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

                      A S I A   P A C I F I C

          Monday, October 29, 2018, Vol. 21, No. 214

                            Headlines


A U S T R A L I A

AVCS PTY: First Creditors' Meeting Set for Nov. 5
FINETUNE INVESTMENTS: First Creditors' Meeting Set for Nov. 5
GRADEC PTY: First Creditors' Meeting Set for Nov. 5
LEL 2570: First Creditors' Meeting Set for Nov. 5
PRINT MAIL: Second Creditors' Meeting Set for Nov. 5

REC3 PTY: Second Creditors' Meeting Set for Nov. 2
RENDER DESIGN: First Creditors' Meeting Set for Nov. 5
RETAIL FOOD: Former Execs Summoned to Appear at Probe
SAPPHIRE XVI 2017-1: Fitch Hikes Rating on Class F Notes to B+sf


C H I N A

YINGLI GREEN: Unit Withdraws Appeal to Court's Ruling on Notes


I N D I A

A RAJA: CARE Maintains 'D' Rating in Not Cooperating Category
ADAMS MARKETING: Ind-Ra Maintains 'D' Rating in Non-Cooperating
AMITEX AGRO: CRISIL Migrates 'B' Rating to Not Cooperating
BHARADWAJ ENTERPRISES: CRISIL Hikes Rating on INR15cr Loan to B+
CABLE CORPORATION: CARE Lowers Rating on INR38.85cr Loan to C

CANAAN ENGINEERING: Ind-Ra Maintains D Rating in Non-Cooperating
DEVIPRASAD SHETTY: CARE Lowers Rating on INR15cr LT Loan to D
DHANRAJ SOLVEX: CARE Lowers Rating on INR22.72cr LT Loan to D
EAST HYDERABAD: CARE Lowers Rating on INR100.50cr Loan to D
ESSAR STEEL: Lenders Accept ArcelorMittal's Revival Plan

GOUR ROAD: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
GUPTA RICE: CRISIL Migrates B Rating to Not Cooperating Category
GUPTA TRANSFORMER: CRISIL Migrates 'B' Rating to Not Cooperating
GVR RMN: CRISIL Migrates D Rating to Not Cooperating Category
HI BLUE INTERIORS: CRISIL Migrates B+ Rating to Not Cooperating

INDRATARA AGRO: CRISIL Migrates 'B+' Rating to Not Cooperating
INFRASTRUCTURE LEASING: To Start Sale of Assets After Oct. 31
K.B.A. AGROTECH: CRISIL Migrates 'B+' Rating to Not Cooperating
KAMARAJ GOLD: CRISIL Migrates 'B' Rating to Not Cooperating
KOTHAINAYAGI A: CRISIL Migrates D Rating to Not Cooperating

LANCO SOLAR: CARE Lowers Rating on INR346.06cr Loan to D
MADRAS HARD: Ind-Ra Withdraws B+ LT Issuer Rating, Outlook Stable
METALFAB HIGHTECH: Ind-Ra Maintains BB+ Rating in Non-Cooperating
MIDAS PETROCHEM: Ind-Ra Maintains BB LT Rating in Non-Cooperating
NEW SRI: CRISIL Migrates B- Rating to Not Cooperating Category

POPULAR GROUP: CARE Lowers Rating on INR6cr LT Loan to D
PUNE SHOLAPUR: CARE Lowers Rating on INR779.51cr Loan to C
R.R. POLYNET: CARE Migrates D Rating to Not Cooperating Category
RAJA COTTON: CARE Maintains D Rating in Not Cooperating Category
ROYAL INFRA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

SANGHAVI JEWEL: CARE Hikes Rating on INR78.71cr LT Loan to B
SAWARIYA INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
SHRI JANKI: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
SISCO INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
SRI BALASAI: Ind-Ra Maintains B- Issuer Rating in Non-Cooperating

SURYA FOODS: CRISIL Migrates 'B' Rating to Not Cooperating
URJA INFRASTRUCTURE: CRISIL Migrates B- Rating to Not Cooperating
VVC MOTORS: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating


J A P A N

TOSHIBA CORP: May Liquidate U.K. Nuclear Unit NuGen


M Y A N M A R

GLOBAL TREASURE: Unable to Pay Dividends to Shareholders


S I N G A P O R E

* SINGAPORE: CCS to Extend Help to Owners of Failed Small Firms


                            - - - - -


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


AVCS PTY: First Creditors' Meeting Set for Nov. 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of AVCS Pty
Ltd will be held at Suite 1, Level 15, 9 Castlereagh Street, in
Sydney, NSW, on Nov. 5, 2018, at 10:00 a.m.

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of AVCS Pty on Oct. 24, 2018.


FINETUNE INVESTMENTS: First Creditors' Meeting Set for Nov. 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Finetune
Investments Pty Ltd as trustee for the Finetune No.1 Unit Trust
will be held at Level 28, 108 St Georges Terrace, in Perth, WA,
on Nov. 5, 2018, at 11:00 a.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of Finetune Investments on Oct.
24, 2018.


GRADEC PTY: First Creditors' Meeting Set for Nov. 5
---------------------------------------------------
A first meeting of the creditors in the proceedings of Gradec Pty
Ltd, formerly trading as Ragusa Restaurant, will be held at the
offices of Hamilton Murphy, Level 1, 255 Mary Street, in
Richmond, Victoria, on Nov. 5, 2018, at 10:30 a.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator
of Gradec Pty on Oct. 24, 2018.


LEL 2570: First Creditors' Meeting Set for Nov. 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of LEL 2570
Pty Ltd will be held at the offices of PKF, Level 8, 1 O'Connell
Street, in Sydney, NSW, on Nov. 5, 2018, at 10:30 a.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
LEL 2570 on Oct. 24, 2018.


PRINT MAIL: Second Creditors' Meeting Set for Nov. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Print Mail
Logistics Pty Ltd has been set for Nov. 5, 2018, at 10:00 a.m. at
the offices of Hall Chadwick, Level 4, 240 Queen Street, in
Brisbane, Queensland.

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

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

Blair Pleash and David Ross of Hall Chadwick were appointed as
administrators of Print Mail on Oct. 2, 2018.


REC3 PTY: Second Creditors' Meeting Set for Nov. 2
--------------------------------------------------
A second meeting of creditors in the proceedings of REC3 Pty Ltd
has been set for Nov. 2, 2018, at 11:00 a.m. at Level 8, 22
William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 1, 2018, at 4:00 p.m.

Kristen Beadle of Sellers Muldoon Benton was appointed as
administrator of REC3 Pty on Sept. 27, 2018.


RENDER DESIGN: First Creditors' Meeting Set for Nov. 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Render
Design (Aust) Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 1, Level 15, 9 Castlereagh
Street, in Sydney, NSW, on Nov. 5, 2018, at 10:30 a.m.

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Render Design on Oct. 24, 2018.


RETAIL FOOD: Former Execs Summoned to Appear at Probe
-----------------------------------------------------
Nick Hall at Insider Retail reports that former executives of
embattled franchisor Retail Food Group (RFG) have been formally
summoned to appear in front of the parliamentary inquiry into
franchising in November.

According to Insider Retail, previous managing director, Andre
Nell, former chief executive Tony Alford and former executive
Alicia Atkinson have all been noticeable admissions from the
public hearings, however committee chair Michael Sukkar is now
demanding the three face questioning.

Insider Retail, citing reports from both the Australian Financial
Review and the Gold Coast Bulletin, relates that in his address
to parliament last week, Mr. Sukkar said the summons came as a
result of the former RFG executives' repeated refusal of requests
to voluntarily attend inquiry hearings, which he found "highly
discourteous and unusual".

RFG has been the subject of many submissions to the inquiry,
following an explosive report by Fairfax Media last year that
revealed a series of financial issues with former and current
franchisees, Insider Retail says.

Insider Retail notes that while the ongoing Senate inquiry has
heard from current executives of the franchisor, with now-CEO
Richard Hinson appearing before the inquiry in September, many of
the allegations against RFG heard in submissions stem from before
his time.

The intense media scrutiny has severely damaged the group's
value, with share prices dropping close to 90 per cent since
December, causing the closure of up to 200 franchise locations,
the report states.

For Nell, Alford and Atkinson, refusal to appear will see the
trio referred to the privileges committee, which will then
consider if contempt has been committed before deciding on the
appropriate punishment, Insider Retail notes.

The three former executives have been told to appear on
November 26, Insider Retail discloses.

Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/--
together with its subsidiaries, owns, develops, and manages
multi-brand retail food franchise in Australia. The company
engages in the ownership of intellectual property; development
and management of coffee roasting facilities; and the wholesale
supply of coffee and allied products. It is also involved in the
development and management of the procurement, warehousing,
manufacturing, and distribution business of various brands. The
company operates a network of approximately 2,500 outlets across
12 brand systems spanning 83 territories.

RFG owns the brands Gloria Jeans, Donut King, Brumbies, Crust and
Pizza Capers.


SAPPHIRE XVI 2017-1: Fitch Hikes Rating on Class F Notes to B+sf
----------------------------------------------------------------
Fitch Ratings has upgraded 10 and affirmed 13 classes of notes
from three Sapphire Series transactions. The transactions consist
of notes backed by pools of first-ranking Australian residential
non-conforming mortgage loans. All mortgages were originated by
Bluestone Group Pty Ltd and the notes were issued by Permanent
Custodians Limited in its capacity as trustee of the Sapphire
trusts.

