"We should be able to close the fund-raising by next week," said
the official on condition of anonymity, Livemint.com relays.

According to Livemint.com, the fund-raising initiative by Air
India has the backing of a sovereign guarantee by the government.
If the national carrier raises INR500 crore in the coming week,
it will exhaust the sovereign guarantee limit of INR2,000 crore
offered by the government to the loss-making airline for the
year, the report notes.

The airline had earlier this month floated a tender to raise
INR500 crore from domestic lenders by October 31, recalls the
report. The initial deadline for submission of bids was October
10, which was later extended to 31 October. The tenure of these
government-guaranteed loans would be for one year.

Air India's lenders had earlier this month met top officials at
the airline to seek more information on its revival plans and
previous delays on loan payment before making funding
commitments, says Livemint.com.

Oil marketing companies had written to Air India in September,
asking it to clear its dues towards daily billing amid rising oil
prices, the report relates. The airline has since cleared a large
chunk of its dues related to jet fuel purchases.

Meanwhile, the civil aviation secretary, R.N. Choubey, on 10
October said that a government-backed revival package for the
airline is likely to be ready in a month, notes Livemint.com.

Air India has a net debt of about INR55,000 crore, including
INR21,000-22,000 crore of aircraft debt, which it plans to repay
fully by 2021, Livemint.com discloses.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports.  It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific, The
Times of India said Air India got a breather in the form of
INR1,000-crore equity infusion from the government on March 26,
2014.  According to the report, the airline's unending financial
stress had got worse as the Centre had so far given INR6,000
crore instead of the promised INR8,500 crore for the fiscal. As a
result, AI had to bridge this gap by borrowing money from banks
at 11%-12%, which increased its debt servicing burden, the report
said.  Before the infusion, the government had injected INR12,200
crore into AI and there was a shortfall in equity to the tune of
INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


APCO AUTOMOBILES: CRISIL Reaffirms B Rating on INR21cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Apco Automobiles Private Limited (AAPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            4        CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility              21        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect AAPL's modest scale of operations
in the competitive industry and below-average financial risk
profile. These weaknesses are partially offset by experience of
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the competitive industry: The
company has modest scale of operations as indicated by the
revenue of INR82 crores in fiscal 2018. Further, the revenue is
expected to gradually improve in the medium term; however, it
will remain modest considering the competitive automobile
industry.

* Below-average financial risk profile: The financial risk
profile has been below average due to weak capital structure and
moderate debt protection metrics. The networth was negative due
to losses incurred in the previous fiscal. Further, the interest
coverage and net cash accruals to total debt was 1.18 times and
0.02 times respectively in 2018.

Strengths

* Experience of promoters: Benefits derived from the promoters'
experience of over 10 years and healthy relations with suppliers
and customers should continue to support the business in the
medium term.

Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from the established market position in North Kerala, and
promoters' experience. The outlook may be revised to 'Positive'
if substantial improvement in volume and operating margin or
significant equity infusion strengthens capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if incremental working capital borrowing, large,
debt-funded capital expenditure, or lower-than-expected cash
accrual weakens financial risk profile.

Kozhikode-based AAPL, incorporated in 2007, is an authorised
dealer for Tata Motors Ltd's small commercial vehicles in five
districts of Kerala. The company also sells light and
intermediate commercial vehicles. Mr A P Abdul Kareem and his
family are the promoters.


APOLLO CREATIONS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Apollo
Creations Private Limited (ACPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term    10        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACPL for obtaining
information through letters and emails dated August 30, 2018,
September 17, 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 ACPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPL 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 ACPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

ACPL, established in 1987 by the Agrawal family, is engaged in
development of residential/commercial property in Indore. The
company is currently developing a township in Kanadia, Indore,
which involves plotting of land and construction of villas and
construction of commercial complex at Vijay nagar square; Indore.


ATLANTI SPINNING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Atlanti Spinning & Weaving Mills Limited

        Regional Office:
        05, Chenoy Trade Centre
        116, Park Lane
        Secunderabad 500003

        Plant Address:
        Survey No. 174 & 134, Village-Xeldem
        Taluka-Quepem, Goa

Insolvency Commencement Date: October 9, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 6, 2019

Insolvency professional: Shaik Gouse

Interim Resolution
Professional:            Shaik Gouse
                         Flat No. 401, Siddhartha Residency
                         Plot No. 56, Sy No. 48, Behind Hotel
                         Best Western Jubilee Ridge, Kavuri Hills
                         Phase-I, Madhapur, Hyderabad 500034
                         E-mail: skgouse@gmail.com

Last date for
submission of claims:    October 23, 2018


BEST FOODS: CRISIL Reaffirms D Rating on INR1,500cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Best
Foods Limited (Best Foods) at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            1,500      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       114.57   CRISIL D (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        20.97   CRISIL D (Reaffirmed)

   Standby Line of Credit   100      CRISIL D (Reaffirmed)

   Term Loan                 63.28   CRISIL D (Reaffirmed)

The ratings continue to reflect delay in debt servicing due to
weak liquidity. The company has not furnished the required
information for a rating review and the rating continues to be
based on feedback from the bankers.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The company has been unable to meet
its repayment obligations for more than a year and the account
has been transferred to the National Company Law Tribunal for
initiating the corporate insolvency resolution process.

* Large working capital requirement: The business is highly
working capital intensive because of large inventory requirement.
The supply of paddy, the major raw material, is possible only
during the crop season (October to December). Given the seasonal
availability, companies procure paddy during this period for
their entire requirement during the next year. Paddy is procured
through mandis, which offer a maximum credit of around 15 days
from the date of sale. The company's debt has increased to meet
incremental working capital requirement, thus impacting the
financial risk profile, which is likely to remain weak over the
medium term.

* Susceptibility to volatility in raw material prices and to
regulatory risks: Given the seasonal availability of paddy and
the need for large inventory, the company remains vulnerable to
inventory price risk. It is also exposed to the risk of limited
availability of raw material in case of a weak monsoon as the
basmati rice crop requires a large quantity of water.
Furthermore, the industry faces regulatory risks. Exports of
agricultural commodities, including rice, which is a staple diet
in the country, are highly regulated. There is significant
intervention by the Government of India in the market. Government
policies governing export of rice, including basmati rice, are
volatile. Indian basmati exports are also largely concentrated
towards the Middle East countries, such as Iran, the UAE, and
Saudi Arabia. The company derives a large portion of revenue from
exports to these countries. Thus, any adverse regulation by their
governments on agro commodity imports can have a material impact
on export volumes. The company is likely to remain exposed to any
unforeseen changes in government policies related to the rice
industry, over the medium term.

Strengths

* Established position in the basmati rice industry: Best Foods
is one of the largest exporters of basmati rice from India. The
company has a strong relationship with large buyers in all the
major basmati rice importing countries. It also has a presence in
the domestic market, and has consolidated all its brands under
the Best Foods brand.

Set up by Mr Mohinder Pal Jindal and his son, Mr Dinesh Gupta, in
fiscal 2004, Best Foods (formerly, Best Food International Pvt
Ltd) mills and processes basmati rice for the global and domestic
markets. The processing units in Karnal, Haryana; Hamidpur,
Delhi; and Faridkot, Punjab, have total rice milling capacity of
101 tonne per hour (tph) and sorting and grading capacity of 149
tph.

Best Foods reported a profit after tax (PAT) of INR54 crore on
total operating income of INR2738 crore in fiscal 2015, vis-a-vis
INR67 crore and INR2624 crore respectively in fiscal 2014. For
the nine months ended December 31, 2015, Best Foods reported a
PAT of Rs.38 crore on total operating income of Rs.1948 crore.


BLACK HORSE: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Black Horse
Tyres Limited (BHTL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      28       CRISIL B-/Stable/Issuer Not
   Bank Loan Facility               Cooperating (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BHTL for obtaining
information through letters and emails dated August 31, 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 BHTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHTL 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 BHTL migrated to 'CRISIL B-/Stable Issuer not
cooperating'.

BHTL was incorporated in 2015 at Hyderabad. The company is
promoted by Raman Wahi and Srikanth Sarda.

BHTL is currently setting-up a 2000 tyres per day (TPD)
manufacturing unit at Medchal, Hyderabad. The facility is
expected to commence operations from June 2018.


BRIGHTSTAR HEALTHCARE: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Brightstar
Healthcare Private Limited (BHPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             30        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BHPL for obtaining
information through letters and emails dated August 8, 2018,
October 1, 2018 and September 25, 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 BHPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHPL 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 BHPL migrated to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in November 2012, BHPL is setting up a 200-bed
multispecialty hospital in Moradabad, Uttar Pradesh and its
commercial operations are expected to commence from April 2018.


CEL PACKAGING: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Cel
Packaging Private Limited (CPPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Letter of Credit      6.75     CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CPPL for obtaining
information through letters and emails dated September 24, 2018
and September 28, 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 CPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CPPL 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 CPPL migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating.

Incorporated in 2007, CPPL is an Ahmedabad-based company that
manufactures corrugated boxes and wooden pellets. Itis promoted
by Mr. Sunil Handa and Ms. DivyaDeeptiHanda. The total installed
capacity for producing corrugated boxes is 2,000 tonne per month,
whereas the installed capacities for wooden pellets are 15,000
units per month.


