/raid1/www/Hosts/bankrupt/TCRAP_Public/181108.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 8, 2018, Vol. 21, No. 222

                            Headlines


A U S T R A L I A

ASPECT SPORTSWEAR: First Creditors' Meeting Set for Nov. 14
BALMAIN LEAGUES: Wests Ashfield Urged to Take Over Joint Venture
CELESTE CORPORATION: Second Creditors' Meeting Set for Nov. 19
CHRIS & SIA: Ferrier Hodgson Appointed as Liquidators
COOMBOONA DAIRY: Freedom Foods Buys Collapse Dairy Firm

ENDEAVOUR INDUSTRIES: Rescue Unlikely as Nov. 9 Closure Looms
JALTICE PTY: First Creditors' Meeting Set for Nov. 15


I N D I A

ABHIMAANI PRAKASHANA: Ind-Ra Affirms 'D' Rating on INR60MM Loans
ANUPAM COLD: CRISIL Assigns 'B+' Rating to INR5.1cr Loans
ASHRULY ENGINEERING: CRISIL Moves D Rating to Not Cooperating
ASSOCIATED TOOLINGS: CRISIL Revokes Suspension on 'B' Rating
ATAL TEA: ICRA Migrates B- Rating to Not Cooperating Category

B D TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
BRAHMANI DEVELOPERS: Ind-Ra Retains BB+ Rating in Non-Cooperating
CHAITANYA ENTERPRISES: ICRA Cuts Rating on INR10cr Loan to D
CHANDAN TEA: ICRA Migrates B- Rating to Not Cooperating Category
DEVRISHI FOODS: CRISIL Migrates B+ Rating to Not Cooperating

DIGNITY INNOVATIONS: Ind-Ra Migrates B+ Rating to Non-Cooperating
DURGA RICE: CRISIL Assigns B+ Rating to INR7cr Cash Credit
EXTOL INFRACON: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
GANGANAGAR VEHICLES: CRISIL Hikes Rating on INR21cr Loan to B+
H. N. COTEX: CRISIL Migrates B+ Rating From Not Cooperating

HILITE REALTORS: CRISIL Reaffirms D Rating on INR50cr LT Loan
IBD NALANDA: ICRA Migrates D Rating to Not Cooperating Category
J.P. RICE: CRISIL Migrates B Rating to Not Cooperating Category
JAI HANUMAN: CRISIL Assigns B+ Rating to INR7cr Loans
JALPAIGURI DUARS: ICRA Migrates B- Rating to Not Cooperating

JAYPEE PROJECTS: CRISIL Migrates B+ Rating From Not Cooperating
KANNAPPAN TEXTILE: Ind-Ra Maintains BB Rating in Non-Cooperating
LANCO INFRATECH: CRISIL Withdraws D Ratings Following Liquidation
MAHARSHI MARINE: CRISIL Assigns B+ Rating to INR7cr Secured Loan
MATHURAM SWASTHA: ICRA Maintains B+ Rating in Non-Cooperating

MOONHOUSE PROJECTS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
NMC INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
NORTH DINAJPUR: ICRA Migrates B Rating to Non-Cooperating
NS MINT: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
ONGOLE LOGISTICS: CRISIL Assigns B+ Rating to INR23.5cr Loans

PRASANTHI CASHEW: CRISIL Reaffirms B+ Rating on INR30cr Loan
PUMA REALTORS: Start of Insolvency Case Relief for 800 Homebuyers
R.K TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SARATHY AUTOCARS: Ind-Ra Affirms BB+ Rating, Outlook Stable
SHARDA AUTO: CRISIL Assigns 'B' Rating to INR6cr LT Loan

SRI BALAMURUGAN: CRISIL Reaffirms B Rating on INR6cr Cash Loan
SRI K.VENKAT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SRI KRISHNA: ICRA Maintains B Rating in Not Cooperating
SRI SRINIVASA: ICRA Maintains B+ Rating in Not Cooperating
SSK EXPORTS: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating

TEEAM SCORE: CRISIL Reaffirms 'B' Rating on INR1cr LT Loan
UMADUTT INDUSTRIES: Ind-Ra Maintains D Rating in Non-Cooperating
UTTARAYAN FOODS: ICRA Maintains C+ Rating in Not Cooperating
VARIDHI HYGIENE: Ind-Ra Affirms 'D' Issuer Rating, Outlook Stable
VIDEOCON GROUP: NCLT Directs to Move Insolvency Bids to One Court

VM APPARELS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
YASHVEER CERAMIC: ICRA Maintains 'B' Rating in Not Cooperating
* INDIA: Says Some Shadow Lenders Face Liquidity Stress


J A P A N

MT GOX: Trustee Seeks Amendments in Chapter 15 Bankruptcy Case


N E W  Z E A L A N D

CBL CORP: Watershed Meeting Adjourned Again, Administrators Say


                            - - - - -


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


ASPECT SPORTSWEAR: First Creditors' Meeting Set for Nov. 14
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Aspect
Sportswear Pty Ltd will be held at Level 7, 114 William Street,
in Melbourne, Victoria, on Nov. 14, 2018, at 10:00 a.m.

Andrew Schwarz & Jon Howarth of AS Advisory were appointed as
administrators of Aspect Sportswear on Nov. 1, 2018.


BALMAIN LEAGUES: Wests Ashfield Urged to Take Over Joint Venture
----------------------------------------------------------------
ABC News reports that the Balmain Leagues Club, which owns
25 per cent of the Wests Tigers joint venture, last week entered
into voluntary administration, and there are now calls for the
other joint venture partner, Wests Ashfield, to take over.

The Leagues Club is also the Balmain Rugby League Football Club's
main financier, and with vital funding drying up, it could
ultimately kill off the century-old icon, the report says.

For more than a decade, the Balmain Leagues Club's flagship venue
at Rozelle has sat dormant and increasingly overgrown, as a slew
of developers tried and ultimately failed to get applications
through the Inner West Council, according to ABC.

As part of a Land and Environment Court ruling, there is now a
requirement for a Tigers Leagues Club to be located in any new
development on the Victoria Road site.

Given the club is now broke, Mayor of the Inner West Council,
Darcy Byrne tabled a Mayoral Minute in Council on Nov. 6, calling
on Wests Ashfield to take over, ABC News relates.

"I'm proposing that we write to the shareholders of the Wests
Tigers, which are Wests Ashfield and the Balmain Leagues Club,"
Cr Byrne told council, the report relays.

"That we write to the administrator of the Balmain Leagues Club
seeking clarification about the state of the club's assets, the
likelihood of the board being reformed, and the potential for
Wests Tigers shareholders to take up ownership or management of a
Tigers Leagues Club within any approved development.

"The only shareholder of Wests Tigers which has any decision-
making agency, if you like, is Wests Ashfield," Mr. Byrne, as
cited by ABC, said.

ABC News relates that while it is too early to say for sure, if,
as expected, the powerful Wests Ashfield club comes in and bails
out its joint-venture partner, it could be goodbye Tigers, and
hello Magpies.

Gregory Parker and Christopher MacDonnell of Parker Insolvency
were appointed as administrators of Balmain Leagues' Club Ltd,
trading as "Tigers Sydney Markets", on Oct. 26, 2018.


CELESTE CORPORATION: Second Creditors' Meeting Set for Nov. 19
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Celeste
Corporation Pty Ltd, formerly trading as Jiffy Foodshas, has been
set for Nov. 19, 2018, at 12:00 p.m. at the offices of SM
Solvency Accountants, Level 8/490 Upper Edward 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. 18, 2018, at 5:00 p.m.

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


CHRIS & SIA: Ferrier Hodgson Appointed as Liquidators
-----------------------------------------------------
Robyn Duggan -- robyn.duggan@fh.com.au -- and Ryan Eagle --
ryan.eagle@fh.com.au -- of Ferrier Hodgson were appointed
liquidators of Chris & Sia Enterprises Pty Limited, formerly
trading as Exotic Cuisines, on Aug. 6, 2018.


COOMBOONA DAIRY: Freedom Foods Buys Collapse Dairy Firm
-------------------------------------------------------
The Australian Dairyfarmer reports that Freedom Foods Group and
Australian Fresh Milk Holdings (AFMH) have entered into agreement
to purchase the Coomboona Dairy operation in Northern Victoria,
which was half owned by Harvey Norman and placed into
administration in March owing the National Australian Bank (NAB)
AUD36 million.

AFMH is a strategic partnership owned by the Moxey and Perich
families and other shareholders, including Freedom Foods, which
has a 10 per cent stake.

Post-deal AFMH will be the largest dairy producer in Australia
with current operations forecasting over 150 million litres of
production into 2019, according to the report.

Harvey Norman's disastrous foray into dairy farming comes to an
end with the sale.

According to the report, the Australian Financial Review reported
earlier this year that Harvey Norman founder Gerry Harvey had
ploughed money into the 2000-hectare Coomboona Holsteins
operation north-west of Shepparton in Victoria and wanted to
increase the carrying capacity of cows to as much as 6000.

However, the farming business made a AUD793,000 loss in its first
year of operation and was placed into receivership and
administration in March this year, sparking an irate response
from shareholders and governance experts.

Harvey Norman owns the AUD73.15 million debt in the dairy
operation after also taking on Coomboona's debt to NAB of
AUD36.06 million in May, the report says.

The operation milks in the vicinity of 2,500 Holstein cows and
boasts annual milk production in excess of 30 million litres. The
dairy also has a portfolio of 3461-megalitre water entitlements
in addition to 650-megalitre dam storage and frontage to the
Goulburn River.

Freedom Foods and the Perich family were seen by financial
pundits as logical buyers of the asset.

Freedom Foods raised AUD200 million in capital earlier in the
year to help expand its Shepparton dairy plant, not far from
Coomboona, and has been paying farmers direct for their milk to
supply its factory.

Michael Perich is also regarded as one of the best operators in
the dairy feedlotting business.


ENDEAVOUR INDUSTRIES: Rescue Unlikely as Nov. 9 Closure Looms
-------------------------------------------------------------
Stephen Bisset at The Advertiser-Cessnock reports that an
eleventh-hour bid to save Endeavour Industries' (EGA) laundry,
packing and cleaning services looks likely to fail as
administrators move ahead with the November 9 closure date.

The disability services organisation, which was founded in
Cessnock in 1968, went into voluntary administration in July,
leaving 131 staff facing an uncertain future, the report says.

