/raid1/www/Hosts/bankrupt/TCRAP_Public/181121.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 21, 2018, Vol. 21, No. 231

                            Headlines


A U S T R A L I A

CAMBRIDGE LAW: First Creditors' Meeting Set for Nov. 27
KPD KNIGHT: First Creditors' Meeting Set for Nov. 27
RENDER DESIGN: Second Creditors' Meeting Set for Nov. 28
TASMAN MARKET: Second Creditors' Meeting Set for Nov. 29
TRADITIONAL THERAPY: First Creditors' Meeting Set for Nov. 28


C H I N A

AGILE GROUP: Moody's Assigns Ba3 Sr. Unsec. Rating to USD Notes
CHINA LESSO: Moody's Withdraws Ba1 CFR for Business Reasons
DR. PENG: S&P Lowers Long Term ICR to 'B+', Outlook Negative
TIMES CHINA: Fitch Assigns BB-(EXP) to Proposed USD Sr. Notes
YANZHOU COAL: S&P Affirms 'BB' Long-Term ICR, Outlook Stable


H O N G  K O N G

HUA HAN: Securities Regulator Orders Firm to Suspend Trading


I N D I A

A LITTLE WORLD: CRISIL Keeps B Rating in Not Cooperating Category
A TO Z LOGISTICS: CRISIL Maintains B Rating in Not Cooperating
A. H. ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
ADITYA MOTORS: CRISIL Maintains 'B' Rating in Not Cooperating
AI COTTON: CRISIL Maintains 'B' Rating in Not Cooperating

AL-AYAAN FOODS: CRISIL Maintains 'B' Rating in Not Cooperating
ANMOL ENTERPRISES: CRISIL Maintains D Rating in Not Cooperating
ARIEX ISPAT: CRISIL Maintains 'B-' Rating in Not Cooperating
ASHA ENTRADE: CRISIL Maintains 'B' Rating in Not Cooperating
ASIAN TIRE: CRISIL Maintains 'B' Rating in Not Cooperating

AURA HOTELS: CRISIL Maintains 'B' Rating in Not Cooperating
BHARAT ALUMINIUM: CRISIL Retains B/Not Cooperating on INR7cr Loan
BESTO TRADELINK: CRISIL Maintains 'D' Ratings in Not Cooperating
BINANI CEMENT: Supreme Court Upholds Sale to UltraTech Cement
BISMILLAH JEWELLERS: CRISIL Maintains B Rating in Not Cooperating

D.V. EXPORTS: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
DAYANAND COTTON: CRISIL Maintains D Rating in Not Cooperating
DHAULAGIREE POLYOLEFINS: Ind-Ra Moves B Rating to Non-Cooperating
GOURANGA COLD: CRISIL Reaffirms B Rating on INR12.40cr Cash Loan
GREATVALUE PROJECTS: CRISIL Assigns B+ Rating to INR25cr LT Loan

GREEN LEAF: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
NAVIN COLD: CRISIL Reaffirms B- Rating on INR10.77cr Loans
NOUVEAUX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR7.2cr Loans
PRECISION GRANITES: Ind-Ra Maintains B+ Rating in Non-Cooperating
RPL INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating

SATGURU AGRO: CRISIL Reaffirms B Rating on INR20cr Cash Loan
SAI MANASA: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating
SRI LAKSHMI: Ind-Ra Retains BB- Issuer Rating in Non-Cooperating
TATA MOTORS: Fitch Lowers LT IDR to BB, Outlook Negative
TULIP ATTIRE: Ind-Ra Retains BB Issuer Rating in Non-Cooperating

VENKETESH UDYOG: Ind-Ra Maintains B- LT Rating in Non-Cooperating
WAGNER TRIDENT: Ind-Ra Maintains B+ LT Rating in Non-Cooperating


M A L A Y S I A

UTUSAN MELAYU: Sells Jalan Tiga Land for MYR18 Million
UTUSAN MELAYU: Plan Won't Result in Change in Business Direction


N E W  Z E A L A N D

ACCENT ON: All Divisions Go Into Receivership


S I N G A P O R E

HYFLUX LTD: Sells Stake in Oasis Waters for SGD32 Million


S O U T H  K O R E A

SAMSUNG BIOLOGICS: Regulator Asks Prosecutors to Probe Breaches


                            - - - - -


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A U S T R A L I A
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CAMBRIDGE LAW: First Creditors' Meeting Set for Nov. 27
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Cambridge
Law Group Pty Limited will be held at CPA Australia, at Level 3,
111 Harrington Street, in Sydney, NSW, on Nov. 27, 2018, at 10:00
a.m.

Nicarson Natkunarajah -- nic.raja@rogerandcarson.com.au -- of
Roger and Carson Pty was appointed as administrator of Cambridge
Law on Nov. 15, 2018.


KPD KNIGHT: First Creditors' Meeting Set for Nov. 27
----------------------------------------------------
A first meeting of the creditors in the proceedings of KPD Knight
Pty Ltd and KPD Portogallo Pty Ltd will be held at Level 8, 608
St. Kilda Road, in Melbourne, Victoria, on Nov. 27, 2018, at
11:00 a.m.

Paul Vartelas of B K Taylor & Co was appointed as administrator
of KPD Knight on Nov. 15, 2018.


RENDER DESIGN: Second Creditors' Meeting Set for Nov. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of Render Design
(Aust) Pty Ltd has been set for Nov. 28, 2018, at 11:30 a.m. at
Suite 1, Level 15, 9 Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 27, 2018, at 4:00 p.m.

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


TASMAN MARKET: Second Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of Tasman Market
Fresh Meats Pty Ltd and TMFM Holdings Pty Ltd has been set for
Nov. 29, 2018, at 10:30 a.m. at the offices of Chartered
Accountants Australia and New Zealand, at Level 18, 600 Bourke
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 27, 2018, at 5:00 p.m.

David Laurence McEvoy and Martin Francis Ford of
PricewaterhouseCoopers were appointed as administrators of Tasman
Market on Sept. 7, 2018.


TRADITIONAL THERAPY: First Creditors' Meeting Set for Nov. 28
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Traditional Therapy Clinics Limited will be held at the offices
of Pitcher Partners, at Level 11, 12-14 The Esplanade, in Perth,
WA, on Nov. 28, 2018.

Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher
Partners were appointed as administrators of Traditional Therapy
on Nov. 16, 2018.



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C H I N A
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AGILE GROUP: Moody's Assigns Ba3 Sr. Unsec. Rating to USD Notes
---------------------------------------------------------------
Moody's Investors Service has assigned Ba3 senior unsecured
ratings to the USD notes to be issued by Agile Group Holdings
Limited (Ba2 stable).

Agile plans to use the proceeds from the proposed notes to
refinance existing onshore and offshore indebtedness.

RATINGS RATIONALE

"The proposed notes issuance will improve Agile's liquidity and
lengthen its debt maturity profile, while the impact on its
credit metrics will be limited, because it will use the proceeds
mainly to refinance debt," says Kaven Tsang, a Moody's Senior
Vice President.

Moody's expects the company's revenue/adjusted debt to register
70%-75% and EBIT/interest 4.5x-5.0x over the next 12-18 months.
These ratios position the company at its Ba2 corporate family
rating.

Moody's also expects Agile's presales, including those of joint
ventures and associates, to grow to around RMB100 billion in
2018, after registering a 52% growth to RMB89.7 billion in 2017.
The company recorded around RMB78.3 billion of presales in the
first ten months of 2018. This presale performance will support
future revenue recognition.