The three transactions are:

Sapphire XIII Series 2014-1 Trust

Sapphire XIV Series 2016-1 Trust

Sapphire XVI Series 2017-1 Trust

The upgrade for the class C notes from Sapphire 2016-1 is due to
changes to some calculation conventions in the cash flow model in
Fitch's APAC Residential Mortgage Rating Criteria, dated October
23, 2018, build-up of credit enhancement (CE) and improved
performance. The remaining nine upgrades are due to build-up of
CE and improved performance.

KEY RATING DRIVERS

Operational Risk: Bluestone Mortgages Pty Limited is a non-bank
mortgage originator and servicer. Bluestone Servicing Pty Limited
is a wholly owned subsidiary of Bluestone Group. Fitch undertook
an onsite operational review and found that the operations of the
originator and servicer were comparable with other similar
lenders.

Asset Analysis: Improved asset characteristics, including a lower
weighted-average (WA) unindexed loan/value ratio, decreased
arrears for Sapphire 2014-1 and 2016-1 as well as increased
seasoning for Sapphire 2017-1, drove the 'AAAsf' WA foreclosure
frequency for 2014-1, 2016-1 and 2017-1 fall to 25.1%, 33.6% and
36.6%, respectively, from 28.0%, 39.0% and 36.7%. The 'AAAsf' WA
recovery rate (WARR) improved to 76.3%, from 72.5%, for Sapphire
2014-1 and 61.9%, from 60.7%, for Sapphire 2016-1, but
deteriorated to 55.6%, from 56.2%, for Sapphire 2017-1.

As at end-August 2018, 30+ day arrears of all three transactions
tracked above Fitch's 2Q18 non-conforming Dinkum RMBS index of
5.3%; ranging between 9.8% for Sapphire 2016-1 and 13.7% for
2017-1. Fitch has incorporated the higher arrears in its asset
analysis, but they have not translated into an equivalent level
of realised losses and are consistent with other Sapphire
transactions. Realised losses have been 0.8% of total collateral
for Sapphire 2014-1, 0.2% for 2016-1 and 0% for 2017-1 since
closing. All losses have been covered by excess spread and there
are no outstanding charge-offs.

The underlying pools of all three transactions consist of 100%
non-conforming mortgages. The composition of low documentation
loans in the underlying pools ranged between 55.5% for Sapphire
2016-1 and 65.9% for 2014-1.

Fitch considers the level of obligor concentration in the
transactions' mortgage portfolios to be a key factor in assessing
tail risk. Concentration and tail risk are mitigated by the
subordination provided by the non-amortising class G and H notes
and by documented tranche balance floors for Sapphire 2016-1 and
2017-1.

Liability Analysis: Sapphire 2017-1 is currently paying down
sequentially, building up CE, while Sapphire 2014-1 and 2016-1
are amortising pro rata, with limited build up in CE. Sapphire
2014-1 and 2016-1 have switched to paying sequentially during the
pro rata period, due to performance triggers being breached,
leading to additional build-up of CE.

Class G and H notes do not amortise during the pro rata period,
which improves the CE of all rated notes as the portfolios
amortise. Fitch expects Sapphire 2017-1 to move to pro rata
amortisation in May 2019, subject to performance, similar to the
other Sapphire transactions.

Fitch's cash flow analysis incorporates transaction-specific
principal pro rata conditions, subject to tranche balance floors
for Sapphire 2016-1 and 2017-1 and a turbo that activates on the
call date. The ratings for Sapphire 2014-1's class D and E notes
are constrained at their current level by tranche thickness in
the tail-end of the transaction.

Sapphire 2014-1 and 2016-1 benefit from an excess-spread reserve
that has trapped AUD500,000 and is available to cover losses and
interest shortfalls. Sapphire 2014-1 has a liquidity reserve
sized at the higher of 1.9% of the aggregate outstanding note
balance and AUD400,000.

Fitch's cash flow analysis for Sapphire 2016-1 and 2017-1
incorporates a liquidity facility sized at the higher of 2.2% for
Sapphire 2016-1 and 2.1% for Sapphire 2017-1 of the aggregate
outstanding note balances and AUD400,000. Sapphire 2017-1 also
includes the accumulation of the reverse-turbo class RM notes,
which have reached their AUD625,000 limit.

The notes passed all relevant Fitch stresses applied in its cash
flow analysis at their respective ratings. Fitch conducted
additional sensitivity analysis by stressing the transactions'
base-case assumptions. The ratings of the class F notes from
Sapphire 2014-1 were constrained given the sensitivity to
decreases in WARR.

Macroeconomic Factors: Fitch expects steady mortgage performance,
supported by sustained economic growth in Australia that is
driven by stable forecast GDP growth of 2.8% and one 25bp cash
rate increase in 2019.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of a downgrade is
remote, given the level of subordination to all rated notes, pool
performance and adequate excess spread.

Fitch conducted sensitivity analysis by stressing the
transactions' base-case assumptions. The results of rating-
sensitivity testing, using the cash flow model, are shown.

Sapphire XIII Series 2014-1 Trust

Notes: Class A1/A2/B/C/D/E/F

Ratings: AAAsf/AAAsf/AAAsf/AAAsf/Asf/Asf/BBBsf

Rating sensitivity to increased defaults:

Increase defaults by 15%: AAAsf/AAAsf/AAAsf/AAAsf/Asf/Asf/BBBsf

Increase defaults by 30%: AAAsf/AAAsf /AAAsf/ AAAsf/Asf/Asf/BBBsf

Rating sensitivity to decreased recoveries:

Reduce recoveries by 15%: AAAsf/ AAAsf/ AAAsf/ AAAsf/Asf/Asf/BBsf

Reduce recoveries by 30%: AAAsf/ AAAsf/ AAAsf/ AAAsf/Asf/BBsf/

Rating sensitivity to multiple factors:

Increase defaults by 15%, reduce recoveries by 15%: AAAsf/ AAAsf/
AAAsf/ AAAsf/Asf/BBB+sf/B+sf

Increase defaults by 30%, reduce recoveries by 30%: AAAsf/ AAAsf/
AAAsf/AA-sf/BBBsf/

Sapphire XIV Series 2016-1 Trust

Notes: Class A1 (A1a and A1b)/A2/B/C/D/E/F

Ratings: AAAsf/ AAAsf/ AAAsf/AAsf/A+sf/Asf/BBB+sf

Rating sensitivity to increased defaults:

Increase defaults by 15%: AAAsf/ AAAsf/AA+sf/AA-
sf/Asf/BBB+sf/BBBsf

Increase defaults by 30%: AAAsf/AAAsf/AAsf/A+sf/A-sf/BBBsf/BBB-sf

Rating sensitivity to decreased recoveries:

Reduce recoveries by 15%: AAAsf/AAAsf/AAsf/A+sf/A-sf/BBBsf/BBB-sf

Reduce recoveries by 30%: AAAsf/AAAsf/AA-sf/A-sf/BB+sf/B+sf/

Rating sensitivity to multiple factors:

Increase defaults by 15%, reduce recoveries by 15%:
AAAsf/AAAsf/AAsf/Asf/BBBsf/BB+sf/ BB-sf

Increase defaults by 30%, reduce recoveries by 30%: AA-sf/AA-
sf/Asf/BBB-sf/Bsf/

Sapphire XVI Series 2017-1 Trust

Notes: Class A1/A2 (A2a and A2b)/B/C/D/E/F

Ratings: AAAsf/AAAsf/AAAsf/A+sf/BBB+sf/BBB-sf/B+sf

Rating sensitivity to increased defaults:

Increase defaults by 15%: AAAsf/AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf

Increase defaults by 30%: AAAsf/AAAsf/AA-sf/A-sf/BBB-sf/BB-sf/

Rating sensitivity to decreased recoveries:

Reduce recoveries by 15%: AAAsf/AAAsf/AAsf/Asf/BBB-sf/B+sf/Reduce
recoveries by 30%: AAAsf/AAAsf/AA-sf/BBB+sf/B+sf/

Rating sensitivity to multiple factors:

Increase defaults by 15%, reduce recoveries by 15%:
AAAsf/AAAsf/AA-sf/BBB+sf/BBsf/ Increase defaults by 30%, reduce
recoveries by 30%: AA-sf/AA-sf/A-sf/BBsf/

The class D notes of Sapphire 2014-1 maybe be upgraded should the
largest schedule group balance amortise below AUD1.9 million or
performance triggers revert the transaction back to sequential
amortisation, increasing expected CE available to the notes by
the tail-end of the transaction, subject to portfolio
performance.

The class C, D and F notes of Sapphire 2016-1 and 2017-1 are not
constrained by tail-risk concentration due to tranche balance
floors and may be upgraded on sustained increases in CE and
ongoing stable asset performance.