CENTURY COMMUNICATION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Century Communication Limited

        Registered Office Address:
        1/5783, Balbir Nagar
        Shahdara, Delhi 110032

        Principal Office Address:
        Plot Number 17 B & 17 C, Film City
        Sector 16A, Noida
        District Gautam Budh Nagar
        Uttar Pradesh 201301

        Office Address:
        249 & 250, Hari Nagar Ashram
        New Delhi 110014

Insolvency Commencement Date: October 4, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Arvind Garg

Interim Resolution
Professional:            Arvind Garg
                         302-A, Palmohan Plaza
                         Deshbandhu Gupta Road, Karol Bagh
                         New Delhi 110005
                         E-mail: arvindgarg31@gmail.com
                                 centurycomm.arvind@gmail.com

Insolvency
Professionals
Representative of
Creditors in a class:    1. Mr. Anil Kumar Parmar
                         2. Mr. Harish Chander Arora
                         3. Mr. Navneet Arora

Last date for
submission of claims:    October 29, 2018


CITY BZR: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: City BZR Fashions & Retail Private Limited
        125, M.G. Road, Kolkata
        West Bengal 700007 IN

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 13, 2019

Insolvency professional: Rajendra Kumar Agarwal

Interim Resolution
Professional:            Rajendra Kumar Agarwal
                         Diamond Arcade, 3rd Floor
                         Suite No-301A, 68, Jessore Road
                         Kolkata 700055
                         E-mail: rkaco93@yahoo.co.in

Last date for
submission of claims:    October 29, 2018


COMET EXPORTS: CRISIL Reaffirms B- Rating on INR4.0cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Comet Exports (Comet).

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Foreign Discounting
   Bill Purchase          3.60      CRISIL A4 (Reaffirmed)

   Packing Credit         9.77      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.00      CRISIL B-/Stable (Reaffirmed)

   Term Loan               .63      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations, geographic concentration in revenue, and large
working capital requirement. The weaknesses are partially offset
by the extensive experience of the partners in the home
decorative items business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and geographic concentration in
revenue: The firm earns around 60% of its revenue from Europe,
and hence faces geographical concentration risk. Its small scale
is reflected in estimated revenue of INR6.5 crore in fiscal 2018.

* Large working capital requirement: Gross current assets are
estimated at 749 days, driven by inventory of 765 days, as on
March 31, 2018. Bank limit was almost fully utilised over the 12
months through May 2018.

Strength

* Extensive experience of the partners in the home decorative
items business: The firm has been in business for more than two
decades highlighting the partners' extensive experience and
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes Comet will continue to benefit from the extensive
experience of its partners in the home decorative items business.
The outlook may be revised to 'Positive' if the financial risk
profile improves significantly because of substantial growth in
revenue or infusion of capital or significant improvement in
working capital management. The outlook may be revised to
'Negative' if working capital management weakens or if low
operating margin constrains debt protection metrics.

Comet, a partnership firm set up in 1996, manufactures home
furnishing articles such as doormats and decorative articles such
as flower vases, lanterns, and wall lamps. The firm manufactures
mats made of materials such as coir, rubber, polyvinyl chloride,
jute, and steel. It has two manufacturing units, one in Alleppey
(Kerala) and the other in Moradabad (Uttar Pradesh).


EL-TE MARINE: CRISIL Reaffirms B+ Rating on INR20cr Packing Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
El-Te Marine Products (ETMR) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         20        CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit   14        CRISIL A4 (Reaffirmed)

The ratings continue to reflect below average financial risk
profile and working capital intensive operations. These weakness
are partially offset by extensive industry experience of
promoter.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Operations are working
capital intensive indicated by GCA of 301 days driven by high
inventory of around 226 days as on March 31, 2018.

* Below average financial risk profile: Modest networth and high
gearing (INR3.74 crore and 4.75 times as on March 31, 2018)
represent below average financial risk profile. Financial risk
profile is expected to deteriorate marginally on account of
planned debt funded capex.

Strengths

* Extensive experience of the Promoter: Promoter has extensive
industry experience of more than decade in the packaged foods and
meat industry.

Outlook: Stable

CRISIL believes ETMR will continue to benefit from the extensive
industry experience of the promoter. The outlook may be revised
to 'Positive' in case of substantial and sustained improvement in
revenues and operating profitability or significant capital
infusion by the partners. The outlook may be revised to
'Negative' in case of a decline in cash accruals, or any further
large, debt-funded capex, weakening the capital structure.

ELTE, set up in Alappuzha, Kerala, in 2007, exports frozen shrimp
and squids. Its daily operations are managed by proprietor Mr.
Primal Thomas.


ESSAR STEEL: ArcelorMittal to Make $1BB Creditor Payment to Bid
---------------------------------------------------------------
Reuters reports that ArcelorMittal SA said on Oct. 17 it would
pay INR74.69 billion ($1.01 billion) to creditors of two Indian
companies in which it previously held stakes, in order to make
its acquisition offer valid for Essar Steel, another debt-ridden
Indian steel firm.

According to Reuters, ArcelorMittal will clear overdue debt of
steel firm Uttam Galva Steels and oil and gas pipeline
construction services provider KSS Petron, two companies in which
the world's largest steelmaker held stakes until earlier this
year.

Reuters relates that the move comes two weeks after India's top
court said ArcelorMittal's bid for Essar Steel would become valid
only if the acquirer cleared outstanding debt of Uttam Galva
Steels and KSS Petron.

ArcelorMittal is forming a joint venture with Japan's Nippon
Steel & Sumitomo Metal Corp to bid for Essar and had raised its
bid for the Essar Steel in September, Reuters notes.

Essar Steel's committee of creditors now has an eight-week period
to evaluate bids, Reuters says.

Reuters adds that ArcelorMittal sold its stake in Uttam Galva and
KSS Petron to free up capital to bid for Indian steel assets
being auctioned as part of insolvency proceedings.

                        About Essar Steel

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

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

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

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


FOCUS COMTRADE: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Focus
Comtrade Private Limited (Focus Comtrade; a part of the Focus
group) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        6         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit        0.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Focus Comtrade for
obtaining information through letters and emails dated
September 19, 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 Focus Comtrade, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Focus Comtrade 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 Focus Comtrade migrated to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Focus Comtrade and Focus Shares and
Securities Pvt Ltd (Focus Shares). This is because these
entities, together referred to as the Focus group, have
significant synergies, integrated operations, and common
management team. During distress, they will receive timely
financial support through transfer of funds from one entity to
another or promoter funding.

Focus Comtrade, incorporated in 1999, executes commodity
derivative broking business. The company also trades and exports
yarn and other products. It is a part of the Focus group of
companies started by Mr Anirudh Baheti, an NRI settled in USA.
Focus Comtrade is a member of Multi Commodity Index (MCX) and
National Commodity & Derivates Exchange Limited (NCDEX).

Focus Shares, incorporated in 2004, executes equity broking. It
is a member of the National Stock Exchange and Bombay Stock
Exchange (equity, debt, and derivatives), and a depository
participant in Central Depository Services Ltd.


GODAVARI KHORE: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Godavari
Khore Namdeoraoji Parjane Patil Taluka Sahakari Dudh Utpadak
Sangh Limited (Godavari) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Drop Line            7.56       CRISIL B+/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   Facility

   Term Loan            4.44       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   1.00       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Godavari for
obtaining information through letters and emails dated August 23,
2018, September 11, 2018 and September 17, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Godavari, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Godavari
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 Godavari migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 1976, Godavari is promoted by Mr Namdeo Rao
Rakhmaaji Parjane Anna of Ahmednagar, Maharashtra; it is
currently managed by Mr Parjane Rajesh Namdeorao. The company has
set up a milk processing unit in Ahmednagar. It mainly processes
milk and also manufactures dairy products, such as ghee,
shrikhand, and paneer.


H. N. COTEX: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of H. N. Cotex
Private Limited (HNCPL; part of the Krishna group) to 'CRISIL
B+/Stable Issuer not cooperating'.

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

   Long Term Loan         2       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HNCPL for
obtaining information through letters and emails dated
September 7, 2018, September 25, 2018 and October 1, 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 HNCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on HNCPL 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 HNCPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HNCPL, N. B. Cotex Private Limited
(NBCPL), and Krishna Natural Fibre Pvt Ltd (KNFPL). That's
because these companies, together referred to as the Krishna
group, are under the same management and have business and
financial linkages.

The Krishna group is promoted by Mr N B Jani, supported by his
brother Mr Harshad B Jani and his sons Mr Haresh Jani and Mr
Bhargav Jani. All the three group companies gin and press raw
cotton. KNFPL, incorporated in 1999, has its facility in Kadi,
Gujarat; it is currently setting up a unit in Telangana. NBCPL,
incorporated in 2011, has its manufacturing facility in
Maharashtra. It has a branch office in Kadi. HNCPL, incorporated
in 2013, has its manufacturing facility in Kadi.


KAYVAL KRUPA: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded M/s Kayval
Krupa Petroleum's (KKP) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook was Stable. The agency has simultaneously
migrated the rating to the non-cooperating category. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR 40 mil. Fund-based working capital facilities (Long
    term/short term) downgraded and migrated to Non-Cooperating
    Category with IND D (ISSUER NOT COOPERATING) rating;

-- INR 17.5 mil. Fund-based working capital demand loan (Long
    term/short term) downgraded and migrated to Non-Cooperating
    Category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR 12.5 mil. Proposed fund-based working capital facilities
    (Long term/short term) downgraded and migrated to Non-
    Cooperating Category with Provisional IND D (ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects KKP's delays in debt servicing, details of
which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

KKP commenced operations in 2002 in Dahej, Gujarat as a sole
proprietor. Later, in 2012 the firm was reconstituted as a
partnership firm. It is involved in trading of petrol and diesel.
KKP has two Indian Oil Corporation petrol pumps in Dahej and
Vasana. It is also involved in the trading of diesel to power
generator companies based in Gujarat. Vimlaben Patel and Amitbhai
Patel are the partners.


KIRTHI POWER: ICRA Lowers Rating on INR8cr Loan to D
----------------------------------------------------
ICRA has downgraded the long-term rating of bank facilities of
Kirthi Power Solutions Private Limited (KPSPL) to [ICRA]D from
[ICRA]B+(Stable). 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
   ----------      -----------     -------
   Fund based           8.00       Downgraded to [ICRA]D ISSUER
                                   NOT COOPERATING from
                                   [ICRA]B+(Stable); Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

   Unallocated          2.00       Downgraded to [ICRA]D ISSUER
   Limits                          NOT COOPERATING from
                                   [ICRA]B+(Stable); Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in March
2017. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with KPSPL, 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.