In addition, Agile is likely to maintain its gross margin at a
high level of around 35%-40% for the next 12-18 months, because
of its low land cost and the high margins of its projects in
Hainan and Zhongshan. This margin level provides the company with
a buffer against a price decline if China's property market
softens over the same period.

Agile's liquidity position is adequate. Its cash holdings of
RMB29.5 billion at the end of June 2018, together with its sales
proceeds from pre-sales, will be sufficient to cover its short-
term debt of RMB29.9 billion and committed land premiums over the
next 12-18 months.

Agile's Ba2 CFR reflects its strong track record of property
development in Guangdong and Hainan provinces, disciplined
financial management, track record of equity injections from its
largest shareholder in times of need, adequate liquidity, good
access to the offshore debt and banking markets, and low land
costs.

At the same time, Agile's CFR is constrained by the company's
material exposure to Guangdong and Hainan provinces, the impact
of potential regulatory tightening on property sales in its key
operating cities, and execution risks associated with its fast
expansion in property and new businesses.

Agile's Ba3 senior unsecured ratings are one notch lower than its
CFR due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over
Agile's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that
Agile will maintain a disciplined approach to land acquisitions
and business expansion, moderate growth in scale, stable
financial metrics and an adequate liquidity position over the
next 12-18 months.

Upward ratings pressure could develop if Agile grows its scale
while maintaining: (1) a strong liquidity position; and (2) sound
credit metrics, with adjusted revenue/debt above 95%-100% and
EBIT/interest coverage above 5.0x-5.5x on a sustained basis.

Downward ratings pressure could emerge if Agile's contracted
sales fall and credit metrics weaken, with EBIT/interest coverage
falling below 3.5x or adjusted revenue/debt falling below 70%-
75%.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Agile Group Holdings Limited is a major property developer in
China, operating in the mid- to high-end segment. At June 30,
2018, the company had a land bank with a total gross floor area
of 35.4 million square meters in 69 cities and districts in
China.


CHINA LESSO: Moody's Withdraws Ba1 CFR for Business Reasons
-----------------------------------------------------------
Moody's Investors Service has withdrawn China Lesso Group
Holdings Limited's Ba1 corporate family rating with a stable
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

Founded in 1996 and listed on the Hong Kong Stock Exchange in
June 2010, China Lesso Group Holdings Limited is one of the
largest plastic pipe and pipe fitting manufacturers in China. At
June 30, 2018, it had 22 production facilities in 16 regions.

The company's products are widely used in water supply, drainage,
power supply and telecommunications, gas supply, agriculture,
floor heating, fire prevention, and interior decoration.


DR. PENG: S&P Lowers Long Term ICR to 'B+', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Dr. Peng Telecom & Media Group Co. Ltd. to 'B+' from 'BB-'. The
outlook is negative. At the same time, S&P lowered the issue
rating on the company's guaranteed senior unsecured debt to 'B+'
from 'BB-'.

Dr. Peng is a Shanghai-listed telecommunication service provider
offering fixed line broadband access, Internet data center (IDC)
operations, and media services in China.

S&P said, "We lowered the rating in response to Dr. Peng's
deteriorating liquidity condition. The company's cash balance
markedly depleted in the third quarter of 2018, mainly due to
weakened cash flow generation, limited access to new long-term
funding sources, and sizable capital expenditure. We expect Dr.
Peng to face increasing liquidity pressure with an unfavorable
capital structure over the next 12-18 months, considering a
significant offshore bond maturity in June 2020.

"We assess Dr. Peng's relatively short debt maturity profile as a
predominant factor weighing on the company's liquidity and
capital structure over the next 18 months. Despite making some
redemptions in the fourth quarter of 2018, Dr. Peng has US$450
million worth of outstanding offshore bond, which is material
relative to its cash on hand and cash flow generation.

"We expect Dr. Peng's cash flow generation to stay weaker than
the historical level, largely because of its weakening market
position in fixed-line broadband services. A continued decrease
in average revenue per user and loss of subscribers have dented
the company's scale and profitability, thus further dampening its
cash flow generation. Dr. Peng's operating cash flow dipped over
50% year on year during the third quarter of 2018. Nevertheless,
we forecast moderate alleviation from the submarine cable
business, given potential prepayments for the service
subscription."

In addition, submarine cable construction, data center capacity
expansion, and broadband infrastructure maintenance will continue
to command high capital expenditure. With limited access to new
funding sources, the gap between cash flow generation and
investments will rapidly drain Dr. Peng's liquid assets, mainly
cash. The company's cash and cash equivalents shrank nearly 35%
to Chinese renminbi (RMB) 1.9 billion in the three months ending
Sept. 30, 2018.

High uncertainties cloud Dr. Peng's pursuit of new funding
sources, particularly those with long-term maturities. The
company has a limited track record of relationships with banks.
And the scale of new financing could be restricted by business
performance and degree of share pledge. That said, the Chinese
government's push to ease funding strains in the private sector
could also favor Dr. Peng to some extent.

S&P said, "The negative outlook reflects our view that Dr. Peng
will face rising liquidity pressure over the next 12-18 months,
considering the maturity of its offshore debt and uncertainties
over its ability to secure long-term funding sources.

"We could lower the rating if Dr. Peng's liquidity deteriorates
with declining cash balance and over-reliance on short-term
financing. This is likely due to: (1) declining operating cash
flow; (2) sizable capital expenditure or shareholder-friendly
disbursements; or (3) limited access to long-term funding sources
to refinance offshore debt maturing in June 2020.

"We could also lower the rating if Dr. Peng's debt-to-EBITDA
ratio approaches 3.5x. This could happen if the company
undertakes more aggressive debt-funded acquisitions, capital
expenditure, or shareholder-friendly disbursements than we
expect; or delivers worse-than-expected operating performance due
to intensifying competition, as shown by a significant loss in
subscribers or severe deterioration in profitability and cash
flows.

"We could revise the outlook back to stable if Dr. Peng's
liquidity stabilizes, likely from: (1) attaining long-term
financing; 2) improved cash flow generation; or (3) prudent risk
management as shown by a reduction in capital expenditure and
other new investments."


TIMES CHINA: Fitch Assigns BB-(EXP) to Proposed USD Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) proposed US dollar senior notes a 'BB-
(EXP)' expected rating. The notes are rated at the same level as
Times China's senior unsecured rating because they constitute its
direct and senior unsecured obligations. The final rating is
subject to the receipt of final documentation conforming to
information already received.

Times China's rating is supported by its significant increase in
scale without compromising its financial profile. The company has
expanded quickly within Guangdong province, while keeping
leverage below 40% and its EBITDA margin at around 20%. Fitch
believes Times China's strong sales and healthy financial profile
are commensurate with those of 'BB-' rated peers. Fitch also
expects Times China to remain under pressure to expand its land
bank in its core market of Guangdong to support growth.

KEY RATING DRIVERS

Strong Sales to be Sustained: Times China aims to achieve CNY55
billion in contracted sales in 2018, following a 42% increase to
CNY42 billion in 2017, with an average selling price (ASP) of
CNY14,750 per square metre (sqm). Cumulative contracted sales in
10M18 were 51% higher, at CNY48 billion, compared with the same
period last year, driven by a 39% rise in gross floor area sold
and an 8% increase in ASP. Times China aims to reach CNY100
billion in annual sales in the medium term, driving its
expectation that sales will continue to increase rapidly over the
next three years.