The Advertiser-Cessnock relates that as administrators, Rapsey
Griffiths Insolvency and Advisory (RGIA) worked to wrap up the
company, no suitable buyer could be found for its Social
Enterprise Business Units - the Cessnock laundry, Weston
packaging and the property care and maintenance division.

According to the report, Cessnock man Eric Stanley learned of the
closure when he went to the linen service to get his wife a job
back in October.

The former Sydney man, who had previously been the director of
two not-for-profit organisations decided he wanted to help.

"When they told me it was closing, I couldn't believe it," the
report quotes Mr. Stanley as saying.  "My wife and I have always
been very civic-minded so I want to do something about preserving
the 131 jobs."

The Advertiser-Cessnock says Mr. Stanley's proposal was to form a
charity to re-start the linen service if a suitable buyer for the
site could be found before it goes to auction on November 29.

The Advertiser-Cessnock adds that it was also proposed to
possibly re-commence operations of the packaging service and
property and maintenance division under the plan as well as
generating pledges from the community to raise initial working
capital to get the business back in its feet.

However, RGIA director Mitchell Griffiths said that while the
proposal had been considered by administrators, it was decided
that it would take too long to get such a plan up and running,
the report relays.

The proposal was assessed and unfortunately, it is not viable in
terms of its financing or timeframe," The Advertiser-Cessnock
quotes Mr. Griffiths as saying.  "The Administrator's priority
has always been and continues to be the wellbeing of the EGA
community, primarily its clients and staff.

"In relation to the Social Enterprise business units, the main
concern now is to minimise the stress for affected staff by
working with key stakeholders and agencies to help find
alternative employment; and organising the payment of
entitlements as soon as possible."

Despite the response from administrators, Mr. Stanley said he was
forging ahead with his proposal, the report adds.

There has been a glimmer of good news, however with the
announcement on Nov. 2 that Sydney-based organisation Sunnyfield
Disability Services had acquired EGA's Disability Services Unit,
which offers NDIS and employment support.

"We're pleased to bring this positive news amidst what has been a
difficult time for so many people involved with EGA," Sunnyfield
CEO Caroline Cuddihy said, The Advertiser-Cessnock relay.


JALTICE PTY: First Creditors' Meeting Set for Nov. 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Jaltice
Pty Ltd will be held at the offices of Chifley Advisory, at
Suite 1903, Level 19, 31 Market Street, in Sydney, NSW, on
Nov. 15, 2018, at 10:00 a.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Jaltice Pty on Nov. 5, 2018.



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


ABHIMAANI PRAKASHANA: Ind-Ra Affirms 'D' Rating on INR60MM Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Abhimaani
Prakashana's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is on based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR60 mil. Long-term loans (Long-term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by Abhimaani
Prakashana.

RATING SENSITIVITIES

Timely debt servicing for at least three continuous months could
result in a rating upgrade.

COMPANY PROFILE

Abhimaani Prakashana was established in 1985 as a proprietorship
firm. The firm is engaged in text books printing. The firm is
promoted by Mr. Venkatesh and has an installed capacity to print
100 tons of paper daily.


ANUPAM COLD: CRISIL Assigns 'B+' Rating to INR5.1cr Loans
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Anupam Cold Storage Private Limited
(ACSPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            .2        CRISIL B+/Stable (Assigned)

   Cash Credit          .3        CRISIL B+/Stable (Assigned)

   Fund-Based
   Facilities          4.6        CRISIL B+/Stable (Assigned)

The rating reflects the company's weak financial risk profile on
account of low networth and high gearing, and vulnerability to
delay in payment by farmers. These weaknesses are partially
offset by the extensive experience of its promoter in the cold
storage and potato trading businesses.

Analytical Approach

Unsecured loans of INR0.44 crore (as on March 31, 2018) from
promoter have been treated as 75% equity and 25% debt as these
are subordinated to external debt, have no fixed repayment
schedule, and are expected to remain in business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to delay in payment by farmers because of adverse
market conditions: As part of the Bihar government's initiative
to support agriculture, banks extend financial assistance to
farmers for storing produce in private cold storages, against
pledge of cold-storage receipts. Cold storages obtain loans from
banks on behalf of farmers and traders. However, the primary
responsibility to repay the bank loan is of cold storages. During
adverse market conditions and decline in potato prices, farmers
do not find it profitable to pay rental and interest charges
along with loan obligation, and hence do not retrieve potatoes
from cold storages. This affects profitability of cold storages.

* Weak financial risk profile: Networth was small and gearing
high at INR1.8 crore and 3.85 times, respectively, as on March
31, 2018. Steady, but low, cash accrual will gradually improve
networth, while gearing is expected to decline with term debt
repayment, over the medium term.

Strength

* Promoter's longstanding presence: Industry experience of
promoter and his healthy relationship with traders and farmers
should continue to support business.

Outlook: Stable

CRISIL believes ACSPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if higher-than-expected accrual and better working
capital management improve overall financial risk profile. The
outlook may be revised to 'Negative' in case of pressure on
liquidity on account of delay in repayment by farmers,
considerably low cash accrual, or sizeable debt-funded capital
expenditure.

Set up in 1978 by Mr Anupam Kumar, ACSPL operates a cold storage
facility in Begusarai, Bihar. The six-chamber unit has total
capacity of 14,200 tonne per annum and caters primarily to potato
farmers and traders. It also engages in trading of potato seeds.


ASHRULY ENGINEERING: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ashruly
Engineering Private Limited (AEPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        .5       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          3.75      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

   Long Term Loan       2.80      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    .45      CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated September 28, 2018
and October 5, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2007, AEPL manufactures fabricated items that
find application in the mining and power industries and in
construction equipment. The company has two plants in Pune with a
combined capacity of 4000 tonne per annum.


ASSOCIATED TOOLINGS: CRISIL Revokes Suspension on 'B' Rating
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Associated Toolings India Private Limited (ATIPL)
and has assigned its 'CRISIL B/Stable/CRISIL A4' rating to
ATIPL's bank facilities. The rating was Suspended by CRISIL vide
the Rating Rationale dated March 18, 2016 since ATIPL had not
provided necessary information required to take the rating
review. ATIPL has now shared the requisite information enabling
CRISIL to assign a rating on its bank facilities.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        3.8       CRISIL A4 (Assigned,
                                   Suspension Revoked)

   Bill Discounting       .6       CRISIL B/Stable (Assigned,
                                   Suspension Revoked)

   Cash Credit           8.35      CRISIL B/Stable (Assigned,
                                   Suspension Revoked)

   Letter of Credit      1.00      CRISIL A4 (Assigned,
                                   Suspension Revoked)

   Rupee Term Loan        .21      CRISIL B/Stable (Assigned,
                                   Suspension Revoked)

   Proposed Long Term     .04      CRISIL B/Stable (Assigned,
   Bank Loan Facility              Suspension Revoked)

The ratings reflect the modest scale of operations and exposure
to risks arising from muted demand and intense competition in the
industrial valves industry. The ratings also factor in the weak
financial risk profile, and the large working capital
requirement. These rating weaknesses are partially offset by
benefits from the extensive experience of ATIPL's promoters, and
the company's established market position.

Analytical Approach

Unsecured loans of INR1.04 crore forwarded by promoters has been
treated as neither debt nor equity. Further it does not carry any
interest and is expected to stay in the business.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Operations are highly
working capital intensive, as reflected in gross current assets
of around 650 days as on March 31, 2018, led by inventory and
receivables of 567 and 95 days, respectively. Inventory remains
high, owing to accumulation of raw materials in 2017, following
the shift in standards Bharat Stage (BS) IV from BS III. The
management is likely to clear the backlog by exporting the valves
to countries which still use such inputs.

* Modest scale of operations: Operating income of INR10.3 crore
in fiscal 2018, indicates the modest scale of operations.
Business performance remains vulnerable to cyclicality in demand
from end-user industries - oil and gas, petrochemicals and auto.
Capital expenditure patterns and industry dynamics influence
order execution and scale of operations. With orders of around
INR7 crore and sales of an equal value reported till September
2018, the scale may remain modest in the medium term.
Nevertheless, operating margin has been healthy, in the range of
16.4% and 20.5% in the four fiscals through March 2018.

* Weak financial risk profile: Financial risk profile is marked
by a modest networth and high total outside liabilities to
tangible networth ratio of INR4.7 crore and 3.6 times,
respectively, as on March 31, 2018, thus reflecting a weak
capital structure. Debt protection metrics are average, as
reflected in interest coverage ratio of 1.36 times during fiscal
2018.

Strength

* Extensive experience of promoters and reputed clientele: The
three-decade-long experience of the promoters in the industrial
valve manufacturing business, and their strong technical
management abilities, have helped the company maintain healthy
relationships with customers, and bag repeat orders.

Outlook: Stable

CRISIL believes ATIPL's business risk profile will remain
constrained due to muted demand from end-user industries. The
outlook may be revised to 'Positive' if significant growth in
revenue and profitability, leads to higher cash accrual and
better liquidity. The outlook may be revised to 'Negative' if a
stretch in the working capital cycle or any large capital
expenditure plan, weakens the financial risk profile.

ATIPL, set up in 1973, manufactures both fluid and gas valves and
regulators, used by various end-user industries, including oil
and gas, petrochemicals, thermal power stations and refineries,
food processing and dairy. The manufacturing facilities are in
Howrah (West Bengal), and the overall operations are managed by
Mr Ratan Jyoti Bishnu and Mr Anup Kanti Karmakar.


ATAL TEA: ICRA Migrates B- Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the INR9.75 crore bank facilities
of Atal Tea Co. (1943) Limited to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         9.25       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Non-fund based-     0.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in 1942, Atal Tea Co. (1943) Limited, manufactures
black tea of CTC variety. The company is being managed by Agarwal
and Bansal family based in Kolkata who are in the tea industry
for a long time. The company has one tea garden named 'Atal Tea
Estate' and a factory in the district of Darjeeling, West Bengal.
The company has five CTC lines with an annual installed capacity
to produce 1.3 million kgs of black tea. The company markets tea
under the brand name of 'Atal Tea' and 'Satbhaiya'.


B D TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B D Transport
Company'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:

-- INR13.2 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR 36.36 mil. Term loan maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR1 mil. Non-fund-based working capital limit maintained in
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

B D Transport Company, incorporated in 2011, is a subsidiary of
Gujral Group of companies, which is engaged in transportation and
hotel business governed by the board of directors Mr. Bhupinder
Singh Gujral, Mrs. Tejinder Kaur Gujral, Mr. Gaganjeet Singh
Gujral, Mr. Sudipta Bhattacharya and Mr. Debdulal Talukdar.


