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

                      A S I A   P A C I F I C

         Thursday, November 15, 2018, Vol. 21, No. 227

                            Headlines


A U S T R A L I A

ACU RATE: First Creditors' Meeting Set for Nov. 22
ANCHOR HYDRAULIC: First Creditors' Meeting Set for Nov. 22
BMEDIA SOLUTIONS: First Creditors' Meeting Set for Nov. 23
ICHOOSE PTY: First Creditors' Meeting Set for 22
QLD PROPERTY: First Creditors' Meeting Set for Nov. 22

RYAN AND MELISSA: First Creditors' Meeting Set for Nov. 22
THINK TANK 2016-1: S&P Raises Rating on Class E Notes to BB+
THINK TANK 2018-1: S&P Assigns Prelim BB+ Rating to Class E Notes
WALLS MACHINERY: First Creditors' Meeting Set for Nov. 20
WINDSOR PRODUCTS: First Creditors' Meeting Set for Nov. 22


C H I N A

TONGLIAO INVESTMENT: Fitch Assigns BB- LT IDRs, Outlook Stable


H O N G  K O N G

NOBLE GROUP: Energy Trading Loss Shows Challenge Facing Rebirth
VISTRA GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable


I N D I A

3B BINANI: CARE Lowers Rating on INR1569.27cr LT Loan to D
ASSET ENGINEERS: CRISIL Assigns B+ Rating to INR3.76cr Loan
B G ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
B.J. GRAINS: CARE Maintains 'D' Rating in Not Cooperating
BINANI CEMENT: NCLAT Approves UltraTech's INR7,900 crore Offer

G P COTTFAB: CARE Lowers Rating on INR19.62cr LT Loan to D
G. SHAJI: CRISIL Assigns 'B' Rating to INR4.70cr Cash Loan
GNR COTTON: CARE Assigns 'B+' Rating to INR8cr LT Loan
HOTEL ROYAL: CARE Assigns 'B' Rating to INR9cr LT Loan
ISPAT DAMODAR: Ind-Ra Migrates B Issuer Rating to Non-Cooperating

JATSON POWER: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
JINDAL AGRO: CARE Lowers Rating on INR8.50cr LT Loan to D
KARTHIK INDUCTION: CARE Lowers Rating on INR11cr LT Loan to D
KASHIPUR SITARGANJ: Ind-Ra Affirms 'D' Rating on INR4.22BB Loan
MONGA IRON: CRISIL Lowers Rating on INR12cr Loans to D

MSS INFRACON: CARE Reaffirms B+ Rating on INR55cr LT Loan
N.V. KHAROTE: CARE Assigns 'D' Ratings to INR13.83cr Loans
NAGOORAR ENTERPRISES: CRISIL Cuts Ratings on INR18.44cr Loan to D
NRI AGRITECH: CARE Assigns B+ Rating to INR12cr LT Loan
PARAMOUNT WHEELS: CRISIL Lowers Rating on INR40cr Loan to D

PRIYA LIMITED: Ind-Ra Lowers Rating on Short Term Loans to 'D'
R K ENTERPRISE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
RADHARAMAN COTGIN: CARE Assigns B+ Rating to INR9cr LT Loan
REGENT BEERS: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Stable
RUKSH GARMENTS: CRISIL Migrates B- Rating to Not Cooperating

S K TIMBERS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
S. M. SHANKARRAO: CRISIL Lowers Rating on INR300cr Loan to C
SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR7.6cr Loans
SHRIRAM EPC: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
SJP CONSTRUCTION: CARE Maintains B+ Rating in Not Cooperating

SONA SATI: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
SRS THERMAX: CRISIL Lowers Rating on INR7cr Loans to D
SUFALAM INFRA: CARE Assigns 'B' Rating to INR8cr LT Loan
SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.02cr LT Loan
SWAROOP HOMES: CARE Retains B Rating in Not Cooperating Category

TIRUAL BORTIMON: CARE Assigns B Rating to INR24.81cr LT Loan
TOLARAM SURENDRA: CARE Migrates B+ Rating From Not Cooperating
USHA IMPEX: CARE Lowers Rating on INR6.0cr LT Loan to D
VAKRANGEE PACKAGING: CARE Hikes Rating on INR7.63cr Loan to B+
ZUBIC LIFESCIENCE: CARE Maintains D Rating in Not Cooperating


I N D O N E S I A

KAWASAN INDUSTRI: S&P Affirms 'B' Long-Term ICR, Outlook Stable


M O N G O L I A

GOLOMT BANK: S&P Hikes ICR to B on Accelerated Economic Recovery


N E W  Z E A L A N D

EBERT CONSTRUCTION: 21 Subcontractors Left Out of Retentions Fund


S O U T H  K O R E A

DONGKUK STEEL: Swings to Net Loss in Q3 on Equity Shortfall
SAMSUNG BIOLOGICS: FSC Suspends Trading for Accounting Fraud


                            - - - - -


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


ACU RATE: First Creditors' Meeting Set for Nov. 22
--------------------------------------------------
A first meeting of the creditors in the proceedings of Acu Rate
Pty Ltd will be held at the offices of TPH Advisory, Lower level,
133 Macquarie Street, in Sydney, NSW, on Nov. 22, 2018, at
11:00 a.m.

Tim Heesh of TPH Advisory was appointed as administrator of Acu
Rate on Nov. 12, 2018.


ANCHOR HYDRAULIC: First Creditors' Meeting Set for Nov. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Anchor
Hydraulic Services Pty Ltd will be held at the offices of FTI
Consulting, Conference Room, Central Park, 152-158 St Georges
Terrace, in Perth, WA, on Nov. 22, 2018, at 9:30 a.m.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI
Consulting were appointed as administrators of Anchor Hydraulic on
Nov. 12, 2018.


BMEDIA SOLUTIONS: First Creditors' Meeting Set for Nov. 23
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bmedia
Solutions Pty Ltd will be held at the offices of McLeod &
Partners, at Level 9, 300 Adelaide Street, in Brisbane,
Queensland, on Nov. 23, 2018, at 10:00 a.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Bmedia Solutions on Nov. 13, 2018.


ICHOOSE PTY: First Creditors' Meeting Set for 22
------------------------------------------------
A first meeting of the creditors in the proceedings of IChoose Pty
Ltd, trading as "Fence Factory Melbourne" & "Fence Warehouse",
will be held at the offices of Hamilton Murphy at
Level 1, 255 Mary Street, in Richmond, Victoria, on Nov. 22, 2018,
at 11:00 a.m.

Leigh Dudman of Hamilton Murphy was appointed as administrator of
IChoose Pty on Nov. 12, 2018.


QLD PROPERTY: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Qld
Property Project Management Pty Ltd will be held at the offices of
McLeod & Partners, at Level 9, 300 Adelaide Street, in Brisbane,
Queensland, on Nov. 22, 2018, at 10:00 a.m.

Jonathan McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Qld Property on Nov. 12, 2018.


RYAN AND MELISSA: First Creditors' Meeting Set for Nov. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ryan And
Melissa Pty Ltd will be held at 463 Scarborough Beach Road, in
Osborne Park, WA, on Nov. 22, 2018, at 10:30 a.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Ryan And Melissa on Nov. 12, 2018.


THINK TANK 2016-1: S&P Raises Rating on Class E Notes to BB+
------------------------------------------------------------
S&P Global Ratings raised its ratings on four classes of small-
ticket commercial mortgage-backed, floating-rate, pass-through
notes issued by BNY Trust Co. of Australia Ltd. as trustee of
Think Tank Series 2016-1 Trust. At the same time, S&P affirmed its
ratings on two classes of notes.

Think Tank Series 2016-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio and the credit support provided for the rated
    notes, which is commensurate with that credit risk. S&P's
    analysis of credit risk is based on S&P "Principles Of Credit
    Ratings" criteria; however, where factors that affect
    borrower performance are similar to those for residential
    mortgage loans, S&P has applied similar assumptions. Credit
    support for the rated notes is provided in the form of
    subordination.

-- The underlying pool of assets has a weighted-average
    seasoning of 49 months and a weighted-average current loan-
    to-value ratio of 61.0%. The asset pool consists of 351
    consolidated loans as of Aug. 31, 2018, with pool composition
    consisting primarily of assets backed by commercial
    properties and a small proportion of residential properties.

-- The transaction has continued to pay down sequentially since
    close, increasing the level of subordination to all rated
    note classes. The pool factor was approximately 64%, and the
    outstanding asset balance was A$178.9 million as of Aug. 31,
    2018.

-- Asset performance has been stable since inception, with a
    moderate level of loans past due and no losses to date. As of
    Aug. 31, 2018, 3.0% of the asset pool was more than 30 days
    in arrears, with 0.9% more than 90 days in arrears. S&P has
    assumed that loans more than 90 days in arrears have
    defaulted, in line with its "Australian RMBS Rating
    Methodology And Assumptions" criteria, published Sept. 1,
    2011.

--  Approximately 47.0% of the pool is currently in interest-only
    periods, which introduces a potential shock to borrowers when
    the loans convert to principal-and-interest payments. This
    compares with 57.6% at transaction close. S&P Global Ratings
    applies a higher default frequency to loans with interest-
    only periods.

-- Exposure to self-managed superannuation funds (SMSFs) loans
    has increased since transaction close to 20.3% from 15.2%.
    Although SMSF loans are limited-recourse lending, the risk of
    this affecting borrowers' payment behavior is somewhat
    mitigated by features such as personal guarantees being
    provided by SMSF members for every loan to an SMSF in the
    asset pool. In the absence of a substantial track record and
    performance data on SMSF loans, S&P Global Ratings has
    applied an additional adjustment in its credit-support
    calculation.

-- Loans to borrowers whose income has not been fully verified
    have decreased to 20.5% from 22.7% at close. For these
    borrowers, the income, savings, credit history, and debt-
    servicing assessments have been verified through alternative
    sources such as trading bank statements. S&P Global Ratings
    has assumed a higher default frequency for these loans in its
    calculation of credit support for the corresponding rating
    levels.

-- The transaction benefits from a number of structural
    mechanisms, including an amortizing liquidity facility equal
    to 3.0% of the outstanding balance of the rated notes, and
    principal draws, which are sufficient under S&P's stress
    assumptions to ensure timely payment of interest. S&P's
    cash-flow analysis also reflects that a minimum margin will
    be maintained on the assets.

-- The increasing risk of borrower concentration as the pool
    continues to amortize. The largest 10 borrowers comprise
    11.7% of the asset pool, with eight of those 10 being greater
    than 1.0% of the pool. S&P's view that the lower-rated notes
    are more susceptible to tail-end risk and back-end losses;
    however, S&P expects that credit support available to rated
    notes will continue to build due to the transaction's
    structural features, whereby the unrated notes do not receive
    any principal until all rated notes are fully repaid. S&P has
    considered concentration with respect to credit support
    outcomes at respective rating levels and considered an
    approach based on that outlined in "Australian RMBS Rating
    Methodology And Assumptions" criteria, published Sept. 1,
    2011."

-- The transaction passes S&P's stressed cash-flow modeling
    scenarios at their respective rating levels, having the
    ability to make timely interest and ultimate payment of
    principal.

  RATINGS RAISED

  Think Tank Series 2016-1 Trust
  Class     To           From
  B         AAA (sf)     AA (sf)
  C         AA (sf)      A (sf)
  D         A- (sf)      BBB (sf)
  E         BB+ (sf)     BB (sf)

  RATINGS AFFIRMED

  Think Tank Series 2016-1 Trust
  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)


THINK TANK 2018-1: S&P Assigns Prelim BB+ Rating to Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
nine classes of small-ticket commercial mortgage-backed, floating
rate, pass-through notes to be issued by BNY Trust Co. of
Australia Ltd. as trustee of Think Tank Series 2018-1 Trust.

Think Tank Series 2018-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination for each class of rated note.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 3.0% of the outstanding balance
    of the rated notes, and principal draws, are sufficient under
    its stress assumptions to ensure timely payment of interest.

-- S&P's cash-flow analysis also reflects that a minimum margin
    will be maintained on the assets.

-- The extraordinary expense reserve of A$250,000, funded from
    day one by Think Tank, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The fixed- to floating-rate interest-rate swap provided by
    Commonwealth Bank of Australia to hedge the mismatch between
    receipts from fixed-rate mortgage loans and the floating-rate
    obligations of the trust.

  PRELIMINARY RATINGS ASSIGNED

  Think Tank Series 2018-1 Trust

  Class        Rating         Amount
                             (mil. A$)
  A1           AAA (sf)       189.00
  A2           AAA (sf)        42.84
  B            AA (sf)         20.16
  C            A (sf)          26.46
  D            BBB (sf)        16.38
  E            BB+ (sf)         4.41
  F            NR              10.39
  G            NR               2.21
  H            NR               3.15

  N.R.--Not rated.


WALLS MACHINERY: First Creditors' Meeting Set for Nov. 20
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Walls
Machinery Pty Ltd and Adaptapack Pty Ltd will be held at Auction
Works, at Mezzanine Level, 50 Margaret Street, in Sydney, NSW, on
Nov. 20, 2018, at 3:00 p.m.

Alan Hayes of Hayes Advisory was appointed as administrator of
Walls Machinery on Nov. 8, 2018.


WINDSOR PRODUCTS: First Creditors' Meeting Set for Nov. 22
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Windsor
Products Pty Ltd, trading as Windsor Blinds and Awnings, will be
held at the offices of 1/14 Watt Street, in Newcastle, NSW, on
Nov. 22, 2018, at 10:00 a.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of Windsor Products on Nov. 12, 2018.



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TONGLIAO INVESTMENT: Fitch Assigns BB- LT IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has assigned China-based Tongliao City Investment
Group Co., Ltd. Long-Term Foreign- and Local-Currency Issuer
Default Ratings of 'BB-'. The Outlook is Stable.

TCIG is the major urban developer in the municipality,
constructing and investing in public works, such as roads,
bridges, water and heat supply, social housing and land
development. Fitch categorizes TCIG as a government-related entity
(GRE) under its GRE rating criteria, reflecting its establishment
purpose, strategic importance to local government and its sole
ownership by the Tongliao State-owned Assets Supervision and
Administration Commission.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: TCIG is a wholly
government-owned public entity, established under the China's
company law. Its important policy role and ownership structure
lead to control by the local government. TCIG's major budgeting,
financing, operational and strategy decisions are conferred with
the local government through Tongliao SASAC and the local finance
bureau. Fitch expects public ownership and control to remain
intact in light of the entity's high exposure to public works.

'Strong' Support Record and Expectations: The local government has
consistently extended TCIG support through subsidies, asset
injections, share allocation of public entities and favourable tax
treatment. Ample subsidies of around CNY500 million were given
annually, sufficient to cover its funding costs. Contributions-in-
kind, such as asset injections and share allocations of
approximately CNY4.6 billion were made in 2017 to generate yield
from operation. Fitch expects government support to continue due
to the entity's public role and the importance of its
infrastructure investments.

'Moderate' Socio-Political Implications of Default: TCIG invests
in local infrastructure projects and promotes economic development
pursuant to the government's development plan. A default by the
company would disrupt project investment due to its dominant
position in public-works investment. However, it would not
necessarily lead to a significant discontinuation of service
provision, as its business functions are performed by
subsidiaries, which could continue to function despite its
financial distress.