Rising Contribution from Joint Ventures: Times China is
increasingly using joint-venture structures to boost its scale.
Fitch estimates that Times China's attributable sales fell to
below 80% of total reported sales in 2017 and expects the ratio
to remain at 75%-80%. Fitch will consider proportionate
consolidation of Times China's joint ventures and associates if
the attributable percentage falls below its expectations.

Redevelopment Alleviates Land Acquisition Pressure: Fitch
estimates that Times China's saleable resources are only
sufficient to support sales in the next three years, placing
significant pressure on the company to expand its land bank.
However, Times China's efforts in pursuing redevelopment projects
may relieve some pressure on competing for more costly sites in
land auctions. The company has a competitive advantage in
obtaining low-cost urban redevelopment projects, particularly in
Guangzhou and Foshan, which will help it control land costs and
ease land acquisition pressure.

Times China had 18 million sqm of land at end-June 2018, with 33%
of the area in its core cities of Guangzhou, Foshan and Zhuhai,
and another third in Qingyuan; a tier-3 city in Guangdong. Times
China also lowered new land costs to CNY3,623/sqm in 1H18, from
CNY5,367/sqm in 2016, by increasing land bank in some tier-3
cities. It acquired or signed preliminary agreements for 68
projects that totalled 19 million sqm of redevelopment land in
2017, of which 5.6 million sqm is likely to be converted to
available-for-sale land in 2018-2020. Management plans to convert
1.2 million sqm in 2018.

Stable Leverage: Times China's leverage, measured by net
debt/adjusted inventory, was controlled at 38% as at end-2017,
after taking into consideration adjustments from joint venture
and associate investments as well as the amount due to and from
non-controlling interest shareholders. Times China has kept
leverage below 40% during its expansion, and while Fitch expects
the metric to increase as the company continues to expand, it
should stay below 45%.

Lower Cash Collection: Times China collected around CNY31 billion
of cash from sales in 2017, or around 75% of its reported
contracted sales; lower than its 85% cash collection rate before
2016. Fitch believes this is due to a tight onshore credit
environment starting 2H17. Tighter credit may result in buyers
experiencing delays in obtaining mortgage loans, slowing cash
collection for the market. Fitch believes that under these credit
conditions, Times China will face more challenges in balancing
financial discipline and fast growth to maintain its healthy
financial profile.

Concentration in Guangdong: Times China is a regional property
developer focused on Guangdong province in southern China.
Guangzhou, Foshan and Zhuhai together accounted for more than 83%
of total contracted sales in 1H18 and more than 85% before that.
Fitch expects Times China to focus on expanding within Guangdong
and that it is unlikely to expand into other provinces in the
near term.

DERIVATION SUMMARY

Times China enjoyed a CAGR of over 45% in 2012-2017 to reach
reported sales of over CNY40 billion, which is similar to 'BB'
category peers, such as Yuzhou Properties Company Limited's (BB-
/Stable) CNY40 billion and China Aoyuan Property Group Limited's
(BB-/Positive) CNY46 billion, but larger than lower-rated
companies, such as Modern Land (China) Co., Limited's
(B+/Negative) CNY22 billion. Times China has maintained leverage
below 40% while significantly boosting scale and increasing
saleable resources, which is also in line with similarly rated
companies.

KEY ASSUMPTIONS

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

  - Attributable contracted sales sustained above CNY40 billion
    in the next three years

  - Gross profit margin, including capitalised interest,
    maintained at 20%-25% over 2018-2019

  - Attributable land premium at around 55% of sale proceeds in
    the next three years

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above CNY50
    billion

  - Net debt/adjusted inventory sustained below 35%

  - Contracted sales/total debt sustained above 1.2x (2017: 1.2x)

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

  - Net debt/adjusted inventory above 45% for a sustained period

  - EBITDA margin below 20% (2017: 23%) for a sustained period

  - Land bank insufficient for three years of development

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents
of CNY21 billion, including restricted cash, as of end-June 2018,
against CNY10 billion in short-term debt. The company's average
funding cost fell to 7.6% in 2017, from 9.6% in 2015.


YANZHOU COAL: S&P Affirms 'BB' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term issuer credit
rating on Yanzhou Coal Mining Co. Ltd. The outlook is stable. S&P
also affirmed its 'BB' long-term issue rating on the US$550
million senior unsecured notes the coal producer guarantees, and
its 'BB-' rating on its guaranteed US$500 million senior
unsecured perpetual securities.

S&P said, "At the same time, we assigned our 'BB' long-term issue
rating on the proposed U.S. dollar-denominated senior unsecured
notes to be issued by Yancoal International Resources Development
Co. Ltd. and guaranteed by Yanzhou Coal. Our rating on the notes
are subject to our review of the final issuance documentation.

"Our rating on Yanzhou Coal reflects our expectation the company
will remain a core subsidiary of Yankuang Group. We believe
Yanzhou Coal will receive timely and sufficient support from
Yankuang Group in case of need. We therefore equalize the rating
on the company with the credit profile of Yankuang Group.

"We anticipate that Yankuang Group will maintain its majority
shareholding in Yanzhou Coal. In our view, Yanzhou Coal will
remain integral to the overall development strategy of Yankuang
Group, being the latter's major coal mining subsidiary. We also
expect Yanzhou Coal to remain the major profit contributor for
the group over the next few years. The group's other businesses,
including coal trading and chemicals, generate much smaller
profit due to low margins. We therefore believe Yankuang Group
has similar business strengths as Yanzhou Coal's.

"Yanzhou Coal reported interim and third quarter results better
than what we expected, mainly because of higher coal prices than
our projection. We believe the company's financial leverage is
likely to decline in 2018, with higher sales volume and coal
price but largely stable capital spending, leading to improving
free operating cash flow. However, we anticipate Yanzhou Coal to
leverage up slightly in 2019 as we foresee softening coal prices
on slowing demand and increasing supply.

"We expect Yankuang Group's leverage to remain high in 2018 and
move in tandem with that of Yanzhou Coal. The group's leverage is
much higher than Yanzhou Coal's due to high debt accumulated for
past expansions in other businesses. This will cap the rating
upside for Yanzhou Coal."

Yankuang Group is a state-owned enterprise (SOE) controlled by
the Shandong provincial government. In our view, Yankuang Group
has a high likelihood of receiving extraordinary support from the
Shandong government in case of financial distress. This view is
based on the following company characteristics:

-- Very strong link with the government. The Shandong government
    wholly owns Yankuang Group. Shandong State-owned Assets
    Supervision and Administration Commission (SASAC) appoints
    the company's board members and senior management. S&P said,
    "In our view, the local government has a strong influence on
    Yankuang Group's strategy and business plans, and it has
    procedures in place to continually monitor the company. We
    believe a considerable deterioration in the creditworthiness
    of Yankuang Group would significantly affect the Shandong
    government's reputation." It would also negatively affect the
    access to debt market for other SOEs controlled by the
    Shandong government.

-- Important role to the government. Yankuang Group, one of the
    largest coal producers in China, operates as a profit-seeking
    entity in the competitive industry. As one of the first coal
    companies to expand outside China, Yankuang Group plays an
    important role in helping the government to secure more coal
    resources worldwide. Moreover, Yankuang Group is one of the
    coal companies identified by the government to be a
    consolidator of China's fragmented domestic coal industry.
    Yankuang Group also ranks top among Shandong SOEs by revenue
    and asset size. S&P said, "We therefore view the company's
    credit standing to be important for the Shandong government.
    We believe a credit stress or default by the company would
    have an important impact on the coal sector in China."

S&P said, "We expect Yanzhou Coal to receive extraordinary
government support indirectly via Yankuang Group.