Rationale

The rating downgrade follows the delays in debt servicing by
KPSPL to the lenders, as confirmed by them.

Kirthi Power Solutions Private Limited (KPSPL) has developed a
2.10 MW (AC) solar power plant in Nalgonda District of Karnataka
and commissioned its operations in April 2016.The company has
signed a power purchase agreement (PPA) with Southern Power
Distribution Company of Telangana Limited (DISCOM) for a period
of 20 years with a feed-in tariff rate of INR6.45 per unit. The
total cost of the project is INR12.34 crore and is part funded by
a term loan of INR8.00 crore and promoter's equity of Rs.4.34
crore.


KOYO GRANITO: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Koyo Granito
LLP (KGL) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

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

   Cash Credit          7          CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan      17          CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KGL for obtaining
information through letters and emails dated August 30, 2018,
September 11, 2018 and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KGL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGL 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 KGL migrated to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Mr Pravinbhai Vashrambhai Kundariya, and their family members.
The firm manufactures vitrified tiles.

On the provisional basis, net loss was INR1.56 crore on net sales
of INR19.48 crore for fiscal 2017, the first year of operations.


MAA SARADESWARI: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Maa
Saradeswari Heemghar Private Limited (MSHPL) to CRISIL B/Stable
Issuer not cooperating'.

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

   Overdraft             0.7       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3.7       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan             4.4       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSHPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MSHPL 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 MSHPL migrated to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2008 and promoted by West Bengal-based Dandapat
family, MSHPL provides cold storage services to potato farmers
and traders, and also trades in potatoes.


MALEBENNUR FOODS: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Malebennur
Foods Private Limited (MFPL) to CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        3.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MFPL for obtaining
information through letters and emails dated August 30, 2018,
September 11, 2018 and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MFPL 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 MFPL migrated to 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 2013, MFPL is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. Its rice mill
is located in Malebennur (Karnataka). The company is promoted by
Mr. Syed Hussaian Azghar.


N. B. COTEX: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of N. B. Cotex
Private Limited (NBCPL; part of the Krishna group) to 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        1.49      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     .51      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NBCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on NBCPL 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 NBCPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NBCPL, H. N. Cotex Private Limited
(HNCPL), and Krishna Natural Fibres Pvt Ltd (KNFPL). That's
because these companies, together referred to as the Krishna
group, are under the same management and have business and
financial linkages.

The Krishna group is promoted by Mr N B Jani, supported by his
brother Mr Harshad B Jani and his sons Mr Haresh Jani and Mr
Bhargav Jani. All the three group companies gin and press raw
cotton. KNFPL, incorporated in 1999, has its facility in Kadi,
Gujarat; it is currently setting up a unit in Telangana. NBCPL,
incorporated in 2011, has its manufacturing facility in
Maharashtra. It has a branch office in Kadi. HNCPL, incorporated
in 2013, has its manufacturing facility in Kadi.


NOBLE EDUCATIONAL: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Noble
Educational Trust's bank facilities' ratings to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR35.29 mil. Term loans due on March 31, 2022 migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR2.50 mil. Fund-based working capital migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR55.00 mil. Proposed term loans migrated to Non-Cooperating
    Category with Provisional IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Noble Educational Trust was established as a Public Charitable
Trust in 2002 by Dr. A S A Jerald Gnanarathinam. The trust
manages Noble Matriculation Higher Secondary School (NMHSS) in
Aruppukottai, Tamil Nadu which provides education to K-12
students. The school is affiliated to the Directorate of
Matriculation Schools, Tamil Nadu which have unique curriculum
until grade X and follow the Tamil Nadu State Board curriculum
for grades XI and XII. The campus is spread across 8.33 acres in
Aruppukottai, Tamil Nadu.


NUI PULP: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: M/s. Nui Pulp & Paper Industries Private Limited
        Suroor Chenakkal Calicut University
        P.O, Calicut University
        Kerala 673635

Insolvency Commencement Date: October 9, 2018

Court: National Company Law Tribunal, Tirupur Bench

Estimated date of closure of
insolvency resolution process: April 7, 2019

Insolvency professional: Subbarayan Nachimuthu

Interim Resolution
Professional:            Subbarayan Nachimuthu
                         No. 3, Sheriff Colony Main Street
                         Tirupur 641604, Tamil Nadu
                         Phone: 04214340043
                         E-mail: canachimuthufca@gmail.com

Last date for
submission of claims:    October 23, 2018


ORCHARD FOODS: CRISIL Lowers Rating on INR5CR Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Orchard Foods Private Limited (Orchard) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.  The
downgrade reflects delays by the company in servicing bank debt.
CRISIL had discussion with the bank, which has confirmed the
delay in repayment.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           5         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Long Term Loan        0.3       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Proposed Long Term    0.2       CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

CRISIL has been consistently following up with Orchard for
obtaining information through letters and emails dated
October 23, 2017 and January 5, 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 Orchard Foods Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Orchard Foods Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Set up in 2013 in Thiruvarur (Tamil Nadu) by late Mr A S Sharath
Chandran, his son Mr Shiyaam and Ms.R S Sumathi, Orchard trades
in pulses like toor dal, moong dal, chick peas and green peas.


OVERSEAS LEATHER: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Overseas
Leather Goods Company Private Limited (OLG) to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Foreign Bill         3.23      CRISIL B/Stable (ISSUER NOT
   Purchase                       COOPERATING; Rating Migrated)

   Packing Credit       8.16      CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OLG for obtaining
information through letters and emails dated September 21, 2018
and September 26, 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 OLG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OLG 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 OLG migrated to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Incorporated in 1986, OLG was promoted by Mr Anup Chattopadhyaya.
It mainly manufactures and exports leather fashion accessories at
its unit in Kolkata. The company also manufactures industrial
safety products.


PADMAVAHINI TRANSFORMERS: CRISIL Reaffirms B Cash Credit Rating
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Padmavahini Transformers Private Limited
(PTPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       0.2        CRISIL A4 (Reaffirmed)

   Cash Credit          3.0        CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      .3        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    .1        CRISIL B/Stable (Reaffirmed)

   Working Capital
   Demand Loan          2.4        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's working capital-
intensive and small scale of operations in intensely competitive
transformers industry. These weaknesses are partially offset by
the extensive experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive and small scale of operations: Modest
scale is reflected in operating income of INR5.80 crore, which
restricts ability to benefit from economies of scale. Also, gross
current assets were high at about 600 days as on March 31, 2018.

Strength

* Extensive experience of promoter: Longstanding presence of
promoter and his technology skills are expected to support
business risk profile over the medium term.

Outlook: Stable

CRISIL believes PTPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' in case of a significant and
sustained increase in scale of operations and profitability,
along with improvement in working capital management; or if
capital structure improves considerably either through equity
infusion or better-than-expected accrual. The outlook may be
revised to 'Negative' if larger-than-expected working capital
requirement or substantially low cash accrual due to decline in
turnover or operating margin adversely affects financial risk
profile.

Incorporated in 1996 and promoted by Mr. R Vathirajan, PTPL
manufactures electrical transformers at its facility in
Coimbatore.


PIONEER GLOBEX: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the ratings for the INR25.00 crore bank facilities
of Pioneer Globex Private Limited (PGPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-CC      15.00      [ICRA]D ISSUER NOT COOPERATING;
   cum EPC                       Rating moved to the 'Issuer Not
                                 Cooperating' category

   Fund based-        10.00      [ICRA]D ISSUER NOT COOPERATING;
   WCTL                          Rating moved to the 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/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.

Pioneer Globex Pvt. Ltd. (PGPL) was initially established as a
partnership firm in the year 2008 with the name Pioneer Exports.
Later on, the firm's name was changed to Pioneer Globex in June
2013. In November 2013, the firm was converted into private
limited company with the company name as Pioneer Globex Pvt. Ltd.
It is a group firm of Sheth Ship Breaking Corporation (SSBC); a
partnership firm involved in ship breaking activities. Both the
firms are being managed by same promoters Mr. Narendra N. Shah,
Mr. Hardik N. Shah, Mr. Pravin G. Shah and Mr. Vijaybhai S.
Sanghavi.


PIXION MEDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Pixion Media Private Limited
        1/5783, Balbir Nagar, Shahdara
        Delhi 110032

Insolvency Commencement Date: October 9, 2018

Court: National Company Law Tribunal, Principal Bench, New Delhi

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

Insolvency professional: Anil Kumar

Interim Resolution
Professional:            Anil Kumar
                         303, Chandra CGHS Limited
                         Golf Course Road, Plot No. 64
                         Sector 55, Gurgaon
                         Haryana 122011
                         E-mail: anil2566@gmail.com

                            - and -

                         C-360, Defence Colony
                         New Delhi 110024
                         E-mail: pixion.cirp@gmail.com

Last date for
submission of claims:    October 24, 2018


PVS AUTOMOTIVE: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PVS
Automotive Company Private Limited (PVS) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Inventory Funding      8.14     CRISIL B+/Stable (ISSUER NOT
   Facility                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PVS for obtaining
information through letters and emails dated September 24, 2018
and September 28, 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 PVS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PVS 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 PVS migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

PVS commenced operations in 2005 as an authorised dealer of
passenger vehicles and spare parts of Ford India Pvt Ltd. The
company has four workshop-cum-showrooms in Kerala (one each in
Kozhikode, Mallapuram, Kannur, and Palghat).