The full list of rating actions is shown below:

Sapphire XIII Series 2014-1 Trust

AUD41.2 million Class A1 notes affirmed at 'AAAsf'; Outlook
Stable

AUD12.0 million Class A2 notes affirmed at 'AAAsf'; Outlook
Stable

AUD6.0 million Class B notes affirmed at 'AAAsf'; Outlook Stable

AUD5.9 million Class C notes affirmed at 'AAAsf'; Outlook Stable

AUD3.8 million Class D notes affirmed at 'Asf'; Outlook Stable

AUD2.2 million Class E notes affirmed at 'Asf'; Outlook Stable

AUD1.7 million Class F notes affirmed at 'BBBsf'; Outlook Stable

Sapphire XIV Series 2016-1 Trust

AUD9.1 million Class A1a notes affirmed at 'AAAsf'; Outlook
Stable

AUD40.0 million Class A1b notes affirmed at 'AAAsf'; Outlook
Stable

AUD11.1 million Class A2 notes affirmed at 'AAAsf'; Outlook
Stable

AUD6.3 million Class B notes upgraded to 'AAAsf'' from 'AAsf';
Outlook Stable

AUD7.4 million Class C notes upgraded to 'AAsf' from 'Asf';
Outlook Stable

AUD5.1 million Class D notes upgraded to 'A+sf' from 'BBBsf';
Outlook Stable

AUD2.8 million Class E notes upgraded to 'Asf' from 'BBsf';
Outlook Stable

AUD2.3 million Class F notes upgraded to 'BBB+sf' from 'BB-sf';
Outlook Stable

Sapphire XVI Series 2017-1 Trust

AUD70.1 million Class A1 notes affirmed at 'AAAsf'; Outlook
Stable

AUD15.4 million Class A2a notes affirmed at 'AAAsf'; Outlook
Stable

AUD27.3 million Class A2b notes affirmed at 'AAAsf'; Outlook
Stable

AUD11.5 million Class B notes upgraded to 'AAAsf' from 'AAsf';
Outlook Stable

AUD12.8 million Class C notes upgraded to 'A+sf' from 'Asf' ;
Outlook Stable

AUD8.3 million Class D notes upgraded to 'BBB+sf' from 'BBBsf';
Outlook Stable

AUD4.5 million Class E notes upgraded to 'BBB-sf' from 'BBsf';
Outlook Stable

AUD3.8 million Class F notes upgraded to 'B+sf' from 'Bsf';
Outlook Stable



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


YINGLI GREEN: Unit Withdraws Appeal to Court's Ruling on Notes
--------------------------------------------------------------
Baoding Tianwei Yingli New Energy Company Limited, a subsidiary
of Yingli Green Energy Holding Company Limited, has recently
withdrawn its appeal to a PRC court's first-instance judgment,
which ruled that Tianwei Yingli should repay principal, related
interest, and overdue penalty of the medium-term notes due
("MTNs") Oct. 13, 2015 and May 12, 2016 issued by Tianwei Yingli
to one of the holders of those MTNs as described in the Company's
announcement dated on May 18, 2018.

Yingli Green stated in a press release that Tianwei Yingli plans
to continue to communicate with the Note Holder regarding a
feasible payment scheme to satisfy the court judgment.

The principal amount of the MTNs held by the Note Holder as
recognized by the court was RMB65.7 million, representing
approximately 3.7% of the total amount of those MTNs that are
still
outstanding.  The overdue penalties recognized by the court would
be calculated at a daily penalty interest rate of 0.021% and will
continue to accrue before the actual payment.

                      About Yingli Green Energy

Yingli Green Energy Holding Company Limited (NYSE: YGE), known as
"Yingli Solar", -- http://www.yinglisolar.com/-- is a solar
panel manufacturer.  Yingli Green Energy's manufacturing covers
the photovoltaic value chain from ingot casting and wafering
through solar cell production and solar panel assembly.
Headquartered in Baoding, China, Yingli Green Energy has more
than 20 regional subsidiaries and branch offices and has
distributed more than 20 GW solar panels to customers worldwide.

Yingli Green reported a net loss attributable to the Company of
RMB3.31 billion for the year ended Dec. 31, 2017, compared to a
net loss attributable to the Company of RMB2.09 billion for the
year ended Dec. 31, 2016.  As of Dec. 31, 2017, Yingli Green had
RMB10.34 billion in total assets, RMB20.83 billion in total
liabilities and a total shareholders' deficit of RMB10.49
billion.

The report from the Company's independent accounting firm
PricewaterhouseCoopers Zhong Tian LLP on the consolidated
financial statements for the year ended Dec. 31, 2017, includes
an explanatory paragraph stating that facts and circumstances
including accumulated and recurring losses from operations,
negative working capital, cash outflows from operating
activities, and uncertainties regarding the repayment of
financing obligations raise substantial doubt about the Company's
ability to continue as a going concern.



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I N D I A
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A RAJA: CARE Maintains 'D' Rating in Not Cooperating Category
-------------------------------------------------------------
CARE had, vide its press release dated July 11, 2017, placed the
ratings of A Raja Cottex (ARC) under the 'issuer noncooperating'
category as ARC had failed to provide information for monitoring
of the rating and had not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement . ARC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated September 4, 2018, July 10, 2018, July 6,
2018, July 5, 2018 and July 4, 2018. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.13      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating done on July 11, 2017, the following
was the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: The rating has been revised since the
account has become NPA on the back of on-going delay in its debt
servicing due to weak liquidity position.

ARC is a partnership firm established by six partners led by Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya in the year
2013. Mr Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya have 33
years and 13 years of industry experience, respectively.
ARC is engaged into the business of cotton ginning and pressing.
Its plant is located at Amreli (Gujarat) with an installed
capacity of 400 bales per day as on March 31, 2016 and is spread
across 1,295 sq. meters of area. All the partners of ARC
except Ms Rasidaben Bilakhiya also held partnership in Raja
Cotton Industries (RCI), a partnership firm established in the
year 2009. RCI is engaged into the business of cotton ginning &
pressing and seed crushing. Its plant is located at Amreli
(Gujarat) with an installed capacity of 200 bales per day as on
March 31, 2016 and is spread across 3,500 sq. yard of area.


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

The instrument-wise rating actions are:

-- INR245 mil. Fund-based limit (Long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR5.58 mil. Term loan (Long-term) maintained in Non-
    Cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR100 mil. Proposed fund-based limit (long term) maintained
    in Non-Cooperating Category with Provisional IND D (ISSUER
    NOT COOPERATING) rating.

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

COMPANY PROFILE

Adams Marketing was incorporated in 2007. The company is based in
Howrah and is an authorized dealer for various electronics goods.
It is also the distributor of Bharti Airtel Limited for the
Kolkata circle.


AMITEX AGRO: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Amitex Agro
Product Private Limited (Amitex) migrated to 'CRISIL B/Stable
Issuer not cooperating'.

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

   Proposed Long Term     13        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

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

Incorporated in 1997, and promoted by Lahoti family Amitex
manufactures soya ingredients. Its factory is at Julwania, Madhya
Pradesh.


BHARADWAJ ENTERPRISES: CRISIL Hikes Rating on INR15cr Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bharadwaj Enterprises (BE) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             15       CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The upgrade reflects reduction in completion and funding risks as
70% of the company's project was completed by September 2018,
while the remaining is likely to be done by June 2019. Also,
proprietor has infused equity of INR1 crore and unsecured loans
of INR7 crore to fund the project. Furthermore, project location
is favorable, and management is in the advance stage of
discussion with a few interested parties. Hence, demand risk is
expected to reduce.

The rating reflects moderate demand risk associated with BE's
ongoing commercial real estate project and susceptibility to
cyclicality inherent in the real estate sector. These weaknesses
are partially offset by the extensive experience and funding
support of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Moderate demand risk: Though the firm is in discussions with
prospective parties, it is yet to let out its building. Hence,
any delay in on-boarding by tenants or in realisation of rentals
may adversely affect credit risk profile; given the fact that
debt repayment will start from June 2019.

* Susceptibility to cyclicality inherent in the real estate
sector: The real estate segment in India is cyclical, resulting
in fluctuations in cash inflow because of volatility in
occupancy, lease rentals, realisations, and saleability. Cash
outflow (relating to project cost and debt repayment), on the
other hand, is relatively fixed. This could lead to substantial
mismatch in cash flow. Aggressive completion timelines and
shortage of manpower (project engineers and skilled labour) also
pose challenges for the industry.

Strengths:

* Extensive experience of proprietor: The firm's proprietor has
industry presence of more than four decades through group
companies.

* Funding support from proprietor: The proprietor has infused
both equity and unsecured loans, leading to low funding risk.
Proprietor is expected to bring in addition funds in case of any
cost overrun.

Outlook: Stable

CRISIL believes BE will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if successful project implementation with better-than-
expected scale and profitability improves financial risk profile.
The outlook may be revised to 'Negative' if lower-than-expected
cash accrual due to time or cost overrun in project, or
significantly low cash accrual adversely affects debt-servicing
ability.

Established in 2015 as a sole proprietorship firm by Mr Anurag
Sharma, BE is developing a commercial space in Gurgaon, sector 15
on the land area of 0.6 acre and will lease the same to
commercial tenant . Operations are managed by Mr Anurag Sharma
and his son, Mr Samridh Sharma. The firm is expected to start
operations from June 2019.