'Very Strong' Financial Implications of Default: TCIG is a proxy
financing agency for the local government and Fitch expects that
financing for the sector would be significantly hampered if it
were to default. Most of the entity's debt is associated with
public-work projects, which implies a sufficient incentive for the
government to avoid TCIG's default. In addition, various financial
institutions are involved in the entity's financing, including
policy and commercial banks, which would intensify the ripple
effect of a default

High Leverage Constrains Standalone Profile: The entity is
consistently awarded public works from the local government and
Fitch does not expect this to significantly decrease in light of
the entity's dominant status in the sector. However, its
standalone credit profile is constrained by high leverage under
Fitch's Rating Criteria for Public-Sector, Revenue-Supported Debt,
which Fitch assesses as being in the 'B' category.

Continuous public-works investment weighed on total debt, which
increased by 6% yoy in 2017 and saw net debt/EBITDA deteriorate to
12.3x in 2017, from 10.3x in 2016. Fitch expects EBITDA to
gradually improve, given the projects in the pipeline and stable
margin under TCIG's contractual framework, but leverage is likely
to remain high. The entity's gearing ratio, as measured by net
debt/equity, increased to 0.3x in 2017, yet remained in the
historical range of 0.2x-0.4x during 2013-2016.

RATING SENSITIVITIES

A downgrade may result from a significant weakening of its
assessment of the socio-political or financial implications of a
TCIG default or of the municipality's support record as well as a
dilution of the government's shareholding.



================
H O N G  K O N G
================


NOBLE GROUP: Energy Trading Loss Shows Challenge Facing Rebirth
--------------------------------------------------------
Ranjeetha Pakiam and Jack Farchy at Bloomberg News report that
Noble Group Ltd.'s earnings were salvaged by a surge in alumina
prices but its core coal trading business struggled to make money
in the third quarter, highlighting the challenge the company faces
as it emerges from a marathon debt restructuring.

Bloomberg says the company is pinning its hopes on Asia-focused
coal, alumina and liquefied natural gas trading businesses to help
it make money once the restructuring is completed this month.

According to Bloomberg, Noble reported a third-quarter operating
loss from supply chains of $12 million in its energy unit, which
includes thermal coal and LNG trading. Paul Jackaman, Noble's
chief financial officer, told investors on a call that the company
had lost money trading LNG, and that its thermal coal business had
an operating result of "pretty much" zero for the quarter,
Bloomberg says.

Bloomberg relates that Mr. Jackaman highlighted the company's
limited access to credit, the lifeblood of commodity traders,
which has restricted its ability to carry out transactions and
limited its ability to hedge prices. When the restructuring goes
through, Noble Group will have access to fresh trade-finance
facilities.

"The loss in the energy segment is almost entirely due to LNG, we
had a couple of cargoes -- as you know, they're pretty big cargoes
-- we found ourselves on the wrong side of those," Mr. Jackaman
said. The transactions were unhedged, Bloomberg quotes Mr.
Jackaman as saying.

There was an overall net loss of $99 million in the third quarter,
in line with the company's warning last month. The Singapore-
listed company has reported several billions of dollars in losses
in the last several years, selling assets and sparring with
critics over the integrity of its accounts, Bloomberg says.

Bloomberg relates that the $3.5 billion debt restructuring will
hand control of the company to its creditors, led by hedge funds
Taconic Capital Advisors, Varde Partners and Owl Creek Asset
Management. The rescue, which has been backed by creditors and
existing shareholders, is scheduled to be completed Nov. 26, Noble
said Tuesday.

Third-quarter revenue fell to $1.21 billion, from $1.41 billion a
year earlier, while volumes sank to 12.5 million metric tons, from
16.9 million, Bloomberg discloses. Restructuring costs totaled
$32.8 million, on top of the $114 million already spent in the
first half.

As a whole, operating profit from supply chains was $49.2 million
in the third quarter, with results bolstered by its metals
business, including a "solid" performance from the Jamalco alumina
refinery in Jamaica, adds Bloomberg.

                         About Noble Group

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court will conduct the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.


VISTRA GROUP: S&P Affirms B Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings Services affirmed its 'B' long-term issuer
credit rating on Hong Kong-based business services provider Vistra
Group Holdings (BVI) I Ltd. The outlook is stable.

S&P said, "We also affirmed our 'B' long-term issue rating and '3'
recovery rating on the company's senior secured first-lien credit
facilities. The facilities consist of a US$75 million equivalent
revolving credit facility (RCF) due 2020 and a US$1,160 million
equivalent term loan due 2022, after the proposed upsizing. We
expect a recovery of around 55% on first-lien debt in the event of
default.

"At the same time, we affirmed our 'CCC+' long-term issue rating
and '6' recovery rating on the company's US$196 million equivalent
second-lien term loans due 2023, pro forma for the additional
debt. We do not expect any recovery on the second-lien debt in the
event of default.

"We affirmed our rating on Vistra because we do not expect a
proposed dividend distribution funded through debt issuance to
significantly alter the company's credit quality. While the
additional debt will add to leverage, the company is likely to
maintain adequate liquidity and interest coverage levels.
Furthermore, we do not think Vistra's underlying business risks
are materially changed by the transaction."

Vistra proposes to issue US$222 million through add-ons to its
Euro-denominated first- and second-lien term loans. The company
will use the proceeds to fund the distribution to shareholders and
cover transaction fees.

S&P said, "We expect Vistra to continue to focus on organic growth
and efficiency initiatives over the next 12 months. The company
has identified a number of initiatives across six work streams,
which it believes will drive revenue growth and improve margins.
We also anticipate that Vistra will be able to execute on
synergies with its latest acquisitions, including Radius, Deutsche
Bank Corporate Services, and Canyon. Vistra will likely continue
to pursue opportunistic acquisitions, but we expect them to be
smaller than recent transactions as management focuses on internal
initiatives.

"The stable outlook on Vistra reflects our view that the company
will execute its organic growth and cost-saving initiatives while
maintaining a stable liquidity position over the next 12 months.
We expect Vistra's EBITDA interest coverage to be close to 2.25x
over this period.

"We could lower the rating if Vistra cannot achieve its internal
objectives because of unsupportive market conditions. This would
cause lower operating cash flows due to a decline in margins or
lower cash conversion, growing leverage, and eroding interest
coverage. The EBITDA cash interest coverage falling below 2.0x
without potential for recovery could trigger a downgrade."

A higher rating could result from steady debt reduction, such that
the ratio of funds from operations to debt is sustainably at 13%-
17% and EBITDA cash interest coverage is more than 3.0x. This
would necessitate a shift to a financial policy of maintaining
lower leverage.



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3B BINANI: CARE Lowers Rating on INR1569.27cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
3B Binani Glassfibre SARL, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank     1569.27      CARE D Revised from CARE BB;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating of 3B Binani Glassfibre SARL factors in
the delay in debt servicing. The liquidity profile of the group
continues to be under stress.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: As per the management
interaction, there has been continuous delay in payment of
quarterly Interest. As per the management, company has not paid
interest component since the bank has filed case in NCLT against
its guarantor, i.e. Binani cement Ltd for an amount equivalent to
outstanding bank loan of 3B Binani Glasfiber SARL plus one advance
interest installment.

3B Binani Glassfibre Sarl (3B Binani) part of Braj Binani group,
is Europe's leading manufacturer of fibreglass for reinforcement
of thermoplastics and thermoset polymer applications and is a
preferred supplier for companies in the automotive and wind energy
sectors. Over 90% of 3B Binani's customers are based in Europe. 3B
Binani is a holding company. The group has three manufacturing
facilities:

a) At Battice (Belgium) - in the books of 3B Fibreglass SPRL

b) At Birkeland (Norway) - housed in the books of 3B Fibreglass
   Norway

c) At Goa (India) - in the books of Goa Glass Fibre Ltd.; acquired
   in 2013

3B Binani's product portfolio comprises dry use chopped strands,
continuous filament mats, direct rovings, speciality wet-use
shopped strands, milled fibres and yarns.


ASSET ENGINEERS: CRISIL Assigns B+ Rating to INR3.76cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Asset Engineers Private Limited (AEPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan            3.76       CRISIL B+/Stable (Assigned)

   Proposed Working
   Capital Facility     1.32       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility   2.92       CRISIL B+/Stable (Assigned)

   Bank Guarantee        .5        CRISIL A4 (Assigned)

   Cash Credit          1          CRISIL B+/Stable (Assigned)

The ratings reflect the company's modest scale of operations,
large working capital requirement, and average financial risk
profile because of high gearing. These weaknesses are partially
offset by the extensive experience of its promoters in automobile
industry established customer relationship and moderate operating
margins.

Analytical Approach

CRISIL has treated unsecured loans of the INR1.02 crore extended
by the promoters as on March 31, 2018, has been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale and working capital intensive operations: With
turnover of INR5.33 crore in fiscal 2018, scale remains small.
Further gross current assets were at 222 days as on March 31,
2018, driven by higher inventory level of 117 days and moderate
debtors of 88 days as on March 2018.  Operations are expected to
remain working capital intensive over the medium term

* Average financial risk profile: Networth was small and gearing
is high at INR1.72 crore and 2.05 times, respectively, as on
March 31, 2018. Further company may avail additional machinery
loan which will further leverage the capital structure hence
Financial risk management is monitorable over a medium term.
However, debt protection metrics is moderate with interest
coverage and net cash accrual to total debt ratios of 3.17 times
and 0.23 time, respectively, for fiscal 2018.

Strengths:

* Extensive experience of promoter and their funding support
Presence of around 15 years in the fabrication and casting
industry has enabled the promoters to establish strong
relationship with clients. Further company also benefits from
funding support from the promoters in the form of unsecured loan
i.e. INR1.02 cr as on March 2018

* Moderate Profitability: profitability is moderate with operating
margin of 21.1% in fiscal 2018, further addition in capacity will
help AEPL to reduce its operating cost and improve profitability
in the near term.

Outlook: Stable

CRISIL believes AEPL will continue to benefit from its promoters'
extensive experience and established customer relationship. The
outlook may be revised to 'Positive' in case of a significant and
sustained ramp-up in operations, while improving working capital
cycle and capital structure. The outlook may be revised to
'Negative' if slowdown in revenue growth, stretch in working
capital cycle, or higher-than-expected debt-funded capital
expenditure affects financial risk profile.

Incorporated in 2005 in Bhosari, Maharashtra, and Promoted by Mr.
Sahebrod Mande, AEPL undertakes projects of manufacturing
customized surface paint machineries majorly for automobile OEMs.
Company also does jobwork activity of laser cutting, stamping.


B G ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B G Roadlines'
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:

-- INR14.30 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR45.67 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR1.00 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. 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, B G Roadlines is a subsidiary of the Gujral
Group of companies, which are engaged in the transportation and
hotel businesses. 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.


B.J. GRAINS: CARE Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CARE had, vide its press release dated August 22, 2018, placed the
rating of B.J. Grains (BJG) under the 'issuer non-cooperating'
category as BJG had failed to provide information for monitoring
of the rating. BJG continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated October 29, 2018. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information, which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       6.00      CARE D; Issuer not cooperating;
   Facilities                     based on best available
                                  information

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

The rating takes into account the continuous delays in servicing
of debt service obligations availed by the firm.

Detailed Description of the Key Rating Drivers

At the time of last rating on August 22, 2017, the following was
the rating weakness:

Key Rating Weaknesses

Delay in debt servicing obligations: As per banker interaction,
there are continuous delays in interest payment and overdrawals in
cash credit facility and the account has been classified as NPA.

Established in October 2015, as a proprietorship entity, BJG is
engaged in trading of grains and pulses. The firm started its
commercial operations from February 2016. BJG procures the raw
material primarily from domesticmarket, partly through various
brokers, processing mills and partly from farmers present in the
vicinity of Nagpur and adjoining region.


BINANI CEMENT: NCLAT Approves UltraTech's INR7,900 crore Offer
--------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Nov. 14 approved the revised bid of Aditya
Birla group firm UltratTech Cement for debt-ridden Binani Cement.

Livemint.com relates that a two-member bench of NCLAT, headed by
chairman Justice S J Mukhopadhaya, approved UltraTech's resolution
plan and said the plan submitted by rival Dalmia Bharat group firm
Rajputana Properties was "discriminatory" against some financial
creditors.

Earlier on July 2, the Supreme Court had transferred all matters
related to corporate insolvency resolution process of Binani
Cement to the appellate tribunal from the National Company Law
Tribunal, Kolkata, Livemint.com recalls.

The report relates that the apex court had directed NCLAT to hear
the case on a day-to-day basis.

According to Livemint.com, Rajputana Properties had moved the
Supreme Court against a decision by the lenders of Binani Cement
to consider the revised resolution plan submitted by UltraTech.
The committee of creditors had also asked Rajputana Properties to
revise its offer of INR6,930 crore.

UltraTech Cement's revised offer was at INR7,900 crore, against
its earlier bid of INR7,200 crore. UltraTech Cement was earlier
the second-highest bidder and had come up with an improved offer,
backed by the promoters of Binani Cement, the report notes.

                       About Binani Cement

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.

On July 25, 2017, the Kolkota bench of the National Company Law
Tribunal (NCLT) admitted an insolvency petition against Binani
Cement.

Bank of Baroda (BoB) had referred Binani to the bankruptcy court
after it failed to repay a sum of INR97 crore. BoB has appointed
Vijaykumar V Iyer of Deloitte India as the interim resolution
professional (IRP) to oversee the insolvency process.

The company owes around INR6,500 crore to a consortium lenders.


G P COTTFAB: CARE Lowers Rating on INR19.62cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
G P Cottfab Private Limited (GPCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      19.62      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-: Stable
                                  on the basis of best available
                                  information

   Short-term Bank      0.25      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE A4 On the
                                  Basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

GPCPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on GPCPL's bank facilities will now be
denoted as CARE D/CARE D: ISSUER NOT COOPERATING.

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

The ratings continue to take into account on-going delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating on March 8, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weakness

Irregularities in Debt Servicing: As per conversation with Banker,
there are on-going delays in debt servicing.

G.P. Cottfab Private Limited (GPCPL) was incorporated as a private
limited company in August 2014 by Mr. Yogendra Soni and Mrs Suman
Soni. GPCPL is engaged in the business of manufacturing of grey
Fabrics. The manufacturing unit of the company is located at
Bhilwara (Rajasthan) with installed capacity of 51.25 lakh meters
per annum (LMPA) grey fabrics as on March 31, 2017. The company
has total 69 looms in total as on March 2017. It uses PV and man-
made cotton yarn as raw material which they procure from Gujarat,
Madhya Pradesh and Rajasthan and from Southern India.


G. SHAJI: CRISIL Assigns 'B' Rating to INR4.70cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of G. Shaji.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Standby Line
   of Credit             .56        CRISIL B/Stable (Assigned)

   Bank Guarantee       1.00        CRISIL A4 (Assigned)

   Cash Credit          4.70        CRISIL B/Stable (Assigned)

The ratings reflect working capital-intensive operations and
average financial risk profile. These weaknesses are partially
offset by extensive experience of the promoters in the road, Civil
Works industry and their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are expected to be
highly working capital-intensive on account of high inventory and
receivable days.

* Below average financial risk profile: The networth was moderate
at INR0.98 crore while gearing was at 2.57 times estimated as on
March 31, 2018. Moderately high debt levels and moderate
profitability have resulted in modest debt protection metrics as
the company has reported interest coverage and net cash accruals
to total debt ratio of 2.1 times and 0.09 times as respectively
for fiscal 2018.

Strengths

* Proprietor's extensive experience in -industry: The promoters
have been in the civil works industry for decade and have
developed deep understanding of the dynamics of the local market.
The extensive experience of promoter will help company in bringing
significant business linkage over and above the financial support.

Outlook: Stable

CRISIL believes that G. Shaji will benefit from its proprietor's
extensive industry experience.  The outlook may be revised to
'Positive' in case the company reports higher revenue growth while
maintain its profitability, leading to better cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
company's financial risk profile, particularly capital structure
and liquidity, weakens considerably due to lower than expected
sales or lower profitably leading to lower cash accruals or
stretch in working capital cycle leading to weaken its liquidity.