RAI INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR7.6cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank facilities of
Rai Infrastructure (RI) at 'CRISIL B/Stable'. The rating
continues to reflect a modest scale of operations in the
intensely competitive agro-commodity trading business and a
below-average financial risk profile. These weaknesses are partly
offset by the extensive industry experience of the proprietor.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit         7.60        CRISIL B/Stable (Reaffirmed)
   Term Loan           2.29        CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:  The firm has a dal (lentils)
milling capacity of 8.2 tonne per day (tpd), and provides minor
value addition by grading and sorting of grains. The turnover was
modest at around INR42 crore in fiscal 2018. The scale of
operations is likely to remain modest over the medium term.

* Below-average financial risk profile: The networth was low at
INR3.42 crore and the gearing high at 5 times as on March 31,
2018. With limited accretion of reserves and high reliance on
external debt, the financial risk profile is likely to remain
below average over the medium term.

Strength:

* Extensive industry experience of the proprietor: The proprietor
has an experience of three decades in milling dal. This has
resulted in an established relationship with vendors, brokers,
and other industry players, and a sound market reputation, which
should help in scaling up revenue.

Outlook: Stable

CRISIL believes RI will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if there is substantial and sustained improvement
in revenue and profitability margins, or the networth increases
significantly most likely due to sizeable equity infusion. The
outlook may be revised to 'Negative' if profitability margins
decline sharply, or the capital structure weakens further because
of large, debt-funded capital expenditure or a stretch in the
working capital cycle.

Established in 2010 as a proprietorship firm by Mr Ramlal Rai, RI
trades in and processes dal and grains. The firm is based in
Kareli district, Madhya Pradesh.


RATHI PACKAGING: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rathi
Packaging Private Limited (RPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Term Loan             3.4       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RPPL for obtaining
information through letters and emails dated September 24, 2018
and September 28, 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 RPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RPPL 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 RPPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in August 2014, RPPL is engaged in the
manufacturing, stitching, printing and lamination of PP, BOPP and
HDPE bags. Commercial operations are expected to commence from
July 2017.


RAYAN LABORATORIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rayan Laboratories Private Limited

        Registered Office:
        30/31, Basement Old Rajender Nagar
        New Delhi 110060

        Corporate Office:
        Khasra No. 390, Village Matlabpur
        Roorkee Distt, Haridwar
        Uttarakhand

Insolvency Commencement Date: October 3, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: March 31, 2019
                               (180 days from commencement)

Insolvency professional: Susheel Kumar Gupta

Interim Resolution
Professional:            Susheel Kumar Gupta
                         103, First Floor, 7255, Ajindra Market
                         Shakti Nagar, Delhi 110007
                         E-mail: susheelgupta@hotmail.com

Last date for
submission of claims:    October 24, 2018


S.V. EXPORTS: CRISIL Assigns B+ Rating to INR6cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of S.V. Exports - Ludhiana (SVE).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           6          CRISIL B+/Stable (Assigned)
   Packing Credit        2.5        CRISIL A4 (Assigned)

The ratings reflect the moderate scale of operations in the
intensely competitive readymade garment segment, and the below-
average financial risk profile. These rating weaknesses are
partially offset by extensive experience of SVE's partners and
their established relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations: Intense competition in the
readymade garments segment has kept the scale of operations
moderate, as reflected in revenue of INR95.8 crore in fiscal 2018

* Below-average financial risk profile: Financial risk profile is
marked by high gearing of 7.4 times as on March 31, 2018. Debt
protection metrics were also weak, with interest coverage and net
cash accrual to total debt ratios of 1.2 times and 0.04 time,
respectively, for fiscal 2018.

Strength

* Extensive experience of partners: The two-decade-long
experience of the promoters, and their strong relationships with
customers, thereby ensuring repeated orders, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes SVE will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if growth in scale of operations and diversification
of customer base, strengthens the financial and business risk
profiles. The outlook may be revised to 'Negative', if any major
capital expenditure, weakens the financial risk profile.

SVE is a partnership firm that was established in 1998 in
Ludhiana. It is involved in the manufacture of RMG.


SAHARA INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the long-term rating for the bank facility of Sahara
Industries (SI) continue to remain under 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund based-          0.63        [ICRA]B (Stable) ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund based-         11.00        [ICRA]B (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Unallocated          1.30        [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
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.

Established in 1997 as a partnership firm, Sahara Industries (SI)
is involved in the business of ginning and pressing raw cotton to
product cotton bales and cottonseeds. Its manufacturing facility,
located at Wankaner in Gujarat, is equipped with 46 ginning
machines and 1 pressing machine with an installed input capacity
of 23,040 MT of raw cotton per annum. The partners of the firm
have more than decade of experience in the cotton industry.


SANMATI PRECISION: CRISIL Assigns B+ Rating to INR7.4cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sanmati Precision Engineering Private Limited
(SPEPL).

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility       7.4       CRISIL B+/Stable (Assigned)

   Cash Credit              2.0       CRISIL B+/Stable (Assigned)

   Long Term Loan           0.6       CRISIL B+/Stable (Assigned)

The ratings reflect the extensive experience of the company's
promoter in the precision machined components industry. The
strength is partially offset by average financial risk profile
and large working capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Financial risk profile is
constrained by modest networth of INR3.19 crore and high gearing
of 2.35 times as on March 31, 2018. Debt protection metrics were
subdued, with interest coverage at 2 times and net cash accrual
to total debt ratio at 0.10 time in fiscal 2018. Improvement in
debt protection metrics will be a key rating sensitivity factor.

* Large working capital cycle: SPEPL had gross current assets of
239 days over the three fiscals through 2018, driven by extended
receivables and inventory build-up.

Strengths

* Promoter's extensive experience: The promoter's engineering
background has helped the company strengthen market position by
catering to diverse industries such as oil, automotives, pumps,
and valves, thus reducing dependence on a single industry.

Outlook: Stable

CRISIL believes SPEPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if better profitability results in higher-
than-expected accretion to reserves, or if large capital infusion
leads to an improvement in the financial risk profile. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates or if working capital cycle lengthens or if the
company undertakes major debt-funded capital expenditure,
affecting its capital structure.

SPEPL was established by Mr Shital Katkale at Hatkanangale,
Kolhapur. It manufactures precision machined components for
varied industries. It has established its own foundry, leading to
backward integration in operations.


SANTOSHI LEATHER: ICRA Lowers Rating on INR6cr Loan to D
--------------------------------------------------------
ICRA has downgraded the short-term rating assigned to the
INR6.00-crore foreign bills discounting facility and INR3.00-
crore packing credit facility (sub-limit of the foreign bills
discounting limit) of Santoshi Leather Works (SLW) from [ICRA]A4
to [ICRA]D. ICRA has also downgraded the long-term rating of
[ICRA]B and the short-term rating of [ICRA]A4 assigned to the
INR1.00-crore unallocated limits to [ICRA]D on both long-term and
short-term scales. Further, ICRA has removed the ratings from the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund based-          6.00        [ICRA]D; downgraded from
   Foreign Bills                    [ICRA]A4 and removed from
   Discount                         'Issuer Not Cooperating'
                                    category

   Fund based-         (3.00)       [ICRA]D; downgraded from
   Packing Credit#                  [ICRA]A4 and removed from
                                    'Issuer Not Cooperating'
                                    category

   Untied Limits        1.00        [ICRA]D/[ICRA]D; downgraded
                                    from [ICRA]B (Stable)/
                                    [ICRA]A4 and removed from
                                    'Issuer Not Cooperating'
                                    category

# Sub-limit of Foreign Bills Discount

Rationale

The downward revision of the ratings primarily considers delays
in servicing of debt obligation in the recent past due to
stretched liquidity position. The ratings also remained
constrained by SLW's small scale of current operations and its
weak financial profile, as reflected by a leveraged capital
structure and high working capital intensity of operations, which
exerts pressure on its liquidity. The ratings also consider SLW's
high client concentration risk, and exposure to counterparty risk
due to collection-based exports although the same is mitigated to
a large extent by long- term relationship with the clients. ICRA
also notes the sensitivity of the company's profitability to
fluctuations in foreign currency exchange rates.

The rating, however, considers the long experience of the
proprietor in the business of industrial safety products and
repeat orders generated from the clients, reflecting acceptable
product quality.

Going forward, the firm's ability to service its debt obligations
in a timely manner and improve profitability, while managing its
liquidity profile, would be the key rating sensitivities.

Key rating drivers

Credit strengths

Experience of the proprietor in the industrial safety products
industry: The proprietor has been involved in the production and
export of industrial safety gloves for around three decades. The
firm is recognised as a Star Export House by the Ministry of
Commerce and Industry.

Repeat orders from steady client base reflect acceptable product
quality: The company generates repeat orders from its clients,
which reflects acceptable product quality. Moreover, as on
September 20, 2018, SLW had an outstanding order book of around
INR4.11 crore, which provides adequate revenue visibility in the
near term.

Credit challenges

Delays in servicing of debt obligations in the recent past: The
firm delayed in servicing its debt obligations in the recent past
due to stretched liquidity position.

Small scale of current operations: The company has a small scale
of operations and has witnessed muted revenue growth in FY2018.
The operating income stood at INR8.79 crore in FY2018 against
INR8.78 crore in FY2017.

Weak financial risk profile characterised by a leveraged capital
structure and high working capital intensity of operations: The
capital structure of the firm has remained leveraged on account
of low level of net worth and high reliance on external debt.
ICRA notes that the working capital intensity of the firm has
remained high on the back of significant inventory holding to
support its export business, which exert pressure on its
liquidity. The NWC/OI stood at 41% as on March 31, 2018.

Exposed to counterparty and foreign exchange fluctuation risks:
SLW remains exposed to counterparty risk due to collection-based
exports. However, the company deals with large and reputed
customers, and has a long relationship with them over the years.
Also, the lack of formal hedging mechanism exposes the company to
the risk of foreign exchange fluctuations.

High client concentration risk: The firm supplies products to
large overseas players dealing in safety products. SLW's
production is exported mainly to customers based in Italy,
Australia, Greece, Canada, etc. However, the firm currently deals
with only around 6-7 customers, leading to high client
concentration risk.