CABLE CORPORATION: CARE Lowers Rating on INR38.85cr Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cable Corporation of India Limited (CCIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term bank
   Facilities          38.85       CARE C; Stable Revision
                                   from CARE BB; Stable

   Short-term bank
   Facilities         160.00       CARE A4 Reaffirmed

Detailed Rationale
The revision in long-term rating to bank facilities of CCIL
account of liquidity profile mismatch resulting in delay in
servicing of its existing debt obligation (not rated by CARE
Ratings). Further, the ratings continue to be constrained by
highly working capital intensive operations, exposure of
operational performance to counter party risk, inherent risk
associated with execution of large orders and prevalent
competition in power cable industry. However, the ratings
continue to derive strength from established and experienced
promoters having presence in power cable industry.
Improvement in liquidity profile and timely debt servicing of all
its obligations are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Established and experienced promoters having presence in power
cable industry: Incorporated in November 11, 1957, CCIL is now a
part of Hiten Khatau Group. The company manufactures low tension,
high tension and extra high voltage power cables. The
manufacturing facility is located at Nashik (Maharashtra). The
company majorly caters to orders from Power Grid Corporation of
India Limited (PGCIL) and State Electricity Boards (SEBs) across
India. The day-to-day operations of the company are managed by a
team of qualified and experienced professionals headed by Mr.
Rohan H Khatau.

Key Rating Weaknesses

Delay in debt servicing in term loan (not rated by CARE Ratings)
on account of liquidity profile mismatch: CCIL reported delay in
repayment principal of term loan from financial institution as on
March 31, 2018 on account of liquidity profile mismatch. The said
loan is not rated by CARE Ratings.

Highly working capital intensive operation amidst exposure of
operational performance to counter party risk: CCIL's operations
are highly working capital intensive. The company is into
execution of EPC orders from various government entities in power
industry. These counterparties are mainly SEBs where payments are
stretched resulting in elongation of working capital cycle. As a
result, the company's dependence substantially increases on bank
borrowings from bank in order to meet working capital
requirements.

Inherent risk associated with execution of large orders in cable
segment and prevalent competition in cable industry: CCIL
continues to derive major revenue from cable business. These
orders are from various user industries mainly power sector. Any
delay/deferral of operational expenditure by these companies
might adversely impact the operational performance and
consequently prospects of the company. Further, in the cable
industry with the presence of organised and unorganised players
the business environment is competitive. However, the company's
established position in cables business mitigates it to larger
extent.

CCIL incorporated in November 11, 1957 is promoted by Mr. Hiten
Khatau. The company manufactures low tension, high tension and
extra high voltage power cables (23kv to 400kv). The company also
executes turnkey cable contracts and provides solutions. The
manufacturing facility is located at Nashik (Maharashtra).
Further, the company entered into joint development with an
associate company belonging to promoter group towards residential
and commercial project named Rivali Park in Borivali East
(Mumbai).


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

The instrument-wise rating actions are:

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

-- INR80 mil. Non-fund-based facilities (Short term) maintained
    in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR146.2 mil. Long-term loans (Long term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Canaan Engineering fabricates medium-to-
heavy-sized equipment such as heat exchangers, pressure vessels
and columns for the petrochemical and fertilizer industries.


DEVIPRASAD SHETTY: CARE Lowers Rating on INR15cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Deviprasad Shetty (DPS), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      15.00      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE B+; Stable:
                                  Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DPS to monitor the rating
vide e-mail communications dated May 8, 2018, May 31, 2018,
June 12, 2018 and September 3, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on Deviprasad
Shetty's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 17, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Delays in debt servicing obligations: There are ongoing delays in
servicing debt obligation on time due to non-availability of
funds incurred during the period under review resulting in
stressed liquidity position.

Small scale of operations along with proprietorship nature of
business operations: The firm has achieved total operating income
(TOI) of INR14.84 crore in FY17 (Provisional, refers to period
April 1 to March 31) indicating small scale of operations of the
firm. Moreover, being a proprietorship firm, it is exposed to the
risk of withdrawal of capital by the proprietor on personal
exigencies, dissolution of firm due to death and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Fluctuating total operating income, profitability margins,
leveraged capital structure and weak debt coverage Indicators:
The TOI of the firm has been fluctuating since last three years
ended FY17 (provisional) on account of order based nature of
business operations. TOI stood at INR14.84 crore in FY17
(Provisional) as compared to INR 15.91 crore in FY16. The PBILDT
margin of the firm was also seen fluctuating trend due to
fluctuating raw material prices. The same stood at 6.26% in FY17
(provisional) as compared to 4.02% in FY16 and 5.19% in FY15.
However, PAT margin of the firm is shown an increasing trend on
account of improvement in PBILDT levels in absolute terms. The
same stood at 2.99% in FY17 (provisional) as compared to 2.60% in
FY16. The capital structure of the firm stood leveraged on
account of new term loans to the tune of INR 16.75 crore availed
by the firm for the construction of hostel building for rent to
Alva's Education Institute. The same led to deterioration in debt
profile of the firm leading to overall gearing of 17.59x as on
March 31, 2017 (provisional) as against 9.77x as on March 31,
2016. Total debt to GCA of the firm also deteriorated to 18.14x
in FY17 (provisional) due to high debt availed for construction
of hostel building as against low cash accruals of the firm.

Margin susceptible to change in raw material prices: The prices
of raw materials i.e. sand, cements, bricks and steel etc. have
remained fluctuating in past and are also dependent upon the
availability of these raw materials. Further, the average cost of
unskilled labour has reflected increasing trend in the recent
past. Moreover, projects in hand of DPS do not contain any price
escalation clauses related to the prices of raw material. Hence,
DPS remains exposed to raw material and labour price fluctuation
risk and any adverse movement in the key raw material or
unskilled labour cost may have direct bearing on the net margins
of the DPS.

Key Rating Strengths

Experienced Promoter: Mr. Deviprasad Shetty, proprietor, has a
business experience of nearly 10 years in the construction
industry. He looks after the overall functioning of the firm and
he is assisted by his brother Mr. Devanand Shetty who is working
as a General Manager of the firm. Furthermore, the firm has a
team of well qualified and experienced personnel and has well
classified divisions for smooth execution of the projects.

Comfortable operating cycle days: DPS has comfortable operating
cycle (days) of 34 days for FY16 which further improved to 1 day
in FY17. The firm generally receives payment in one week from its
customers leading to negligible collection period in the review
period. However, on account of decline in inventory days from 52
days in FY16 to 31 days in FY17 (provisional) accompanied by
creditors days of 30 days in FY17 (provisional); operating cycle
days stands comfortable. Moreover, the firm has also not availed
any cash credit limits for the operation of the firm on account
of timely receipts from the customers.

Moderate order book position in hand: DPS has moderate track
record in the construction buildings. Over past 4 years ending
FY17 (provisional), DPS successfully completed orders to the tune
of INR 58 crore. Furthermore, the firm has in hand orders to the
tune of INR 28.44 crore to be executed by next 1-2 years of time
span indicating medium term revenue visibility for the firm.

DPS was established in the year 2013 by Mr. Deviprasad Shetty as
a proprietorship firm. The firm is working as a private
contractor along with subcontractor for K2K Infrastructure
Private Limited for construction of buildings. The firm has
completed various projects for some of the major clients like
Alva's Education Institute and Dhanalakshmi Cashew Exports.

DPS majorly operates in the state of Karnataka and currently have
orders to the tune of INR 28.44 crore to be executed by next 1-2
years. The work orders are mainly from K2K Infrastructure Private
Limited and Alva's Education Institute.


DHANRAJ SOLVEX: CARE Lowers Rating on INR22.72cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhanraj Solvex Private Limited (DSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       22.72      CARE D Revised from CARE BB-;
   Facilities                      Stable
   (Fund Based)

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
DSPL takes into account of delays in servicing its debt
obligation. Timely repayment of debt going forward is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Due to stressed liquidity there have
been delays in debt servicing. Timely repayment of debt is key
rating monitorable.

Established in the year 2014, Dhanraj Solvex Private Limited
(DSPL) is a closely held company promoted by Mr Dhanraj Pallod,
Mr Govardhan Pallod, Mrs. Sushma D Pallod and Mrs Namrata G
Pallod. DSPL has set up a plant in Latur, Maharshtra for
processing of soya bean seed for extraction of soya oil and soya
de-oiled-cake (DOC), with an installed capacity of extracting 600
tonnes of oil per day located in Latur.


EAST HYDERABAD: CARE Lowers Rating on INR100.50cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
East Hyderabad Expressway Limited (EHEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          100.50      CARE D Revised from CARE BB;
                                   Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
EHEL factors in the delay in servicing of debt obligation for the
rated facilities. Furthermore, the liquidity profile of the group
continues to be under stress on account of weakened credit
profile of sponsor i.e IL&FS Transportation Networks Limited
(ITNL).

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: The company has delayed
servicing of debt obligation for the rated facilities.

Weakened credit profile of ITNL: The credit rating of ITNL has
been revised to CARE D from CARE BB; Negative/CARE A4 as per CARE
press release on September 28, 2018 delayed in its debt servicing
obligation. Unlike the past track record of supporting SPV's,
ITNL did not extend the support which translated into delay in
debt servicing by few of the SPV's.