"The stable outlook reflects our view that Yanzhou Coal and
Yankuang Group can tolerate a moderate decline in coal prices
over the next 12 months if industry conditions deteriorate. We
also expect Yanzhou Coal to remain a core subsidiary of Yankuang
Group and believe the group has a high likelihood of receiving
extraordinary government support in case of need.

"We may lower the rating on Yanzhou Coal if Yankuang Group's
financial leverage is much higher than our expectation for a
sustained period. This could happen due to significant coal price
declines and hence lower-than-expected cash flows at both Yanzhou
Coal and Yankuang Group. It may also happen due to capital
spending overruns on increasing appetite for organic expansion or
acquisitions. We may also lower the rating if there is weakened
likelihood of extraordinary government support for Yankuang
Group, which we view as unlikely in the near term.

"We may upgrade Yanzhou Coal if both the company and Yankuang
Group's financial metrics improve materially due to stronger-
than-expected coal prices or lower capital spending. An
indication of such improvement is Yankuang Group's debt-to-EBITDA
ratio approaching 5.0x for an extended period."



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HUA HAN: Securities Regulator Orders Firm to Suspend Trading
------------------------------------------------------------
South China Morning Post reports that Hong Kong's Securities and
Futures Commission (SFC) has directed the city's exchange to
suspend all trading in the shares of Hua Han Health Industry
Holdings from Nov. 20.

Hua Han has halted its shares and debt securities from trading
since September 27, 2016, pending releases of its financial
results and the results of relevant investigation by auditors,
SCMP relates.

Earlier this month, Hua Han said in a filing that the audit
procedures for its annual results of 2015/2016 and 2016/2017 are
still ongoing, while unaudited interim results for 2016/2017 and
2017/2018 are still being prepared, according to SCMP.

The SFC has made the decision on Hua Han under Rule 8 (1) of the
Securities and Futures (Stock Market Listing) Rules, SCMP reports
citing an exchange filing by Hua Han on Nov. 20.

According to the clause, the suspension may be invoked in a
number of instances, including where it appears the company has
included any "materially false, incomplete, or misleading"
information in any document it has issued to the market, or where
it is necessary to maintain a fair market or to protect the
investing public, SCMP relays.

This marks the SFC's third such ruling this year, following 14
such cases in 2017, the report notes. Some companies disclosed
reasons by the SFC in their filings, but the regulator itself
rarely commented publicly on the circumstances of these
companies, citing the need for confidentiality during
investigations, says SCMP.

Hua Han Health Industry Holdings Limited, an investment holding
company, researches and develops, manufactures, trades, and sells
traditional Chinese medicines, biopharmaceutical products, and
other healthcare-related products in the People's Republic of
China. It operates through two segments, Pharmaceutical Products,
and Hospital Related Business. The company manufactures and
trades gynecological pharmaceutical products and feminine
medicinal healthcare products.



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A LITTLE WORLD: CRISIL Keeps B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of A Little World
Private Limited (ALW) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     15        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ALW for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of ALW, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of ALW and Zero Microfinance and
Savings Support Foundation (ZMF). This is because both entities,
together referred to as the ALW group, are managed by the same
promoters and have common business. There is large financial
support extended by ALW to ZMF. Both entities are expected to be
merged over the near to medium term.

ALW, incorporated in 2000, is engaged in developing and providing
licensed technology for enabling smart cards and other electronic
technology-based commerce, electronic-identity systems, and
trading and delivery systems. ZMF operates as one of the largest
business correspondents for State Bank of India (SBI, rated
'CRISIL AAA/CRISIL AA+/FAAA/Stable/CRISIL A1+') and is engaged in
the extension of banking services in the rural and urban areas of
India where banking penetration is limited. The group is managed
and operated by Mr. Anurag Gupta.


A TO Z LOGISTICS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of A to Z Logistics
Limited (ATZL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           30        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with ATZL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of ATZL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2004 as a private limited company and
reconstituted as a closely held public limited company with the
current name on April 4, 2013, ATZL provides logistic services
(on a contract basis) such as cargo transportation to customers
across India. Operations are managed by Mr. Sanjeev Jindal, Mr.
Sita Ram Jindal, and Ms. Sunita Jindal.


A. H. ALLOYS: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of A. H. Alloys (AH)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with AH for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AH, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AH was established as a partnership firm in 2005 and was
reconstituted as a proprietorship firm of Mr. Happy Gupta in
2007. It manufactures rounds and bars at its plant in Ludhiana
and has rolling capacity of 125 tonne per day.


ADITYA MOTORS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Aditya Motors (AM)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           0.6       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Inventory Funding
   Facility              5.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AM for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AM, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr.
Harvijay Singh Chattrasingh Chudsama in 2015, is an authorised
dealer of TML's passenger cars in Jamnagar with a 3S (showroom,
spares, and services) facility. It is setting up a showroom in
Jamnagar, which is expected to commence operations in April 2016.


AI COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of AI Cotton Industries
(AIC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           14        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AIC for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AIC, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AIC, set up by Mr. Rasik Thakkar in 2007, gins and presses cotton
in Kutch. Its plant has capacity to manufacture 46,000 bales of
cotton per annum, and is operating at 60 percent of capacity. The
firm integrated operations forward in 2009-10 (refers to
financial year, April 1 to March 31) by setting up a cotton oil
refinery with capacity of 2835 tonnes per annum, which is
operating at 50 percent of capacity.


AL-AYAAN FOODS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Al-Ayaan Foods
Private Limited (AAFPL) continues to be CRISIL B/Stable Issuer
not cooperating'.

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

CRISIL has been consistently following up with AAFPL for
obtaining information through letters and emails dated April 30,
2018 and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AAFPL, continues to be CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2014 by Mr. Naushad Elahi and Ms. Mumtaz Elahi,
AAFPL trades in livestock (buffalo). The company commenced
operations in December 2014. The company was acquired by Mr.
Mohammed Elahi Qureshi and Mr. Dilshad in 2015.


ANMOL ENTERPRISES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Anmol Enterprises
(Anmol) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Term Loan             15         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Anmol for
obtaining information through letters and emails dated April 30,
2018 and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of Anmol, continues to be 'CRISIL D Issuer not
cooperating'

Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.


ARIEX ISPAT: CRISIL Maintains 'B-' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Ariex Ispat Private
Limited (AIPL) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2.75       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan       4.50       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AIPL, continues to be 'CRISIL B-/Stable Issuer not
cooperating'

AIPL was set up by the Ramlavat family in 2012 in Himatnagar,
Gujarat. It manufactures mild steel square bars, flat bars, angle
bars, channel bars, and section bars, in various sizes. It began
commercial operations in February 2014.


ASHA ENTRADE: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Asha Entrade Private
Limited (AEPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Long        3.0        CRISIL B/Stable (ISSUER NOT
   Term Bank Loan                  COOPERATING)
   Facility

   Term Loan            4.5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of AEPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

AEPL was set up in 2012 by Mr. Suresh Jain, Mr. Rajesh Kumar
Surana, and Mr. Ashok Jain. The company develops real estate and
has an ongoing commercial-cum-residential real estate project of
78,000 square feet in Ulwe.


ASIAN TIRE: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Asian Tire Factory
Limited (ATFL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Letter of Credit      3.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Proposed Short Term
   Bank Loan Facility     .2       CRISIL A4 (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with ATFL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of ATFL, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'

ATFL was established in 1993 as a partnership firm, and was
reconstituted as a public limited company in 2008, with the
erstwhile partners becoming shareholders. It manufactures and
exports tyres, tyre tubes, and flaps.