BRAHMANI DEVELOPERS: Ind-Ra Retains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Brahmani
Developers 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:

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

-- INR25 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Rourkela (Odisha)-based Brahmani Developers was incorporated in
2007. The company executes civil construction contracts for
various public and private sector parties and is also engaged in
the real estate (residential and commercial) development
business.


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

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Long term-fund     10.0     [ICRA]D; ISSUER NOT COOPERATING;
   based limits                Revised from [ICRA]B(Stable);
                               Rating continues to remain under
                               'Issuer Not Cooperating' category

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

Rationale

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

Chaitanya Enterprises (CE), established in the year 2010, is
engaged in ginning and pressing of cotton. It is a partnership
firm promoted by Mr. A. Srinivasa Rao and Smt. A Manimala. The
ginning and pressing factory is located in Guntur district of
Andhra Pradesh. The ginning facility includes 36 Gins, Auto
Pressing and Auto feeder. Each gin has a capacity of producing 70
kgs of lint per hour. Each baling press has a capacity of 15
bales per hour.


CHANDAN TEA: ICRA Migrates B- Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the ratings for the INR11.0 crore bank facilities
of Chandan Tea Industries Private Limited to 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         10.50      [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Non-fund based-      0.50      [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

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

Incorporated in 1989, Chandan Tea Industries Private Limited
manufactures black tea of CTC variety. The company is being
managed by Agarwal and Bansal family based in Kolkata who are in
the tea industry for a long time. The company has one tea garden
named 'Chandan Tea Estate' and a factory in the district of Uttar
Dinajpur, West Bengal. The company has six CTC lines with an
annual installed capacity to produce 2 million kgs of black tea.
The company markets tea under the brand name of 'Jiaguri' and
'Chandan Tea'.


DEVRISHI FOODS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Devrishi
Foods Private Limited (DFPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

   Foreign Discounting    1.4    CRISIL A4 (ISSUER NOT
   Bill Purchase                 COOPERATING; Rating Migrated)

   Packing Credit         3.4    CRISIL A4 (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DFPL for obtaining
information through letters and emails dated September 28, 2018
and October 5, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2005 and promoted by Mr. Vipin Jain, Mr. Nikhil
Jain, and Mr. Rajiv Jain, DFPL trades in rice, wheat flour,
besan, and various grams such as moong dal, urad dal, rajma,
chick peas, and chana dal.


DIGNITY INNOVATIONS: Ind-Ra Migrates B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dignity
Innovations 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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating;

-- INR65 mil. Proposed fund-based working capital limits
    migrated to non-cooperating category with Provisional IND B+
    (ISSUER NOT COOPERATING)/Provisional IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR30 mil. Proposed non-fund-based working capital limits
    migrated to non-cooperating category with Provisional IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 9, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a partnership firm in 1994, Tamil Nadu- based
Dignity Innovations manufactures readymade garments.


DURGA RICE: CRISIL Assigns B+ Rating to INR7cr Cash Credit
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long-
term bank facilities of Durga Rice Mill (DRM).

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

   Long Term Loan        0.51       CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit          2.49       CRISIL B+/Stable (Assigned)

The rating reflects the promoters' extensive experience and
established relationship with key client like Chaman Lal Setia
Exports Limited (CRISIL A-/Stable/CRISIL A2+), and Shiv Shakti
Inter Globe Exports Private Limited (CRISIL BBB+/Stable/CRISIL
A2). These strengths are partially offset by firm's modest scale
of operations, below average financial risk profile and large
working capital requirement.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive experience in rice industry: DRM's
promoters have almost 3 decades of experience in the rice
Industry. Over the years, promoters have developed established
relationships with various rice suppliers and customers. CRISIL
believes that DRM will continue to benefit from its promoters'
extensive experience in the rice industry over the medium term.

Weaknesses:

* Below average financial risk profile: The gearing of the firm
remained high at 4.09 times as on March 31, 2018, driven by the
firm's modest net worth levels of INR455 lakh as on March 31,
2018. The debt protection indicators also remained weak marked by
interest coverage and net cash accruals to adjusted debt ratios
of 1.33 times and 0.04 time, respectively for fiscal 2018.

* Working-capital intensive operations: DRM's operations are
working capital intensive in nature as reflected in Gross current
assets (GCAs) of about 129 days as on March 31, 2018, primarily
owing to sizeable inventory level of 108 days, as paddy being the
major raw material required by the company, is mainly procured
during the season which lasts from October to December. Working
capital requirement is expected to remain large over the medium
term.

* Modest scale of operations: With sales of INR61.48 crore for
fiscal 2018 and sorting and million capacities of 6 tonnes per
hour each, scale remains small. This is compounded by intense
competition in the basmati rice segment that has numerous
unorganized players catering to regional demand. This limits
ability to bargain with suppliers and customers, thereby
restricting operating margin. Despite gradual improvement, scale
will remain subdued over the medium term.

Outlook: Stable

CRISIL believes DRM will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
a substantial improvement in financial risk profile driven by
higher-than-expected growth in revenue leads to healthy cash
accrual; or if promoters infuse capital and efficiently manage
working capital cycle. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual or sizeable working capital
requirement or debt-funded capital expenditure puts pressure on
liquidity.

Established in 1982 by Mr. Lala Ramji and Mr. Madan Lal, DRM is a
partnership firm and is engaged in processing and sale of basmati
rice. The firm deals majorly in 1121 variety of basmati rice. It
has sorting capacity of 6tph and milling capacity of 6tph and its
plant is located at Karnal, Haryana. In April 2013, Mr. Lala
Ramji and his family members have purchased the stake of Mr.
Madan Lal and as on date Mr. Lala Ramji and his two sons Mr.
Narender Kumar and Mr. Deepak Kumar are the partners in the firm.


EXTOL INFRACON: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Extol Infracon
India Private Limited (EIIPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating;

-- INR35.5 mil. Non-fund-based working capital limit assigned
    with IND A4 rating; and

-- INR10.69 mil. Term loan due on August 2024 assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect EIIPL's small scale of operations, albeit
EIIPL's revenue rose at a CAGR of 33.2% to INR156.1 million over
FY14-FY18, driven by an increase in order flow. FY18 financials
are provisional. Ind-Ra expects revenue growth to continue in the
medium term in view of a steady order inflow; as on September
2018, EIIPL had an outstanding order book of INR203.1 million
that will be executed in FY19-FY20.

The ratings further reflect EIIPL's modest credit metrics owing
to a high debt because of the working capital-intensive nature of
operations. Its net financial leverage (adjusted net
debt/operating EBITDA) improved to 4.2x in FY18 from 4.9x in FY17
and gross interest coverage (operating EBITDA/gross interest
expense) enhanced to 1.8x from 1.3x. The improvement in the
credit metrics was primarily driven by a rise in absolute EBITDA.

The ratings are constrained by EIIPL's tight liquidity, indicated
by an average maximum fund-based limit utilization of 91% for the
12 months ended September 2018. Its net cash conversation cycle
was elongated at 124 days in FY18 (FY17: 298 days; FY16: 308
days). The improvement in the cycle was due to low inventory days
and high credit days.

The ratings, however, are supported by EIIPL's average EBITDA
margin, which was 8.8%-13.6% during FY16-FY18 (FY18: 8.8%;
FY17:13.6%; FY16:12.5%). The fall in the margin in FY18 on a
year-on-year basis was due to an increase in raw material prices.
Moreover, its return on capital employed was 15% in FY18
(FY17:13%; FY16: 13%).

Also, the ratings are supported by the promoter's three decades
of experience in the design engineering, manufacturing and
construction industries.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin, leading to any
deterioration in the credit metrics, and/or any deterioration in
the liquidity could lead to a negative rating action.

Positive: A substantial rise in the revenue, along with an
improvement in the credit metrics, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Incorporated on 27 July 2011, Hyderabad-based EIIPL is engaged in
design engineering, manufacturing, process equipment, project
management, structural fabrication, construction and other
businesses.


GANGANAGAR VEHICLES: CRISIL Hikes Rating on INR21cr Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Ganganagar Vehicles Private Limited (GVPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           21       CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

The upgrade reflects significant increase in revenue to INR220.2
crore in fiscal 2018 from INR13.43 crore in the previous fiscal
due to better demand and healthy order flow. Turnover is expected
to touch INR240 crore in fiscal 2019 (Rs 120 crore estimated till
September 2018). Also, liquidity is moderate with sufficient cash
accrual against no major term debt obligation. However, bank
limit utilisation averaged 95% for the 12 months ended August
2018.

The rating reflects GVPL's moderate scale of operations, however
witness significant increase in revenue profile in fiscal 2018,
weak financial risk profile because of a high total outside
liabilities to adjusted networth (TOLANW) ratio and small
networth, and large working capital requirement. These weaknesses
are partially offset by promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations: Since the company was
incorporated on July 22, 2016 and fiscal 2018 is the first full
year of its operations. The company witnessed significant
increase in revenue to INR220.2 crore in fiscal 2018 from
INR13.43 crore in the previous fiscal due to better demand and
healthy order flow. The scale is expected to improve as visible
by YTD revenues of INR120 crore till Sep, 2018 but will remain
modest.

* Weak financial risk profile: The TOLANW ratio was high at 12.41
times while net worth was small at INR8 crore, as on March 31,
2018. Moreover, because of start-up phase, accrual is expected to
remain minimal, leading to an average financial risk profile over
the medium term.

* Working capital-intensive operations: Gross current assets were
168 days as on March 31, 2018, because of a sizeable inventory of
85 days; along with spare parts stock of INR60-70 lakhs and
debtors of around 50 days due to sales to the institutional
players where its faces a slight delays in payments.

Strengths:

* Promoters' industry experience: Presence of over a decade
through other entity/entities has enabled the promoters to
understand market dynamics and make a foray into other ventures
in the same industry like Ganganagar Automobiles Private Limited
and Kalyani Commercial Limited.

Outlook: Stable
CRISIL believes GVPL will benefit from promoters' extensive
experience. The outlook may be revised to 'Positive' if a
substantial improvement in financial risk profile driven by
higher-than-expected growth in revenue leads to better cash
accrual, and if working capital management is efficient. The
outlook may be revised to 'Negative' if significantly low accrual
or sizeable working capital requirement or debt-funded capital
expenditure exerts pressure on liquidity.