East Hyderabad Expressway Limited (EHEL) is a special purpose
vehicle incorporated on July 05, 2007 to undertake design,
construction, development, finance and operation & management
(O&M) of eight-lane access-controlled expressway under Phase-II A
program in the city of Hyderabad for the section from Pedda
Amberpet to Bongulur, on a stretch of 13 km, under Build, Operate
& Transfer (BOT) Annuity basis. The annuity provider is Hyderabad
Metropolitan development Authority [erstwhile Hyderabad Urban
Development Authority (HUDA)]. EHEL is promoted by ITNL (Rated
CARE D), KMC Infratech Limited and KMC Constructions Limited
having a shareholding of 74%, 16% and 10% respectively. The
project has been awarded under the Annuity scheme by HUDA, and
receipt of annuities has commenced post receipt of Provisional
Completion Certificate (PCC) dated March 1, 2011. The company has
completed punch list items and is awaiting final completion
certificate. The project comprises fixed semi-annual annuities of
INR33.30 crore every year till the end of the concession period
i.e. December 2022.


ESSAR STEEL: Lenders Accept ArcelorMittal's Revival Plan
--------------------------------------------------------
Payaswini Upadhyay at BloombergQuint reports that the committee
of creditors of Essar Steel Ltd. has accepted the joint offer
made by ArcelorMittal and Japan's Nippon Steel even as promoters,
the Ruias, made a last-ditch effort to retain the steelmaker.

The resolution plan includes an upfront payment of INR42,000
crore to the lenders and a INR8,000-crore capital injection in
Essar Steel to support operational improvement, ArcelorMittal
said in a media release on Oct. 26, BloombergQuint relays.

According to BloombergQuint, ArcelorMittal intends to increase
Essar Steel's finished steel shipments to 8.5 million tonnes over
the medium term. The long-term plan is to increase finished steel
shipments to between 12 and 15 million tonnes through the
addition of new iron and steelmaking assets, the media release
said.

Meanwhile, Essar Steel's erstwhile promoters - the Ruia family -
has offered INR54,389 crore to the creditors saying it will
amount to 100 percent recovery of all dues, including those of
operational and unsecured creditors. Lawyers told BloombergQuint
that this offer cannot be entertained by the committee of
creditors.

                         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.


GOUR ROAD: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gour Road Tar
Coat Private Limited (GRTCPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits assigned with IND BB+/Stable
    rating;

-- INR430 mil. Non fund-based limits assigned with IND A4+
    rating; and

-- INR350 mil. Proposed non-fund based limits assigned with
    Provisional IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GRTCPL's modest liquidity, medium scale of
operations and declining revenue base. The company had nearly
fully utilized its working capital limits during the 12 months
ended September 2018 while its revenue fell to INR1,433 million
in FY18 (FY17: INR1,831 million) on back of delays in getting
clearance for the work done resulting in delays in order
execution.

The ratings are supported by GRTCPL's comfortable credit metrics,
as reflected in its interest coverage (operating EBITDA/ gross
interest expenses) of 4.6x in FY18 (FY17: 7.6x) and net leverage
(net debt/operating EBITDA) of 0.7x (0.9x). The interest coverage
declined in FY18 on back of a marginal decline in absolute EBITDA
and an increase in the interest cost due to higher utilization of
its working capital limits. However, the net leverage improved in
FY18 due to higher cash and cash equivalent resulting in a
decline in the net debt (total debt less the liquid cash
balance).

The ratings also factor the company's healthy EBITDA margin of
9.6% in FY18 (FY17: 7.7%) with ROCE of 18% (25%).

The ratings are also supported by the company's promoter's more
than two decades of experience in executing civil construction
contracts.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue, driven by a
strong order book position and sustained credit metrics, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1991, GRTCPL is engaged in the civil construction
work mainly in the construction of roads. The company undertakes
government projects only and is registered as Class 1 contractor.
It was formed and is managed by Nitin Barsaniya and Kuldeep Singh
Saluja.


GUPTA RICE: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gupta Rice
and General Mills (GRGM) migrated to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash         13.13      CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GRGM for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 2018among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

GRGM is a partnership firm set up by Mr Ram Pal Singh and his
brother, Mr Sat Pal Singh in 1986. Mr Satpal has left the firm.
Mr Ashwini Singh and Mr Ashish Singh are now partners, along with
Mr Ram Pal. GRGM mills, processes, and markets rice. Its plant is
in Kaithal, Haryana.


GUPTA TRANSFORMER: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gupta
Transformer Products (GTP) migrated to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         15        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Bill Discounting        2        CRISIL A4 (ISSUER NOT
   under Letter of                  COOPERATING; Rating Migrated)
   Credit

   Cash Credit             6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GTP for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 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 GTP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GTP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadewuate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GTP migrated to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Established in 1990, GTP is a partnership firm based in
Muzzaffarnagar (UP) and manufactures distribution and power
transformers. The firm is owned and managed by Mr. Sanjay Gupta,
Mr. Gopal Gupta, and Mr. Aman Gupta.


GVR RMN: CRISIL Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GVR RMN
Hubli Lakshmeshwar Road Project Private Limited (GVR-RMN-HL)
migrated to 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan          160      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GVR-RMN-HL for
obtaining information through letters and emails dated July 23,
2018 and August 31, 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 GVR-RMN-HL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GVR-RMN-
HL is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadewuate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of GVR-RMN-HL migrated to 'CRISIL D Issuer not
cooperating'.

Set up in 2009, GVR-RMN-HL is a special purpose vehicle (SPV) set
up by the joint venture (JV) between GVR Infra Projects Ltd. and
RMN Infra Structures Ltd (51:49). The SPV was set up to carry out
improvements and widening of the two lane Hubli'Lakshmeshwar
state highway (SH-73) between Dharwad and Gadag districts of
Karnataka. The project is being carried out on a BOT- annuity
basis.


HI BLUE INTERIORS: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of HI Blue
Interiors Private Limited (HBIPL) migrated to 'CRISIL B+/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           4        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 HBIPL for
obtaining information through letters and emails dated July 23,
2018 and August 31, 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 HBIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on HBIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, HBIPL operates a hardware store in
Vijayawada where it sells interior items such as plywood, MDF,
veneer, laminates, wall papers, window dressing, bath
accessories, and carpets. Operations are managed by Mr.
Surendranath.


INDRATARA AGRO: CRISIL Migrates 'B+' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Indratara
Agro Industries Private Limited (IAIPL) migrated to 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          5.41       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan            9.2        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

IAIPL, promoted by members of the Burad family, was established
in 2014 to manufacture castor oil. Mr. Mahendra Kantilal Burad,
Mr. Rahul Ashokchand Burad, and Mr. Manish Ashokchand Burad will
manage its operations. The company has a castor oil manufacturing
capacity of 20,000 tonnes per annum; it also has a solvent
extraction unit.


INFRASTRUCTURE LEASING: To Start Sale of Assets After Oct. 31
-------------------------------------------------------------
Livemint.com reports that the government-appointed board of
directors of Infrastructure Leasing & Financial Services Ltd
(IL&FS) board will update the National Company Law Tribunal
(NCLT) on October 31 about the revival plan, after which it will
seek consent from lenders and shareholders.

Livemint.com relates that the board of directors of IL&FS led by
Uday Kotak, managing director of Kotak Mahindra Bank, will
finalize the information memorandum and the request for proposal
(RFP) for auctioning the assets in consultation with the lenders
and shareholders in three-four weeks after informing the tribunal
of the revival scheme.

By December, bids will be invited for the assets, a government
official privy to the development said on condition of anonymity,
the report relays. The issue of government superseding the board
of IL&FS and its revival will be heard by the Mumbai bench of
NCLT on Oct. 31.

According to Livemint.com, the government and the IL&FS board are
trying to keep the haircut that banks have to take on the
INR91,000 crore debt of IL&FS group to a minimum, said the
official.

The IL&FS board is expected to meet on Nov. 2. "We want the
haircut lenders may have to bear to be minimum. However, at this
juncture, putting a definite value to the assets is very
difficult," the official, as cited by Livemint.com, said.

For IL&FS, realizing maximum value for the assets will be a
challenge and this is set to force lenders to tone down
expectations from the asset sale, the report states. Fresh equity
infusion by existing shareholders is unlikely, considering the
past investments that have gone wrong.

It is not the best of times as far as asset sale in
infrastructure is concerned, according to experts. "However, many
IL&FS projects can perform better and could become financially
sustainable after they change hands. The price they fetch may not
be very high, but the sale will definitely go through and it will
benefit the economy. The price of an asset, after all, is a
matter of theory," said an infrastructure expert on condition of
anonymity, Livemint.com relays.

According to the report, the broad turnaround plan includes
monetizing certain assets and fixing the corporate governance and
risk management gaps in the group while lenders may have to take
a haircut depending on investor interest in the asset sale.

Livemint.com says the government expects that lenders may go with
the turnaround scheme designed by the state-appointed board of
IL&FS, which it said is the best among the remedies available to
lenders. According to Livemint.com, the revival plan of the board
will have the backing of the sovereign and could help in fetching
better value for the assets compared to what lenders could
monetize if they take over the assets by invoking the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Securities Interest Act (SARFAESI Act) of 2002.
IL&FS Transportation Networks Limited (ITNL) holds 40% of the
group's assets in India and abroad.

The board has already reworked the financial controls in the
group so that payments above a certain threshold are not made
without the approval of the top management, Livemint.com adds.

                           About IL&FS

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

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


K.B.A. AGROTECH: CRISIL Migrates 'B+' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of K.B.A.
Agrotech Pvt Ltd (KBA) migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.25      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    .25      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan            8         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KBA for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 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 KBA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KBA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in February 2014, KBA, promoted by Mr Manoj Kumar
Khetan, Mr Mukesh Kumar Khetan, Mr Manish Kumar Khetan, Mr Bimal
Kumar Agarwal, and Ms Sunita Bhuwania, along with their
respective families, is setting up a rice mill near Bhagalpur,
Bihar.