AURA HOTELS: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Aura Hotels and
Resorts Private Limited (Aura) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             40        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with Aura for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of Aura, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in June 2010, Aura is promoted Mr. Vikash Agrawal
and Mr. Ronak Jain. The company is setting up a four-star hotel
in Shillong.


BHARAT ALUMINIUM: CRISIL Retains B/Not Cooperating on INR7cr Loan
----------------------========-----------------------------------
CRISIL said the rating on bank facilities of Bharat Aluminium Co.
(BAC) continues to be 'CRISIL B/Stable Issuer not cooperating'

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

CRISIL has been consistently following up with BAC for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BAC, continues to be 'CRISIL B/Stable Issuer not
cooperating'

BAC, a proprietorship firm of Mr. Ramesh Singhvi set up in 1980
and based in Mumbai, distributes products of Jindal Aluminium Ltd
(JAL; 'CRISIL AA-/Stable/CRISIL A1+') such as aluminium bars,
rods etc.


BESTO TRADELINK: CRISIL Maintains 'D' Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Besto Tradelink
Private Limited (BTPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Packing Credit        3         CRISIL D (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term
   Bank Loan Facility   11         CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with BTPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BTPL, continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Incorporated in 1997, BTPL trades in commodities, including agro-
commodities (primarily rice), metals, cotton, and fabrics. The
company is based in Ahmedabad (Gujarat) and is promoted by Mr.
Rakesh Patel and his family.


BINANI CEMENT: Supreme Court Upholds Sale to UltraTech Cement
-------------------------------------------------------------
Mahima Kapoor at BloombergQuint reports that the Supreme Court
approved Binani Cement Ltd.'s sale to UltraTech Cement Ltd. on
Nov. 19, upholding the National Company Law Appellate Tribunal's
verdict on the insolvency bids.

The two-judge bench headed by Justice RF Nariman quashed Dalmia
Bharat's plea challenging the verdict, saying there was no
infirmity in approval granted by the NCLAT, Bloomberg reported.

According to BloombergQuint, the appellate tribunal had on
Nov. 14 approved UltraTech Cement's plan to acquire debt-laden
Binani Cement, holding that the rival bid by Dalmia Group was
"discriminatory" to creditors of the stressed cement maker.
Dalmia Bharat then moved the Supreme Court on Nov. 15,
challenging the NCLAT's approval.

BloombergQuint says Dalmia Bharat-led Rajputana Properties had
initially emerged as the highest bidder for acquisition of assets
of insolvent Binani Cement. Later, UltraTech, the second-highest
bidder, increased its offer, backed by the original promoters of
Binani Cement.

                       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.


BISMILLAH JEWELLERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Bismillah Jewellers
Private Limited (BJPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'

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

CRISIL has been consistently following up with BJPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of BJPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

BJPL, set up in 2004, is promoted by Mr. Mohammed Fazlulla Baig,
Mr. Manzoor Ahemed, Mr. Athaur Rahaman Khan, Mr. Mohammed
Asadullah Baig, and Mr. Raffeq Ahmed.

The company retails gold jewellery such as necklaces, rings,
earrings, bangles, and bracelets. It has two retail showrooms in
Hyderabad under the name Mujtaba Jewellers.


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

The instrument-wise rating action is:

-- INR190 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

D.V. Exports is engaged in the trading of cotton yarn and cotton
bales.


DAYANAND COTTON: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dayanand Cotton Ind
(DCI) continues to be 'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5         CRISIL D (ISSUER NOT
                                  COOPERATING)

   Term Loan            1         CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with DCI for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DCI continues to be 'CRISIL D Issuer not
cooperating'.

DCI is a partnership firm that started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.


DHAULAGIREE POLYOLEFINS: Ind-Ra Moves B Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhaulagiree
Polyolefins 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:

-- INR14 mil. Fund-based limit migrated to non-cooperating
     category with IND B (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Non-fund-based limit migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating;

-- INR90 mil. Proposed term loans migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating;

-- INR20 mil. Proposed fund-based limit migrated to non-
     cooperating category with Provisional IND B (ISSUER NOT
     COOPERATING) rating; and

-- INR20 mil. Proposed non-fund-based limit migrated to non-
     cooperating category with Provisional IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 10, 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 1984, Dhaulagiree Polyolefins manufactures high
molecular high density polyethylene films, sheet, lines, poly
bags, tarpaulin sheet at its manufacturing facility in Howrah,
West Bengal.


GOURANGA COLD: CRISIL Reaffirms B Rating on INR12.40cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Gouranga Cold Storage Private Limited (GCSPL) at 'CRISIL
B/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       .42        CRISIL A4 (Reaffirmed)

   Cash Credit        12.40        CRISIL B/Stable (Reaffirmed)

   Proposed Long
   Term Bank Loan
   Facility             .80        CRISIL B/Stable (Reaffirmed)

The ratings reflect GCSPL's exposure to inherent risks in the
highly regulated and intensely competitive cold storage industry
in West Bengal (WB), small networth, and high gearing. These
weaknesses are partially offset by promoters' extensive industry
experience.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Small networth and high gearing at
INR1.9 crore and 5.9 times, respectively, as on March 31, 2018
(Rs 1.87 crore and 6.3 times, respectively, as on March 31,
2017), constrain the financial risk profile. Muted accretion to
reserve should keep the networth small, though gearing may
improve with gradual repayment of term debt.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB 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 a market share of less than 0.5%. This further
limits bargaining power, and forces players to offer discounts to
ensure healthy utilisation of capacity.

Strengths

* Promoters' extensive experience: The promoters have been in the
cold storage business since 1978 through group entity. This
experience has helped them develop healthy relations with traders
and farmers, and gain deep understanding of the industry, and
thus ensure healthy utilisation of its storage capacity.

Outlook: Stable

CRISIL believes GCSPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if a sustained and substantial increase in cash
accrual, or equity infusion, along with better working capital
management, improves the financial risk profile. The outlook may
be revised to 'Negative' in case of pressure on liquidity due to
delays in repayment of loans by farmers, considerably low cash
accrual, or significant capital expenditure.

Established in 1987, GCSPL, promoted by the West Bengal-based
Dolui family, provides cold-storage facility to potato farmers
and traders. The cold storage, with capacity of about 42,960
tonne, divided into five chambers, is located in Paschim
Medinipur (WB).


GREATVALUE PROJECTS: CRISIL Assigns B+ Rating to INR25cr LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Greatvalue Projects India Limited (GPIL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Long        25        CRISIL B+/Stable (Assigned)
   Term Bank Loan
   Facility

The rating reflects exposure to risks related to implementation
of the ongoing residential project, occupancy and cyclicality
inherent in the real estate sector. These weaknesses are
mitigated by the extensive experience of promoters in the real
estate industry, and comfortable bookings witnessed in the
earlier phase of the current project.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to implementation risks: GPIL is constructing the
Phase IV of its 'Sharanam' project at Noida. The building
construction is at initial stage, with only 12% construction
completed till October 2018, thus being exposed to high
implementation risk. Timely implementation of the project, with
no major cost overruns, will remain a key rating sensitivity
factor.

* Susceptibility to cyclicality inherent in the real estate
sector: The real estate sector is cyclical in nature, and marked
by volatile prices, opaque transactions, and intense competition.
Moreover, multiplicity of property laws and non-standardised
government regulations can affect the tenure of project
execution. The risk is compounded by the aggressive completion
timelines and shortage of manpower (project engineers and skilled
labour) in this sector. Apart from these macro-economic factors,
the credit risk profile is expected to be driven by the level of
economic activity and the outlook for the real estate sector. Any
adverse change in the overall economic environment are likely to
impact the real estate market across the region.