Incorporated on July 22, 2016, and promoted by Mr. Shankar Lal
Agarwal and Mr. Sourabh Lal Agarwal, GVPL operates a Honda
automobile dealership and service station.


H. N. COTEX: CRISIL Migrates B+ Rating From Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the ratings
on the bank facilities of H. N. Cotex Private Limited (HNCPL) to
'CRISIL B+/Stable Issuer Not Cooperating'. However, HNCPL has
subsequently started sharing requisite information, necessary for
carrying out comprehensive review of the rating. Consequently,
CRISIL is migrating the ratings from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

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

   Proposed Long Term     1        CRISIL B+/Stable (Migrated
   Bank Loan Facility              from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

   Term Loan              1        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

The rating continues to reflect HNCPL's vulnerability to
fluctuations in cotton prices and average networth. These
weaknesses are partially offset by efficient working capital
management and the promoters' extensive experience.

Analytical Approach

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

Unsecured loans (outstanding at INR 3.94 crore on March 31, 2018)
have been treated as neither debt nor equity as they are
subordinated to bank debt, carry interest that is lower than or
equal to the market rate, and are likely to be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average liquidity profile: Liquidity profile remains
constrained as the cash accruals generated by the group remains
tightly matched against the repayment obligation. Further the
group has incurred debt funded capital expenditure for
enhancement of capacity in FY 17-18 and hence liquidity profile
is expected to remain constrained owing to tightly matched
accrual against repayment obligation

* Susceptibility to volatility in raw material prices: The price
of cotton is highly volatile as the yield is exposed to the
vagaries of monsoon; any increase in the raw material's cost will
constrain profitability. Furthermore, intense competition
restricts the ability to pass on any hike in cotton prices to the
customers. Hence, operating margin has historically remained low
at 1-2%.

* Low operating margin: Historically operating margin has
remained low in the range of 1 to 2 per cent

Strengths

* Extensive experience of the promoters in the cotton industry:
Benefits from the promoters' experience of over four decades, and
established relations with customers should continue to support
business risk profile.

* Efficient working capital management: Operations are managed
prudently, with gross current assets of 58 days as on March 31,
2018.

Outlook: Stable

CRISIL believes the Krishna group will continue to benefit from
the extensive experience of its promoters, and proximity to
Gujarat's cotton-growing belt. The outlook may be revised to
'Positive' if sustained and significant increase in revenue and
profitability - leading to higher cash accrual - and/or
significant improvement in capital structure strengthen credit
metrics. The outlook may be revised to 'Negative' if a decline in
profitability, stretch in working capital cycle, or any large
debt-funded capital expenditure weakens financial risk profile,
especially liquidity.

The Krishna group is promoted by Mr N B Jani, his brother, Mr
Harshad B Jani, and his sons, Mr Haresh Jani and Mr Bhargav Jani.
The group gins and presses raw cotton.

KNFPL was incorporated in 1999. Its manufacturing facilities are
in Kadi (Gujarat) and Telangana.

NBCPL was incorporated in 2011. Its manufacturing facility is in
Jalgaon and branch office in Kadi.

HNCPL was incorporated in 2013. Its manufacturing facility is in
Kadi.


HILITE REALTORS: CRISIL Reaffirms D Rating on INR50cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of HILITE Realtors (India) LLP at 'CRISIL D'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         50       CRISIL D (Reaffirmed)

The rating continuous to reflects instances of delay by the
company in servicing its term debt. The company also has weak
debt protection metrics marked by absence of a liquidity backup
arrangement that would earmark funds for servicing of debt.
However, the company benefits from its promoters' extensive
experience in the commercial real estate segment.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: There have been instances of delays
in debt servicing by HILITE due to significant delay in
construction progress affecting its cash inflows.

* Weak debt protection metrics: The debt protection metrics of
the company are weak marked by absence of a liquidity backup
arrangement that would earmark funds for servicing of debt.

Strength

* Promoters' extensive experience in the commercial real estate
segment: Hilite Realtors is part of the Hilite group, the day-to-
day operations are managed by Mr. Sulaiman Puthukulangara,
managing director of the group. The promoters have around two
decades' experience in infrastructure and real estate development
and have successfully developed various real estate projects in
the region. Hilite Realtors' operations will benefit from its
promoters' extensive experience.

Incorporated in 2007 as Hilite Realtors India Pvt Ltd, HRLLP was
converted into a limited liability partnership in 2013. The firm
is engaged in construction and maintenance of a shopping mall,
Hilite Mall, in Kozhikode (Kerala). The mall is being constructed
in two phases with a total leasable area of 0.8 million square
feet. While Phase I of the mall is completed and has been
operational, Phase II is under construction.


IBD NALANDA: ICRA Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
IBD Nalanda Infrastructure Pvt. Ltd. (IBD) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)   Ratings
   ----------    -----------   -------
   Fund-based        24.00     [ICRA] D, ISSUER NOT COOPERATING;
                               Rating moved to the 'Issuer Not
                               Cooperating' category

   Unallocated        8.52     [ICRA] D, ISSUER NOT COOPERATING;
                               Rating moved to the 'Issuer Not
                               Cooperating' category

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

IBDN was incorporated in 2009 and is the flagship company of the
IBD Group of Central India. IBDN is headed by Mr. Ajay Bhadauria,
who holds 6.51% stake. Currently, the company is executing two
projects in Jabalpur, Madhya Pradesh which are in various stages
of execution. 'Royal City' is the affordable housing project of
the company and 'Gold Villa" is the high-end residential
apartment project. The total saleable area of all the projects
combined is 6.27 lakhs square feet, with 523 units in total. The
total project cost is estimated at Rs 79.51 crore and is expected
to be funded by customer advances and promoter's contribution, in
different proportion.


J.P. RICE: CRISIL Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of J.P. Rice
Exports Private Limited (JPR) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Inventory Funding
   Facility                 5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital         10       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)


CRISIL has been consistently following up with JPR 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 JPR. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JPR 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 JPR to 'CRISIL B/Stable Issuer not cooperating'.

Set up in 2009, J.P.Rice Exports Private Limited, (JPR) is
engaged in milling and processing of paddy into rice. It has an
installed paddy milling capacity of 36000 MT. Its rice mill is
located in Alipur in Delhi. The company is promoted by Mr. Bharat
Bhushan Arora.


JAI HANUMAN: CRISIL Assigns B+ Rating to INR7cr Loans
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Jai Hanuman Cotton Ginning Mills Private
Limited (JHCGMPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.95      CRISIL B+/Stable (Assigned)

   Long Term Loan       0.50      CRISIL B+/Stable (Assigned)

   Proposed Working
   Capital Facility     1.55     CRISIL B+/Stable (Assigned)

The ratings reflect JHCGMPL's modest scale of operations in a
fragmented industry and the exposure of its profitability to
fluctuations in raw material prices. These rating weaknesses are
offset by the long experience of the company's promoters in the
cotton ginning business.

Analytical Approach

Unsecured loans (estimated at INR1.35 crore as on March 31 2018)
have been treated as neither debt nor equity. That's because
these loans have lower-than-market interest rates and are
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations has been modest
in the intensely competitive textile industry, with operating
income expected at INR40-45 crore in fiscal 2018. The textile
industry is fragmented, with several players having small
capacities owing to low entry barriers because of low capital and
technology requirements and limited differentiation in end
products of different players. Small scale of operations amid
intense competition limits the pricing power with suppliers and
customers, thereby constraining profitability.

* Exposure to fluctuations in raw material prices: With material
cost constituting 90-95% of material cost, the operating
profitability remains highly susceptible to fluctuations in the
prices of raw material. Further, low bargaining power with
customers limits the ability to pass on the fluctuation in raw
material prices. Thus, operating profitability dropped to 2.2% in
fiscal 2018 from 3.2 % in fiscal 2017 due to increase in raw
material cost.

Strength

* Experience of promoter: The promoter has around five years of
experience in the cotton yarn business through JHCGMPL. Prior to
starting the company, the promoter family was in the flour mill
and other agro-based businesses. The promoter is also experienced
in matters related to procurement of raw material. This helps the
company maintain the quality of finished products. Healthy
business contacts have helped acquire customers in Punjab and
Haryana.

Outlook: Stable

CRISIL believes JHCGMPL will continue to benefit from the
experience of the promoter. The outlook may be revised to
'Positive' if a significant and sustained increase in revenue and
profitability leads to sizeable cash accrual. Conversely, the
outlook may be revised to 'Negative' if low cash accrual,
stretched working capital cycle, or larger-than-expected, debt-
funded capital expenditure weakens the financial risk profile and
liquidity.

JHCGMPL, incorporated in 2009 at Haryana, gins cotton and
operates an oil pressing unit. The operations are managed by Mr
Sandeep Garg.


JALPAIGURI DUARS: ICRA Migrates B- Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR8.21 crore bank facilities
of Jalpaiguri Duars Tea Company Limited to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          7.71       [ICRA]B- (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   category

   Non-fund based-      0.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating moved to
                                   'Issuer Not Cooperating'
                                   Category

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

Incorporated in 1920, Jalpaiguri Duars Tea Company Limited
manufactures black tea of CTC variety. The company is being
managed by Agarwal and Bansal family based in Kolkata who are in
the tea industry for a long time. The company has one tea garden
named 'Thanjhora Tea Estate' and one factory in the district of
Darjeeling, West Bengal. The company has five CTC lines with an
annual installed capacity to produce 1.2 million kg of black tea.
The company markets tea under the brand name of 'Thanjhora Tea
Estate' and 'Salbari'.


JAYPEE PROJECTS: CRISIL Migrates B+ Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated its ratings
on the bank facilities of Jaypee Projects Limited (JPL) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, JPL
subsequently started sharing requisite information necessary for
carrying out a comprehensive rating review. Consequently, CRISIL
is migrating its ratings from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee         7       CRISIL A4 (Migrated from
                                  'CRISIL A4/Stable ISSUER
                                  NOT COOPERATING')

   Cash Credit            6       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER
                                  NOT COOPERATING')

   Proposed Long Term     8       CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable ISSUER
                                  NOT COOPERATING')

The ratings continue to reflect JPL's large working capital
requirement and small scale of operations. These weaknesses are
partially offset by promoter's experience in the construction
industry.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Gross current assets were
691 days as on March 31, 2018, due to large raw material and
work-in-progress inventory at different project sites.