Established in 1989 as a proprietorship firm, Santoshi Leather
Works (SLW) primarily manufactures industrial leather gloves. The
proprietor, Mr. Swapan Kr. Ghosh, has been in the same line of
business for around three decades. The manufacturing facility of
the firm is located at Beliaghata, Kolkata and has a capacity to
manufacture around 6,000 pairs of leather gloves daily. SLW is
recognised as a Star Export House by the Government of India.


SAS AUTOCOM: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: SAS Autocom Engineers India Pvt. Ltd.
        G-77, SIDCO Industrial Estate
        Kakkallur, Thiruvallur
        Tamil Nadu 602003

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 4, 2019

Insolvency professional: Nagalingam Muthiah

Interim Resolution
Professional:            Nagalingam Muthiah
                         Room No. 708, 7th Floor
                         Shivalaya Buildings, A Block
                         Ethiraj Road, Egmore
                         Chennai 600008
                         E-mail: mnaga2050@gmail.com

Last date for
submission of claims:    October 24, 2018


SECURE INDUSTRIES: Ind-Ra Hikes LT Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Secure
Industries Private Limited's (SIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR180.00 mil. Fund-based facilities Long-term rating
    upgraded; Short-term rating affirmed with IND BB+/Stable/
    IND A4+ rating;

-- INR68.90 mil. (reduced from INR 120 mil.) Term loan due on
    May 2021 upgraded with IND BB+/Stable rating; and

-- INR50.00 mil. Proposed term loan* assigned with Provisional
    IND BB+/Stable rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by SIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects consistent revenue growth by SIPL, though
the scale of operations remained modest. Its revenue increased at
a CAGR of 25.4% over FY15-FY18. Its revenue raised 29.54% yoy to
INR1,094.23 million on account of increasing orders for closures
and caps. It achieved INR829.20 million in revenue 1HFY19.

The ratings continue to benefit from the promoters' experience of
more than two decades in manufacturing caps and closures.

The ratings, however, reflect SIPL's average EBITDA margin of
13.90% in FY18 (FY17: 14.51%). Its return on capital employed was
15% in FY18 (FY17: 12%). The margin has been declining since FY16
due to low realizations on its products.

The ratings continue to reflect SIPL's modest credit metrics. Its
interest coverage (operating EBITDA/gross interest expense) was
2.96x in FY18 (FY17: 2.84x) and net leverage (adjusted net
debt/operating EBITDAR) was 2.19x (FY17: 3.03x). The improvement
in the leverage was driven by a reduction in debt and a rise in
absolute EBITDA.

The ratings also continue to reflect SIPL's modest liquidity. Its
average maximum fund-based limit utilization was 89.31% for the
12 months ended August 2018. Its net working capital cycle,
albeit modest, improved to 85 days in FY18 from 107 days in FY17
on account of an improvement in inventory days to 32 days from 43
days and an increase in payable period to 44 days from 33 days.

RATING SENSITIVITIES

Negative:  A decline in the EBITDA margin, leading to
deterioration in the credit metrics, on a sustained basis, could
be negative for the ratings.

Positive: Any substantial rise in the revenue, along with any
improvement in the liquidity and the credit metrics, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1999, SIPL manufactures caps and closures for
polyethylene terephthalate (PET) bottles used for packaging
carbonated soft drinks, fruit juice and water at its 12-million-
cap-per-day site in Telangana.


SHANTI INFRAENG'G: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shanti
Infraengineering Private Limited (SIPL) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        12        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of 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 the last available information, the rating on bank
facilities of SIPL migrated to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

Incorporated in 2005, Mumbai-based SIPL is engaged in the
construction of roads.


SHREE KRISHNA: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree
Krishna Buildcon Private Limited (SKBPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     0.5       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             54.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SKBPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SKBPL 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 SKBPL migrated to 'CRISIL D Issuer not
cooperating'.

Incorporated in 2004 and promoted by Agrawal and Goyal families,
SKBPL is developing a commercial real estate project, Palm Mall,
in Korba, Chhattisgarh. The mall is spread across 231,218 square
feet and is expected to cost INR110 crore. The project is likely
to be completed in fiscal 2018.


SHREE LOKENDER: CRISIL Assigns B+ Rating to INR6cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shree Lokender Industries (SLI).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            6        CRISIL B+/Stable (Assigned)

The rating reflects the extensive industry experience of SLI's
promoters, established relations with customers and suppliers &
moderate scale of operation. These strengths are partially offset
by low and volatile profitability and exposure to intense
competition along with regulatory changes by government.

Key Rating Drivers & Detailed Description

Weakness

* Low and volatile operating profitability: The trading nature of
operations keeps profitability low. Further, the same has
remained highly volatile. Profitability is expected to remain low
and any significant change in the same would be a rating
sensitivity factor.

* Intense competition along with risk of regulatory changes:
Edible and non-edible oil industry is marked by low capital and
technological requirements, and consequently, is highly
competitive due to the presence of a large number of small,
unorganised players across the entire value chain. Apart from
intense competition, the firm also faces risk related to price
fluctuations. Furthermore, oil industry is vulnerable to
government policies and export and import duty structure. The
government controls prices by imposing duties on imports and
exports of refined and crude oil. The firm's business risk
profile will also be susceptible to the trade policies of
government, which may change from time-to-time.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of one decades, spread of business to Assam
and Bihar, established relations with suppliers and customers
should support the business.

Outlook: Stable

CRISIL believes SLI will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability strengthen
financial risk profile, especially liquidity. The outlook may be
revised to 'Negative' if low revenue or profitability, or stretch
in working capital cycle weakens financial risk profile,
particularly liquidity.

SLI is engaged into milling and trading of mustard oil in
Bharatpur region of Rajasthan.


SHREE RAM: ICRA Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR30.00-crore bank facilities of
Shree Ram Cottex Private Limited continue to remain under 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING" for the bank facilities of the
company.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         30.00       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance with repeated reminders for payment of an
overdue surveillance fee. 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, the 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.

Shree Ram Cotton Industries was established in 2006 by Mr. Chandu
Vasoya along with three other partners; however the partnership
firm was reconstituted in November 2011 and subsequently in April
2012, Mr. Ramnik along with two other partners took over the
management. Later in July 2013 there was a reconstitution of the
partnership firm and its name was changed to "Shree Ram Cottex
Industries". In September 2013, the partnership firm was
converted into private limited company - 'Shree Ram Cottex
Industries Private Limited' (SRCIPL). SRCIPL is engaged in cotton
ginning and pressing to produce cotton bales and cotton seeds.
The manufacturing plant of the company is located at Gondal in
Rajkot, Gujarat.


SIMRUT FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Simrut Foods & Hospitality Private Limited
        2nd Floor, Silver Prestige
        1025, Shukrawar Peth
        Pune 411002

Insolvency Commencement Date: September 19, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 18, 2019

Insolvency professional: Nagalingam Muthiah

Interim Resolution
Professional:            Nagalingam Muthiah
                         Room No. 708, 7th Floor
                         Shivalaya Buildings, A Block
                         Ethiraj Road, Egmore
                         Chennai 600008
                         E-mail: mnaga2050@gmail.com

                           - and -

                         502, The Central, Postal Colony Road
                         Chembur (East), Mumbai 400071
                         E-mail: Ip.simrut@gmail.com

Last date for
submission of claims:    October 3, 2018


SIXTH DIMENSION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Sixth Dimension Project Solutions Limited
        Shop No. 9, Ground Floor
        Shree Anant Bhuvan CHS LD
        Veer Savarkar Road
        Near Teen Petrol Pump
        Thane 400601

Insolvency Commencement Date: Octobre 12, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 9, 2019

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202, Moraj Riverside Park
                         Takka, Panvel 410206
                         RaigadZilla, Maharashtra
                         E-mail: gopi63.ip@gmail.com

                            - and -

                         KANCHANSOBHA DEBT RESOLUTION ADVISORS
LLP
                         G Block, BandraKurla Complex
                         Bandra East
                         Mumbai 400051
                         E-mail: sixthdimensions.ip@gmail.com

Last date for
submission of claims:    October 28, 2018


SRI KALEESWARA: ICRA Migrates D Rating to Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of Sri
Kaleeswara Ginning Mills is moved to 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]D; ISSUER NOT
COOPERATING" due to non-cooperation by the entity in sharing
required information for carrying out the surveillance of the
rating.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-Fund      5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Based/CC                      Rating moved to 'Issuer Not
                                 Cooperating' category

   Long Term/Short     1.00      [ICRA]D; ISSUER NOT COOPERATING;
   Term                          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.

Sri Kaleeswara Ginning Mills is a proprietorship concern started
in the year 2002 by Mrs. Kokilavani. The concern operates a
cotton ginning, pressing unit in Coimbatore, Tamil Nadu. SKGM is
engaged in separating cotton fibre (lint) from cotton kappas. The
cotton are then packed in bales and sold to customers. The
concern procures BT variety of cotton and DCH variety of cotton
from its suppliers. SKGM operates in two shifts and has 10
employees on permanent rolls and 20 employees on contractual
basis. Mr. Shanmugam, husband of the proprietor takes care of the
overall operations of the concern.


STITCHFAB (INDIA): CRISIL Reaffirms B Rating on INR7cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Stitchfab (India) Private Limited (SIPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1         CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile, stretched working capital cycle, and stagnant growth in
revenue. These weaknesses are partially offset by the extensive
experience of the promoters in the readymade garments industry
and their funding support.

Analytical Approach

Unsecured loans from the promoters and their family members, at
INR11.7 crore as on March 31, 2018, have been treated as neither
debt nor equity as the loans are subordinated to bank debt and
will remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth was small,
estimated at INR2.5 crore, and gearing high at 2.8 times, as on
March 31, 2018. Debt protection metrics are weak, with interest
coverage estimated at 1.4 times and net cash accrual to adjusted
debt ratio at 0.07 time in fiscal 2018.