Strengths:

* Extensive experience of promoters: The promoters have been
engaged in the real estate business for over a decade, and have
undertaken projects in Delhi/NCR.

* Comfortable booking witnessed in the earlier phase of the
current project: The earlier phase of the project, which has been
completed, has witnessed 90% booking rate, and this provides
significant revenue visibility. Balance 10% of the inventory
(valued around INR150 crore) is also likely to be sold in the
near term, providing financial flexibility to the current
project. However, timely repayment of loans and quantum of cash
available post the repayment would remain key monitorables.

Outlook: Stable

CRISIL believes GPIL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if higher-than-expected booking levels lead to
sufficient liquidity, along with timely completion of
construction work. Conversely, the outlook may be revised to
'Negative' in case of lower--than-expected booking increases
dependence on external funding, or if delay in execution causes
cost overruns and thereby weakens liquidity.

Incorporated in 2010, GPIL is part of the Greatvalue group, which
is engaged in real estate development of residential and
commercial projects. Mr Manoj Agarwal, Mr Mayank Agarwal, Mr
Sachin Agarwal, Mr Sanjay Rastogi and Ms Pragya Agarwal are the
promoters.


GREEN LEAF: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Green Leaf
Plasto 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 BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR6.9 mil. Term loans due on May 2020 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR99 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2011, Green Leaf Plasto is engaged in the
processing of raw wheat grains to produce whole wheat flour and
refined flour.


NAVIN COLD: CRISIL Reaffirms B- Rating on INR10.77cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the bank
facilities of Navin Cold Storage Private Limited (NCSPL).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit          4.53       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   3.94       CRISIL B-/Stable (Reaffirmed)

   Term Loan             .97       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Facility             1.33       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile and susceptibility to changes in regulations and to
intense competition in the cold storage industry in West Bengal
(WB). These weaknesses are partially offset by the promoters'
extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to changes in regulations and to intense
competition in the cold storage industry: The potato cold storage
industry in WB is regulated by the West Bengal Cold Storage
Association, with rent fixed by the state's Department of
Agricultural Marketing. The fixed rent will continue to limit
players' ability to earn profits based on their strengths and
geographical advantages. Pressure to offer discounts to ensure
healthy utilisation of storage capacity, given the intense
competition, will also constrain profitability.

* Weak financial risk profile: Networth was modest, estimated at
INR0.72 crore as on March 31, 2018, despite marginal improvement
in recent years on account of accretion to reserve. Gearing was
high at 8.41 times on account of loans extended to farmers,
especially at the end of the fiscal. Debt protection metrics are
likely to remain moderate. Interest coverage and net cash accrual
to total debt ratio were 1.49 times and 0.05 time, respectively,
in fiscal 2018.

Strengths

* Promoters' extensive experience: The promoters' experience of
over 40 years and strong relationships with potato farmers should
continue to support business risk profile, backed by healthy
utilisation of storage capacity (90% on an average in fiscal
2018).

Outlook: Stable

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

Incorporated by Mr Sushil Kumar Agarwal, Mr Sajjan Kumar Agarwal,
and Ms Gouri Shankar Agarwal in 1977, NCSPL operates a cold
storage unit for potatoes, with capacity of 30,000 tonne, in
Paschim Medinipur, WB. The company occasionally trades in
potatoes to ensure optimum capacity utilisation of its cold
storage unit. It also finances farmers' potato storage, which is
refinanced by banks.


NOUVEAUX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR7.2cr Loans
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Nouveaux Industries Private Limited
(NIPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.5       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       1.7       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of NIPL's
operations in the intensely competitive steel wire manufacturing
segment, exposure to fluctuations in raw material prices, and a
weak financial risk profile. These weaknesses are partially
offset by the experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and exposure to volatility in steel prices:
Intense competition and volatile raw material prices may continue
to constrain scalability, pricing power, and profitability.
Revenue and operating margin were modest at INR54 crore and 5.6%,
respectively, in fiscal 2018.

* Weak financial risk profile: Financial risk profile is
constrained by a weak capital structure, with small networth of
Rs.1 cr and high gearing at 12.98 times respectively as on
March 31, 2018.

* Debt protection metrics are below average: interest coverage
and net cash accrual to total debt ratios were 1.60 times and
0.08 times, respectively, in fiscal 2018.

Strength

* Experience of the promoter: Benefits from the promoter's
experience of two decades, his strong understanding of local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes NIPL will continue benefit from the experience of
the promoter. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue, profitability,
and cash accrual strengthens financial risk profile. Conversely
the outlook may be revised to 'Negative' if steep decline in
revenue or profitability or stretch in working capital cycle
weakens financial risk profile.


NIPL, established in 1992 at Kanagayam (Tamil Nadu), manufactures
welding wires for use in industries such as automobile,
infrastructure, power equipment, railways, and mining. Mr.M.
Venkatachalapathy is the promoter.


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

The instrument-wise rating actions are:

-- INR165.6 mil. Term loan maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR163.5 mil. Fund-based working capital limits maintained
    in Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in February 1980, Precision Granites is a Bengaluru-
based company engaged in the export of processed granites and
marbles.


RPL INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RPL Industries
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 BB-(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)/
     IND A4+ (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RPL Industries, which was incorporated in 1982, manufactures
tires for two-wheeler and three-wheeler vehicles, passenger cars,
utility vehicles, light commercial vehicles and farm vehicles.


SATGURU AGRO: CRISIL Reaffirms B Rating on INR20cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Satguru Agro Industries Limited (SAIL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          20        CRISIL B/Stable (Reaffirmed)
   Term Loan             2        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SAIL's below-average financial
risk profile. This weakness is partially offset by the experience
of the promoters, and moderate scale of operations.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Networth was low at
INR5.9 crore as on March 31, 2018, while gearing and total
outside liabilities to tangible networth ratios were high at 4.99
times and 5.94 times, respectively. Debt protection metrics are
moderate: interest coverage and net cash accrual to total debt
ratios should be around 1.4 times and 0.05 time, respectively, in
fiscal 2018.

Strengths

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

* Moderate scale of operations: Scale of operations is likely to
remain adequate over the medium term. Revenue increased to
INR161.2 crore in fiscal 2018 from INR161.33 crore in fiscal
2017.

Outlook: Stable

CRISIL believes SAIL will remain constrained by modest networth,
low cash accrual, and high gearing. The outlook may be revised to
'Positive' if better-than-expected cash accrual strengthens
financial risks profile. Conversely, the outlook may be revised
to 'Negative' if further decline in cash accrual or stretched
working capital cycle weakens financial risk profile and
liquidity.

SAIL was established in 1991 at Solapur by Khaitan and family; it
got acquired in 2004 by the current management, comprising
Kalavadia, Zalawadia, Padodara, and Changela along with their
families. The company manufactures soya bean oil and soya de-
oiled cakes.


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

The instrument-wise rating actions are:

-- INR112 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR215.5 mil. Long-term loan maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR15.2 mil. Non-fund-based working capital limits maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 13, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009 by K Gopala Reddy and P Rama Rao, Andhra
Pradesh-based Sai Manasa Spintex (India) manufactures cotton yarn
from raw cotton.


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

The instrument-wise rating actions are:

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

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2008, Sri Lakshmi Constructions is a partnership
concern. It undertakes civil contracts and electrical
installation contracts (such as strengthening of distribution
networks and conversion of existing low-voltage networks into
high-voltage distribution systems) for the government of Andhra
Pradesh.