* Small scale of operations: With revenue of INR15.04 crore in
fiscal 2018, scale remains modest. This prevents the company from
achieving economies of scale and also limits bargaining power
with suppliers and customers.

Strength

* Experience of promoter: Presence of more than a decade in the
civil construction industry has enabled the promoter to undertake
key projects in Northeast India for reputed educational
institutes. Promoter has also worked for Kolkata Public Works
Department (PWD) and the Government of Tripura.

Outlook: Stable
CRISIL believes JPL will benefit from its promoter's extensive
experience. The outlook may be revised to 'Positive' if scale of
operations and profitability improve significantly, or if
efficient working capital management leads to a better liquidity.
The outlook may be revised to 'Negative' if profitability
declines or capital structure weakens owing to further stretch in
working capital cycle or large, debt-funded capital expenditure.

Incorporated in 2000 and promoted by Mr Jayprakash Mehta, JPL
constructs buildings and also undertakes roads, air conditioning,
and water treatment projects across India. The company is a
Class-1 contractor and is registered with the Central PWD.


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR 18.87 mil. Term loans maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR16.2 mil. Non-fund-based working capital limit Maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Kannappan Textile Mill (formerly Sumangala Spinning Mills Pvt
Ltd) manufactures polyester cotton yarn in Madurai, Tamil Nadu.
The company is managed by four directors - T.S.P. Kannappan, K.P.
Thirumalai Raja, K. Pushpavalli and K. Kalaiselvi.


LANCO INFRATECH: CRISIL Withdraws D Ratings Following Liquidation
-----------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Lanco
Infratech Limited (LITL; part of the Lanco group) given that the
National Company Law Tribunal (NCLT) has ordered for the
liquidation of the company. The withdrawal is in line with
CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit        1600.3       CRISIL D (Withdrawn)

   Letter of credit
   & Bank Guarantee   5240         CRISIL D (Withdrawn)

   Term Loan          2183.7       CRISIL D (Withdrawn)

LITL was originally incorporated in 1993 as Lanco Constructions
Ltd in Secunderabad, Telengana; its name was changed in 2000. The
company provides engineering, procurement and construction (EPC)
services, largely to its own subsidiaries and affiliate entities.
The Lanco group includes subsidiaries and affiliates operating
across the infrastructure sector, including construction, power,
EPC, infrastructure, and property development. LITL is the
group's flagship company.


MAHARSHI MARINE: CRISIL Assigns B+ Rating to INR7cr Secured Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facility of Maharshi Marine Marketing (MMM).

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility        3       CRISIL B+/Stable (Assigned)


   Secured Overdraft
   Facility                  7       CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations, low
profitability, and weak financial risk profile. These weaknesses
are partially offset by extensive experience of the partners in
the shrimp industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition from several
large players operating in coastal areas, keeps the firm's scale
of operations modest, as reflected in operating income of
INR55.59 crore in fiscal 2018, and limits the pricing flexibility
of processors. Moreover, larger, integrated players have better
bargaining power compared to small and mid-sized players.

* Low operating margin: Operating margin has been low in the
range of 1.58-1.93% over the three fiscals through March 2018,
owing to the trading nature of business.

* Weak financial risk profile: Financial risk profile remains
constrained by the small networth and high total outside
liabilities to tangible networth (TOL/TNW) ratio of INR1.97 crore
and 3.93 times, respectively, as on March 31, 2018. Debt
protection metrics were also weak, as reflected in interest
coverage and net cash accrual to total debt ratios of 1.15 times
and 3.86 times, respectively, in fiscal 2018.

Strength:

* Extensive experience of partners in the shrimp industry: The
partner, Mr J Vivekananda has over seven years of experience in
the shrimp business. This has helped him maintain healthy
relationships with customers and suppliers (shrimp farmers)
across Andhra Pradesh.

Outlook: Stable

CRISIL believes MMM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if the firm reports growth in revenue and
profitability. The outlook may be revised to 'Negative' if low
cash accrual due to decline in revenue, or a stretch in working
capital cycle, weakens liquidity.

MMM, which was set up as a partnership firm in 2012, trades in
shrimps.


MATHURAM SWASTHA: ICRA Maintains B+ Rating in Non-Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR8.00 crore bank facilities of
Mathuram Swastha Evam Shikshan Sansthan continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         7.00       [ICRA]B+ (Stable) ISSUER NOT
   term loans                    COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        1.00       [ICRA]B+ (Stable) ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

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

Mathuram Swastha Evam Shikshan Sansthan incorporated in January
2014, under section 25 of The Company's Act, has set up a school
in Patna under affiliation to the Central Board of Secondary
Education, for imparting education to students across classes I-
XII. The school has been launched in April-2015 under the name
D.Y. Patil Pushpalata Patil International School and healthy
admissions of around 891 students have taken place for the
academic session of 2015-16.


MOONHOUSE PROJECTS: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Moonhouse
Projects Limited (MPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limit assigned with IND BB+/Stable
     rating;

-- INR80 mil. Non-fund-based limit assigned with IND A4+ rating;

-- INR15 mil. Proposed fund-based limit* assigned with
     Provisional IND BB+/Stable rating; and

-- INR70 mil. Proposed non-fund-based limits* assigned with
     Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan transaction documents for the
above instruments by MPL to the satisfaction of In-Ra.

KEY RATING DRIVERS

The ratings reflect MPL's small scale of operations as indicated
by revenue of INR332 million in FY18 (FY17: INR157 million). The
growth in revenue was due to an increase in work orders.

The ratings are, however, supported by the company's, healthy,
although volatile margins of 7.1% (FY17: 8.6%), resulting from
fluctuations in raw material prices. Its return on capital
employed was 24% in FY18 (FY17: 18%).

The ratings also benefit from MPL's comfortable credit metrics.
Gross interest coverage (operating EBITDA/gross interest expense)
improved to 10.3x in FY18 (FY17: 4.1x) on account of a decline in
interest expenses and an increase in operating EBITDA. The
company had a net cash position of INR50.57 million in FY18; net
financial leverage (total adjusted net debt/operating EBITDAR)
was 0.9x in FY17.

The ratings also benefit from around a decade-long experience of
MPL's promoters in the construction industry and MPL's
comfortable liquidity position as evident by over 67% average
working capital utilization over the 12 months ended October
2018.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA margins leading to
deterioration in the credit metrics on a sustained basis could be
negative for the ratings.

Positive: A substantial improvement in the scale of operations
and EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.

COMPANY PROFILE

Established in 2009, MPL is a private limited construction firm
located in Dhanbad (Jharkhand) with branch offices in Purulia
(West Bengal) and Odisha. The firm undertakes civil works for
both government and private companies.


NMC INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed NMC Industries
Private Limited's (NMCIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Non-fund based facility affirmed with IND A4+
    rating; and

-- INR25 mil. Fund-based facility assigned with IND BB-/
    Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects NMCIPL's performance in FY17 and FY18 in
line with In-Ra's expectations. NMCIPL's credit profile remains
modest despite a fall in its revenue and EBITDA margin. Its
revenue declined to INR504 million in FY18 from INR614 million in
FY17 and INR656 million in FY16 due to a fall in order execution.
As of September 2018, NMCIPL had an order book of INR1,200
million that will be executed by FYE20, providing modest revenue
visibility for the medium term. NMCIPL booked INR350 million in
revenue for 1HFY19.

NMCIPL's EBITDA margin was modest at 7.1% in FY18 (FY17: 8.0%;
FY16: 9.7%). The decline in the margin was due to an increase in
raw material prices. Moreover, its return on capital employed was
11% in FY18 (FY17: 17%; FY16: 20%). Ind-Ra expects NMCIPL's
margin to stay at a similar level in the near term in view of
rising raw material prices.

Moreover, NMCIPL's net leverage (total In-Ra-adjusted net
debt/operating EBITDAR) deteriorated to 4.3x in FY18 from 1.4x in
FY17 (FY16: 2.4x). Its EBITDA interest cover (operating
EBITDA/gross interest expense) also deteriorated to 4.5x in FY18
from 5.0x in FY17 (FY16: 2.9x). The deterioration in the credit
metrics was due to an increase in debt and interest expenses and
a fall in EBITDA.

The ratings, however, continue to be supported by NMCIPL's
comfortable liquidity, indicated by an average fund-based
facility utilization of 71.2% for the 12 months ended September
2018.

The ratings continue to benefit from the promoter's experience of
over three decades in the construction of railway tracks and the
manufacturing of railway components.

RATING SENSITIVITIES

Negative: A decline in the revenue and EBITDA margin and
deterioration in the working capital cycle, leading to a stress
on the liquidity, on a sustained basis, will be negative for the
ratings.

Positive: A significant increase in the revenue and EBITDA
margin, leading to an improvement in the credit metrics, on a
sustained basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1949, NMCIPL is primarily engaged in the
construction of railway tracks and the manufacturing of railway
components such as rail switches, fish plates and joggled fish
plates. The company caters to the railway, thermal, fertilizer,
cement and other sectors.


NORTH DINAJPUR: ICRA Migrates B Rating to Non-Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the INR10.45 crore bank facilities
of North Dinajpur Tea Agro Pvt. Limited to 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-         6.65       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  category

   Non-fund based-     0.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Long-term/Short-    3.30       [ICRA]B (Stable)/[ICRA]A4
   term unallocated               ISSUER NOT COOPERATING;
   limit                          Rating moved to 'Issuer Not
                                  Cooperating' category

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

Incorporated in 1997, North Dinajpur Tea Agro Pvt. Limited,
manufactures black tea of CTC variety. The company has no
plantation facility; therefore the company has to depend entirely
on purchased green leaves for production of black tea. The
factory is located in the district of North Dinajpur, West
Bengal. The annual installed capacity for production of black tea
is 1.90 million kg. The company markets tea under the brand name
of 'Shera', 'Surya Mukhi, 'Kasturi Gold' and Kesar Gold'.