* Stretched working capital cycle: Gross current assets are
estimated at 391 days as on March 31, 2018. Receivables improved
to 200 days as on March 31, 2018, from 240 days a year earlier
with the company focusing on credit collection. Inventory
remained large at 209 days as on March 31, 2018, and its
management will remain a rating sensitivity factor.

* Modest scale of operations: Operating income is estimated to
have increased to INR27.5 crore in fiscal 2018 from INR22 crore
in fiscal 2017. Growth is expected to be stagnant over the medium
term because of the company's modest manufacturing capacity in
the fragmented and competitive readymade garment industry.

Strength:

* Extensive industry experience of the promoters: The promoters
have more than three decades of experience in the textile and
fabrics industry. This has helped develop a strong network of
distributors and promote the AppleEye brand by opening
owned/franchisee outlets and through tie-ups with multiple brand
outlets. The promoters have also supported the business by way of
unsecured loans.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile improves because of a
significantly better capital structure driven by equity infusion,
or substantial and sustained increase in revenue and cash
accrual, along with efficient working capital management. The
outlook may be revised to 'Negative' if lower-than-expected
operating income or cash accrual, stretched working capital
cycle, or deterioration in the capital structure due to large,
debt-funded capital expenditure weakens the financial risk
profile and liquidity.

Incorporated in 1996, SIPL manufactures readymade garments sold
under the AppleEye brand, and caters to children from new-born
babies to 16-year-olds.


STONE WONDERS: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Stone
Wonders India Limited (SWIL) to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Bank Guarantee        0.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing
   Credit                1.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       .5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    4.75       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SWIL for obtaining
information through letters and emails dated August 23, 2018,
September 11, 2018 and September 17, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SWIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SWIL 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 SWIL migrated to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Founded by Mr. R Veeramani in, SWIL is engaged in quarrying and
processing granites and monuments.


SURANA CORPORATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Surana Corporation Limited
        No. 30, GNT Road, Madhavaram
        Chennai 600110

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         Phone: 044-2852 8292, 4260 6292
                         Mobile: +91 98840 68292, 99625 68292
                         E-mail: fcs.rms@gmail.com
                                 rmscirp@gmail.com

Last date for
submission of claims:    October 19, 2018


TRANSSTROY (INDIA): Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Transstroy (India) Limited

        Registered Address:
        5-91-25, 4th Line
        Lakshmipuram Guntur
        AP 522007

        Principal Office Address:
        Plot No. 201, 202A & 202B
        Guttala Begumpet, Kavuri Hills
        Hyderabad 500081

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 8, 2019
                               (180 days from commencement)

Insolvency professional: Dr. Govindarajula Venkata Narasimha Rao

Interim Resolution
Professional:            Dr. Govindarajula Venkata Narasimha Rao
                         301, Alekhya Raindrops Gautami Enclave
                         Kondapur, Hyderabad 500084
                         E-mail: raogvn@gmail.com

                            - and -

                         C/O EY Restructuring LLP, Oval Office
                         18, iLabs Centre, Hitech City
                         Madhapur, Hyderabad
                         Telangana 500081
                         E-mail Address for Claims:
                         ip.transclaims@in.ey.com
                         E-mail Address for other communications:
                         ip.transstroy@in.ey.com

Last date for
submission of claims:    October 24, 2018


ULTIMATE AUTOMOBILES: CRISIL Moves B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ultimate
Automobiles Private Limited (UAPL) to 'CRISIL B-/Stable Issuer
not cooperating'.

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

   Standby Line
   of Credit            0.9        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UAPL for obtaining
information through letters and emails dated August 28, 2018,
September 25, 2018 and October 1, 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 UAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UAPL 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 UAPL migrated to 'CRISIL B-/Stable Issuer not
cooperating'.

UAPL, incorporated in 1998, is an authorized dealer of HMIL's
entire range of passenger vehicles and spare parts in Chandigarh
& Panchkula (Haryana). The company, promoted by Ms Geeta Talwar,
has two showrooms and two service centres across its area of
operations.


UNITECH COTSPIN: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR31.82-crore bank facilities of
Unitech Cotspin Limited (UCL) remains under the Issuer Not
Cooperating category. The rating is denoted as [ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         6.00      [ICRA]B (Stable); ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Fund based-        24.32      [ICRA]B (Stable); ISSUER NOT
   Term Loan                     COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Non fund Based-     1.50      [ICRA]A4; ISSUER NOT
   Bank Guarantee                COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance with repeated reminders for the payment
of an overdue surveillance fee. 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, the 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.

Incorporated in 2007, UCL was promoted by Mr. Manubhai Patel and
Mr. Hasmukh Patel. However, in May 2011 it was taken over by the
present promoters Mr. Mahesh Patel, Mr. Narendra Patel and Mr.
Pravin Khut having vast experience in textile industry. The
company is involved in the manufacture of cotton yarn in counts
ranging between 24's to 40's.


USHA MARTIN: Ind-Ra Alters 'BB+' LT Issuer Rating Watch to Pos.
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised the Rating Watch
status of Usha Martin '(UML) 'IND BB+' Long-Term Issuer Rating to
Rating Watch Positive (RWP) from Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR 28.090 bil. (reduced from INR33,392.5 bil.) Term loan due
    on October 2018 - October 2029 Rating Watch Revised to
    Positive from Negative with IND BB+/RWP rating;

-- INR6.0 bil. Fund-based limits Rating Watch Revised to
    Positive from Negative with IND BB+/RWP rating; and

-- INR1.50 bil. Non-fund-based limits Rating Watch Revised to
    Positive from Negative with IND BB+/RWP rating.

KEY RATING DRIVERS

Execution of Definitive Agreement for Sale of Steel Division: The
Rating Watch has been revised to Positive following the
acceptance of Tata Steel Limited's (TSL; 'IND AA'/Stable) offer
to acquire, either directly or through its subsidiary, the steel
division of UML through a slump sale on a going concern basis for
a consideration of INR45.25 billion on a debt-free, cash-free and
nil working capital basis, subject to adjustments as per the
business transfer agreement. The steel division includes a
specialized steel alloy manufacturing plant, an operative iron
ore mine, an under-development coal mine and a captive power
plant.

The conclusion of the transaction is subject to the fulfillment
of conditions precedent and the receipt of various approvals and
consent, including from regulatory, shareholders and lenders. The
transaction is likely to be completed in the next six-nine
months. As per the agreement, all employees under the steel
division will be transferred to TSL and the sale proceeds will be
entirely utilized to repay existing lenders, subject to tax and
transaction cost, if any.

Conclusion of Transaction to be Credit Positive: Ind-Ra believes
that the conclusion of the transaction will help UML in
significantly deleveraging, given the company plans to use the
sale proceeds to first repay its outstanding debt of about
INR46.5 billion. After the sale of the steel division, UML, along
with its overseas subsidiaries, will engage in the wire rope
business, where it is a leading player in India and globally. The
wire rope division generated about INR15.2 billion in revenue and
INR2.38 billion in EBITDA in FY18. Its debt is estimated at INR5
billion-7 billion on the conclusion of the transaction.

Ind-Ra expects the conclusion of the transaction to be credit
positive for UML, as the residual business and the financial
profile will be comfortable and could lead to a couple-of-notch
upgrade in the ratings.

Interim Liquidity Requirement: UML has a repayment of about
INR2,357 million due over October 2018- June 2019. It paid INR800
million in October 2018. Of the overall repayment amount, a
repayment of INR710 million is due in June 2019. Ind Ra believes
that UML will be able to meet its interest obligation over the
next two-three quarters and that its marginal surplus cash to
meet its repayment obligation may be insufficient, though it will
be able to arrange funds for meeting interim requirements.

RATING SENSITIVITIES

The RWP indicates that the ratings may be upgraded or affirmed.
Ind-Ra is likely to resolve the RWP once the transaction is
complete and the agency gains clarity on UML's residual liquidity
and credit profile. Ind-Ra will review the rating in June 2019 or
on the completion of the transaction, whichever earlier.

COMPANY PROFILE

Founded by the Kolkata-based Jhawar family, UML commenced
operations in 1960. It is an integrated steel producer with
captive iron ore mines in Jharkhand.


VINAYAGA INFRA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vinayaga Infra Limited
        New No. 30, Old No. 18, 6th Cross Street
        Shenoy Nagar (West)
        Chennai 600030

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         Phone: 044-2852 8292, 4260 6292
                         Mobile: +91 98840 68292, 99625 68292
                         E-mail: fcs.rms@gmail.com
                                 rmscirp@gmail.com

Last date for
submission of claims:    October 19, 2018


VISHAL RICE: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vishal Rice
Exports Private Limited (VREPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Term Loan    0.31      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.19      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Warehouse Receipts   10         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VREPL for
obtaining information through letters and emails dated August 8,
2018, September 25, 2018 and October 1, 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 VREPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on VREPL 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 VREPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Incorporated in 2012, VREPL is engaged in the milling and sorting
of 1121 PUSA basmati rice at its facility situated in Tulewal
near Patiala (Punjab) with an installed capacity of 4 tonne per
hour, utilised at 75%.


WINWIND POWER: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the bank facilities of Winwind Power
Energy Private Limited (Winwind) continues to remain under
'Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term: Fund      150.0     [ICRA]D ISSUER NOT COOPERATING;
   based facilities               rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  Category

   Long Term: Term      288.22    [ICRA]D ISSUER NOT COOPERATING;
   Loans                          rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  Category

   Short term: Non      169.94    [ICRA]D ISSUER NOT COOPERATING;
   fund based                     rating continues to remain
   facilities                     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.