TATA MOTORS: Fitch Lowers LT IDR to BB, Outlook Negative
--------------------------------------------------------
Fitch Ratings has downgraded Tata Motors Limited's Long-Term
Issuer Default Rating to reflect its lower expectations for TML's
revenue, margin and cash generation in the next two to three
years, particularly driven by its fully owned subsidiary - Jaguar
Land Rover Automotive plc (JLR, BB/Negative). This will weigh on
TML's cash generation. The downgrade follows the downgrade of
JLR's rating on November 16, 2018.

Operating performance for the first half of the fiscal year
ending March 2018 (1HFY19) was considerably weaker compared with
its expectations. TML's overall sales volume and profitability
were hurt by adverse developments in JLR's key markets, notably
China, even as volume and margins improved in TML's domestic
business. Fitch now expects lower volume and profitability in the
JLR business, which will outweigh expansion of TML's domestic
business, as JLR accounts for the majority of its EBITDA
generation. Fitch also expects enlarged negative free cash flow
(FCF), as subdued profitability will weigh on management's
efforts to conserve cash and lead to deterioration in TML's
leverage.

The Negative Outlook reflects evolving risks in TML's JLR
business, including from a disorderly Brexit, higher global
tariffs and slower execution of JLR's plan to move away from
diesel-based powertrains in Europe.

KEY RATING DRIVERS

Weaker Profitability and FCF: Fitch expects JLR's weaker
operating performance to impact TML's consolidated performance
despite sustained volume growth and improving margins in its
domestic business. Adverse market developments, such as
unfavourable diesel regulations, weaker consumer sentiment on
account of Brexit as well as trade wars and competitive pressure
in key markets, including China, are likely to lead to lower
volume and profitability at JLR in FY19, with only a modest
recovery in FY20 despite management's plan to reduce costs. Fitch
forecasts TML's EBITDA to be about 20% lower than its previous
rating case over FY19-FY21, with the FCF deficit averaging at
more than 4% of revenue in FY19-FY20 and a recovery to positive
FCF only in FY22, even as the company plans to limit capex at
JLR. Fitch believes TML will have limited flexibility to cut
capex at JLR materially below GBP4.0 billion over the next few
years as it will be needed to help JLR maintain its positioning
by enhancing capacity and product offerings in view of emerging-
sector trends.

Deterioration in Leverage: Fitch expects TML's consolidated net
leverage - as measured by adjusted net debt/EBITDAR, excluding
TML's auto-financing subsidiary, TMF Holdings Limited - to
increase to 2.0x in FY19, from 1.4x in FY18. Net leverage in FY20
could increase marginally above 2.0x - the level at which Fitch
could consider further negative rating action - but should fall
to 1.9x in the next year based on Fitch's expectations on new-
model launches and management's cost-cutting initiatives.

Risk from Adverse Developments: Fitch believes JLR's production
imbalance towards the UK increases risk from a disorderly Brexit,
which could disrupt JLR's supply chain and impair TML's earning
and cash generation. JLR's effort to diversify its production
base away from the UK, including its new assembly plants in
Slovakia and Brazil and the use of a subcontractor in Austria,
should lessen the imbalance over the medium term, but there is
significant vulnerability in the short term. Risks may also come
from the fluid global-tariff situation, worsening competitive
intensity, and if JLR is slow to adopt non-diesel drivetrains in
Europe.

Improving Indian Business: TML has further strengthened its
leading position in India's commercial-vehicle segment, with
above-industry growth over 1HFY19. TML's market share in
commercial vehicles increased to 46%, from 45% in FY18, as sales
volume rose by around 61% yoy in medium and heavy commercial
vehicles and by 40% in light commercial vehicles. Fitch expects
demand for commercial vehicles to remain healthy in the next 12-
18 months, supported by continued GDP growth and government plans
to ramp-up infrastructure spending. TML's market share in
passenger vehicles improved to 6.2%, from 5.7%, as sales volume
surged by 198% in the expanding sport-utility vehicle market.
Although this growth came off a low base, it reflects progress in
the company's strategy to regain lost passenger-vehicle segment
market share. Fitch expects continued growth of TML's passenger-
vehicle business as the company aims to further expand its
product range.

Strategic Importance to Parent: TML's rating benefits from a one-
notch uplift due to moderate linkages with its strong
shareholder, Tata Sons Limited (TSOL), as per Fitch's Parent and
Subsidiary Rating Linkage criteria. Fitch believes TSOL is likely
to continue supporting TML, if required, due to TML's strategic
importance to the group and the reputational risk arising from
the shared Tata brand. TSOL subscribed in full to its share of
TML's INR74.3 billion rights issue in FY16 and has provided
financial support to TML in the past. Any weakening of linkages
between the group and TML or a deterioration in TSOL's ability to
provide support is likely to negatively affect TML's ratings.

DERIVATION SUMMARY

TML's standalone rating of 'BB-' benefits from premium offerings
in its JLR business, which support its positioning relative to
large carmakers in the profitable premium segment, despite its
lower scale and diversification. Fitch expects TML's financial
profile to remain weak compared with peers as it continues to
expand its capacity and product range amid a challenging
operating and competitive environment.

Fiat Chrysler Automobiles N.V. (BB/Positive) has a much larger
scale and greater diversification compared with TML. This, and
its stronger financial profile, supports its rating at a notch
higher than TML's standalone rating. Peugeot S.A. (BBB-/Stable)
has a larger scale and much stronger capital structure than TML,
which puts it in a favourable position to withstand industry
conditions in its key European market, despite its largely mass-
market focused business.

KEY ASSUMPTIONS

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

  - JLR revenue to decline by around 3% in FY19 (FY18: 6% growth)
    due to lower volume, followed by marginal growth in FY20 and
    mid-to-high single-digit growth in FY21 and FY22. EBITDA
    margin to decline to 8.1% (FY18: 9.7%) before gradually
    recovering to 11.2% by FY21.

  - India operations to see sustained volume growth, with the
    EBITDA margin improving to around 7.0% (FY18: 5.5%).

  - Capex/revenue to average at 13.5% in FY19 and FY20 and at
    around 11.0% thereafter (FY18: 12.0%).

  - Resumption of dividend payments from FY20, increasing to
    INR7.0 billion by FY21.

RATING SENSITIVITIES

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

  - Positive rating action on JLR

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

  - Negative rating action on JLR

  - TML's consolidated net adjusted debt/EBITDAR, excluding its
    auto-financing subsidiary, exceeding 2.0x on a long-term
    basis

  - Weakening of linkages between Tata group and TML

Rating sensitivities for JLR are as follows:

Future Developments that May, Individually or Collectively, Lead
to Positive Rating Action

  - Further product diversification and an increase in scale
    towards more than GBP30 billion revenue, combined with
    additional positive track record in maintaining robust
    profitability and financial structure

  - Operating margin above 4%

  - FCF margin sustainably above 0.5%

  - FFO-adjusted net leverage remaining below 0.5x

  - Refinancing of maturing bonds for a higher amount to
    compensate for the expected negative FCF

Future Developments that May, Individually or Collectively, Lead
to Negative Rating Action

  - Increased evidence of a disorderly Brexit leading to costly
    measures and consequences

  - Further delay in reaching an inflexion point in the operating
    and FCF margins trajectory

  - Further deterioration in key credit metrics including
    FFO-adjusted net leverage increasing to 1.5x

  - Material weakening of JLR's liquidity position

  - Problems with implementation of new product introduction
    and production footprint expansion or decreasing market share


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

The instrument-wise rating action is:

-- INR340 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 4, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in August 2011 by Anjan Ray and his family, Tulip
Attire is engaged in garment manufacturing, where it procures
fabrics and outsources processing. In addition, it trades fabrics
both in the domestic and overseas markets. It commenced
operations in August 2012.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1984 by Bankat Garodia, Venketesh Udyog is a
proprietorship concern based in Ranchi, Jharkhand. The firm is
engaged in the trading of steel and pipes.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

-- INR41.5 mil. Long-term loans maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limits maintained in
    non-cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 14, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, Wagner Trident Precision Components is
engaged in manufacturing, trading and supply of pre-finished
automobile components, modules and castings. The company's
manufacturing facility is located in Dharwad (Karnataka).