NS MINT: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded NS Mint Private
Limited's (NMPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR4.9 mil. (reduced from INR8.2 mil.) Term loan due on
    December 2020 upgraded with IND BB+/Stable rating;

-- INR2 mil. Non-fund-based working capital limit affirmed with
    IND A4+ rating; and

-- INR255 mil. (increased from INR190 mil.) Fund-based working
    capital limit Long-term rating upgraded; Short-term rating
    affirmed with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in NMPL's revenue
along with an improvement in its net working capital cycle. In
FY18, revenue grew to INR1,840 million (FY17: INR805 million)
driven by an increase in the export demand. However, the scale of
operations remained small-to-medium. The company booked revenue
of INR1,800 million in 1HFY19. Net working capital cycle improved
to 31 days in FY18 (FY17: 98 days) due to a reduction in
inventory holding period to 21 days (48 days) and an increase in
payable period to 22 days (57 days). Management expects the
working capital cycle to improve further, led by an improvement
in the creditor days.

The ratings also factor in the company's modest credit metrics as
indicated by gross interest coverage (operating EBITDA/gross
interest expense) of 4.81x in FY18 (FY17: 2.45x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
2.06x (6.14x). The improvement in the credit metrics owing to an
increase in absolute EBITDA to INR77.11 million in FY18 (FY17:
INR35.36 million). However, due to capex and a likely increase in
fund-based limits, Ind-Ra expects the credit metrics to
marginally deteriorate in FY19.

The ratings factor in NMPL's moderate liquidity position as
indicated by 70% average peak utilization of the fund-based
limits during the 12 months ended September 2018.

The ratings, however, remain supported by the company's
promoter's more than 20 years of experience in the trading and
manufacturing of mint products and essential oils.

However, the ratings are constrained by continuous decline in
NMPL's EBITDA margins to 4.19% in FY18 (FY17: 4.39%) attributed
to volatility in raw material (mentha oil) prices and the
company's aggressive pricing policy strategy. The company's
return on capital employed was around 25% in FY18 (FY17: 11%).

RATING SENSITIVITIES

Positive: An overall improvement in the revenue and credit
metrics, along with an improvement in the working capital cycle,
all on a sustained basis, could lead to a positive rating action.

Negative: A decline in the revenue and/or any debt-led capex
leading to deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in May 2013, NMPL manufactures menthol, menthol
crystals, essential oils, aromatic chemicals, mint oils, among
others. The company has a 2,800 metric tons per annum
manufacturing facility in Sambhal, Uttar Pradesh.


ONGOLE LOGISTICS: CRISIL Assigns B+ Rating to INR23.5cr Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facility of Ongole Logistics Private Limited (OLPL).

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

   Proposed Long Term
   Bank Loan Facility     0.5     CRISIL B+/Stable (Assigned)

The rating reflects start-up phase of operations and exposure to
risks related to the regulated and intensely competitive
warehouse business. The rating also factors in a below-average
financial risk profile because of debt funded project capex.
These rating weaknesses are partially offset by the extensive
experience of promoters in the warehouse business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to the highly regulated and intensely
competitive warehouse industry: The agricultural warehouse
industry in Andhra Pradesh is regulated by the government. Rental
rates are fixed by the state government's department of
agricultural marketing. Furthermore, the industry is highly
fragmented, with presence of many players offering similar
services. Also the company is in start-up phase of operations and
adequate ramp-up in sales remains critical.

* Below-average financial risk profile: The networth is estimated
to be at INR10.2 crore and gearing over 2.0 times, as on
March 31, 2019 driven by debt funded project capex. Though low
accretion to reserves will keep the networth subdued, gradual
term debt repayment will help improve the gearing over medium
term.

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of over 10 years in the warehouse businesses.
This has helped in the establishment of a healthy relationship
with traders and farmers.

Outlook: Stable

CRISIL believes OLPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if higher than expected revenue and cash accrual or
infusion of capital strengthens the financial risk profile and
liquidity. The outlook may be revised to 'Negative' if lower than
expected revenue, stretched receivables, or any large, debt-
funded capital expenditure weakens liquidity.

OLPL, incorporated in 2018, provides warehouse facilities to rice
and cotton farmers. The company is owned by Mr. Radha Krishna
Dastari, who has over 10 years of experience in this business.


PRASANTHI CASHEW: CRISIL Reaffirms B+ Rating on INR30cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Prasanthi Cashew Company Private Limited (PCCPL- formerly known
as Prasanthi Cashew Private Limited) at 'CRISIL B+/Stable/CRISIL
A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Packing Credit        30       CRISIL B+/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     4       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of the promoter, and an established market position in processing
and exporting cashew kernels.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: The networth was modest
and the total outside liabilities to tangible networth (TOLTNW)
high at INR11 crore and 7 times, respectively, as on March 31,
2018. Debt protection metrics were below average, with net cash
accrual to total debt and interest coverage ratios at 3% and 1.4
times, respectively, in fiscal 2018.

* Working capital-intensive operations: Gross current assets
(GCAs) were high at 277 days as on March 31, 2017, driven by
large inventory and receivables of 118 days and 165 days
respectively.

Strength:

* Extensive experience of the promoter: The promoter has an
experience of more than three decades in the cashew industry.
Over the years, the Prasanthi group has become one of the largest
cashew exporters in Kerala.

Outlook: Stable

CRISIL believes PCCPL will continue to benefit from the industry
experience of its promoter. The outlook may be revised to
'Positive' if the financial risk profile improves, most likely
because of a significant increase in cash accrual and better
working capital management. The outlook may be revised to
'Negative' in case of deterioration in working capital
management, or a considerable decline in cash accrual because of
lower revenue or operating profitability, thus weakening
liquidity.

PCCPL, established by Mr Mohan Chandra Nair in 1996 in Kerala,
processes and exports cashew kernels.


PUMA REALTORS: Start of Insolvency Case Relief for 800 Homebuyers
-----------------------------------------------------------------
HindustanTimes reports that about 800 homebuyers invested in
Mohali's Ireo rise and Ireo Hamlet, two premium projects coming
up in Sectors 98 and 99, are a much relieved lot on October 29 as
they are likely to get refunds or possession of apartments
because the National Company Law Tribunal (NCLT) has initiated
insolvency proceedings against project developer Puma Realtors
Pvt Ltd. An interim resolution professional (IRP) has been
appointed for the task, the report says.

This means NCLT will have the option of either getting another
investor to take over the company and manage the homebuyers'
assets or go in for liquidation of the company's assets to repay
the homebuyers, according to HindustanTimes.

HindustanTimes notes that despite consumer court judgments in
their favor earlier those buyers who were unable to get their
dues from the developer can now file for claims against him with
the tribunal-appointed IRP. Homebuyers are considered as
financial creditors under the recently amended Insolvency and
Bankruptcy Code, 2016 (IBC).

HindustanTimes says the order of principal bench of NCLT, Delhi
came in an insolvency case filed by Paramjeet Singh Saini, a
homebuyer (financial creditor) in Ireo Hamlet, against Puma
(corporate debtor), an Ireo Group Company, under IBC .

According to the report, Saini approached the State Consumer
Disputes Commission, Chandigarh, asking for a refund as the
developer failed to deliver possession according to the plot
buyers' agreement.

After the commission directed the developer to refund Saini's
money with interest, Puma approached the National Consumer
Disputes Redressal Commission.

Meanwhile, a compromise was reached between the two parties,
according to which the developer gave several postdated cheques
to the petitioner, relates HindustanTimes. However, after some of
these cheques were later dishonoured Saini approached NCLT as
financial debtor.

In its response, the developer expressed its inability to pay the
debts and stated, "The company is in financial distress and would
be greatly aided by corporate restructuring."

HindustanTimes says the NCLT observed that dishonoring the
cheques will be seen as default on the part of corporate debtor,
and initiated insolvency proceedings.

Not all homebuyers, however, are happy with the NCLT order, the
report states. Karan Kandhari, a resident of Ireo Rise, said,
"Now who will complete the Ireo projects here, and undertake
maintenance work where possession has already been given? Even
consumer court cases have been stayed now," HindustanTimes
relays.

The tribunal restricted the developer from transferring,
encumbering, alienating or disposing of any of its assets, the
report notes.

It also prohibited recovery of any property by an owner or lessor
where the developer occupies or is in possession of the property.
All the civil suits (including consumer complaints, execution
petitions etc) pending before the insolvency commencement date
will be stayed till the completion of the corporate insolvency
process, HindustanTimes adds.


R.K TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R.K.
Transport'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:

-- INR13.60 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR45.69 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR1 mil. Non-fund-based working capital limit maintained in
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, R.K. Transport is a subsidiary of the
Gujral Group of companies, which are engaged in the
transportation and hotel business. The group is governed by the
following board of directors: Mr. Bhupinder Singh Gujral, Mrs.
Tejinder Kaur Gujral, Mr. Gaganjeet Singh Gujral, Mr. Sudipta
Bhattacharya and Mr. Debdulal Talukdar.


SARATHY AUTOCARS: Ind-Ra Affirms BB+ Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Strathy Autocars' Long-Term Issuer Rating of 'IND BB+'. The
Outlook was Stable.

The instrument-wise rating action is:

-- The IND BB+ rating on the INR150 mil. Fund-based working
     capital limits affirmed & withdrawn*.

* Affirmed at 'IND BB+'/Stable/'IND A4+' before being withdrawn

KEY RATING DRIVERS

Improved EBITDA Margin: The EBITDA margin of Strathy Autocars was
average at 3.8% in FY18 (FY17: 2.7%). The rise in the margin was
due to a reduction in discounts offered to end customers. Its
return of capital employed was 14% in FY18 (FY17: 11%). FY18
figures are provisional.

Experienced Promoters: The promoters have over 10 years of
experience in the automobile business and established position as
an authorized dealer of Maruti Suzuki India Limited, a leading
player in the passenger vehicle segment, in the Kollam district
of Kerala.

Modest Scale of Operations: Strathy Autocars' revenue fell to
INR3,625 million in FY18 from INR3,914 million in FY17 on account
of reduced supply from Maruti Suzuki Private Limited. The company
achieved INR2,057.4 million in revenue for the period April 2018-
October 2018.

Modest Credit Metrics: Strathy Autocars' interest coverage
(operating EBITDA/gross interest expense) improved to 2.5x in
FY18 from 1.9x in FY17, with its net financial leverage (total
adjusted net debt/operating EBITDA) enhancing to 3.6x from 4.0x.
The improvement in the credit metrics was due to a rise in EBITDA
margin during FY18 and the partial debt repayment, which led to a
fall in interest expenses.

Modest Liquidity: Strathy Autocars' average utilization of its
cash credit facilities was 95.6% for the 12 months ended October
2018.

Intense Competition: Strathy Autocars operates in an intensely
competitive automobile industry.

Partnership Nature: The ratings are constrained by the
partnership nature of the firm.