G. Shaji is promoted by Mr. Shaji. The firm is engaged in Road
construction and civil works through contract by PWD in the state
of Kerala.


GNR COTTON: CARE Assigns 'B+' Rating to INR8cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of GNR
Cotton Corporation (GCC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of GCC are tempered by
modest scale of operations with fluctuating total operating income
during the review period, fluctuating profitability margins during
the review period, leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of business,
highly fragmented industry and seasonal nature of business along
with constitution of the entity as a partnership firm with
inherent risk of withdrawal of capital. The rating, however,
derives strength from long track record and experience of the
promoters for more than two decades in textile industry, location
advantage and stable outlook of textile industry.

Going forward, ability of the firm to increase its scale of
operations, improve profitability margins in competitive
environment, manage working capital requirements efficiently, and
improve the capital structure and debt coverage indicators and
ability of the firm to collect the payments in timely manner from
its customers would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with fluctuating total operating
income during the review period: The firm has a track record of
around nineteen years; however, the total operating income (TOI)
of the firm remained moderate at INR98.29 crore in FY18 with a low
net worth base of INR5.41 crore as on March 31, 2018 as compared
to other peers in the industry. The total operating income (TOI)
has decreased from INR91.37 crore in FY16 to INR57.76 crore in
FY17 due to decrease in sale of cotton kappas at the back of
decrease in availability of cotton in market in FY17. However, the
total operating income increased to INR98.29 crore in FY18 due
increase in trading of cotton lint.

Fluctuating profitability margins during the review period: The
PBILDT margins of the firm are seen fluctuating during the review
period. In FY17, majority of the turnover constitute sale of
cotton lint processed (cotton ginned and pressed by outside firm)
by the firm in which margins are relative higher than purely
trading of cotton lint and further the prices of cotton lint
increased in FY17. Due to the above mentioned reason, the PBILDT
margin has increased from 1.85% in FY16 to 4.46% in FY17. However,
in FY18 the entire turnover of cotton lint sold is purchased from
dealers since the firm did not do processing of cotton at other
firms. Due to this, the PBILDT margin reduced to 2.44% in FY18.The
PAT margin of the firm increased from 0.19% in FY16 to 0.51% in
FY17 due increase in PBILDT levels in absolute terms. However, it
decreased to 0.27% in FY18 due to decrease in PBILDT levels.

Leveraged capital structure and weak debt coverage indicators
during review period: The capital structure of the firm stood
leveraged during the review period. However, the overall gearing
ratio has improved from 11.28x as on March 31, 2016 to 4.38x as on
March 31, 2018 due to decrease in debt levels due to decrease in
availing of key loans year on year coupled with increase in
networth of the firm on account of accretion of profit coupled
with infusion of capital by partners. The debt coverage indicators
of the firm stood weak during the review period. The total
debt/GCA improved from 263.02x in FY16 to 86.87x in FY18 due to
decrease in decrease in debt levels. The PBILDT interest coverage
ratio stood weak at 1.20x in FY18, still remained weak.

Working capital intensive nature of business:  The operating cycle
of the firm stood between (100-260 days) during review period due
to high collection period. The firm receives the payment from its
customers within 1-120 days from the date of invoice. Further, the
firm makes the payment to its suppliers within 1-45 days from the
date of invoice. The average collection period in FY18 stood high
since the firm has receivables from related parties. The average
utilization of CC facility was 90% for the last 12 months ended
September 30, 2018.

Highly fragmented industry and seasonal nature of business: The
textile industry is highly fragmented in nature with several
organized and unorganized players. Prices of raw cotton are highly
volatile in nature and depend upon the factors like area under
cultivation, crop yield, international demand-supply scenario,
export quota decided by the government and inventory carry forward
of the previous year. Cotton traders procure materials in bulk
quantities to avail discount from suppliers to mitigate the
seasonality associated with availability of cotton resulting in
higher inventory holding period. Further, the profitability
margins of the firm are susceptible to fluctuation in raw material
prices.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: GCC, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. The partners infused capital to
the tune of INR0.32 crore and INR0.26 crore in FY17 & FY18
respectively.

Key Rating Strengths

Long track record and experience of the promoters for more than
two decades in textile industry: GNR Cotton Corporation (GCC) was
established by Mr. G. Poornachandra Rao and Mr. G. Venkateswara
Rao as a partnership firm year 1999. Mr. G. Poornachandra Rao is
graduate by qualification and has more than two decades of
experience in textile industry. Mr. G. Venkateswara Rao is
qualified graduate and has more than 2 decades of experience
in textile industry. Over the years, the promoters have
established long term relationship with the clientele helping them
in getting repeated orders.

Location advantage: GCC is located in Guntur, Andhra Pradesh,
where availability of raw material (Cotton) is abundant. The firm
procures majority of raw material (lint) from traders located in
and around Guntur. The firm, therefore, enjoys proximity to the
cotton producing belt of Andhra Pradesh which results in ease of
access to raw material and savings on logistics cost.

Stable outlook of textile industry: The future for the Indian
textile industry looks promising, buoyed by both strong domestic
consumption as well as export demand. With consumerism and
disposable income on the rise, the retail sector has experienced a
rapid growth. The Government of India has started promotion of its
'India Handloom' initiative on social media like Facebook, Twitter
and Instagram with a view to connect with customers, especially
youth, in order to promote high quality handloom products. The
Revised Restructured Technology Up gradation Fund Scheme (RRTUFS)
covers manufacturing of major machinery for technical textiles for
5 per cent interest reimbursement and 10 per cent capital subsidy
in addition to 5 per cent interest reimbursement also provided to
the specified technical textile machinery under RRTUFS.

GNR Cotton Corporation (GCC) is an Andhra Pradesh based firm,
which was established in 1999 by Mr. G. Poornachandra Rao and Mr.
G. Venkateswara Rao. The firm is engaged in trading of cotton
kappas, cotton lint and cotton seeds. The firm purchases cotton
kappas from the farmers in Andhra Pradesh, Maharashtra and
Telangana and the ginning and pressing activity would be held at
other firms in Guntur. The firm also purchases cotton lint from
local traders. The firm has customer base in Andhra Pradesh,
Telangana and Tamil Nadu, West Bengal, Haryana, Punjab and Uttar
Pradesh.


HOTEL ROYAL: CARE Assigns 'B' Rating to INR9cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hotel
Royal Potala (HRP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HRP is constrained
by its constitution as a proprietorship entity, project
implementation risk, competition from other players in the
industry, and seasonality associated with hotel industry. The
aforesaid constraints are partially offset by its experienced
management, strategic locational advantage of the hotel and high
growth prospects of the industry. The ability of the firm to
complete the project without any cost & time overrun, ability to
achieve the projected scale of operations and profitability as
envisaged and ability to manage working capital effectively would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Constitution as a proprietorship entity: Hotel Royal Potala, being
a proprietorship entity, is exposed to inherent risk of the
proprietor capital being withdrawn at time of personal contingency
and entity being dissolved upon the death/insolvency of the
proprietor. Furthermore, proprietorship entities have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.

Project implementation risk: Mr. Thupten Thimmey Bhutia is setting
up a modern and luxury hotel under the name "Hotel Royal Potala"
in Tadong, East Sikkim. The hotel has proposed to provide services
like multi-cusine restaurant and swimming pool room among others.
The hotel is expected to comprise of 52 rooms consisting of 10
double rooms (deluxe) and 42 double rooms (standard). The total
cost of the project is INR14.83 crore and the same is funded
through promoters contribution of INR5.83 crore and term loan of
INR9.00 crore. The project is expected to be completed by March
2020 and the commercial operations are expected to start from
April 2020. The firm has already invested INR3.50 crore towards
land & site development, building, civil works etc. till August
31, 2018 which is met through promoter's contribution. The
financial closure of the aforesaid term loan from the bank is yet
to be achieved.  The ability of the firm to complete the project
without any cost or time over run will remain critical from the
credit risk perspective.

Competition from other players in the industry: The company faces
competition from a number of small and medium players since it is
located in a tourist destination. Though there are other regional
players offering services, HRP is expected to withstand in the
market through its satisfactory experience of the proprietor.

Seasonality associated with hotel industry: The demand for hotel
and hospitality sector has direct relation to the overall health
of economy. The hotel industry in the hilly areas normally
experiences high demand during March to June month, mainly on
account of summer vacations and from October to November mainly on
account of festive vacations all over India. The hotels in and
around North Bengal and Gangtok face lean season from the period
July to September mainly on account of offset of monsoon and the
areas become susceptible to landslide which makes it further
vulnerable for on-boarders for travelling. However, this trend is
seeing a change over the recent few years. Hotels have introduced
various offerings to improve performance (occupancy) during the
lean months. These include targeting the conferencing segment and
offering lucrative packages during the lean period.

Key Rating Strengths

Experienced management

Mr. Thupten Thimmey Bhutia (aged 53 years) has over two decades of
experience in different business like readymade garment sale and
civil construction. Apart from that, he is also into hotel and
restaurant business for the last one decade in Sikkim. He is
proposed to look after the overall management of the firm, with
adequate support from a team of experienced personnel.

Strategic locational advantage of the hotel: Hotel Royal Potala
was proposed to be set up in Tadong district of East Sikkim. The
proposed site has 7000 sq.ft of land and is located besides
national highway 31 A (which connects Sevoke to Gangtok), and well
connected through North-East Frontier Railway with nearest railway
station being Jalpaiguri. The site is also well connected through
airways with the nearest airport being Bagdogra (which is 125 Kms
from Gangtok). Furthermore, Tadong will be more easily accessible
through airway with the opening of new airport at Pakyong (which
is 35 kms from Gangtok) by September 2018. Moreover, Gangtok and
the whole of North Bengal being one of the prime tourist
destination for the people all over India, the occupancy rate is
expected to remain adequate all through the year. Furthermore,
with tourism being the main source of livelihood in the North
Bengal, the cheap labour is also available in abundant.

High growth prospects of the industry: The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. The Government of India
is working to achieve 1 per cent share in world's international
tourist arrivals by 2020 and 2 per cent share by 2025. Sikkim
Government has given the priority to tourism industries in the
state with several privileges. On routine basis government
agencies have being conducting the tourism development progrommes.
Sikkim is a one of the best favorable tourist destination in the
country. State Government is also providing best possible support
to the potential investor in hospitality industries. Moreover,
Sikkim is the only state where casino license is being granted by
the authorities. Sikkim will be the most sought after destination
with its natural beauty, peace and entertainment avenues like
casinos. Moreover, Sikkim being a land of mountains with various
attractive places to visit makes it a main tourist attraction for
the tourist over the years. Furthermore, proprietor being a
Sikkimese, is exempted under section 10(26AAA) of the Income Tax
Act, 1961, to file income tax return.

Mr. Thupten Thimmey Bhutia is setting up a modern and luxury hotel
under the name "Hotel Royal potala" in Tadong, East Sikkim. The
hotel has proposed to provide services like multi-cusine
restaurant and swimming pool room among others. The hotel is
expected to comprise of 52 rooms consisting of 10 double room
(deluxe) and 42 double room (standard). The total cost of the
project is INR14.83 crore and the same is funded by promoters
contribution of INR5.83 crore and term loan of INR9.00 crore. The
project is expected to be completed by March 2020 and the
commercial operations expected to start from April 2020. The firm
has already invested INR3.50 crore towards land & site
development, building, civil works etc. till August 31, 2018 which
is met through promoter's contribution. The financial closure of
the aforesaid term loan from the bank is yet to be achieved.

Mr. Thupten Thimmey Bhutia (aged 53 years) has over two decades of
experience in different business like readymade garment sale and
civil construction. Apart from that, he is also into hotel and
restaurant business for the last one decade in Sikkim. He is
proposed to look after the overall management of the firm, with
adequate support from a team of experienced personnel.


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

The instrument-wise rating actions are:

-- INR648 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating;

-- INR139.378 mil. Term loan due on September 2018 migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR260 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ispat Damodar was incorporated in 1996 by Mr. Ram Kishore Bansal.
The company manufactures ferro alloys, sponge iron and steel
billets.


JATSON POWER: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jatson Power
Private Limited's (JPPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR0.09 mil. (reduced from INR0.46 mil.) Term loan due on
    July 2019 affirmed with IND BB-/Stable rating;

-- INR47.5 mil. (increased from INR42.5 mil.) Fund-based working
    capital limits affirmed with IND BB/Stable rating; and

-- INR32.5 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects JPPL's continued small scale of
operations and moderate credit metrics. In FY18, the company's
revenue declined to INR175.40 million (FY17: INR196.47 million)
due to a decline in the product demand. Gross interest coverage
(operating EBITDA/gross interest expenses) was stable at 1.6x in
FY18 (FY17: 1.6x) while net leverage (adjusted net debt/EBITDA)
increased marginally to 4.5x (4.4x), due to an increase in debt.
EBITDA margin was modest with ROCE at 9% in FY18 (FY17: 9%) and
rose to around 7.6% (7.1%) due to a decline in raw material cost.

JPPL operates in a highly fragmented industry where it executes
projects related to assembling and installation of electrical
panel only. Moreover, the company had a small order size of
INR70.44 million as of September 2018, which provides low revenue
visibility.

Moreover, the liquidity profile of the company is moderate with
the utilization of its working capital limits being around 96.97%
during the 12 months ended September 2018.

However, the ratings are supported by JPPL's founder's experience
of over two decades in the electrical contract business.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue and improvement in the
credit metrics will be positive for the ratings.

Negative: Sustained deterioration in the overall credit metrics
may lead to a negative rating action.

COMPANY PROFILE

JPPL, formerly Jatson Industrial Services, was incorporated in
2004 as a private limited company in Vapi, Ahmedabad. The company
undertakes turnkey projects for electrical installations and
manufactures low-voltage electric panels.


JINDAL AGRO: CARE Lowers Rating on INR8.50cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal Agro Mills Private Limited (JAMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       8.50       CARE D Revised from CARE BB-;
   Facilities                      Stable

   Short-term Bank     37.00       CARE D Revised from CARE A4
   Facilities

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
JAMPL takes into account overutilization in the Cash Credit (CC)
limit, for more than 30 days, because of weak liquidity position
of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Overutilization in the CC limit: On account of tight liquidity
position of JAMPL, the CC limit availed by the company remained
overutilized for more than 30 days.

Key Rating Strengths

Experienced promoters: The company is currently operating with Mr
Rajinder Jindal as its Managing Director who holds an industry
experience of nearly four and a half decades. Other directors of
the company include his wife Mrs Usha Jindal and their son Mr Atul
Jindal holding an experience of thirty five years and seventeen
years respectively, in the industry.

Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of non-ferrous
metals at its single operating facility in Ludhiana, Punjab. In
FY17 (refers to the period April 01 to March 31), the company
derived majority of its income (about 65%) from the trading of
goods. Usha Impex (rated, 'CARE D'), is a group concern of JAMPL,
which is engaged in the trading of non-ferrous metals since 1998.


KARTHIK INDUCTION: CARE Lowers Rating on INR11cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karthik Induction limited (KIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       11.00      CARE D Revised from CARE B-;
   Facilities                      Stable

   Short term bank       7.75      CARE D Revised from CARE A4
   Facilities

Detailed Rationale & Key Rating Drivers

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

Detailed description of the key rating drivers

Key rating Weaknesses

Delay in debt servicing.

Due to stressed liquidity there have been delays in debt
servicing. Timely repayment is the key monitorable.