KAMARAJ GOLD: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kamaraj Gold
House (KGH) migrated to 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with KGH for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 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 KGH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KGH is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in 2008, a firm based out of Thuckalay, near
Nagerkoil is engaged in the retailing of gold jewellery. The firm
also manufactures gold jewellery and provides the same to other
jewellery shops in Tamil Nadu. The firm is promoted by
Mr.Kamaraj.


KOTHAINAYAGI A: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kothainayagi
A (KA) migrated to 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan           8       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KA for obtaining
information through letters and emails dated July 23, 2018 and
August 31, 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 KA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started
commercial operations from June 2017. Its operations are run by
Mr Ayyasamy and his son, Mr Annadurai.


LANCO SOLAR: CARE Lowers Rating on INR346.06cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lanco Solar (Gujarat) Private Limited (LSGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      346.06      CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the long term bank
facilities of LSGPL takes into account delays in the servicing of
debt obligations by the company.

Going forward, ability of the company to service the debt
obligations in a timely manner shall remain the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: The delay in servicing
of debt obligations by Lanco Solar (Gujarat) Private Limited
follows the lower than envisaged generation levels at the project
site leading to stretched liquidity position of the company. The
generation was affected largely due to heavy monsoon in the area.
Further, the generation from Chadiyana plant was affected due to
some damage to the transmission line. The company had DSRA of
INR16.93 crore as on March 31, 2018 which was gradually utilized
to repay the principal amount. An amount of INR 5.54 crore remain
unpaid by the company.

Lanco Solar (Gujarat) Private Limited (LSGPL) was incorporated on
August 31, 2005 as Lanco Property Management Company Private
Limited (LPMCPL). Later, the name of the company was changed to
Lanco Solar (Gujarat) Private Limited w.e.f. from August 25,
2016. LSGPL is promoted by Lanco Infratech Limited which is the
flagship company of Lanco group. LITL provides Engineering,
Procurement and Construction services to its subsidiaries and
affiliated companies.

In Feb, 2017, LSGPL has acquired two solar power plants namely
Chadiyana and Charanka PV solar plant from LITL by way of slump
sale. The plants has solar power generating capacity of 15 MW
each. The PPA for the plants has been signed for 25 years w.e.f.
April 29, 2010 at a tariff of INR 15/kWh for first 12 years INR
5/kWh for next 13 years with Gujarat Urja Vikas Nigam Limited
(GUVNL rated, CARE AA-; Stable/ CARE A1+).


MADRAS HARD: Ind-Ra Withdraws B+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Madras Hard
Tools Pvt. Ltd.'s (MHPL) Long-Term Issuer Rating of 'IND B+'. The
Outlook was Stable.

The instrument-wise rating actions are:

-- The IND B+ rating on the INR245 mil. Fund-based working
    capital limits are withdrawn; and

-- The IND B+ rating on the INR10 mil. Non-fund-based working
    capital limits are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain MHPL's ratings as the
bank loans have been repaid in full.

COMPANY PROFILE

Incorporated in 1972, MHPL is an authorized distributor of steel
wire ropes for Usha Martin Ltd ('IND BB+/RWP') and eight-strand
mooring ropes for Tuff Ropes Pvt. Ltd. Moreover, it manufactures
slings and PET bottles.


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

The instrument-wise rating actions are:

-- INR310 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR525 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR150 mil. Long-term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1980, Metalfab Hightech manufactures tubular
towers for windmills and power plant fabrication.


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

The instrument-wise rating action is:

-- INR150 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Midas Petrochem was established in 2012 and imports and trades
raw material for commodity plastics such as polypropylene,
polyethylene and poly vinyl chloride.


NEW SRI: CRISIL Migrates B- Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of New Sri
Balaji Poultry Farm (NSBPF; part of Sri Balaji Group) to 'CRISIL
B-/Stable Issuer not cooperating'.

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

   Proposed Long Term     1.78      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NSBPF for
obtaining information through letters and emails dated
September 28, 2018, October 5, 2018 and October 9, 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 NSBPF. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on NSBPF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in 2008 as a proprietorship entity, Sri Balaji
Poultry Farm (SBPF) is engaged in the production of commercial
eggs. The firm is promoted by Mr.L.Kumar Goud and his family and
has its poultry farm situated at Shadnagar region of Andhra
Pradesh.

Incorporated in the year 2012, New Sri Balaji Poultry Firm is
engaged in production of commercial eggs. The firm is promoted by
Ms.L. Hymavathi and is situated at Shadnagar region of Andhra
Pradesh.


POPULAR GROUP: CARE Lowers Rating on INR6cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Popular Group Mangalore (PGM), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      6.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B, Stable
                                  Issuer not Cooperating, based
                                  On best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PGM to monitor the rating
vide e-mail communications/ letters dated May 9, 2018, may 15,
2018, June 8, 2018, August 6, 2018 and September 11, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Popular Group Mangalore's
bank facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers
At the time of last rating on July 17, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

On-going delays in debt repayments: There are on-going delays in
repayment of last three installments of the term loan facility.

Key Rating Strengths

Experienced of the promoter for more than two decades and
financial closure achieved: PGM is promoted by Mr. B.A. Mohideen,
Mr. Abubakar Siddiq, Mr. B.M. Ishaq and Mr. Nurul Ameen Damudi.
The partners are qualified graduates and each of the partners
have 10-15 years of experience in various field i.e. construction
and trading of sanitary ware. PGM has ongoing project i.e.,
construction of commercial complex and after completion of
the project leasing the same. The financial closure of the
project has been achieved as on March 23, 2014.

Popular Group Mangalore (PGM) was established in the year 2014,
as a partnership firm by Mr. B.A. Mohideen, Mr. Abubakar Siddiq,
Mr. B.M. Ishaq and Mr. Nurul Ameen Damudi. The partners are
qualified graduates and have experience of over a decade in
various field i.e. Constructions and sanitary ware. The firm is
planning to construct commercial complex for lease rental
purpose. PGM has started constructing the project in April 2014
near Kasaba Village, Mangalore.

The firm is expected to commence its operations in January 2018.
The property is built on total land area of 22000 sq. ft.
comprising of five floors and two basements each. After the
commencement of business operations, the firm is planning to
rent and lease the complex.


PUNE SHOLAPUR: CARE Lowers Rating on INR779.51cr Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pune Sholapur Road Development Company Limited (PSRDCL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      779.51      CARE C; Negative; Revised
   Facilities                      from CARE BB; Negative

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to PSRDCL factors in further
deterioration in the credit profile of its sponsor i.e. IL&FS
Transportation Networks Limited (ITNL) wherein the rating
assigned to its bank facilities were revised from CARE BB;
Negative/CARE A4 to CARE D. There is a high degree of PSRDCL's
dependence on sponsor as the current toll receipts are
insufficient to support the operations and the impending debt
servicing obligation. Furthermore, the debt-service reserve
account (DSRA) account has been encashed to meet the debt
servicing obligations in the recent past. The rating, however,
derives comfort from favourable location of the project.

Timely receipt of support from the promoter (i.e. ITNL),
replenishment of the DSRA and easing of liquidity pressure
remains key rating sensitivities.

Outlook: Negative

The outlook for PSRDCL continues to be negative, as SPV has
sizeable dependency on its sponsor. Further absence of any
liquidity cushion and weakening of the credit profile of sponsor
limits financial flexibility to meet the impending debt
repayments. The outlook will be revised to stable, in case SPV
generates sufficient cash flow to support its operations
(including the debt obligations) and/or ITNL provides requisite
support in a timely manner.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continuous reliance on support from sponsor for business
continuity: PSRDCL has been continuously relying on sponsor
support to repay its debt obligations and other expenses. During
FY18, INR 318 crore was infused by sponsor to support the same.
As on March 31, 2018, the sponsor support totalled to INR 888.82
crore and short term loans (apart from senior debt) amount to
INR314.50 crore. The repayment of the upcoming debt obligations
and the short-term obligations will need sponsor support for
PSRDCL. Thus, timely support from promoter remains a key rating
sensitivity.

Weakened Credit profile of Sponsor: The credit rating of ITNL has
been revised to CARE D as per press release on September 28, 2018
owing to delays in its debt servicing obligation. Unlike the past
track record of supporting SPV's, ITNL did not extend the support
which translated into delay in debt servicing by few of the
SPV's. Furthermore, the liquidity profile of the group continues
to be under stress on account of delay in raising funds from the
promoters' (Infrastructure and Leasing Financial Services (IL&FS)
and impending debt payments. Further, the ITNL's plans to raise
funds from promoters are yet to be finalized.

Liquidity Pressure: Toll receipts as envisaged by the SPVs
remains lower than senior debt servicing obligation for the
company necessitating sponsor support for any short term cash
flow mismatch. Furthermore, DSRA maintained by the company was
encashed in the recent past for repayment of debt obligation
reflecting stress on the cash flow generated from operations of
the company. In addition, the company does not maintain any MMRA
reserves. Therefore, the company could face significant liquidity
pressure to meet the upcoming debt repayments.