Winwind Power Energy Private Limited (WPEPL) was incorporated in
India in July 2007 as a 100% subsidiary of Winwind OY (WWO) - a
Finland based wind turbine manufacturer, established in the year
2000. WWO, a relatively recent entrant in the European Wind
Energy market, offers two WTG models - WWD1 with a 1 MW capacity
and WWD3 with a 3 MW capacity. It has supplied approximately 328
MW of wind power capacity in markets such as Finland, Sweden,
Estonia, Portugal, France, and Czech Republic. WPEPL commissioned
its manufacturing and assembly plant in Vengal, Tamil Nadu in
June 2009 for producing the WWD1 model and currently possesses a
production capacity of 4 WWD1 WTGs per day.

WWO was acquired by the Chennai based Siva Ventures Ltd. (SVL) in
October 2006. SVL is a wholly owned subsidiary of Siva Industries
and Holdings Ltd. (SIHL, erstwhile Sterling Infotech Limited),
which was promoted by Mr. C. Sivasankaran in 1994. SVL is the
principal investment arm of The Siva Group (SG).


WORLD STEELTECH: ICRA Lowers Rating on INR5.80cr Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the ratings for INR11.30 crore of bank
facilities of World Steeltech (India) Pvt. Ltd. to [ICRA]D from
long-term and short-term ratings of [ICRA]B-(Stable)/[ICRA]A4.
The ratings continue to remain under 'Issuer Not Cooperating'
category. The ratings are denoted as "[ICRA]D ISSUER NOT
COOPERATING".

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

   Term Loan          5.80      [ICRA]D ISSUER NOT COOPERATING;
                                revised from [ICRA]B- (Stable)
                                ISSUER NOT COOPERATING Rating
                                continues to remain under
                                'Issuer Not Cooperating' category

   Bank Guarantee     1.50      [ICRA]D ISSUER NOT COOPERATING;
                                revised from [ICRA]A4 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 and
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Rationale

The rating downgrade follows the delays in debt servicing by
World Steeltech (India) Pvt. Ltd. to the lenders, as confirmed by
them to ICRA.

World Steel Tech (India) Private Limited (WSTPL) was incorporated
in March 2012 by Mr. Kailash Kanani, Mr. Rohit Kanani and Mr.
Vishha Nandasana along with family members and is engaged in the
business of manufacturing of MS Billets. The manufacturing
facility of the company is located at Rajkot with the installed
capacity of 2030 MTPM. WSTPL commenced its commercial operations
of MS Billets from August 1, 2015. Currently, the management and
shareholding are taken over by Mr. Kirit Nandasana along with Mr.
Vishha Nandsana.

In FY2017, the company reported a net loss of INR0.97 crore on an
operating income of INR19.86 crore, as compared to a net loss of
INR2.53 crore on an operating income of INR23.94 crore in FY2017.


ZEPHYR FABRIC: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Zephyr Fabric Trading LLP

        Registered Office:
        First Floor, B Wing, Todi Industrial Estate
        Sun Mill Compound, Lower Parel (West)
        Mumbai 400013
        Maharastra

Insolvency Commencement Date: October 3, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 1, 2019

Insolvency professional: Ajay Gupta

Interim Resolution
Professional:            Ajay Gupta
                         A-701, La Chappelle CHS, Evershine Nagar
                         Near Ryan International School
                         Malad (West), Mumbai 400064
                         E-mail: fca.ajaygupta@gmail.com
                                 caip.ajay@gmail.com

Last date for
submission of claims:    October 25, 2018



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


UTUSAN MELAYU: Calls Off Private Placement Plan
-----------------------------------------------
The Sun Daily reports that Utusan Melayu (Malaysia) Bhd has
decided to abort its private placement exercise as the
formulation of its Practice Note 17(PN17) regularisation plan is
under way.

Its board of directors told the stock exchange that any
fundraising at this juncture would form a part of the
regularisation plan, the Sun Daily relates.

The report notes that the media group was admitted to PN17
category in August after defaulting on payments to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

After triggering the prescribed criteria under paragraph 2.1(f)
of PN17 guidelines, the newspaper publisher was required to
submit a regularisation plan within 12 months from the
announcement date, the Sun Daily relays.

The group in a filing with Bursa Malaysia on Aug. 10 proposed to
carry out a private placement to raise up to MYR2.1 million to
repay bank borrowings, the report notes.

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines
and books, and also indoor and outdoor advertising; Printing,
which is engaged in printing of magazines and books; Information
technology and multimedia, and Investment holding, management
services and others. It publishes newspapers, which include
Utusan Malaysia, Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its
magazines include Mastika, Saji, Infiniti and Wanita. The
Company, through its subsidiary, publishes educational books that
cover all levels of education, from pre-school to university. It
also publishes children's books and other general titles covering
subjects, such as religion and women's titles. Its other services
include transportation, audio video production and series, and
archive and research information services.



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


INTERPLEX HOLDINGS: Fitch Assigns BB- LT IDRS, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned Singapore-based Interplex Holdings
Pte. Ltd. Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) of 'BB-'. The Outlook is Stable. The agency has
simultaneously assigned an expected 'BB-(EXP)' to the proposed
senior unsecured medium-term note programme.

The proposed programme is rated in line with the IDR as the notes
issued under the programme will represent direct, unconditional,
unsecured and unsubordinated obligations of the company. However,
the notes under the programme are not guaranteed by operating
subsidiaries in China, India and Vietnam, among others, which
together represent about 69%, 66% and 81% of consolidated
revenue, EBITDA and assets, respectively. The notes under the
programme will be subordinated to any future secured debt of the
issuer or its subsidiaries and will also be structurally
subordinated to any future debt at non-guarantor subsidiaries,
although Fitch does not expect the group to issue any significant
incremental senior debt.

The proceeds from the notes issued from the programme will be
used to refinance existing secured debt, and to cover transaction
fees and other expenses incurred in the note issuance. The final
rating of the proposed programme is contingent upon the receipt
of documents conforming to information already received.

Interplex's ratings reflect its position as a small, niche
manufacturer of customised connectors and high-precision
components to a diversified customer base in the automotive,
medical and life science (M&LS) and telecom industry segments.
Its financial profile is aggressive for its ratings due to high
leverage and a weak FCF profile. However, restrictive covenants
in existing secured loans provide deleveraging visibility and
limit its ability to take on additional debt, while these loans
are outstanding.

Baring Private Equity Asia (BPEA) acquired 100% of Interplex for
USD679 million in June 2016 through an acquisition vehicle called
Slater Pte Ltd. The acquisition was funded through BPEA's equity
investment and a USD455 million secured syndicated facility
comprising of five-year USD50 million revolving credit facility
(RCF) and USD405 million amortising term loan. Interplex and
Slater are co-borrowers on the secured loan and RCF.

KEY RATING DRIVERS

Small Scale and Position: Interplex's IDR is constrained by its
small scale and weaker market position in the fragmented
connector and high-precision component industry, relative to
larger peers including TE Connectivity (A-/Stable), Aptiv PLC
(BBB/Stable) and Amphenol Corporation.

Niche Position, Sole Supplier: Interplex's business risk profile
benefits from its position as a supplier and manufacturer of
important precision components to customers, which are
diversified by geography and industry. Interplex is the single-
source vendor for products accounting for about 78% of its
revenue in the financial year ended June 2018 (FY18). Its key
products include interconnect products (39% of FY18 revenue),
high-precision components (27%) and telecom enclosures (19%). The
company has nine R&D centres and manufactures in 34 facilities
globally.

Higher Leverage than Peers: Interplex's financial structure is
relatively weak for its rating, with Fitch forecasting FY19 FFO
adjusted net leverage of around 4.4x. However, BPEA's ability to
extract dividends from Interplex is limited as the secured bank
loan requires 75% of free cash flow to be used for debt repayment
until debt/EBITDA falls below 3.5x (forecast FY19: 3.8x-4.0x).
Once debt/EBITDA is between 2.5x-3.5x, Interplex is required to
use 50% of its FCF to repay debt.

In addition, its ability to take on more debt is limited given
the maintenance debt/EBITDA covenant of 4.35x and EBITDA/interest
covenant of 2.0x (forecast FY19: 3.8x-4.0x). Management is
committed to deleverage and maintain maximum net debt/EBITDA of
3.0x-3.5x (FY18: 3.6x). However, these protective covenants are
not mirrored in the programme documents - which has fewer and
weaker covenants - and could fall away if the secured bank loan
is refinanced. BPEA has not been paid any dividends since it
acquired Interplex in June 2016.

High Switching Costs for Customers: Some of Interplex's customers
face high switching costs due to long and costly regulatory
certification requirements and additional investments in tooling
required to produce components. The typical regulatory
certification requirement in the automotive industry is 18-24
months, over 24 months for the M&LS segment and 12 months for the
telecom segment. Requirements for product customisation and
customer collaboration lead to long-term relationships with high
retention rates. Most of the Interplex's products are
application-specific and designed in collaboration with the
original equipment manufacturers (OEMs).

Diversified Customer Base: Interplex's revenue visibility is
relatively high. It has a solid and diversified customer base
with which it has longstanding relationships and master
agreements are typically over multiple years. Customer
concentration risk is moderate as the top-five and top-10
customers contributed about 31% and 45% of FY18 revenue,
respectively. However, this risk is offset by strong average
relationship tenor of about 19 years with the top-10 customers.
Its top-20 customers, which contributed about 62% of revenue,
have better average creditworthiness than Interplex.

The company's customers are also diversified by industry: about
35% of revenue is from the automotive segment, 27% from telecom,
8% from M&LS and the rest from other segments, mainly white
goods, aerospace and others.

Mid-Single-Digit Growth: Fitch forecasts revenue and EBITDA to
grow by around 4%-5%, led by order wins in automotive and M&LS.
Revenue visibility is good, especially in the automotive segment,
where it has about USD433 million and USD491 million of order
book to be executed in FY19 and FY20, respectively. These orders
are backed by tooling investments by customers. Revenue growth
will be supported by increasing digitalisation leading to more
electronic content per equipment and its exposure to the growing
Chinese electric vehicle industry.