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

COMPANY PROFILE

Established in 1999 as a partnership firm, Strathy Autocars sells
Maruti Suzuki India's cars in Kerala through 14 showrooms and 11
service centers.


SHARDA AUTO: CRISIL Assigns 'B' Rating to INR6cr LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sharda Auto Industries Limited (SAIL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4         CRISIL B/Stable (Assigned)
   Long Term Loan       6         CRISIL B/Stable (Assigned)

The rating reflects nascent stage of operations leading to net
losses, weak debt protection metrics, large working capital
requirements and stretched liquidity. These weaknesses are
partially offset by extensive experience in automotive components
industry and healthy capital structure.

Analytical Approach

Unsecured loans from promoters and family members are treated as
neither debt nor equity as they are expected to continue in the
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations leading to net losses: Due to
nascent stage, low capacity utilisation, and intense competition
revenue is modest at INR13.83 crores in fiscal 2018. This has led
to low operating profitability of 5.6% and net losses. Although,
revenue are expected to increase in fiscal 2019, sustained
generation of profits remains to be seen.

* Large working capital requirements: The company working capital
requirements are large with high gross current assets (GCA) of
358 days due to high inventory of 175 days and debtors of 85
days. The working capital cycle is expected to remain stretched
over the medium term.

* Stretched liquidity: With net losses reported in fiscal 2018,
the company reported cash losses. Going forward, the accruals are
expected to be just sufficient to meet repayment obligations of
INR 3-3.5 crore annually. It has also provided unsecured loans to
affiliates.

* Weak debt protection metrics: Debt protection metrics are weak
marked by interest coverage of 1.33 time in fiscal 2018. It is
estimated to improve over the medium term, backed by higher
revenues.

Strengths

* Extensive industry experience of promoters: The promoters have
an experience of around 60 years in the industry through group
entities, and have developed strong understanding of products and
established strong customer relationships.

* Healthy capital structure: As on March 31, 2018, networth is
adequate at INR28.03 crore, gearing and total outside liabilities
to adjusted tangible networth is comfortable at 0.31 time and
0.64 time, respectively. It is estimated to remain healthy over
the medium term, backed by no major capex plans.

Outlook: Stable

CRISIL believes that SAIL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if substantial
improvement in revenue and profitability, or better working
capital management, leads to improved financial profile.
Conversely, the outlook may be revised to 'Negative' if lower
revenue or profitability, large working capital requirements or
debt-funded capex, weakens, financial risk profile, particularly
liquidity.

SAIL was incorporated in 2016 by Mr Nandkishore Sarda and other
family members. It is engaged in manufacturing of heavy duty
conventional and parabolic leaf springs. The manufacturing
facility is based in Nagpur, Maharashtra.


SRI BALAMURUGAN: CRISIL Reaffirms B Rating on INR6cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sri Balamurugan Engineering Works Private
Limited (SBEW).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2        CRISIL A4 (Reaffirmed)

   Open Cash Credit      6        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2        CRISIL B/Stable (Reaffirmed)

   Standby Overdraft
   Facility              2        CRISIL A4 (Reaffirmed)

The ratings continue to reflect a weak financial risk profile and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoter in the boiler
fabrication industry.

Analytical Approach

Unsecured loans of INR1.53 crores (as on March 31, 2018) from
promoters has been treated as neither debt nor equity as these
are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile of SBEW is
weak marked by high gearing and weak debt protection metrics.
Gearing was 4.49 times as on March 31, 2018 while the interest
cover was 1.41 times. However, gearing adjusted for promoters
fund in the form of unsecured loans is moderate at 2.57 times as
on March 31, 2018.

* Large working capital requirement:  Gross current assets were
high at 321 days, due to large raw material requirement and
debtors of 251 days, as on March 31, 2018. Operations should
remain working capital intensive over the medium term.

Strength

* Extensive experience of promoters: Promoters extensive
experience of more than a decade in fabrication business and
established relationship with its client is expected to support
the business risk profile of the company.

Outlook: Stable

CRISIL believes SBEW will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if revenue and profitability grow significantly,
while the financial risk profile improves. The outlook may be
revised to 'Negative' if revenue and profitability decline, or if
the working capital cycle is stretched, weakening the financial
risk profile.

Established in 1977 in Tiruchirappalli, Tamil Nadu, SBEW is
promoted by Mr S M P Selvam. The company undertakes heavy
structural fabrication for boilers.


SRI K.VENKAT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri K.Venkat
Narasimha Reddy'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:

-- INR60 mil. Fund-based limits maintained in non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 25, 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 1998, Sri K.Venkat Narasimha Reddy is a
proprietorship firm engaged in the construction of roads and
other civil works.


SRI KRISHNA: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the INR15.00 crore bank facilities of
Sri Krishna Kireeti Food Products continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          7.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Term Loan            1.10      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Non Fund based       2.00      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Unallocated          4.90      [ICRA]B (Stable) ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

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

Sri Krishna Kireeti Food Products (SKKFP) was established as a
partnership firm in January 2012 by Mr. CHSV Satyanarayana Murthy
and other family members. The firm is involved in milling of
paddy to produce raw and boiled rice and its by-products. The
rice milling unit is located in East Godavari district of Andhra
Pradesh and it has an installed capacity of 5 tonnes per hour.


SRI SRINIVASA: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR124.25 crore bank facilities of
Sri Srinivasa Spintex (India) Limited continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B+ (Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         55.00       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Term Loan           63.95       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non Fund Based       2.47       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated          2.83       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

As part of its process and in accordance with its rating
agreement with Sri Srinivasa Spintex (India) Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Sri Srinivasa Spintex (India) Limited (SSSIL) was incorporated in
July 2006 and is engaged in manufacturing of grey cotton spun
yarn. The company has a spinning mill at Tadepalligudem in West
Godavari district of Andhra Pradesh (A.P.). SSSPL started
commercial production of yarn in August 2008 with 4,000 spindles
which was increased gradually to 18,000 spindles in January 2009,
42,480 spindles in January 2011 and 55,440 spindles from mid-June
2012.


SSK EXPORTS: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SSK Exports
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:

-- INR750 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
November 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSK Exports, incorporated in 1993, is a Kolkata-based company
promoted by Mr. Snoop Kumar. It is engaged in the cultivation,
manufacturing, trading and export of tea.


TEEAM SCORE: CRISIL Reaffirms 'B' Rating on INR1cr LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings at 'CRISIL B/Stable/CRISIL A4'
on the bank facilities of Teeam Score (TS).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Foreign Bill
   Purchase              1          CRISIL A4 (Reaffirmed)
   Long Term Loan        1          CRISIL B/Stable (Reaffirmed)
   Packing Credit        3          CRISIL A4 (Reaffirmed)

The ratings continue to reflect TS's modest scale of operations
in the intensely competitive paper industry and its below-average
financial risk profile. These weaknesses are partially offset by
extensive experience of partners in timber trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensively competitive paper
industry: The firm has modest scale of operations as indicated by
the topline of INR4.1 crores in fiscal 2017. Further, the revenue
is expected to be modest in the medium term.

* Below-average financial risk profile: Firm has reported modest
net worth of around INR0.9 crores in fiscal 2017. Also, gearing
level stood at 5 times as on March 31, 2017. Further, interest
coverage ratio was moderate at around 2 times for fiscal 2017.

Strength

* Experience of partners: The partner of TS, Mr. R A Kamaraj has
an extensive experience of more than two decades in the home
furnishing industry. Over the years, the partners have
established relationship with their suppliers and customers.
CRISIL believes, TS will continue to benefit from the extensive
experience of the partners.

Outlook: Stable

CRISIL believes TS will maintain its business risk profile over
the medium term supported by the extensive experience of its
partners. The outlook may be revised to 'Positive' if working
capital management is efficient along with increase in scale of
operations leading to better accrual and consequent strengthening
in financial risk profile. The outlook may be revised to
'Negative' if decline in revenue or operating margin, or any
large debt-funded capital expenditure, or stretch in working
capital cycle or capital withdrawals weakens financial risk
profile.

Set up in 2012, TS is into manufacturing of gift wrapping papers
and is a 100 percent export oriented unit. The firm is based out
of Karur (Tamil Nadu) and is promoted by Mr. R.A. Kamaraj and Mr.
R. Ramasamy.


UMADUTT INDUSTRIES: Ind-Ra Maintains D Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Umadutt
Industries Limited's fund-based facilities rating to 'IND D
(ISSUER NOT COOPERATING)' from 'IND C (ISSUER NOT COOPERATING)'
while maintaining its Long-Term Issuer Rating and term loans
rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is on based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR76.19 mil. Term loans (Long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR54 mil. Fund-based limits (Long term) downgraded with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2001, Umadutt Industries manufactures woven sacks
with an installed capacity of 5,040 metric tons per year in
Meghalaya.


UTTARAYAN FOODS: ICRA Maintains C+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR6.23 crore bank facilities of
Uttarayan Foods Private Limited continue to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]C+/
[ICRA]A4; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based-         3.39      [ICRA]C+ ISSUER NOT COOPERATING;
   term loans                    Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Fund-based-         2.68      [ICRA]C+ ISSUER NOT COOPERATING;
   cash credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 category

   Non-fund-based      0.16      [ICRA]A4 ISSUER NOT COOPERATING;
   bank guarantee                Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

Uttarayan Foods Private Limited (UFPL) incorporated in 2008, is
involved in providing multi-purpose cold storage facilities to
farmers and traders on rental basis. Its cold storage facility is
in Nadia, West Bengal with storage capacity of 5,000 MT.


VARIDHI HYGIENE: Ind-Ra Affirms 'D' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Varidhi Hygiene
Products Private Limited's Long-Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limits (long-term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR25 mil. Non-fund-based working capital limits (short-term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Term loan (long-term) affirmed with IND D (ISSUER
    NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
Varidhi Hygiene Products, the details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2011, Varidhi Hygiene Products manufactures
tissue paper jumbo rolls using recycled paper and virgin pulp.
Its 25-metric-ton-per-day manufacturing facility is in Vadodara,
Gujarat.


VIDEOCON GROUP: NCLT Directs to Move Insolvency Bids to One Court
-----------------------------------------------------------------
Financial Express reports that the principal bench of the
National Company Law Tribunal (NCLT) on Oct. 24 directed to
transfer all insolvency petitions related to Videocon group being
heard in Mumbai courts to a single court there.