Persisting Interest rate risk: PSRDCL's cash flows are also
exposed to interest rate risk. This essentially emanates from the
fact that over the life of the project the spread on debt
component (forming 70% of the project cost), will be reset every
two years and the same shall remain fixed in between the two
spread reset dates. However, this is mitigated to a certain
extent as the toll rates shall also be adjusted for inflation.
Any significant increase in interest cost could impact the debt
coverage indicators.

Key Rating Strengths

Favorable location of the stretch, albeit temporary diversions
due to availability of toll-free alternative routes under
implementation: The project passes through Sholapur MIDC
industrial zone. Substantial numbers of sugar factories are
functioning abutting the project road. Currently, the traffic
observed is less as compared to original traffic projections due
to the traffic diversion on to the nearby alternative roads which
are toll free at present. The Project provides connectivity for
the traffic coming from Dhule and beyond, to South India.

Incorporated in 2009, Pune-Sholapur Road Development Company
Limited (PSRDCL) a Special Purpose Vehicle (SPV) floated by IL&FS
Transportation Networks Ltd. (ITNL, rated CARE D). PSRDCL was
awarded project by National Highways Authority of India (NHAI,
rated CARE AAA; stable) to undertake design, engineering,
construction, development, finance and operation & maintenance of
four laning of Pune-Sholapur section of NH-9 from km 144.400 to
km 249.000 in the State of Maharashtra under National Highways
Development Project Phase III on design, build, finance, operate
and transfer (DBFOT) basis.

In FY14, East Nippon Expressway Limited (ENEL) infused INR20.80
crore for 9.09% stake in PSRDCL (mainly to fund the project cost)
while the balance 90.91% stake is held by ITNL.


R.R. POLYNET: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of R.R.
Polynet Private Limited to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           3.18       CARE D; Issuer not cooperating

   Long term/Short      5.60       CARE D/CARE D; Issuer not
   term Bank                       cooperating;
   Facilities

CARE has been seeking information from R.R. Polynet Private
Limited to monitor the ratings vide e-mail communications/
letters dated August 10, 2018, August 13, 2018, August 22, 2018,
September 21, 2018 numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on R.R.Polynet Private Limited's bank
facilities and instruments will now be denoted as CARE D/CARE D;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 3, 2018 the following was the
key rating weakness.

Key Rating Weakness

Ongoing delay in debt servicing: R.R. Polynet Private Limited has
ongoing delays in debt-servicing in both interest and
installments of term loan and interest on cash credit facility
availed by the company.

Vapi (Gujarat)-based RRPL is a private limited company which was
established as proprietorship firm in 2005 and later in 2012
converted to private limited company and promoted by five
promoters namely Mr. Vinaykumar Hareram Singh, Mr. Ram
Chandreshwar Singh, Mr. Muktarahemad Abdulrasid Shaikh, Mrs.
Shidikabanu Mukhatar Shaikh and Mr. Balkrishna Girdharilal
Mistry. RRPL is engaged into manufacturing of Extruded Polynet,
Woven Nets, Body Scrubbers and Agriculture Shade Nets with an
installed capacity of 200 tonnes per month as on March 31, 2017.


RAJA COTTON: CARE Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CARE had, vide its press release dated July 11, 2017, placed the
ratings of Raja Cotton Industries (RCI) under the 'issuer non-
cooperating' category as RCI had failed to provide information
for monitoring of the rating and had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement
. RCI continues to be non-cooperative despite repeated requests
for submission of information through e-mails, phone calls and a
letter/email dated September 4, 2018, July 11, 2018, July 6,
2018, July 5, 2018 and July 4, 2018. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       6.25      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

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

Detailed description of the key rating drivers

At the time of last rating done on July 11, 2017, the following
was the rating weakness:

Key Rating Weaknesses

Delay in debt servicing: The rating has been revised since the
account has become NPA on the back of on-going delay in its debt
servicing due to weak liquidity position.

RCI is a partnership firm established by five partners led by Mr
Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya in the year 2009.
Mr Harunbhai Bilakhiya and Mr Sajidbhai Bilakhiya has 33 years
and 13 years of industry experience respectively. RCI is engaged
into the business of cotton ginning & pressing and seed crushing.
Its plant is located at Amreli (Gujarat) with an installed
capacity of 200 bales per day as on March 31, 2016 and is spread
across 3,500 sq. yard of area. All the partners of RCI also held
partnership in A Raja Cottex (ARC), a partnership firm
established in the year 2013. ARC is engaged into the business of
cotton ginning & pressing. Its plant located at Amreli (Gujarat)
with an installed capacity of 400 bales per day as on March 31,
2016 and is spread across 1,295 sq. meters of area.


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

The instrument-wise rating action is:

-- INR66.7 mil. Long-term loan* due on September 2018 migrated
    to non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating.

*Awaiting information

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 2, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015, Royal Infrastructure is a special purpose
vehicle set up for the construction of 86 villas in Dholka.


SANGHAVI JEWEL: CARE Hikes Rating on INR78.71cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sanghavi Jewel Pvt. Ltd. (SJPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       78.71      CARE B; Stable Revised
   Facilities-                     from CARE D
   Fund Based

   Short term Bank       1.00      CARE A4 Revised from
   Facilities-Non                  CARE D
   Fund Based


Detailed Rating Rationale & Key Rating Drivers:

The revision in ratings assigned to the bank facilities of SJPL
takes into account the regularisation and satisfactory track
record of servicing its debt obligations. The ratings, however,
continues to be constrained by liquidity stress in the holding
company Sanghavi Exports International Pvt Ltd. (SEIPL) (rated
CARE D; Issuer Not-Cooperating), leveraged capital structure and
concentration risk of SJPL.

The ratings however, derive strength from experience of the
promoter in the G&J industry and improvement in financial
performance in FY18 (refers to the period April 1 to March 31)
(provisional).  The ability of SJPL to improve its profit
margins, the capital structure along with improvement in working
capital
cycle are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Holding company is currently facing significant liquidity stress:
SJPL is a part of the Sanghavi Group and is a subsidiary of
Sanghavi Exports International Pvt. Ltd. (SEIPL), which is
engaged in the business of cutting and polishing of diamonds.
SEIPL holds 91.02% in SJPL as on March 31, 2018. The balance
shareholding is held by the promoter/promoter group. Presently
SEIPL is facing significant liquidity stress and the account has
turned into
NPA.

Leveraged Capital Structure: Overall gearing of the SJPL
continues to be high at 1.22x as on March 31, 2018 (PY:1.22x) as
per provisional financials. Furthermore, lower gross cash
accruals (GCA) combined with higher borrowings led to total debt
to GCA being 44.76x at end of FY18 (provisional) as compared with
46.61x at end of FY17.

Concentration risk (geographical and customer): SJPL's revenues
are geographically concentrated with United States of America
(USA) and Hong Kong contributing over 82% to net sales in FY18
(provisional). Furthermore, SJPL is also exposed to customer
concentration risk as the top five clients contribute around 69%
to net sales in FY18 (provisional).

Key Rating Strengths

Experienced promoters: Mr. Chandrakant Sanghavi, chairman of the
Sanghavi group, has experience of more than 28 years in the
diamond industry. Mr. Jayesh V. Sanghavi, Managing Director of
SJPL has experience of more than 18 years in jewellery business,
looks after the overall business specifically the marketing
activities of the company.

Improvement in financial performance in FY18 (provisional): Total
operating income of SJPL improved by 16% to INR190 crore in FY18
(provisional) from INR164 crore in FY17 despite business being
partly impacted by introduction of GST. As a result, PBILDT also
improved by 16% to INR8.75 crore in FY18 from INR7.52 crore in
FY17. Furthermore, operating cycle improved to 240 days in FY18
from 278 days in FY17.

Sanghavi Jewel Pvt Ltd. (SJPL) is a part of the Sanghavi group,
headed by Mr. Jayesh Sanghavi the current Managing Director.
Sanghavi Exports International Pvt Ltd (SEIPL) (rated CARE D; Non
co-operation), the flagship company of the group, holds 91.02%
shares in SJPL. SEIPL is engaged in the processing of rough
diamonds and export of cut and polished diamonds. SJPL is engaged
in the manufacturing and export of studded gold, silver and
platinum jewellery using polished diamonds, precious and other
semi-precious stones. The manufacturing facility is located
in SEEPZ Mumbai, Maharashtra.

SJPL reported PAT of INR0.61 crore on a total operating income of
INR190.31 crore during FY18 (provisional) as against PAT of
INR0.49 crore on a total operating income of INR164.14 crore
during previous year.


SAWARIYA INTERNATIONAL: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sawariya
International Private Limited (SIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

CRISIL has been consistently following up with SIPL 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 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'.

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

Incorporated in 2012, SIPL, promoted by Mr Sumit Bodra and Mr
Mukund Kurne, trades in saris and dress materials, and carries
out its operations in Surat (Gujarat).


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR113 mil. Term loan maintained in Non-Cooperating Category
    with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Shri Janki Foodgrains is engaged in rice
milling.


SISCO INDUSTRIES: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sisco
Industries Limited (SIL) 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          9.5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

SIL, incorporated in March 2003 and based in Uttar Pradesh (UP),
is promoted by Mr Sanjeev Agarwal and his wife Ms Seema Agarwal.
SIL initially traded in iron and steel products. In November
2007, it acquired a running rolling mill from an associate
concern, Sangam Structurals Ltd. SIL manages a semiautomatic
rolling mill in Allahabad, UP, which has installed capacity of
25,000 tonne per annum.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits maintained
    in non-cooperating category with IND B- (ISSUER NOT
    COOPERATING)/ IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR37 mil. Term loan maintained in non-cooperating category
    with IND B- (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in April 2016, Sri Balasai Ginning Industries is a
Telangana-based partnership firm engaged in cotton ginning and
pressing.