Karthik Induction Limited (KIL) was incorporated in the year 1994
by Mr. B. Raghvendra. The company was established in order to
support group operations by way of backward integration through
manufacturing of MS ingots and by products viz. runners and
risers. The company procures (sponge iron, pig iron and MS scarp)
required raw material from domestic market and has a manufacturing
plant (leased) in Kundaim, Goa. Group companies of KIL are Karthik
Alloys Limited, Rukminirama Steel Rolling Private Limited and
Rukminirama Ferro Alloys & Power Limited (RFAPL). Furthermore,
Rukminirama Steel Rolling Private Limited is engaged into
manufacturing of MS Ingots and rolled products such as TMT bars,
squares, angels and channels. KIL is the backward integration of
the group in the steel manufacturing value chain and supplies
majority of its production to group companies engaged in
manufacturing of TMT bars, structured steel and steel rolled bars.


KASHIPUR SITARGANJ: Ind-Ra Affirms 'D' Rating on INR4.22BB Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kashipur
Sitarganj Highways Pvt Ltd.'s bank loan 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 action is:

-- INR4.220 bil. Senior long-term rupee loans (long-term) due on
    March 2029 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
Kashipur Sitarganj Highways during the 12 months ended October
2018.

RATING SENSITIVITIES

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

COMPANY PROFILE

Kashipur Sitarganj Highways is a special purpose vehicle that was
incorporated to implement a 77.2km lane expansion project (two to
four lanes) between Kashipur and Sitarganj in Uttarakhand on NH
74, under a 21-year concession from National Highways Authority of
India ('IND AAA'/Stable). The estimated project cost of INR7,574.1
million is being funded by a term loan of INR4,220 million, a
sponsor contribution of INR1,124.1 million and a grant of INR2,230
million by the concessioner.


MONGA IRON: CRISIL Lowers Rating on INR12cr Loans to D
------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Monga Iron
& Steel Pvt. Ltd. (MISPL) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B-/Stable Issuer Not Cooperating' as account has been
classified as NPA.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL B-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    6         CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded from
                                   'CRISIL B-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with MISPL for obtaining
information through letters and emails dated July 10, 2017 and
August 8, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name
in 2008. The company trades in stainless steel products. Its
registered office is in New Delhi.


MSS INFRACON: CARE Reaffirms B+ Rating on INR55cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
MSS Infracon Private Limited (MSS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          55.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating reaffirmation for the bank facilities of MSS is
constrained on account of its weak financial risk profile,
excessive dependence on customer advances for the execution of the
project, maiden project of the entity and inherent risk associated
with the real estate sector. The rating, however, derives strength
from long track record of the promoters and experienced management
team and availability of major approvals for the project.

Ability of the company to maintain the sales momentum and timely
recovery of sales receipts/advances from the customers and timely
execution of the project within envisaged cost remain the key
rating sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Strengths

Long track record of promoters' in real estate sector and
experienced management team: MSS Infracon Private Limited (MSS)
was incorporated in February 2015 and was promoted by Mr. Manoj
Agrawal who is at present the director of the company and holds
19% equity shares in the company. He has over two decades of
experience in real estate sector. Mr. JP Jain (Chairman) has over
three decades of experience in real estate sector. He is also one
of the founder trustees of Roorkee Engineering and Management
Technology Institute, Shamli Uttar Pradesh. Mr. Abhishek Jain
(Director-Finance) who has over two decades of experience in the
field of Finance and Accounting is responsible for managing
financial operations of the company. He is a Chartered Accountant
and before joining MSS, he was practicing with CA firm M/s S.P
Jain & Company. The Management of MSS is supported by a team of
experienced & qualified professionals who are involved in day to
day operations of the company.

Major approvals in place All the major requisite approvals for the
project 'Bliss Homes and Bliss Square' from relevant authorities
are in place. Building plan has been approved by Ghaziabad
Development Authority (GDA).

Key Rating Weaknesses

Maiden venture of the entity in competitive real estate sector:
MSS was incorporated in February 2015 and is currently developing
its maiden project- Bliss Homes and Bliss Square. The entity is
relatively new in the field of real estate development and this
lack of track record is considered as a critical factor for the
successful implementation of real estate development.

Weak financial risk profile: The financial profile of MSS is
marked by low profitability, high gearing and low coverage
indicators. Profit before tax for FY18 remained low at
INR0.02crore (for FY17 INR0.01cr). GCA is also maintained at
INR0.15 crore in FY 18 (INR0.14 crore in FY 17). Tangible net
worth stood at INR1.04 crore as on March 31, 2018(INR1.02 crore as
on March 31, 2017).

Excessive dependence on customer advances for the execution of the
project: MSS has shown excessive dependence on customer advances
as a means of finance for project ('Bliss Homes and Bliss Square')
execution. Excessive dependence on customer advances for project
execution might impact the schedule of the project if the advances
are not timely received.

MSS Infracon Private Limited (MSS) was incorporated in February
2015. MSS belongs to JSP group which is engaged in real estate
development and construction of residential group housing projects
from the past 25 years through various group companies and Joint
Ventures (JVs). MSS is currently developing a mixed use
residential cum commercial project namely "BLISS
HOMES"(Residential space) & "BLISS SQUARE"(Commecial space) in two
phases involving development of 5.93 lakh square feet of saleable
area comprising of 331 flats and 298 shops with a projected cost
of INR274.73 crore.


N.V. KHAROTE: CARE Assigns 'D' Ratings to INR13.83cr Loans
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of N.V.
Kharote Constructions Private Limited (NVKCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE D Assigned

   Short-term Bank
   Facilities           7.83       CARE D Assigned

Detailed Rationale & Key rating drivers

The rating assigned to the bank facilities of NVKCPL factors in
the ongoing delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligations: As per banker interaction
and as reflected in the bank statements, there are continuous
overdrawals in the cash credit facility for more than 90 days and
the account have been classified as NPA.

The same was on account of delay in receiving payments from the
customers, resulting in stretched liquidity position of the
company.

Pune (Maharashtra) based NVKCPL, incorporated in 1997 was promoted
by Mr. Ratnakar Narhar Kharote and Mr. Sanjay Narhar Kharote. The
company is engaged in construction of canals and other irrigation
projects for various government departments like Water Resources
Department and Municipal Corporations. NVKCPL is a registered
government contractor {Class- I-A (Without Limit)} with Public
Works Department.


NAGOORAR ENTERPRISES: CRISIL Cuts Ratings on INR18.44cr Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nagoorar Enterprises (NE) to 'CRISIL D' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term    5.44     CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B/Stable')

   Term Loan             5        CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

The rating action follows the recent instances of delay in
servicing term debt obligations due to NE's weak liquidity. The
same is on account of inadequate accruals against repayment
obligations.

The rating also reflects NE's small scale of operations and weak
financial risk profile. These weaknesses are partly offset by the
extensive experience of the proprietor, and healthy relationships
with various stakeholders.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Intense competition in the scrap
  trading segment keeps scale of operation small with revenue of
  INR25 crore (estimated) in fiscal 2018.

* Weak financial risk profile: Networth was small and gearing high
  at INR6.32 crore and 3 times, respectively, estimated as on
  March 31, 2018. Debt protection metrics were also below average,
  as reflected in interest coverage ratio of 1.1 times for fiscal
  2018.

Strength

* Extensive experience of the proprietor: The three-decade-long
  experience of the proprietor and longstanding association with
  various stakeholders, should continue to support the business.

Set up in 1985, NE, a proprietorship firm of Mr N Shahul Hameed,
trades in scrap material such as mild steel, fly ash, and
firewood, sprint green and plastic scrap


NRI AGRITECH: CARE Assigns B+ Rating to INR12cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of NRI
Agritech Private Limited (NRIAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           12.00      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of NRIAPL are tempered
by small scale of operations with low networth base, fluctuating
profitability margins during the review period, leveraged capital
structure and weak debt coverage indicators, working Capital
intensive nature of business, seasonality associated with agro
commodities and presence in highly fragmented and government
regulated industry. The rating, however, derives strength from
Long track record and experienced promoters, growth in total
operating income during the review period and stable outlook of
seed processing industry.

Going forward, ability of the company to increase its scale of
operations, improve profitability margins in competitive
environment and manage working capital requirements efficiently,
improve the capital structure and debt coverage indicators would
be the key rating sensitivities.

Detailed Description of Key Rating Drivers

Key Rating Weaknesses

Small scale of operations with low networth base: The company has
a track record of around ten years; however, the total operating
income (TOI) of the company remained low at INR35.97 crore in FY18
(Prov.) with a low net worth base of INR2.24 crore as on March 31,
2018 (Prov.) as compared to other peers in the industry.

Fluctuating profitability margins during the review period: The
profitability margins of the company are seen flucutating during
the review period. The PBILDT margin decreased from 5.47% in FY15
to 4.55% in FY16 due to increase in price of seeds purchased from
farmers. However, it marginally increased to 4.84% in FY18 (Prov.)
due to reduction in marketing expenses and other overheads. The
company has thin PAT margins during the review period. The PAT
margin decreased from 0.13% in FY16 to 0.07% in FY17 due increase
in interest cost at the back of high utilisation of working
capital limits. However, the PAT margin has increased to 0.21% in
FY18 (Prov.) due increase in PBILDT level in absolute terms.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company stood leveraged during the review
period. The debt equity ratio deteriorated from 0.89x as on March
31, 2016 to 1.78x as on March 31, 2018 (Prov.) at the back of
increase in unsecured loans from directors. Due to aforementioned
reason, the overall gearing ratio has deteriorated from 3.33x as
on March 31, 2016 to 7.12x as on March 31, 2018 (Prov.).  The debt
coverage indicators of the company stood weak during the review
period. The total debt/GCA deteriorated from 101.18x in FY16 to
131.45x in FY18 (Prov.) due to increase in debt levels. The PBILDT
interest coverage ratio also stood weak at 1.09x in FY18 (Prov.)
due to increase in interest cost. The Total Debt/Cash flow from
operation stood at -37.28x as on March 31, 2018 (Prov.) due to
increase in total debt and increase in receivables and inventory
as on March 31, 2018 (Prov.).

Working capital intensive nature of business: The company operates
in working capital intensive nature of business. Therefore
operating cycle stood between (160-200 days) during review period
due to high inventory period. The company receives the payment
from its customers within 1- 90 days from the date of invoice.
Further, the company makes the payment to its suppliers within 2
months from the date of invoice. The average inventory period
during review period stood high since the company maintains high
inventory of seeds in the godowns during the Kharif and Rabi
seasons in order to meet the market demand. The average
utilization of CC facility was 95% for the last 12 months ended
September 30, 2018.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry: As the
company is engaged in the business of agriculture commodities, the
prices of agriculture commodities remained fluctuating and depend
on production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the company is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is highly fragmented and competitive in
nature as evident by the presence of numerous unorganized and few
organized players. The entry barriers in this industry are very
low on account of low capital investment and technological
requirement. Due to this, the players in the industry do not have
any pricing power. Further, the industry is characterized by high
degree of government control both in procurement and sales for
agriculture commodities. Government of India (GoI) decides the
Minimum Support Price (MSP) payable to farmers.

Key Rating Strengths

Long track record and experienced promoters: NRI Agritech Private
Limited (NRIAPL) was incorporated by Mr. A. Rajendra Prasad and
Mr. K. B. Nagendra Prasad as a Private Limited Company in the year
2008. Currently, the business operations are managed by Mr. A.
Rajendra Prasad (Managing Director) and Mrs. A. Madhavi
(Director). Mr. A. Rajendra Prasad who belongs to agriculture
based family, is a qualified graduate and has 20 years of
experience in seed processing industry. Mrs. A. Madhavi is a post
graduate by qualification and has 10 years of experience in seed
processing industry. Due to long term presence of promoters in the
market, they have established relations with its customers and
suppliers.

Growth in total operating income during the review period: The
total operating income of the company increased at Compounded
Annual Growth Rate (CAGR) of 45.03% i.e., from INR17.10 crore in
FY16 to INR35.97 crore in FY18 (Prov.) due to year on year
increase in volume/size of orders from existing customers coupled
with addition of new customers at the back of increase in number
of company's dealers from 150 in FY16 to 300 in FY18 (Prov.).
Furthermore, the company has achieved turnover of INR18 crore in
6M FY19 (Provisional).

Stable outlook of seed processing industry: The Indian seed market
has witnessed a major restructuring as a result of the
implementation of some progressive policies by the government.
Seed Development, 1988 and National Seed Policy, 2002 have helped
in strengthening the Indian seed industry in the areas of R&D,
product development, supply chain management and quality
assurance. Owing to this, India has emerged as the fifth largest
seed market across the globe. Moreover, the active participation
of both, public and private sectors has also played a vital role
in laying a strong foundation of the industry. This includes
launching initiatives to promote the use of hybrid seeds among the
farmers who had earlier used outmoded open pollinated varieties.
Some other growth-inducing forces, such as growth in income
levels, commercialization of agriculture, patent protection
systems and intellectual rights over plant varieties, have given a
great push to the market. Owing to these factors, the Indian seeds
market is further expected to grow at a CAGR of 14.3% during 2018-
2023, reaching a value of more than US$ 8 Billion by 2023.

Andhra Pradesh based, NRI Agritech Private Limited (NRIAPL) is a
Private Limited Company which was incorporated by Mr. A. Rajendra
Prasad and Mr. K. B. Nagendra Prasad in the year 2008. The company
is engaged in processing and marketing of seeds (Pulses, Maize,
Paddy and Chilly). Currently the business operations are managed
by Mr. A. Rajendra Prasad (Managing Director) and Mrs. A. Madhavi
(Director). The company has its own R&D Department which produces
basic seeds. The company sells the basic seeds to the farmers in
and around Guntur. The production department purchases seeds from
farmers and processes the seeds. After processing, the company
does labeling and packing. The company markets the products in the
name 'NRI Seeds' to the dealers located in Andhra Pradesh and
Telangana.


PARAMOUNT WHEELS: CRISIL Lowers Rating on INR40cr Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Paramount Wheels Private Limited (PWPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          20.75      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Drop Line
   Overdraft Facility    4.25      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Inventory Funding    15.00      CRISIL D (Downgraded from
   Facility                        'CRISIL BB-/Stable')

The rating action follows instances of delay in interest servicing
and overdrawal in cash credit 'EDFS account for more than 30 days
on account of high inventory levels leading to stretched liquidity
position.

The rating continues to reflect below average financial risk
profile marked modest networth and exposure to intense
competition. These weaknesses are partially offset by established
association with Maruti Suzuki India Limited (MSIL) and experience
of promoters in automotive (auto) dealership business.

Key Rating Drivers & Detailed Description

* Delay in interest servicing and overdrawn bank limit
utilisation: Significantly higher inventory levels has led to
stretched liquidity position, resulting in delay in interest
servicing and continued overdrawal in bank limits for more than 30
days. Interest amount for month of August 2018 and September 2018
was cleared in October 2018.

Weakness

* Below average financial risk profile: The financial flexibility
is constrained by modest networth of INR5.30 crore and below
average capital structure, reflected in the total outside
liabilities to adjusted networth ratio of 8.79 times as on March
31, 2017, due to large working capital debt. Interest coverage and
net cash accrual to adjusted debt ratios were average at 1.71
times and 0.08 time, respectively, in fiscal 2017.

* Exposure to intense competition: The principal, MSIL, faces
competitive pressures from other passenger vehicle manufacturers
such as Hyundai Motors India Ltd, Tata Motors Ltd and Mahindra &
Mahindra. The competition has compelled automakers to cut costs,
including reducing their commissions to dealers.