FE relates that NCLT President Justice M M Kumar directed to
transfer all insolvency petitions related to Videocon group to
one court headed by M K Shrawat. The Mumbai bench of NCLT has
three courts.

According to the report, the order of NCLT's Principal bench came
over a petition jointly moved by lenders led by State Bank of
India as well as the corporate debtor, the Videocon group and
Venugopal N Dhoot.

Videocon Industries sells consumer products like color
televisions, washing machines, air conditioners, refrigerators,
microwave ovens and many other home appliances in India.

Videocon is on the second list of 28 defaulters by the Reserve
Bank of India (RBI) under the Insolvency and Bankruptcy Code.

The State Bank of India (SBI) filed its insolvency petition
against Venugopal Dhoot-controlled Videocon Industries in January
2018 before the NCLT, which admitted the plea on June 6, 2018.

On June 9, the NCLT had also admitted the insolvency petition
filed by SBI against Videocon Telecommunications Ltd.


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR27.7 mil. Long-term loans maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1995, VM Apparels commenced its business
operations in FY11. The company exports readymade garments to the
Middle East and Latin America. Its manufacturing facility with an
installed capacity of 36, 50,000 pieces per annum is located at
Ludhiana, Punjab.


YASHVEER CERAMIC: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR10.25 crore bank facilities of
Yashveer Ceramic continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          3.00       [ICRA]B(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-          5.25       [ICRA]B(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based-      2.00       [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 2010, and
commenced commercial operations from May 2011. Yashveer Ceramics
is promoted by Mr. Vipul Patel having 10 years of experience in
ceramic industry along with other partners.It currently
manufactures wall tiles of sizes 18"x12" and 12"x24" with the
current set of machineries and production facilities.


* INDIA: Says Some Shadow Lenders Face Liquidity Stress
-------------------------------------------------------
Reuters reports that a top Indian government official on Nov. 5
said the nation's non-banking housing finance companies were
facing liquidity stress, in comments that are likely to put more
pressure on the Indian central bank to ease its policy towards
the sector.

According to Reuters, the intervention by Corporate Affairs
Secretary Injeti Srinivas came after Finance Minister Arun
Jaitley and other government officials raised the issue of a
liquidity crunch at a meeting with Reserve Bank of India's (RBI)
Governor Urjit Patel and other regulators last week. Reuters
relates that the government has asked the RBI for a dedicated
liquidity window for these lenders similar to one allowed for the
entire Indian financial sector during the 2008-2009 global
financial crisis.

But so far, the central bank has not agreed to the request, as it
fears that such an accommodation to those who haven't been
prudent with their lending will only encourage reckless behavior,
the report says.

Currently, the shadow banking sector comprising around 11,400
firms with a combined balance-sheet worth over INR22 trillion
(US$301.26 billion) face central bank's restrictions on
borrowings from banks, keeping provisions for the safety of
depositors, Reuters relates. The government and the RBI are
currently at loggerheads over a series of issues, including
control of its reserves, its power over the payments system, and
monetary policy.

"The segment of housing finance within the NBFC (Non banking
finance companies) sector is facing stress of liquidity,"
Srinivas told reporters on Nov. 5, adding the government was
trying to address the issue, Reuters relays.

The sector needs to reassess how it operates, he said noting
there was a need to adopt a sustainable model, which could
minimize the mismatch between their borrowing and lending,
Reuters adds.

According to Reuters, a string of defaults at one major NBFC,
Infrastructure Leasing and Financial Service Ltd (IL&FS), have
triggered sharp falls in Indian stock and debt markets in recent
weeks amid fears of contagion within the rest of the country's
financial sector. Reuters says Srinivas' comments triggered falls
in housing finance lenders Indiabulls Housing Finance (INBF.NS),
Dewan Housing Finance Corporation (DWNH.NS) and PNB Housing
Finance (PNBH.NS), which were all down between 3 percent and 8
percent on Nov. 5.

Reuters says securities analysts and economists said while the
central bank was looking for an improvement in governance of
lenders through various restrictions, the government was working
on a piece meal approach to address short term liquidity needs.
"There seems to be a difference of opinion between the RBI and
the government about the solution strategy," Reuters quotes N.R.
Bhanumurthy, an economist at the National Institute of Public
Finance and Policy, a Delhi-based think-tank, as saying.



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


MT GOX: Trustee Seeks Amendments in Chapter 15 Bankruptcy Case
--------------------------------------------------------------
Maria Nikolova at FinanceFeeds reports that MtGox's Chapter 15
bankruptcy case continues at the Texas Northern Bankruptcy Court,
with Nobuaki Kobayashi, in his capacities as bankruptcy trustee
and foreign representative of MtGox Co., Ltd., a/k/a MtGox KK,
filing a set of documents earlier last week, asking for
amendments to be made to documents in the case.

The purpose of Chapter 15 of the US Bankruptcy Code is to provide
effective mechanisms for dealing with insolvency cases concerning
debtors, assets, and parties involving more than one country.
Typically, a Chapter 15 case is ancillary to a main proceeding
launched in another country, typically the debtor's home country.

In this case, the Chapter 15 proceedings at the Texas Northern
Bankruptcy Court are ancillary to the proceedings related to the
ill-fated Bitcoin exchange in Japan. Let's recall that the US
case was launched on March 9, 2014.

FinanceFeeds relates that earlier last week, Nobuaki Kobayashi
submitted a motion for modification of recognition, pursuant to
Bankruptcy Code Section 1517(d) and MtGox's second amended
verified petition, recognizing the Second Civil Rehabilitation
Proceeding as a foreign main proceeding as defined in Bankruptcy
Code Section 1502(4) pursuant to Bankruptcy Code Section 1517,
and granting Petitioner other and further relief under Chapter
15.

According to FinanceFeeds, Kobayashi sought to reconcile the
change in the nature of MtGox's Japanese insolvency proceedings
that occurred on June 22, 2018 from bankruptcy proceedings to
rehabilitation proceedings.  FinanceFeeds says to do so,
Kobayashi requested entry of an Order:

-- modifying the First Recognition Order to remove "foreign main
    proceeding" recognition of the Japanese Bankruptcy
    Proceeding, which has been stayed and is no longer the
    operative foreign main proceeding;

-- recognizing the Second Civil Rehabilitation Proceeding as a
    foreign main proceeding pursuant to Bankruptcy Code Section
    1517 and Petitioner, solely in his capacity as trustee of the
    Second Civil Rehabilitation Proceeding, as foreign
    representative of the Debtor in this Chapter 15 case; and

-- granting such other and further relief as is just and proper.

FinanceFeeds says Kobayashi believed that the relief requested
protects interested parties and creditors worldwide who rely on
and monitor this case as the ancillary U.S. case with respect to
MtGox's Japanese insolvency proceedings.

Kobayashi explained that under Japanese laws, while the main
purpose of civil rehabilitation proceedings is to ensure the
rehabilitation of debtors' business or economic life, in this
specific rehabilitation case of MtGox, the ultimate goals of the
Second Civil Rehabilitation Proceeding are to realize the
Debtor's assets and distribute them to creditors, wherever
located, in a fair and equitable manner through a civil
rehabilitation plan acceptable to creditors and in accordance
with applicable Japanese law, FinanceFeeds relays.

He noted that continuing the injunction of certain stayed
litigation against MtGox in the United States, in conjunction
with the protections afforded by the Second Civil Rehabilitation
Proceedings, is essential, adds FinanceFeeds.

                           About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins
valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.
It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced
with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and
Margaret Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



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


CBL CORP: Watershed Meeting Adjourned Again, Administrators Say
---------------------------------------------------------------
Margreet Dietz at BusinessDesk reports that CBL Corp's voluntary
administrators have received High Court approval to further
adjourn the watershed meetings, pending resolution of the status
of the failed group's insurance unit.

Auckland-based CBL appointed KordaMentha voluntary administrators
in March after the Reserve Bank sought an interim liquidation of
its New Zealand supervised arm and the Central Bank of Ireland
made a similar move against the insurer's European division, the
report discloses.

The administrators had previously sought to align the dates of
the watershed meetings with the expected resolution of the status
of one of CBL's largest subsidiaries, CBL Insurance, which is in
interim liquidation, Brendon Gibson and Neale Jackson of
KordaMentha said in a statement, BusinessDesk relays.

CBL Insurance's liquidation hearing, which will determine whether
it will be permanently placed in liquidation, is now scheduled to
start in the High Court on Nov. 12, the administrators, as cited
by BusinessDesk, said.

BusinessDesk relates that the administrators said the watershed
meetings for the group will now be held no later than Dec. 18, or
any date prior by giving all creditors no less than five working
days' notice, unless further extended by the court. The outcome
of the CBL Insurance liquidation hearing should be known by this
date.

"There are extensive confidentiality orders in place in respect
of the liquidation application, which limits the information the
administrators can provide," the duo said. Postponing the
meetings should not prejudice any of the companies' creditors or
other stakeholders, they said, adds BusinessDesk.

                         About CBL Corp.

Founded in 1973, CBL Corporation Limited (NZE: CBL), together
with its subsidiaries, provides insurance and reinsurance
products and services primarily in New Zealand. It offers
financial risk products, builders' risks, sureties, guarantees,
and contractor bonds primarily in Europe and Scandinavia; deposit
guarantees in Australia; and bonding and fiduciary services to
the Mexican commercial sector. The company also provides a range
of specialty products, such as credit enhancement, surety bonds,
specialized property insurance, aviation, and rural risk in
Australia, as well as distributes construction-sector insurance
products in France through a network of brokers.

CBL Corp. went into voluntary administration in late February
2018, in a move to prevent other regulators from taking action
after the Reserve Bank moved to have its subsidiary CBL Insurance
placed in interim liquidation.

On February 23, 2018, KordaMentha New Zealand partners Brendon
Gibson and Neale Jackson were appointed Voluntary Administrators
by the Board of CBL Corporation Ltd and certain of its
subsidiaries.

The administration relates to New Zealand-domiciled companies.
Messrs. Gibson and Jackson are administrators to these CBL
entities -- CBL Corporation Limited; LBC Holdings New Zealand
Ltd; LBC Holdings Americas Ltd; LBC Holdings UK Ltd; LBC Holdings
Europe Ltd; LBC Holdings Australasia Ltd; LBC Treasury Company
Ltd; Deposit Power Ltd; South British Funding Ltd; and CBL
Corporate Services Ltd.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***