Stable EBITDAR Margin: Fitch expects operating EBITDAR margin to
remain stable at 10.5%-11% during FY19-FY20 (FY18: 10.5%), driven
by revenue growth in higher gross-margin automotive and M&LS
segments. Its profitability benefits from clauses in most
customer contracts that pass through commodity-cost increases and
a flexible cost structure as half of its Chinese employees are
contract based. FY18 operating EBITDAR margin declined by 100bp
despite a 14% rise in revenue due to higher selling, general and
administrative and R&D expenses to improve marketing efforts and
to set-up a technology innovation centre in US.

DERIVATION SUMMARY

Interplex's ratings reflect its high FY19 forecast FFO-adjusted
net leverage, small scale and weak market position in the
fragmented connector and high-precision component industry. Its
business risk profile benefits from its high customer' switching
costs, long-standing relationship with a diversified customer
base and revenue visibility backed by multi-year contracts.

Interplex's overall credit profile is weaker than that of US-
based printed-circuit board (PCB) manufacturer, TTM Technologies,
Inc.'s (BB/Stable) given the latter's larger scale, stronger FCF
profile and lower leverage. However, TTM has limited pricing
power as it operates in a fragmented market. Its acquisitive
nature dilutes its stronger financial profile and FCF profile to
some extent. TTM's revenue diversity and the growing adoption of
PCBs are similar to Interplex's business, which is likely to
benefit from digitalisation in cars.

Information technology service provider HT Global IT Solutions
Holdings Limited (BB-/Stable) benefits from its mid-tier
position, higher growth prospects and better FCF profile than
Interplex. However, Interplex's position as a sole supplier for a
large proportion of its products, high customer switching costs
and commodity risk pass-through offsets its lower FCF generation
than HT Global. FFO-adjusted net leverage forecast for 2019 is
similar for both companies at 4.3x-4.6x. Interplex has a tighter
covenant package in its secured loan documents than HT Global.

KEY ASSUMPTIONS

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

  - Revenue to grow by 4%-5% during 2019-20 driven by higher
    orders from the automotive and M&LS segments.

  - Operating EBITDAR margin to remain stable at 10.5%-11% (FY18:
    10.5%).

  - Capex/revenue of 5% (FY18: 5%).

  - Effective tax rate of 25%.

  - Cash conversion cycle of around 70-71 days.

  - 75% of free cash flow to be used to repay secured debt or
    RCF, until debt/EBITDA is above 3.5x.

  - Payment of USD11 million to previous owners of Interplex
    relating to deferred acquisition consideration.


RATING SENSITIVITIES

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

Positive rating action is unlikely in the near term given high
leverage. However, positive rating may be taken if:

  - FFO-adjusted net leverage improves to below 3.0x on a
    sustained basis.

  - Improvement in market position and/or annual FCF of above
    USD30 million on a sustained basis.

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

  - Loss of a major customer or significant revenue declines
    from existing customer leading to failure to achieve FFO
    adjusted net leverage below 4.0x by FY21.

  - FFO-fixed charge coverage below 2.5x (FY18: 3.2x).

  - Sustained FCF deficit due to higher cash conversion cycle
    and/or higher than expected capex investments.

LIQUIDITY

Adequate Liquidity: As at end-June 2018, Interplex had a cash
balance of USD59 million and undrawn RCF of USD16 million, which
comfortably covered short-term debt maturities of USD26 million
in FY19. Total debt of USD400 million comprised a USD335 million
acquisition loan, USD34 million in drawn RCF, a USD30 million
working-capital loan and a USD1 million finance lease. Interplex
and Slater are co-borrowers on the secured loan and RCF, which
carry cross-default provisions for the proposed MTN programme.
The entire group's debt resides at Interplex or Slater, except
some working-capital debt at Chinese subsidiaries.


INTERPLEX HOLDINGS: S&P Assigns BB- Long-Term ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB-' long-term
issuer credit rating to Interplex Holdings Pte. Ltd. The outlook
is stable.

S&P said, "At the same time, we assigned our 'BB-' long-term
issue rating and '3' recovery rating to the company's proposed
issuance of senior unsecured notes of up to US$300 million under
its medium-term note (MTN) program. The '3' recovery rating
indicates our expectation of 62% (rounded estimate 60%) recovery
in the event of default."

Headquartered in Singapore, Interplex designs, develops, and
manufactures interconnects, sensors, and specialized high
precision products globally.

The rating on Interplex reflects the company's small size in a
fragmented industry, high leverage, and modest margins. The
company's sticky customer base and resilient earnings temper
these weaknesses.

Interplex's presence in a fragmented industry constrains the
company's competitive advantage. The company's small size
compared to that of much larger peers also limits its capability
to compete for large projects. As of June 30, 2018, Interplex's
revenues of US$1 billion are much lower than TE Connectivity
Ltd.'s US$14.4 billion and Amphenol Corp.'s US$7.6 billion.

Baring Private Equity Asia's acquisition of Interplex through a
wholly owned holding company, Slater Pte. Ltd., in 2016 resulted
in significant leverage at Interplex relative to the company's
size. The US$335 million term loans from the leveraged buy-out
(LBO) facilities compares to an EBITDA of US$96 million,
translating into a debt-to-EBITDA ratio of 4.2x as of June 30,
2018. Interplex will refinance most of the existing debt using
the proceeds from the proposed notes issuance. Reduction in
leverage will then hinge on steady growth and improvement in
margins.

Interplex's profitability will remain modest over the next 12-18
months, with material improvements potentially taking place in
2022 at the earliest, in our opinion. As of June 30, 2018, 57% of
the company's total revenues are from the datacom, telecom, and
"others" segments, where gross profit margins are lower than in
the automotive and medical segments by 5-6 percentage points.
Interplex's strategic focus on electric cars, autonomous driving,
and medical devices will gradually increase the revenue
contribution from the higher-margin segments. The company has
recently won new automotive contracts with higher gross profit
margins than those of existing contracts in this segment. S&P
expects the proportion of such contracts to increase over time,
boosting overall profitability.

In S&P's view, Interplex benefits from predictability of margins,
largely due to its master sale and purchase agreements (MSPAs).
These agreements provide a cost pass-through mechanism and co-
investments from customers on research and development expenses.
The cost pass-through mechanism provides protection from
volatility in raw material prices and operating costs. That and
the multi-year nature of contracts should ensure Interplex's
earnings resilience throughout the industry cycle, although at
the cost of lower margins.

Co-investments and a long product life cycle also enhance
customer stickiness. In addition, specialization in highly
customized and high precision products earns Interplex a single-
source status with its top customers, with whom the company has
relationships spanning many years. High supplier switching costs
for customers and large initial investment for smaller players,
driven by a long product qualification process of up to 24
months, result in meaningful barriers to entry. Transferability
of technology among Interplex's 34 production facilities across
13 countries ensures smooth service and timely delivery to
multinational customers.

S&P said, "The stable outlook reflects our view that Interplex
will generate moderate revenue growth, at least stable margins,
and steady free operating cash flows over the next 12 months.
This is because part of the company's revenue stems from multi-
year contracts, providing some visibility on earnings.

"We could lower the rating on Interplex if the company has
limited covenant headroom, which undermines its liquidity
profile. A downgrade trigger could be that we expect Interplex's
debt-to-EBITDA ratio to approach 4.0x. This could occur if the
company is unable to increase its earnings and generate
consistent and positive free operating cash flows due to a loss
of key customers or intensifying competition."

The upside potential is limited over the next 12 months, given
that the contribution from higher-margin automotive contracts and
cost management initiatives will not be meaningful during the
period. S&P could raise the rating if Interplex sustains its
growth, consistently generates EBITDA margins of above 15%, and
adopts a financial policy of maintaining its debt-to-EBITDA ratio
well below 3.0x.



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


SKINFOOD: Four Franchisers Seek Compensation
--------------------------------------------
Kim Da-sol at The Korea Herald reports that store operators of
the financially struggling budget cosmetics brand Skinfood filed
a lawsuit seeking compensation from the company in August, it was
revealed on Oct. 18.

Four Skinfood franchisers asked the court to order Skinfood to
compensate franchisers, citing poor management by Skinfood CEO
Cho Yoon-ho, Skinfood confirmed, the report says.

In early October, Skinfood filed for court receivership because
of its poor financial status, the report recalls. According to
the regulatory filing, the company has been losing money for four
consecutive years since 2014, with sales dropping 25 percent on-
year to KRW126.9 billion as of last year. Its debt reached
KRW43.4 billion with a 781 percent debt-equity ratio, the report
discloses.

"I do not want to see a good brand like Skinfood going bankrupt,
but CEO Yoon must stay out of the business," the report quotes
one of the Skinfood store owners who filed the lawsuit as saying.

The Korea Herald relates that store owners also said that Yoon
tried to avoid meeting with franchisers and pretended that he had
not known about monthslong delays in the payment of sales
commissions to some 400 Skinfood stores.

"Even though the company decided to seek court receivership,
there are Skinfood stores which are operated inside department
stores or discount chain marts that cannot just shut down (due to
rental agreements). It has become all of our responsibility,"
said one of the suitors, the report relays.

According to the Korea Herald, the company said in a statement
that they were looking for a way to solve this crisis with
franchisers by having discussions through agents and consultants.

This is not the first legal case that Skinfood has faced, the
report notes.

Earlier this month, Daegu District Court accepted a request for
an injunction against Skinfood's parent company iPEERES Cosmetics
factory in Anseong, Gyeonggi Province, the report recalls. The
request was filed by Skinfood's 14 contracted companies after
Skinfood failed to pay some KRW2 billion for delivered goods, the
report notes.



                             *********

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
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Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
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or solicitation to buy or sell any security of any kind.  It is
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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
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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
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Information contained herein is obtained from sources believed
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