Strengths

* Established association with Maruti Suzuki India Limited (MSIL):
The company has healthy relationship of eight years with
principal, MSIL. This has enabled the company to expand in nearby
areas with extended outlets in the nearby sub-urban areas along
with new Nexa showroom commissioned in March 2017. PWPL is going
to open more sales outlets/showrooms and workshops in the nearby
areas, thus providing stable revenue visibility.

* Experience of promoters in automotive (auto) dealership
business: The promoters have been in the auto dealership for over
eight years. They entered into auto dealership in 2010, with
dealership of the MSIL. This helped them in establishing their
market position and has gaining expertise in auto dealership
business which is reflected in annual growth of 26% in sales of
over 3,000 vehicles. Also, this has enabled promoters to identify
growth opportunities reflected in 3 extension counters along with
four service centres apart from the main showroom.

PWPL, incorporated in 2010, was promoted by Mr Sanjeev Arora and
Mr Rajeev Arora. It is an authorised dealer of MSIL on Mira
Bhayandar road near Mumbai for passenger cars manufactured by
MSIL. It operates from four sales outlets located in Mira Road
(parent outlet), Wada (extended outlet) and Dahisar (true value
outlet) and has also commissioned a Nexa showroom in March 2017.
Along with the sales outlets, the company also has four service
outlets in Mira Road, Wada and Goregaon, one driving school outlet
in Mira Road. In addition to sale of vehicles and spare parts, the
company provides a diversified portfolio of value added services
including insurance, registration, trade finance and annual
maintenance contracts.


PRIYA LIMITED: Ind-Ra Lowers Rating on Short Term Loans to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Priya Limited's
bank facilities as follows:

-- INR210.00 mil. Fund-based post-shipment export finance credit
     facility (Short-term) downgraded with IND D rating; and

-- INR210.00 mil. Non-fund-based limits (Short-term) downgraded
     with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by the company due
to stressed liquidity position, resulting from high working
capital requirement.

RATING SENSITIVITIES

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

COMPANY PROFILE

Set up in 1986, Priya is engaged in the trading and distribution
of electronic products. The company is also involved in customer-
based software development.


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

-- INR10.50 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR56.26 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 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

R K Enterprise, incorporated in 2011, is engaged in the
transportation and hotel businesses.


RADHARAMAN COTGIN: CARE Assigns B+ Rating to INR9cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Radharaman Cotgin Private Limited (RCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RCPL is constrained
by its small scale of operations with low profitability margins,
susceptibility margins to raw material price fluctuation and
government regulations, risk associated with seasonality and
fragmented nature of industry, working capital intensive nature of
business and high leverage ratios with moderate debt coverage
indicators. However, the aforesaid constraints are partially
offset by its experienced promoters with moderate track record of
operation and locational advantage in terms of proximity to cotton
growing areas of Odisha. Ability to increase its scale of
operations with improvement in profit margins and ability to
manage working capital effectively are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation and low profitability margin: The scale
of operations of the company remained small marked by total
operating income of INR38.10 crore (INR16.47 crore in FY16) with a
net profit of INR0.32 crore (INR0.12 crore in FY16) and adequate
gross cash accruals of INR0.77 (INR0.65 crore in FY16) in FY17.
Further the total capital employed was also low at INR13.90 crore
as on March 31, 2017. The small size restricts the financial
flexibility of the company in times of stress and it suffers on
account of lack of economies of scale. Moreover, the company has
reported turnover of INR 32.00 crore in FY18. (Provisional).The
profitability margins of the company remained low marked by
operating profit margin of 5.33% with net profit of 0.84% in FY17.

Susceptibility of margins to raw material price fluctuation and
government regulations: The price of raw cotton in India is
regulated through function of minimum support price by the
government. The MSP of cotton was increased during the crop year
2018-19 to INR5450/quintal from INR4320/quintal in crop year 2017-
18. Furthermore, the price of raw cotton is highly volatile in
nature and depends upon factors like area under production,
yield for the year, international demand supply scenario, export
quota decided by government and inventory carry forward from
previous year. Hence, any adverse change in government policy that
is higher quota for any particular year, ban on the cotton or
cotton yarn export may negatively impact the prices of raw cotton
in domestic market and could result in lower profit realizations.

Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as the
sowing season is from March to July and the harvesting season is
spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As RCPL faces stiff competition from other
players operating in the same industry in same area, it results in
low bargaining power of RCPL against its customers.

Working capital intensive nature of business: The operations of
the entity remained working capital intensive marked by its high
operating cycle. As the raw material required is suspected to
seasonality in nature, the entity maintains adequate inventory of
raw materials for smooth running of its production process.
However, the entity receives credit of around one month from its
suppliers owing to its long presence in the industry which
mitigates its working capital intensity to a certain extent.
Accordingly, the average utilization of fund based limit remained
at around 90% during last 12 months ended in August 31, 2018.

High leverage ratios with moderate debt coverage indicators: The
capital structure of the company remained leveraged marked by
overall gearing ratio of4.68x as on March 31, 2017. Long term debt
equity ratio remained moderately high during the same period with
the same being 1.59x as on March 31, 2017. The debt coverage
indicators remained moderate with total debt to GCA at 14.85x in
FY17. The Interest coverage ratios remained satisfactory over the
last three financial years with the same being at 1.83x in FY17.

Key Rating Strengths

Experienced promoters with moderate track record of operation:
Mr. Adarsh Agarwal (aged about 36 years) having almost a decade of
experience in this similar line of business, looks after the day
to day operations of the company. He is supported by other
promoter Mr. Manoj Kumar Biswal along with a team of experienced
and qualified professionals who have an adequate experience in
cotton manufacturing industry. Further, the entity has completed
around six years of operation, thus, having a moderate track
record.

Locational advantage in terms of proximity to the cotton growing
areas of Odisha: The manufacturing facility of RCPL is located in
Balangir district of Orissa. Balangir district is one of the
largest cotton producing regions in Orissa. RCPL's presence in the
cotton producing region results in benefit derived from a lower
logistic expenditure (both transportation and storage), easy
availability and procurement of raw materials at effective prices.
Furthermore, the consistent demand for finished goods resulting in
a sustainable and clear revenue visibility for the
entities like RCPL.

Incorporated in December 2012, Radharaman Cotgin Private Limited
(RCPL) was promoted by Mr. Monoj Kumar Biswal and Mr. Adarsh
Agrawal. The company has been engaged in manufacturing of ginning
and pressing of cotton bales. The manufacturing facility of the
company is located at Belpada, Odisha with installed capacity of
2000 quintals per day. RCPL procures cotton from local farmers and
agents and sells its products were made through the wholesalers
and distributors located in Punjab, Haryana, Rajasthan, Delhi and
Kolkata. The company also undertakes job work for Cotton
Corporation of India (CCI) which accounted for about 6.25% of TOI
of FY18. Mr. Adarsh Agarwal (aged about 36 years) having almost a
decade of experience in this similar line of business, looks after
the day to day operations of the company. He is supported by other
promoter Mr. Manoj Kumar Biswal along with a team of experienced
and qualified professionals who have an adequate experience in
cotton manufacturing industry.


REGENT BEERS: Ind-Ra Ups LT Issuer Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Regent Beers &
Wines Ltd.'s (RBWL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR15.21 mil. (reduced from INR34 mil.) Long-term loans due
    on June 2019 upgraded with IND BB+/Stable rating;

-- INR110 mil. Fund-based limits upgraded with IND BB+/Stable
    rating; and

-- INR6 mil. Non-fund-based limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a significant improvement in RBWL's operating
margins since FY17 due to the start of a conversion business,
which has led to a decline in the cost of raw materials consumed
and manufacturing. The margin improved to 20.4% in FY17 (FY16:
12.4%) and further to 22.7% in FY18. FY18 financials are
provisional.

Consequently, the company's credit metrics have improved since
FY17 with interest coverage ratio (operating EBITDA/gross interest
expense) of 5.1x (FY16: 2.6x) and net leverage (net debt/operating
EBITDA) of 1.9x (3.2x). In FY18, the gross interest coverage ratio
was 6.3x and net leverage was 2.0x.

However, RBWL's scale of operations remains small and the revenue
is falling due to the initial stages of the conversion business.
Revenue declined to INR498 million in FY17 (FY16: INR545 million)
and further to INR458 million in FY18.

The ratings also factor in the company's tight liquidity position
as reflected by its maximum 99.6% utilization of the cash credit
limits on average during the 12 months ended September 2018.

The ratings also factor in over two decades of experience of
RBWL's promoters in the brewery business.

RATING SENSITIVITIES

Negative: A sustained decline in the overall credit metrics may
lead to a negative rating action.

Positive: A substantial improvement in the revenue along with
maintaining the credit profile, all on a sustained basis, could
lead to a positive rating action.

COMPANY PROFILE

RBWL was registered at Registrar of Companies Gwalior on October
7, 1997 and is categorized as company limited by shares. The
company manufactures beer at its 300,000 hectoliters per annum
brewery located in Maksi, Madhya Pradesh.

The company sells its products to the Madhya Pradesh Government.
It has ventured into the conversion business since FY17 with B9
Beverages Pvt Ltd.


RUKSH GARMENTS: CRISIL Migrates B- Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Ruksh
Garments Private Limited (RGPL) to 'CRISIL D/CRISIL D Issuer not
cooperating' and simultaneously migrated to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Packing Credit        2.5        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING' to 'CRISIL D
                                    ISSUER NOT COOPERATING' and
                                    Simultaneously Migrated to
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Fund-         .6        CRISIL B-/Stable (Migrated
   Based Bank Limits                from 'CRISIL B-/Stable
                                    ISSUER NOT COOPERATING' to
                                    'CRISIL D ISSUER NOT
                                    COOPERATING' and
                                    Simultaneously Migrated to
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

   Sales Bill           2. 0        CRISIL A4 (Migrated from
   Discounting                      'CRISIL A4 ISSUER NOT
                                    COOPERATING' to 'CRISIL D
                                    ISSUER NOT COOPERATING' and
                                    Simultaneously Migrated to
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan             4.9        CRISIL B-/Stable (Migrated
                                    from 'CRISIL B-/Stable
                                    ISSUER NOT COOPERATING' to
                                    'CRISIL D ISSUER NOT
                                    COOPERATING' and
                                    Simultaneously Migrated to
                                    'CRISIL B-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RGPL for obtaining
information through letters and emails dated January 24,2018,
March 7, 2018 and March 12,2018 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 Ruksh Garments Private Limited.
Which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Ruksh Garments Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of RGPL to 'CRISIL D/CRISIL D Issuer not cooperating'
and simultaneously migrated to 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating.

Migration of ratings to 'CRISIL D/CRISIL D Issuer not cooperating'
reflects delay in repayment of term loan by RGPL which was
regularized in April, 2018, and instances of Packing Credit and
Bill Discounting facilities remaining unpaid during December,
2017. Simultaneous migration of ratings to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating' respectively, reflects
the regular payments of the obligations since April, 2018.

RGPL, based in Kanpur (Uttar Pradesh), was set up in February 2014
by Mr Iftekhar Mohammad and Mr Mohammad Shahid. It manufactures
worker safety garments and horse riding clothes.


S K TIMBERS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long term
bank facilities of S K Timbers (SKT).

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

The rating reflects modest scale of operations, aggressive capital
structure and risk related to customer concentration. These
weaknesses are partially offset by the extensive industry
experience of its promoters in logistics business and adequate
debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in the intensely competitive segment:
Scale of operations is modest, with revenues of around INR43.5
crores during fiscal 2018, due to intense competition and limited
customers. Modest scale restricts bargaining power with customers,
which has led to stretch in debtors and low margin

* Aggressive capital structure: Financials risk profile is below
average with modest networth of around INR0.59 crores as on 31st
March 2018 with gearing being high at 7 times due to high capital
withdrawal in fiscal 2017 which has weaken the capital structure.

* Customer concentration risk: SKT generates majority revenues
from the TATA group, which leads to customer concentration risk,
despite long association of 3 decades. This makes it vulnerable to
vendor rationalization by customer and growth plans of the
customer.

Strengths:

* Extensive industry experience of its promoter's: Benefits from
the partners' decade-long experience in the industry and
established relationships with customers will continue to support
business. This coupled with various business segments has led to
steady growth in revenues to INR Xx crores in fiscal 2018 from INR
xx crores in fiscal 2015.

* Adequate debt protection metrics: Debt protection metrics is
adequate as reflected in its interest coverage of 3.3 times and
net cash accruals to total debt of around 0.15 times in fiscal
2018.

Outlook: Stable

CRISIL believes the SKT will continue to benefit from the
extensive experience of its partners, and established
relationships with clients. The outlook may be revised to
'Positive' if sustained increase in revenue and profitability with
efficient working capital cycle, or infusion of capital by
partners, leads to better financial risk profile. The outlook may
be revised to 'Negative' if decline in revenues and profitability
or stretch in working capital cycle or large debt-funded capital
expenditure weakens financial risk profile.

SKT is a partnership firm, established in 1996 in Jamshedpur by
Mr. Jazbeeuddin and family.  It provides logistics support in
Jamshedpur, Pune, Lucknow & Uttarkhand, supplies canopy structures
and packaging materials and provides manpower on daily basis.


S. M. SHANKARRAO: CRISIL Lowers Rating on INR300cr Loan to C
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S. M.
Shankarrao Mohite Patil S. S. K. Ltd (SM) to 'CRISIL C' from
'CRISIL B-/Stable'; while short term rating reaffirmed at 'CRISIL
A4'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      22.47      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Long Term Loan        31.04      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Medium Term Loan      36.48      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility     3.73      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

   Short Term Loan        6.28      CRISIL A4 (Reaffirmed)

   Sugar Pledge
   Cash Credit          300.00      CRISIL C (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delay in repaying its term loans from
Government of Maharashtra, due to stretched liquidity.

The rating also reflects weak financial risk profile because of
subdued capital structure and debt protection metrics, large
working capital requirement, and exposure to regulatory risks and
cyclicality in the sugar industry. These weaknesses are partially
offset by established relationships with farmers, and promoter's
extensive experience in the sugar industry.

Key Rating Drivers & Detailed Description

Weakness

* Delay in loan repayment: SM has delayed in repaying its
obligations against loans availed from government due to stretched
liquidity.

* Weak financial risk profile: The capital structure is weak with
gearing and total outside liabilities to total debt of 20.37 times
and 25.93 times respectively as on March 31, 2018. Debt protection
metrics is subdued marked by interest coverage of 1.6 times and
net cash accruals to total debt of 0.05 times in fiscal 2018.
Liquidity is stretched, as reflected in almost fully utilised bank
limit, and net cash accrual is likely to be inadequate to meet
debt obligation which shall necessitate refinancing.

* Large working capital requirement: Operations are working
capital intensive as the business is seasonal. Crushing season
starts in November-December and ends by April. The inventory is
high, over 500 days at the end of the fiscal, because of stocking
of sugar produced during the season to be sold the next year.

* Exposure to regulatory changes and cyclicality in sugar
industry: Regulatory mechanisms and dependence on monsoon cause
cyclicality in the sugar industry. The government regulates the
domestic demand-supply scenario by restricting import and export.
While input prices are determined by the government, sugar prices
are driven by open market prices, which depend on production.
Operating margin varied sharply in the three fiscals through 2018,
because of volatile sugar prices.

Strengths:

* Promoter's extensive experience in sugar industry: Promoters'
extensive experience of more than 50 years in the sugar industry
and has established relationships with cane producers in its
command area. The production of electricity using bagasse (a
byproduct in the production of sugar) supports the business risk
profile.

SM set up in 1960 by the late Mr. Shankarrao Mohite-Patil. The
society operates a single-unit sugar factory at Akluj in Solapur
(Maharashtra) with a cane crushing capacity of 7500 tcd and a co-
gen plant of 30MW. The company is managed by Mr. Jaysinh Mohite-
Patil and Mr. Vijaysinh Mohite-Patil.


SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR7.6cr Loans
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Shri Paharimata Cold Storage Private
Limited (SPCSPL).

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

   Proposed Long Term
   Bank Loan Facility     0.7     CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan        1.9     CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile because of small networth and high gearing, and
susceptibility to regulatory changes and to intense competition in
the cold storage industry in West Bengal. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Small networth and high gearing of
INR0.76 crore and 8.02 times, respectively, as on March 31, 2018
(IN0.74 crore and 8.66 times, respectively, as on March 31, 2017),
constrain the financial risk profile. Muted accretion to reserves
should keep the networth small, though gearing may improve with
gradual repayment of term debt.

* Susceptibility to regulatory changes and to intense competition
in the cold storage industry in West Bengal: The potato cold
storage industry in West Bengal is regulated by the West Bengal
Cold Storage Association. Rental rates are fixed by the state's
department of agricultural marketing. The fixed rental limits
players' ability to earn profit based on their strengths and
geographical advantages. Furthermore, the industry is highly
fragmented, with the largest player having market share of less
than 0.5%. The competition limits bargaining power, and forces
players to offer discounts to ensure healthy utilisation of
capacity.

Strength

* Extensive industry experience of the promoters: The promoters
have experience of a decade in trading in potatoes and in the cold
storage industry. The company provides storage facilities to 300
farmers and traders, and the capacity was fully utilised in the
past three potato seasons.

Outlook: Stable

CRISIL believes SPCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company efficiently manages farmer credit
financing, and significantly scales up operations and improves
profitability, leading to better liquidity. The outlook may be
revised to 'Negative' if there is pressure on liquidity because of
delays in repayment by farmers, decline in cash accrual, or large,
debt-funded capital expenditure.

SPCSPL was incorporated in 1972 and is owned by the West Bengal-
based Dandapat family. Its operations are managed by Mr
Anathbandhu Ghosh. The company provides cold storage services to
potato farmers and traders.


SHRIRAM EPC: Ind-Ra Affirms 'D' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shriram EPC
Ltd.'s (SEPC) Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR4.240 bil. Fund-based working capital limits (long-/short-
    term) affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR6.706 bil. Non-fund-based limits (long-/short-term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR18,231.7 bil. 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 SEPC's continued delays in debt
servicing.

RATING SENSITIVITIES

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

COMPANY PROFILE

Set up in 2000, SEPC is an engineering, procurement and
construction company that operates in the renewable energy,
process and metallurgy, and municipal service segments.


SJP CONSTRUCTION: CARE Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CARE has been seeking information from SJP Construction Private
Limited (SCPL) to monitor the rating(s) vide e-mail
communications/ letters dated June 7, 2018, June 14, 2018,
July 10, 2018, July 19, 2018, August 1, 2018, August 3, 2018,
August 22, 2018, September 5, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings of SJP Construction Private Limited's bank
facilities will now be denoted as CARE B+ Stable; ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.66       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on Best
                                   Available Information

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

Detailed description of the key rating drivers

At the time of last rating in July 28, 2017, the following were
the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations albeit comfortable profit margins:
During FY17 (Prov.), TOI small stood at INR5.39 crore as against
INR4.79 crore during FY16 while net worth position stood at
INR2.47 crore as on March 31, 2017. However, both PBILDT and PAT
margin stood comfortable during FY17.

Highly leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position: The capital structure
of the company stood leveraged marked by an overall gearing of
6.76 times as on March 31, 2017 on account of higher debt level as
against low net worth base. The debt coverage indicators of the
company remained moderate marked by total debt to GCA of 4.55
times as on March 31, 2017 while Interest coverage ratio stood at
3.34 times during FY17 (Provisional).

The current ratio of the company remained moderate at 1.99 times
as on March 31, 2017 as compared to 1.31 times as on March 31,
2016. This is due to the high proportion of inventories in form of
shops let out as on the balance sheet date.

Risk of termination of the lease after expiration of agreement
period: The lease agreements with tenants are for the tenure of
eleven months as per the current market scenario at textile
market in Surat and the lease agreements contain lock in period of
the same tenure. Hence in case of termination of any lease and
inability to identify potential lessee may lead to short-term
liquidity mismatches for the company which could ultimately impact
debt servicing in future.

Susceptibility of revenues to demand for commercial estate in and
around Surat: SCPL earns its substantial revenue from the lease
rentals and other incomes from 238 shops in Radhakrishna Textile
Market, Surat. The company's revenues would be highly dependent
upon the demand of the customers related to textile wholesalers to
which SCPL gives the property on lease to, which is dependent on
the level of economic activity in Surat textile market.

Dependence on seasonal wind patterns leading to uneven plant load
factor (PLF) and consequent volatility in the profitability: The
power generation depends on the vagaries of wind patterns, which
leads to variations in the PLF. Generally, the wind mill enjoys
high PLF during June-November period (monsoon period). However,
unfavorable wind conditions results in lower PLF which may have an
impact on the overall output.

Key Rating Strengths

Extensive experience of partners: Mr. Zunjabhai P. Patel has an
experience of nearly three decades in the real estate industry.
Prior to incorporation of SCPL, he was associated with Sagar
Builders Pvt. Ltd. since 1984 as a director, which has executed
several real estate projects in Surat. Mr. Sanjaybhai Z. Patel has
an experience of two decades in the real estate industry.

Incorporated in 2005 and based at Surat (Gujarat), SCPL is
promoted and managed by Mr. Zunjabhai P. Patel and Mr. Sanjaybhai
Z. Patel. The Company owns 238 shops of approximately 170 sq. ft.
each in Radha Krishna Textiles Market, Sahara Darwaja Ring Road,
Surat in the middle of the textile cluster. The primary source of
income for SCPL is rental income generated from letting out of
these shops. It has also ventured into the windmill power
generation business since 2013 for which it has set up a 2
windmills of 2 megawatt capacity each at Sangli (Maharashtra).
Windmill business commenced its operations from October 2015
onwards. Power generated from these windmills is directly sold to
Maharashtra State Electricity Authority under the Government of
Maharashtra.

SCPL has registered a total operating income (TOI) of INR5.39
crore and profit after tax (PAT) of INR1.25 crore during FY17
(Provisional) as against TOI of INR4.79 crore and net loss of
INR0.33 crore during FY16.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limit migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating;

-- INR400.74 mil. Term loan due on July 2021 migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR40 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2004, Sona Sati Organics manufactured rectified
spirits till FY16. After the ban on alcohol in Bihar, the company
has been manufacturing ethanol to cater to the requirements of
petroleum companies.


SRS THERMAX: CRISIL Lowers Rating on INR7cr Loans to D
------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of SRS
Thermax Limited (SRS) to 'CRISIL D' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2         CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan             5         CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating action follows instances of delay in servicing term
debt obligations due to SRS's weak liquidity. The same is on
account of inadequate accruals due to drop in operating margin.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing term debt obligation: Due to weak liquidity
position SRS has delayed in servicing term debt obligations. The
same is on account of inadequate accruals due to drop in operating
margin.

* Modest scale of operations and intense competition: Small scale
of operations, with revenue at around INR14 crore in fiscal 2018,
amid intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.

Strength

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

SRS was incorporated in April 2013 and is promoted by the Gwalior-
based Mr Jaidev Sharma and family. The company manufactures
corrugated boxes, partitions, plates and boards used for
industrial packaging. Its manufacturing facility is at Gwalior.
Operations are managed by the promoter-director, Mr Jaidev Sharma.


SUFALAM INFRA: CARE Assigns 'B' Rating to INR8cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sufalam
Infra Projects Limited (SIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities             8        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SIPL is constrained
by the small scale of operations with modest capitalisation,
modest and fluctuating profitability, moderate and concentrated
order book position, working capital intensive nature of
operations and presence of the company in highly fragmented
industry. The rating, however, derives strength from the extensive
experience of the promoters in the construction industry along
with a comfortable capital structure and debt coverage indicators.
Ability of the company to increase its scale of operations,
profitability margins, strengthening its order book position while
maintaining its solvency position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low capitalization: The scale of
operations of the company has significantly declined in the
last three years ended FY18. The total operating income (TOI)
stood at INR14.10 crore in FY18 (as against INR30.23 crore in
FY17) and net-worth base of INR17.52 crore as on March 31, 2018.
The small scale of operations with low capitalization restricts
the financial flexibility of company and deprives it from the
benefits of economies of scale.

Erratic profitability: The PBILDT margin has shown a volatile
trend, though improved, and remained in the range of 9% -
20% during last three years ended FY18. Moreover, PAT margin has
also remained moderate in the range of 4.50%-3.50% in the last
three years ended FY18.

Working capital intensive nature of operations: The working
capital cycle of the company is characterised by a gross current
asset days of 777 as at the end of FY18. The company is dependent
on the recovery of funds from its group entity Radha Madhav
Developers (RMD). The working capital requirement is met by a cash
credit limit which was utilised on a higher side in the last 12
months ended September 2018.

Moderate order book position albeit customer and sectorial
concentration: SIPL has an outstanding order book, which is about
22x the FY18 TOI as on September 30, 2018, which is to be executed
over a period of 4 years providing long-term revenue visibility.
All the orders are from its group entity RMD, for the construction
of residential buildings. Furthermore, the company is susceptible
to the cyclicality in the real estate industry. The timely
execution of the orders in hand would be critical for maintaining
adequate cash flows.

Fragmented nature of business: The company operates in the
construction industry which is characterized by high competition
due to low entry barriers, high fragmentation and presence of a
large number of players in the organized and unorganized sector.
Thus the entities present in the segment have a low bargaining
power vis-a-vis their customers.

Key Rating Strengths

Extensive experienced of the promoters: The company is currently
managed by Mr. Rajesh Agarwal and Mr Sanjay Agarwal. The promoters
are well versed with the intricacies of the business on the back
of about three decades of experience in construction and real
estate industry. The promoters are ably supported by a team of
qualified and experienced professionals. Being in the industry for
about a decade, the partners have established good relationship
with labor contractors and the material suppliers resulting in
smooth execution of projects and regular receipt of orders from
them. The company has a group concern namely RMD, which is engaged
in the real estate business and is currently developing two
projects for which the construction work has been subcontracted to
SIPL.

Comfortable capital structure and debt service coverage
indicators: The capital structure of the company was comfortable
with an overall gearing ratio of 0.12x as on March 31, 2018.
Moreover, lower reliance on external debt with moderate cash
accruals resulted in comfortable debt coverage indicators.

Established in 2011, SIPL is a Nagpur (Maharashtra) based company
led by Mr. Rajesh Agarwal, Mr. Sanjay Agarwal and other members of
the family. The company executes civil projects mainly for the
construction of residential and commercial buildings. Currently
the company has an outstanding order book position, which is to be
executed by December 2022.


SUKH SAGAR: CARE Reaffirms B+ Rating on INR5.02cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sukh Sagar Industries (SSI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.02      CARE B+; Stable Non-Cooperation
   Facilities                     Revocation and Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSI continues to
remain constrained on account of its modest scale of operations
with low profitability, moderate capital structure and weak debt
coverage indicators. The rating, further, continues to remain
constrained on account of its working capital intensive nature of
operations, its presence in the highly competitive and fragmented
agro processing industry, vulnerability of its profit margins to
agro commodity price fluctuations and proprietorship nature of
constitution.  The rating however, continues to draw strength from
the experience of the proprietor.

The ability of SSI to increase its scale of operations, improve
profitability and capital structure along with efficient
management of the working capital are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stable Total Operating Income (TOI) and low profitability margins:
During FY18, Total Operating Income (TOI) stood modest at INR30.64
crore and remained stagnant over FY17 owing to high competition in
the market. The profitability margins of the firm remained low
with PBILDT and PAT margin of 2.96% and 0.37% respectively in FY18
as against 2.91% and 0.39% respectively in FY17.

Moderate capital structure with debt service coverage indicators:
The capital structure of the firm remained moderately leveraged
marked by an overall gearing of 2.39 times as on March 31, 2018.
The debt service coverage indicators of the firm remained weak
with total debt to GCA stood at 40.23 times as on March 31, 2018
and interest coverage ratio stood weak at 1.22 times in FY18.

Working capital intensive operations: The business of the firm is
working capital intensive in nature with almost full utilization
of working capital bank borrowings during last 12 months ended
September, 2018. Further, the working capital cycle of the firm
stood elongated at 89 days in FY18, mainly due to the firm
receives payment from customers within 60-65 days. The firm
maintains inventory of 30-35 days and the firm makes payment to
its suppliers within 10-15 days.

Key Rating Strengths

Experienced promoters: The management of SSI is experienced with
Mr. Virendra Kumar Tirthani, (graduate by qualification) having
around twelve years of experience in processing of pulses and
looks after the overall business of entity.

Sukh Sagar Industries (SSI) was established in the year 2006 by Mr
Virendra Kumar Tirthani as a proprietorship firm. SSI is engaged
in processing of Arhar Dal (Toor dal) and trading of Arhar chuni
bhusi (used as cattle feed) and sells its product under the brand
name Nagarseth, Rajdhani and Cow Bashra. Mr Virendra Kumar
Tirthani has been carrying on the processing of arhardaal since
2002 through partnership firm which was later converted into SSI.
The entity's plant is located at Katni, Madhya Pradesh with an
installed capacity of 18,000 Metric Tonnes Per Annum (MTPA) as on
March 31, 2018 and it carries on cleaning, splitting and grading
operations. SSI procures raw material from the local market and
sells it in Maharashtra, Madhya Pradesh, Uttar Pradesh and Bihar
through a network of dealers.


SWAROOP HOMES: CARE Retains B Rating in Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Swaroop Homes LLP (SHLP) to
monitor the rating vide e-mail communications/letters dated May 1,
2018, June 25, 2018, July 16, 2018, September 25, 2018 and October
29, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information, which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on SHLP's
bank facility and will now be denoted as CARE B; Stable, ISSUER
NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        21        CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

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

The rating takes into account project execution risk emanating
from the nascent stage of operations with pending approvals and
pending financial closure. The rating is further constrained on
account of its presence in a highly competitive and cyclical real
estate industry with a changing regulatory framework.  The rating,
however, derives strength from the extensive experience of the
promoters in real estate development along with the track record
of the group and strategic location of the project.

Detailed Description of Key Rating Drivers

At the time of last rating on August 10, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Pending approvals and clearances for the projects: The firm has
not yet received all the clearances and approvals for the
projects. The building plan sanction and RERA registration is
pending, however, the firm has received the layout approval,
environmental clearance and the land has been converted into non-
agricultural area.

Project execution risk emanating from the nascent stage of
operations and pending financial closure: The total cost of
the projects is expected to be INR56.14 crore which is to be
funded by a project specific term loan, promoter's contribution
and customer advances, in the ratio of 0.37:0.18:0.56. As on
July 31, 2017, the firm has not incurred any cost or booked any
area. The entity faces risk pertaining to execution of project
within envisaged cost in light of fluctuating input prices and
pending financial closure.

Regulatory risk with the enforcement of The Real Estate
(Regulation and Development) Act, 2016: The company is in process
for registering its projects under MAHA-RERA Maharashtra Real
Estate Regulatory Authority) and is expected to receive
registration and comply with the act post sanctioning of the
building plan. Any delay in getting registered with MAHA-RERA, or
in terms of compliance with the act, may result in delay in
execution of the project and subsequently affect the revenue
generating ability of the company.

Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real estate
sector which has direct linkage with the general macroeconomic
scenario, interest rates and level of disposable income available
with individuals. In case of real estate companies, the
profitability is highly dependent on property markets. A high
interest rate scenario could discourage the consumers from
borrowing to finance the real estate purchases and may depress the
real estate market. The real estate industry in India is highly
fragmented with most of the real estate developers having region-
specific presence. SHL also faces competition from other real-
estate projects in the area.