SURYA FOODS: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Surya Foods
migrated to 'CRISIL B/Stable Issuer not cooperating'.

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

   Warehouse Receipts     7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Surya Foods was established in 2014 by Mr Kidar Nath and his sons
Mr Ashok Kumar and Mr Raj Kumar. The firm is based out of Patran,
Patiala and has milling capacity of 600 quintals per day.


URJA INFRASTRUCTURE: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Urja
Infrastructure (UI; part of the Urja group) migrated to 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

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

   Cash Credit           12         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UI for obtaining
information through letters and emails dated September 25, 2018
and October 01, 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 UI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on UI is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadewuate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of UI 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 Urja Tech (UT) and UI, together
referred to as the Urja group, as the firms are under the same
management team, are in similar businesses, and have significant
perational and financial linkages.

UI was set up in 2006, and UT in 2009, as partnership firms by
the Mumbai-based Jadhav family and Nagpur-based Pagariya family.
They undertake civil construction work, mainly related to
irrigation projects, in Maharashtra. The firms are registered
contractors with Vidarbha Irrigation Development Corporation
(VIDC). Their daily operations are managed by Mr Pramod Pagariya.


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

The instrument-wise rating action is:

-- INR200 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

VVC Motors is an authorized dealer of Mahindra & Mahindra Limited
(IND AAA/Stable) in Hyderabad, Telangana. The company has four
showrooms, along with service centers and 18 branches.



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


TOSHIBA CORP: May Liquidate U.K. Nuclear Unit NuGen
---------------------------------------------------
Jiji Press reports that Toshiba Corp. may liquidate its British
nuclear business unit NuGeneration Ltd., or NuGen, if ongoing
negotiations for its sale break down.

Toshiba decided to pull the plug on its overseas nuclear plant
construction business after incurring huge losses from its
nuclear operations in the United States, the report says.

In July, Toshiba withdrew a preferential right for negotiations
for the NuGen sale that had been given to Korea Electric Power
Corp., which is affiliated with the South Korean government, Jiji
Press notes.

Since then, the major electronics and machinery maker has
continued talks on the sale with companies including the South
Korean firm. But the negotiations have hit a snag, the report
states.

A Toshiba official said that the company has no plan to keep
NuGen under its wing.

If the negotiations remain deadlocked, NuGen, which has a plan to
build a nuclear power station in Britain, is highly likely to be
dissolved, informed sources said, adds Jiji Press.

                      About Toshiba Corp.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2018, Moody's Japan K.K. upgraded Toshiba Corporation's
corporate family rating and senior unsecured debt rating to B1
from Caa1, and its subordinated debt rating to B3 from Ca.
The rating outlook is stable.  At the same time, Moody's has
affirmed Toshiba's commercial paper rating of Not Prime.
This rating action concludes the review for upgrade initiated on
May 18, 2018.



=============
M Y A N M A R
=============


GLOBAL TREASURE: Unable to Pay Dividends to Shareholders
--------------------------------------------------------
Myanmar Times reports that Global Treasure Bank (GTB) was unable
to pay dividends to its shareholders last year, GTB officials
said during the company's annual meeting on October 21.

During its meeting, GTB officials told shareholders it was
prohibited by the Central Bank of Myanmar (CBM) from paying
dividends because its non-performing loan (NPL) ratio is too
high, Myanmar Times relates. In 2017, GTB's NPLs totalled K142
billion, representing 35 percent of its total loan book of K403
billion.

According to the report, CBM said NPLs consist of loans or
advances that are not longer generating income and which are
classified as doubtful or written off. The CBM approves dividend
payments for banks with NPL ratios of less than 5pc.

Myanmar Times relates that U Maung Maung Thein, chair of GTB,
said the bank has been trying to lower its NPLs since last year.
For the period between April and September, GTB's NPL ratio fell
to 23%, he said.

GTB CEO U Ko Ko Aung added that the bank maintained its NPL ratio
at 1%-8% from 2008 to 2017. He said the spike to 35% last year is
due to changes in July 2017 by the CBM in notification 17/2017 to
what it classifies as a non-performing loan, the report relays.

Myanmar Times notes that under the CBM's new Asset Classification
and Provisioning Regulations, banks are expected to classify and
make loss provisions on their loans based on the length of days
they are past due.

For example, loans that are 31-60 days overdue are classified as
watch loans and require a provision amounting to 5% of the
outstanding loan.

Meanwhile, substandard loans, which are 61-90 days overdue,
require a 25% provision, while doubtful loans that are 91-180
days overdue require a 50% provision of the outstanding amount.
Loans that are more than 180 days overdue are to be classified as
losses and fully provided for.

To lower its NPL ratio, GTB, which is also gunning to list on the
Yangon Stock Exchange, will target government staff as borrowers
going forward, according to Myanmar Times.

Last year, it lent K38 billion to over 70,000 such personnel.
There were no defaults during the period, said U Ko Ko Aung.

"In the future, we will expand our loans in these areas," he
said, the report relays.

In addition to its July 2017 regulations, the CBM on October 8
said it will be issuing five new guidelines for the banks which
include guidelines for directors' conduct and company benefits as
well as audit procedures, adds Myanmar Times.

Global Treasure Bank (GTB) is a public company founded in 1996
under the name Myanma Livestock and Fisheries Development Bank.
The bank changed its name in 2013. GTB has the fourth largest
network of branches among the local private banks. It ranked
eleventh on the list of Myanmar's largest taxpayers in 2016.



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


* SINGAPORE: CCS to Extend Help to Owners of Failed Small Firms
---------------------------------------------------------------
The Strait Times reports that Credit Counselling Singapore (CCS)
said on Oct. 25 that it is extending its services beyond
consumers to owners of failing or failed small enterprises.

According to the report, CCS has launched a pilot Enterprise
Credit Counselling Programme to help entrepreneurs who are
burdened with debts after their businesses have closed or are on
the verge of ceasing operations.

Under the new programme, CCS will provide credit counselling to
these owners, helping them to manage their liabilities to
multiple creditors. It will also facilitate a comprehensive and
coordinated approach for those who are able to repay within a
reasonable period and draw up a repayment proposal, the report
says.

The Strait Times relates that calling the move timely, CCS
chairman Kuo How Nam said: "In our credit counselling programme
for consumers, we have come across many instances where
individuals have used their personal credit facilities to finance
their business operations. Many have also given personal
guarantees and when their business fails, their personal assets
are affected. These entrepreneurs often do not have access to
professional help and they may also be afraid to approach their
creditors for fear that it may trigger early recalls of their
loan facilities."

He also noted that it is very difficult for a small enterprise to
deal with its creditors, especially when they are not just banks
but finance companies and other licensed lending entities whose
security arrangements may be different or more complicated,
according to The Strait Times.

"Our experience has shown that a coordinated and comprehensive
solution involving all creditors will usually produce better
outcomes for both creditors and borrowers. CCS will act as a
facilitator for small enterprise owners who have terminated their
operations. The goal is to help them avoid bankruptcy while
optimising repayments to creditors," the report quotes Mr. Kuo as
saying.

To qualify for CCS help, owners must have terminated their
businesses or are on the verge of doing so, and have business
assets not exceeding S$1 million and total business debts of not
more than S$500,000, the report discloses.

They should also attend a group talk that provides information on
topics including personal guarantees, and joint and several
liabilities. Those who still need help after the talk will be
counselled on specific needs such as closing down procedures, how
to ascertain liabilities and manage debts for a fuller picture of
the leftover liabilities of their enterprises, and their
unsecured consumer debts, adds The Strait Times.

According to The Strait Times, small and medium-sized enterprises
(SMEs) in Singapore have been finding it harder to pay their
bankers. Statistics from the Monetary Authority of Singapore
revealed that the non-performing loans ratio for SMEs rose from
below 2 per cent in the first half of 2014 to 3.5 per cent in
same period last year. Half of new small enterprises fail in
their first three years, according to the Department of
Statistics.

On CCS's decision to focus on owners who have shut down or are
shutting down their businesses, Mr. Kuo said: "We are not going
to try to save enterprises that are in trouble as we do not have
the resources or expertise to broker a deal with various
stakeholders involved in a rescue mission, the report relays.

"However, we can try to minimise the impact of a business failure
on entrepreneurs, by hopefully, helping them to avoidbankruptcy
if all their creditors can agree on a structured repayment
proposal put up by CCS."

Small enterprise owners who are interested in CCS's programme can
register for and attend its upcoming talks on debt management for
small enterprise owners, the report notes. The talks are
scheduled for Nov. 8 at 7:00 p.m., Nov. 22 at 3:30 p.m. and
Dec. 13 at 7:00 p.m. Interested parties can register for the talk
at www.ccs.org.sg or call 6225 5227 (6-CALL-CCS).

Since it began providing credit counselling in 2004, CCS has
counselled more than 27,000 consumers and submitted more than
18,000 debt repayment proposals as of last month, adds The Strait
Times.



                             *********

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

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

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


                            *********


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

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

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

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

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



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