Key Rating Strengths

Long track record and experience of the promoters: SHL is an
entity formed between the Esson group and Sai Group along with Ms.
Jidnyasa Chetan Patil and Ms. Priyanaka Alande. The partners in
the entity have a wide experience of more than two decades in real
estate business and have executed projects admeasuring to
approximately 10 lakh square feet (lsf).

Strategic location of the projects: The entity is developing a
project in Moshi, Pune, which is a rapidly developing suburban
area and is located close to various industrial zones and the IT
hubs.

SHL is a Pune based firm, established in year 2017, and is
proposed to be engaged in the business of real estate development.
The firm is jointly owned by the Sai Group & Esson group. SHL is
currently developing one residential project namely Swaroop Homes
under the affordable housing segment of the industry.


TIRUAL BORTIMON: CARE Assigns B Rating to INR24.81cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tirual
Bortimon Tea Estates Private Limited (TBTEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          24.81      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TBTEPL is
constrained by its small scale of operation and low profitability
margin, volatility associated with tea prices, susceptible to
vagaries of nature, fragmented and competitive nature of industry,
high leverage ratios with weak debt coverage indicators and
working capital intensity nature of operation. However, the
aforesaid constraints are partially offset by its experienced
promoters with moderate track record of operation, moderate
capacity utilisation in line with recovery rate and backward
integration for its raw materials.  The ability of the company to
grow its scale of operations and improve its profit margins and
ability to manage working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation and low profitability margin: Tirual
Bortimon Tea Estates Private Limited is a relatively small player
in the tea industry with total operating income and net profit of
INR28.67 crore and INR0.62 crore, respectively, in FY18. The total
capital employed was at INR52.27 crore as on March 31, 2017. This
apart, the PAT margin was negative during FY16 and FY17 due to
huge fixed and capital charges however, the same have improved to
2.16x for FY18. The company has achieved sales of around INR15
crore during 5MFY18. The small size restricts the financial
flexibility of the company in times of stress and it suffers on
account of economies of scale.

Volatility associated with tea prices: The prices of tea are
linked to the auctioned prices, which in turn, are linked to
prices of tea in the international market. Hence, significant
adverse price movement in the international tea market affects
TBTEPL profitability margins. Further, tea prices fluctuate widely
with demand-supply imbalances arising out of both domestic and
international scenarios. Tea is a perishable product and demand is
relatively price inelastic, as it caters to all segments of the
society. While demand has a strong growth rate, supply can vary
depending on climatic conditions in the major tea growing
countries. Unlike other commodities, tea price cycles have no
linkage with the general economic cycles, but with agro-climatic
conditions.

Susceptible to vagaries of nature: Tea production, besides being
cyclical, is susceptible to vagaries of nature. TBTAPL's has four
tea processing unit is located in Jorhat, Sivasagar and Dibrugarh
district of Assam, the largest tea producing state in India.
However, the region has sometimes witnessed erratic weather
conditions in the past. Though demand for tea is expected to have
a stable growth rate, supply can vary depending on climatic
conditions in the major tea growing areas. Therefore adverse
natural events have negative bearing on the productivity of tea
gardens in the region and accordingly TBTEPL is exposed to
vagaries of nature.

Fragmented and competitive nature of industry: While the tea
industry is an organised agro-industry, it is highly fragmented in
India with presence of many small, mid-sized and large players.
There are about 1000 of tea brands in India, of which 90% of the
brands are represented by regional players while the balance of
the 10% is dominated by big corporate houses. This, coupled with
the growing shift from loose to branded tea among consumers, would
further intense the competition for TBTEPL.

Working capital intensive nature of operation: TBTEPL's business,
being manufacturing and processing of tea, is working capital
intensive nature. Different types of processes involved in tea
manufacturing like withering, fixing, oxidation, rolling, drying
and aging. Accordingly, tea manufacturing and processing business
is working capital intensive in nature. Accordingly, the average
working capital utilisation remained high at around 90% during the
last 12 months ended August 31, 2018.

High leverage ratios with weak debt coverage indicators: The
overall gearing ratio of the company remained high at 2.00x as on
March 31, 2018 from was high as on last three account closing
dates. Long term debt equity ratio was also high during the same
period with the same being 1.70x as on March 31, 2018. The debt
coverage indicators are weak marked by interest coverage ratio at
1.30x for FY18 and term debt to GCA remained at 30.29x as on March
31, 2018.

Key Rating Strengths

Experienced promoters with long track record of operation: Mr.
Bhaskar Baruah( Managing Director) who has more than two decades
of experience looks after the day to day operation of the company.
He is also supported by other directors Mr. Apurba Baruah, and
Mrs. Angshumali Bruah along with a team of experience professional
who are having long experience in similar line of business. TBTEPL
was incorporated in 1973 by Mr. Laxminath Hanue and latter
acquired by Mr Bhaskar Baruah in 2006. Since its inception the
company has been engaged in cultivation of green leaves and
processing of black tea (CTC). The company has long track record
of operation. Over the years, TBTEPL has been able to grow over
the years by constantly increasing the quality of manufactured
tea.

Moderate Capacity utilisation in line with recovery rate: Capacity
utilisation of the tea processing unit of STPL has remained
moderately at satisfactory level during the last three years.

Backward integration for its raw material: The company has its own
tea garden which provides it the flexibility to produce and supply
tea, as per the demand scenario. Most of its requirement of green
leaf is met through its own tea estate.

TBTEPL was incorporated in 1973 by Mr. Laxminath Hanue. Mr Bhaskar
Baruah acquired TBTEPL in 2006. TBTEPL was initially engaged in
production of green leaf and manufacturing of black tea (CTC).
TBTEPL is based out of Johrat, Assam, and currently has four tea
garden and four plants for processing of green tea leaves to
produce black tea (CTC) located at Nakachari, Sapekati, Borhulla
and Dibrugarh having an installed capacity of 2500 MTPA. The
company sells through auction, agent and private brokers of Assam.
Mr. Bhaskar Baruah (Managing Director) who has more than two
decades of experience looks after the day to day operation of the
company. He is also supported by other directors Mr. Apurba
Baruah, and Mrs. Angshumali Bruah along with a team of experience
professional who are having long experience in similar line of
business.


TOLARAM SURENDRA: CARE Migrates B+ Rating From Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Tolaram
Surendra Kumar Kundalia (TSK) to CARE B+, Stable, Cooperating.

                     Amount
   Facilities      (INR crore)  Ratings         Action
   ----------      -----------  -------         ------
   Long term Bank       6.00    CARE B+; Stable Revised from
   Facilities                                   CARE B+; Stable;
                                                Issuer Not
                                                Co-Operating

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TSK continues to
remain constrained by its moderate scale of operations with low
profit margins, volatility in prices of traded goods, working
capital intensive nature of operations resulted in leveraged
capital structure with moderately weak debt protection metrics,
constitution as partnership firm and its presence in an intensely
competitive industry. The rating, however, continues to derive
strength from the experience of the partners, long track record of
operations and diversified product portfolios. . Going forward,
the ability of TSK to increase its scale of operations with
improvement in profit margins and effective management of working
capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low profit margins: The scale of
operations remained modest marked by total operating income of
INR61.22 crore (INR53.32 crore in FY17) with a PAT of INR0.30
crore (INR0.58 crore in FY17) in FY18. Further the networth base
of the firm also remained low at INR2.07 crore (INR1.80 crore in
FY17). The profit margins of TSK also remained low marked by
PBILDT margin at 1.83% and PAT margin at 0.50% in FY18 mainly due
to trading nature of its operations.

Volatility in prices of traded goods: TSK purchases trading goods
(food grains, edible oil, salt, milk, ghee, pulses and other
allied products) from local traders for trading on stock & sale
basis. The prices of the food grains, edible oil, pulses, ghee
are highly volatile and therefore the firm is exposed to price
volatility risk to the extent of inventory holdings.

Working capital intensive nature of operations resulted in
leveraged capital structure and moderately weak debt protection
metrics: The capital structure of the firm remained leveraged
owing to its working capital intensive nature of operations
resulting in higher dependence on bank borrowings marked by the
overall gearing of 2.74x as on March 31, 2018. Interest coverage
ratio remained moderate in the past years with deterioration in
FY18 owing to higher increase in interest along with decline in
PBILDT level and the same remained at 1.68x in FY18. Furthermore,
the total debt to GCA remained on the higher side at 18.27x in
FY18 due to low cash accruals.

Constitution as partnership firm: TSK, being a partnership firm,
is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/retirement/insolvency of the partners. Moreover,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision for the lenders.

Intensely competitive industry: The Indian trading industry is
highly unorganized & fragmented in nature. Due to low entry
barriers, the trading Industry in the country is flooded with many
unorganized players. This has led to high level of competition in
the industry and players work on wafer-thin margins. The cost of
goods purchased is the major cost component for the trading
industry, accounting for about 98-99% of the total operating
income. Availability of goods is not an issue for the industry but
procuring these goods at competitive prices poses a challenge to
maintain margins. Furthermore, all the entities trading the same
products with a little product differentiation resulting into
price driven sales. Intense competition restricts the pricing
flexibility of the firm in the bulk customer segment.

Key Rating Strengths

Experienced partner with long track record of operations: TSK is
engaged in the business of trading of grocery items & other
commodities since 1980. Being in the same industry for more than
three and half decades, it has been able to build an established
client base. Mr. Surendra Kumar Kundalia (partner) aged about 45
years, has more than one and half decade of experience in the same
line of business. He looks after the day-to-day operations of the
firm. The long presence of the firm with rich experience of the
partner supports the business risk profile of the firm.

Diversified product portfolios: The product portfolio of the firm
comprises grocery items like food grains, pulses, ghee, milk,
edible oil and other allied products and therefore the firm is not
dependent on a single product.

Tolaram Surendra Kumar Kundalia (TSK) was initially set up in 1980
as a proprietorship entity by late Mr. Santosh Kumar Kundalia.
However, TSK was converted into partnership firm as per
partnership deed dated December 6, 2014 and currently managed by
Mr Surendra Kumar Kundalia and his mother Mrs Tara Devi Kundalia.
Since inception, the firm has been engaged in trading of food
grains, edible oil, salt, milk, ghee, pulses and other allied
products. TSK has added cattle feed, poultry feed in its product
portfolio. The firm is operating through a single store located at
Jorhat, Assam.


USHA IMPEX: CARE Lowers Rating on INR6.0cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Usha Impex (UI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE D Revised from CARE B+;
                                   Stable

   Short-term Bank
   Facilities          24.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of UI
takes into account overutilization in the Cash Credit (CC) limit,
for more than 30 days, because of weak liquidity position of the
firm.

Detailed description of the key rating drivers

Key Rating Weaknesses

Overutilization in the CC limit: On account of tight liquidity
position of UI, the CC limit availed by the firm remained
overutilized for more than 30 days.

Key Rating Strengths

Experienced and resourceful promoters: The proprietor of the firm
- Mr. Atul Jindal is having an extensive experience of close to
18 years of industry experience. Additionally, the proprietor is
supported by a team of experienced and qualified professionals
highly experienced in the technical, finance and marketing fields.

Incorporated in 1998, Usha Impex (UI) is engaged in the trading of
non-ferrous metals from its main office in Ludhiana, Punjab. In
addition, the firm has three warehouse-cum-sales offices, one each
in Gurugram, Mumbai and Bangalore. The traded products include
non-ferrous metals like Zinc, Nickel, Tin, Copper, Lead etc. in
the form of wires, rods, bars, sheets, ingots, cathodes etc. The
products find application in automobile, bicycle and electrical
components with end users located throughout India. The firm has
Jindal Agro Mills Private Limited (rated, 'CARE D'), as its group
concern, which is also engaged in the same industry.


VAKRANGEE PACKAGING: CARE Hikes Rating on INR7.63cr Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vakrangee Packaging LLP (VPL), as:

                     Amount
   Facilities      (INR crore)   Rating    Action
   ----------      -----------   ------    ------
   Long-term Bank       7.63     CARE B+;  Revised from CARE B
   Facilities                    Stable    Stable; Issuer Not
                                           Co-Operating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
VPL and in line with the extant SEBI guidelines, CARE revised the
ratings of bank facilities of the firm to 'CARE B; Stable; ISSUER
NOT COOPERATING'. However, the firm has now submitted the
requisite information to CARE. CARE has carried out a full review
of the rating and the rating stand at 'CARE B+; Stable'.

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of VPL continue to be
remain constrained by lack of partners' operational experience,
small size with operation stabilization risk, leveraged capital
structure with moderately weak debt coverage indicators,
volatility in raw material prices, working capital intensive
nature of operations, fragmented and highly competitive industry.
The rating, however, derives strength from the locational
advantages and diversified use and favorable demand in end user
industries. Going forward, VPL's ability to stabilize its
operations, increase scale of operations along with improvement in
profitability margins with effective management of its working
capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Lack of partners' operational experience: The key partner Mr Nilay
Singh has only 1 year of experience in this industry. He is
looking after the day to day operations of the firm supported by
other partner. However, Mr Singh has taken industrial training
from Central Institute of Plastics Engineering & Technology and
the firm is deriving benefits out of the same.

Small size with operations stabilization risk: VPL has set up a
manufacturing plant for polypropylene bags with aggregate cost of
INR10.23 crore funded at a debt-equity of 1.57x. The plant became
operational from May 2017 onwards. Therefore, the firm has an
extremely short track record of operations. The firm has reported
the turnover of INR14.27 crore with a net loss of INR0.82 crore in
FY18. Going forward, it is crucial for the firm to stabilise its
operations at newly commenced plant and achieved revenue and
profitability margins as envisaged.

Leveraged capital structure with moderately weak debt coverage
indicators: The capital structure of the firm was leveraged marked
by overall gearing ratio of 5.81x as on March 31, 2018. Further
the debt coverage indicator of the firm was moderately weak marked
by interest coverage ratio of 1.79x and total debt to GCA of
17.21x in FY18.

Volatility in prices of raw materials: The key raw materials for
VPL are adhesives, PP granules, etc., the prices of which are
highly volatile in nature. Any upward movement in the prices of
raw materials and the firm's inability to pass on the entire
increase to its customers in a highly competitive industry
scenario might impact its profit margins going forward. Working
capital intensive nature of operations: The operation of the firm
is working capital intensive in nature as the firm holds adequate
inventories of raw materials for smooth functioning of production
process. Further, it is estimated to hold inventory of finished
goods for timely supply to its customers. Therefore the average
utilization of fund based limit was on the higher side at 90%
during last 12 months ended September 2018.

Fragmented and highly competitive industry: The PP woven sacks
industry has limited restriction in terms of entry barriers for
new players given lower government regulations and technological
dependence. The industry is very competitive with unorganized
sector dominating the market and is highly fragmented in nature.
Therefore, being a new entrant in the market, the firm is exposed
to intense competition from other established players operating in
the industry.

Key Rating Strengths

Locational advantages: VPL's plant has set up at Raipur,
Chhattisgarh keeping logistics and target market in mind. Raipur
is an industrial city in the state of Chhattisgarh and is well
connected through roads and railways. The firm is deriving benefit
out of its strategic location of the plant as major cement plants
are located in the state of Chhattisgarh which consumes its
products.

Diversified use and favorable demand in end user industries:
Polypropylene (PP) has high tensile strength and plastic woven
sacks are much cleaner both in use and production and resist
fungal attack. Air permeable sacks made from PP are suitable for
the packaging of diversified products like cement, fertiliser,
other chemical products, food grains, oil seeds, sugar, salt etc.
Due to numerous advantages of PP woven sacks over jute sacks,
these are finding more and more applications in packaging of a
wide range of products of various industries.

Vakrangee Packaging LLP (VPL) was established in February 2016 by
Mr Nilay Singh and Mrs Bhawna Bohra for setting up a manufacturing
unit of polypropylene sack bags which find applications in cement,
fertiliser, other chemical products, food grains, oil seeds, sugar
and salt industries. The manufacturing plant of the firm is
located at Raipur, Chhattisgarh with an aggregate installed
capacity of 3350 metric ton per annum. The firm has commenced
operations at its plant from May 2017 onwards.


ZUBIC LIFESCIENCE: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CARE has been seeking information from Zubic Lifescience Private
Limited to monitor the ratings vide e-mail communications/letters
dated July 31, 2018, August 1, 2018, August 3, 2018, August 16,
2018, September 3, 2018, September 5, 2018, September 7, 2018,
September 21, 2018, September 30, 2018, October 1, 2018, October
4, 2018, October 08, 2018, October 17, 2018 and October 30, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Zubic
Lifescience Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term Bank      12.80      CARE D; Issuer Not Cooperating;
   Facilities                     Based on Best available
                                  Information

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

The rating takes into account on-going delays in debt repayment
owing to weak liquidity position.

Detailed description of the key rating drivers

At the time of last rating done on December 11, 2017, the
following were the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: ZLPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

Incorporated in the year 2015, ZLPL is implementing green field
project for manufacturing of small volume parenteral at Baroda
(Gujarat). ZLPL is promoted by four promoters led by Mr Paras
Kumar Kacchadiya. ZLPL has undertaken project to manufacture small
volume parenteral with proposed installed capacity of 1,92,000
ampoules per day (2 ml to 10 ml) and 1,92,000 vials per day (30 ml
to 100 ml) at its facilities located at Baroda-Gujarat. The
products manufactured by the company will find application in
local anesthetics, vaccines and other traditional injectable. The
company will perform sub-contracting work for manufacturing of
injectable for various pharmaceutical companies in Gujarat and the
raw materials costs for it will be borne by the Pharmaceutical
companies themselves.



=================
I N D O N E S I A
=================


KAWASAN INDUSTRI: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit rating
on PT Kawasan Industri Jababeka Tbk. (Jababeka). The outlook is
stable. At the same time, S&P affirmed its 'B' long-term issue
rating on the company's guaranteed U.S. dollar-denominated senior
unsecured notes.

S&P said, "We affirmed the ratings on Jababeka because we believe
the company has headroom in its financial ratios to absorb the
negative effect of lower property sales over the next 12-18
months. We anticipate Jababeka can manage its liquidity over the
next 12 months by controlling capital expenditure and cash
outflows."

Lower property sales through 2018 will affect Jababeka's property
revenues, cash collections, and EBITDA over the next 12-18 months.
The company's property sales for the nine months ended Sept. 30,
2018, reached Indonesian rupiah (IDR) 938 billion, which was only
about 60% of the IDR1.6 trillion we previously expected for 2018.
The soft property market and slow progress of Jababeka's Kendal
project accounted for the company's weaker property sales.

S&P said, "Jababeka's power plant business segment should perform
better than our previous expectation, thus partly offsetting the
weaker property sales. PT Perusahaan Listrik Negara (PLN), which
has a power purchase agreement with Jababeka, had on occasions
requested the company supply power and Jababeka's plant was able
to operate since the second quarter of 2018 to meet those
requests; we previously anticipated an entire reserve shutdown. We
believe the power plant business will continue operating this way
given the lack of concrete progress in the power purchase
negotiation between the two parties.

"Based on our revised forecasts, Jababeka should maintain its
financial position over the next 12 months, although with limited
headroom. We now project EBITDA of IDR650 billion in 2018 and
IDR740 billion in 2019. These revised levels are about 10% less
than we originally anticipated, most notably because of slow
property projects. As a result, we forecast the company's EBITDA
interest coverage to be 1.5x-1.6x over the next two years,
compared with our previous expectation of 1.7x.

"We expect about half of Jababeka's property sales to come from
land sales, which could result in volatile cash flows. However,
its recurring income business, including dry port, power plant,
estate management, and hospitality businesses, will provide some
buffer against volatility in the property market. We believe the
company is likely to preserve its cash flows by reining in its
capital expenditure. In our base case, we forecast capital
expenditure at IDR310 billion in 2018, compared with our previous
expectation of IDR560 billion.

"The stable outlook reflects our expectation that Jababeka will
maintain its EBITDA interest coverage at 1.5x-1.6x over the next
12 months despite a weaker operating performance. We also
anticipate the company will maintain sufficient liquidity, given
our view of continued recurring income from its infrastructure
operations, and modest capital expenditures.

"We may lower the rating if Jababeka's revenues from property
sales and power plant dwindle, such that its EBITDA interest
coverage declines materially below 1.5x in the next 12 months. We
estimate this would happen if the company's EBITDA declines below
IDR700 billion. Continued weakness in the Indonesian rupiah would
also put pressure on Jababeka's debt-service capability, because
its U.S. dollar-denominated interest expenses are unhedged. We may
also lower the rating if Jababeka's cash depletion is faster than
our base case, which results in a cash balance below IDR400
billion.

"An improved operating performance is the main driver of rating
upside. However, we view that as unlikely over the next 12 months
because of Indonesia's unsupportive property environment and
Jababeka's high debt balance over the next 12 months. We may raise
the rating if the company materially reduces its leverage. This
could happen if Jababeka improves property sales, meaningfully
increases recurring income, and carefully prioritizes spending, so
that its debt-to-EBITDA ratio remains sustainably below 3.5x."



===============
M O N G O L I A
===============


GOLOMT BANK: S&P Hikes ICR to B on Accelerated Economic Recovery
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit ratings on
the following four financial institutions operating in Mongolia:

                                        To            From
                                        --            ----
  Trade and Development Bank            B/Stable/B    B-/Stable/B
   of Mongolia LLC

  Golomt Bank of Mongolia               B/Stable/B    B-/Stable/B

  Development Bank of Mongolia          B/Stable/B    B-/Stable/B

  Mongolian Mortgage Corp. HFC LLC      B/Stable/B    B-/Stable/B

The upgrades reflect an accelerated economic recovery that should
improve Mongolia's overall banking performance, including asset
quality metrics. S&P said, "This led us to revise our Banking
Industry Country Risk Assessment (BICRA) for Mongolia to group '9'
from '10'. We use our BICRA scores to determine the anchor stand-
alone credit profile for Mongolia's banks, the starting point of
our bank rating. As such, we now also apply lower risk weights for
the banks' credit exposures in Mongolia, when calculating the
banks' capital ratios in our framework."

Improved economic resilience is supportive of our expected high
levels of loan growth. S&P said, "We also anticipate that lower
policy rates to stimulate demand and incentivize banks to
rebalance their asset portfolios in favor of more loans over
lower-yielding fixed-income securities. Our revised assessment
also takes into account tightening in underwriting standards by
the banks operating in Mongolia. A longer track record,
particularly over periods of high loan growth, could further
improve economic risks facing banks operating in Mongolia,
although we consider this unlikely for the next two years."

Despite improved operating conditions, the Mongolian banking
sector remains exposed to high risks by global standards, in our
opinion. Mongolia has a small, narrowly diversified economy with
low average incomes, substantial debt levels, and a high reliance
on mining. S&P is also cognizant of other potential roadblocks for
Mongolia's banking sector. These include:

-- Additional credit provisions for implementing international
    accounting standard IFRS9 and collateral revaluation;

-- A significant pick-up in loan concentration in cyclical
    sectors such as mining and construction, which detract from
    the sector's plans to diversify lending; and

-- Worsened arrears in consumer loans, which have been growing
    quickly in recent quarters.

S&P said, "We continue to believe governance and transparency are
improving among banks. Continuation of this trend could lower
overall banking industry risks in Mongolia. A longer track record
on compliance would reinforce the positive direction, and could
therefore lead to an improvement in industry risk in future, which
would solidify Mongolian banks' credit strength.

"Our upgrades of four financial institutions take into account our
view that sovereign risks are also lessening, as reflected in our
upgrade on of Mongolia (B/Stable/B). Consequently, our ratings on
the following two commercial banks in Mongolia remain at the same
level as that on the sovereign: Trade and Development Bank of
Mongolia and Golomt Bank of Mongolia. We also continue to rate the
Development Bank of Mongolia at the same level as Mongolia because
we see it as a government related entity with almost certain
likelihood of government support.

"We also rate Mongolian Mortgage Corp. HFC (MIK HFC), a finance
company that specializes in residential mortgages. In our view,
lower growth assumptions coupled with lower assumed counterparty
risks under the economic recovery benefited our risk-adjusted
capital assessment, in turn the overall stand-alone credit
profile. We do not expect to rate Mongolian financial institutions
above the sovereign, and the rating on MIK HFC remains capped by
the rating on Mongolia.

"We believe finance companies in Mongolia face incremental
industry risk relative to banks because fincos are more dependent
on market-sensitive funding owing to lack of access to central
bank funding, and face more competition compared with banks due to
a lower entry barrier. In addition, we believe regulatory
oversight on the financial system in Mongolia is relatively
relaxed than international standards. As such, we have not changed
the starting point of our finance company rating."

BICRA SNAPSHOT*:
MONGOLIA
                          To                   From
BICRA Group              9*                   10*
Anchor SACP              b+                   b

Economic risk:           9*                   10*
  Economic resilience:    High risk            Very high risk
  Economic imbalances:    Very high risk       Very high risk
  Credit risk in the
  economy:                Extremely high risk  Extremely high
                                               risk

Industry risk:           9*                   9*
  Institutional
  framework:              Extremely high risk  Extremely high
                                               risk
  Competitive dynamics:   High risk            High risk
  Systemwide funding:     Very high risk       Very high risk

Government support:      Support uncertain    Support uncertain
Trends
  Economic risk trend:    Stable               Positive
  Industry risk trend:    Positive             Positive

*Banking Industry Country Risk Assessment (BICRA) economic risk
and industry risk scores are on a scale from 1 (lowest risk) to 10
(highest risk).



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


EBERT CONSTRUCTION: 21 Subcontractors Left Out of Retentions Fund
-----------------------------------------------------------------
Julie Iles at Stuff.co.nz reports that 21 Ebert Construction
subcontractors have been locked out of claiming any money back
from the company.

According to Stuff, Wellington High Court Justice Peter Churchman
ruled that the NZ$3.69 million retentions fund would only be
divided among 131 of Ebert's 152 subcontractors that should have
had money put aside under a recent law change.

Stuff relates that Justice Churchman said there was a "significant
shortfall" in how much was available, given the NZ$9.3 million
subcontractors were owed overall.

The 21 subcontractors that signed contracts with the company after
a law change in April last year did not have their retentions put
into the fund, causing a shortfall of nearly NZ$1 million in the
NZ$3.69 million fund, Stuff says.

Changes to the Construction Contracts Act mean construction
contractors are required to keep retention payments in a trust for
subcontractors, the report states.

Typically about 10 per cent of a subcontractor's payment is held
back for a time to guarantee any faulty workmanship is fixed.

Stuff notes that held in trust, the payments are considered the
legal property of the subcontractor and in the event the company
collapses, they are not able to be distributed to secured
creditors.

But because the legislation defined "retention money" as the
amount withheld, any subcontractor that did not have money put
into the fund won't be able to claim anything from the fund.
Justice Churchman said it was an "unfortunate consequence" of how
the Act was worded, adds Stuff.

Some subcontractors will be denied a total of NZ$170,000 because
of a "data entry error" when Ebert processed their contracts -
instead filing them as ones signed before the law change, says
Stuff.

Justice Churchman said Ebert "failed" to put aside these
retentions "because of its own error".

In the two months prior to the company's collapse, Ebert stopped
putting retentions into the fund, which caused more than
NZ$800,000 to be missing from the fund's total, Stuff notes.

According to Stuff, Justice Churchman also ruled the receiver's
fees and costs will be submitted to the Court for review, rather
than being capped at NZ$150,000.

The receivers, John Fisk, Lara Bennett, and Richard Longman of PWC
said they intended to redistribute NZ$1.4 million to NZ$2 million
to subcontractors before Christmas, Stuff notes.

                      About Ebert Construction

New Zealand-based Ebert Construction Limited provided
construction management services. It offered design management,
value engineering, cost planning, programming, construction
management, health and safety management, quality management, and
project reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were
appointed receivers to Ebert Construction Limited in July 2018 as
a result of a request made by the Ebert Board of Directors to its
bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover
of NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with
a further NZ$1.3 million owed to employees on an unsecured basis,
NZ Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale
is also a secured creditor, owed NZ$3.5 million, which he loaned
to the business on July 24 as a short-term measure before new
capital was raised from other shareholders.



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


DONGKUK STEEL: Swings to Net Loss in Q3 on Equity Shortfall
-----------------------------------------------------------
Yonhap News Agency reports that Dongkuk Steel Mill Co. said on
Nov. 14 it swung to a net loss in the third quarter from a year
earlier on equity shortfalls from affiliates.

For the three months that ended on Sept. 30, the company shifted
to a net KRW8.3 billion (US$7.3 million) in the red from a net
profit of KRW12.6 billion a year earlier, the company said in a
statement, Yonhap relays.

"Equity losses from the company's affiliates, such as a steel mill
in Brazil, cut into the quarterly bottom line. The won's weakness
against the dollar further affected numbers," a company spokesman
told Yonhap.

Operating profit fell 27 percent to KRW52.6 billion in the third
quarter from KRW72.5 billion a year ago. Sales were down 3.4
percent to KRW1.501 trillion from KRW1.554 trillion during the
same period, the statement said, Yonhap discloses.

According to Yonhap, Dongkuk Steel Mill's mainstay product was
shipbuilding plates but it has reduced its reliance on thick steel
plates to 13 percent from 60 percent a decade ago.

It currently earns 87 percent of its overall sales from non-
shipbuilding plates and other products, Yonhap notes.

Dongkuk Steel Mill Co., Ltd (KRX:001230) is a Korea-based company
principally engaged in the manufacture of steel products. The
Company operates in four business divisions: steel,
transportation, trading and other.


SAMSUNG BIOLOGICS: FSC Suspends Trading for Accounting Fraud
------------------------------------------------------------
The Korea Herald reports that the Securities and Futures
Commission of the Financial Services Commission on Nov. 14
suspended the stock trading of Samsung BioLogics, upon the
decision that it had intentionally violated accounting rules to
exaggerage its profits before listing.

"Samsung BioLogics intentionally violated the accounting rules in
2015, ahead of its listing in the following year," the report
quotes FSC Vice Chairman Kim Yong-beom, who leads the SFC, as
saying in a press briefing.

The regulator also said it recommends resignation of the firm's
CEO, the Korean Herald relates.

Following the announcement, the biotech company's stock trading is
to be suspended from 20 days starting Nov. 15 while Korea Exchange
determines the legitimacy of the case and, if necessary, the level
of sanction, ranging from temporary trading suspension or
delisting.

But considering circumstances such as the impact on the market and
investors, the possibility of delisting remains low, the report
adds citing observers.

Samsung BioLogics Co., Ltd. engages in the research, development,
and commercialization of biopharmaceutical products worldwide.
The company develops immunosuppressant biosimilars, such as
Enbrel under the Brenzys and Benepali brand names; and Remicade
under the Renflexis and Flixabi brands. Its products also include
antidiabetic agents, other biosimilars of immunosuppressant
drugs, and breasts cancer drugs, which are under regulatory's
deliberation stage.



                             *********

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 ***