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


UTUSAN MELAYU: Sells Jalan Tiga Land for MYR18 Million
------------------------------------------------------
The Star Online reports that Utusan Melayu (M) Bhd, the publisher
of Utusan Malaysia, has proposed to sell a piece of industrial
land in Kuala Lumpur for MYR18 million to raise cash.

According to Star Online, the PN17 company told the stock
exchange on Nov. 15 that net proceed from the disposal of the
4,715 square meters plot of leasehold land, located at Jalan Tiga
Off Jalan Chan Sow Lin are intended to be utilised as working
capital requirements.

"The proposed disposal provides an opportunity for Utusan to
unlock the immediate value of the property," it said.

Star Online relates that the company on Nov. 15 entered into a
conditional sale and purchase agreement with Strong Skyhutch for
the disposal of the land. The purchase price, it said, was
arrived at on a willing-buyer willing-seller basis through direct
negotiation.

Utusan said the land has a market value of MYR17.8 million. The
latest audited net book value of the land as at Dec 31, 2017 is
MYR196,174. The original cost of investment in the property was
MYR813,191, which was incurred on Dec 20, 1979.

                         About Utusan Melayu

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

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018,
as it had failed to provide a solvency declaration to Bursa
Malaysia after defaulting on its principal and profit payment to
Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective
financiers.

On Sept 21, Utusan was reported to have offered a voluntary
separation scheme to more than half of its 1,500 workers as part
of its restructuring exercise to reduce overall costs,
theedgemarkets.com discloses.


UTUSAN MELAYU: Plan Won't Result in Change in Business Direction
----------------------------------------------------------------
theedgemarkets.com reports that Utusan Melayu (Malaysia) Bhd,
which is formulating a regularisation plan to address its
Practice Note 17 (PN17) status, said on Nov. 15 the proposed
exercise will not result in a significant change in the business
direction or policy of the group.

The Umno-controlled media group, which publishes the Utusan
Malaysia and Kosmo! newspapers, has been making losses since the
2012 fiscal year, theedgemarkets.com says.

                         About Utusan Melayu

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

Utusan Melayu was classified as a PN17 company on Aug. 21, 2018,
as it had failed to provide a solvency declaration to Bursa
Malaysia after defaulting on its principal and profit payment to
Maybank Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective
financiers.

On Sept 21, Utusan was reported to have offered a voluntary
separation scheme to more than half of its 1,500 workers as part
of its restructuring exercise to reduce overall costs,
theedgemarkets.com discloses.



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


ACCENT ON: All Divisions Go Into Receivership
---------------------------------------------
Madison Reidy at Radio New Zealand reports that another
construction company has gone under, owing millions of dollars
and leaving a handful of private and public sector projects in
the lurch. All divisions of the Accent On Group are in
receivership, while the construction division is also in
liquidation, RNZ says.

Liquidators from Staples Rodway, Tony Maginness and Jared Booth
were appointed by the High Court this month, at the request of
the real estate firm Ray White Damerell Group over unpaid debt.

According to the report, Mr. Booth said the construction company
owed more than NZ$4.5 million to creditors, including
NZ$1.8 million to Inland Revenue.

RNZ relates that Ray White director Gower Buchanan said it was
the smallest creditor "by a country mile," but would not reveal
the size of its claim, calling the litigation a private matter.

The receiver of the entire Accent On group, Damien Grant of
Waterstone Insolvency, who was appointed earlier this month, said
the company's business model was not viable and it had no money
to pay any creditors, RNZ relays.

He said the company's business model did not rely on
subcontractors and a number of its projects, including builds for
the state sector, could not get off the ground.

Almost all of the company's 45 staff have been let go, RNZ notes.

According to RNZ, Mr. Grant said only parts of the scaffolding
division were attractive enough to sell, while the company's
civil and electrical divisions were being wound up.

"It was a really clever and good idea, but unfortunately there
was not enough work . . . there's also the problem of contracting
for work in 2005 and then trying to complete it at 2018 prices,"
RNZ quotes Mr. Grant as saying.  "The projects that it had were
either unprofitable to complete or too early in their life cycle
to warrant contemplating managing them through."

Mr Grant said one project remained unfinished, but would not
provide any details citing a confidentiality agreement, adds RNZ.

"We looked pretty hard to see whether we could complete that one,
or see whether we could assign the contract, but for a number of
reasons it was simply uneconomical."

RNZ says Mr. Grant did not reveal what public sector agencies or
organisations would be affected by Accent On's receivership and
liquidation.

The liquidators were reviewing Mr. Grant's appointment and would
release their first report next month, RNZ states.

Accent On Group built schools, residential care facilities and
residential complexes in Auckland.



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


HYFLUX LTD: Sells Stake in Oasis Waters for SGD32 Million
---------------------------------------------------------
Business Times reports that Hyflux Ltd, which remains in the
midst of restructuring its debt even as it secured a white knight
about a month ago, on Nov. 19 said that it has sold its
50 per cent stake in a firm that sells bottled drinking water in
Indonesia for SGD32 million. The sale price reflects a loss of
SGD300,000 against the net asset value of Hyflux's shareholding
in the bottled drinking water firm.

The report relates that the sale of shares held in the firm PT
Oasis Waters International was done through Hyflux's consumer
products unit, Hyflux Consumer Products. The buyer was an
investment company based in Hong Kong.

According to the report, the shares reflected a net tangible
asset value of SGD32.3 million, meaning that the sale price was
at a "deficit" of SGD300,000, Hyflux disclosed.

Business Times says Hyflux Consumer Products will first use about
SGD13.9 million of the sale proceeds to repay inter-company
payments due to a wholly owned subsidiary of Hyflux, and then to
Hyflux itself. The remaining sale proceeds will then be used as a
subordinated loan from Hyflux Consumer Products to Hyflux, and
thereby be channelled for the group's working capital purposes.

"The decision was made to undertake the disposal as part of the
company's efforts to streamline its business activities and to
re-focus on its core activities in the infrastructure sector,"
Hyflux, as cited by Business Time, said.

BT notes that Hyflux in October secured white-knight investment
amid its buckling debt, as SM Investments, a consortium between
Salim Group and Medco Group, stepped in to offer a SGD400 million
equity injection in exchange for a 60 per cent stake in the
company once Hyflux has settled all its debts.

SM Investments will also grant Hyflux a shareholder's loan of
SGD130 million and a debtor-in-possession loan of SGD30 million
to help finance it through the restructuring, the report says.
The deal is subject to the approval of creditors, as well as
national water agency PUB and other authorities. The deal will
include debt-for-equity swaps since Hyflux does not have enough
cash to clear all its debts.

                           About Hyflux

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

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

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



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


SAMSUNG BIOLOGICS: Regulator Asks Prosecutors to Probe Breaches
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial regulator
formally asked state prosecutors on Nov. 20 to launch a criminal
probe into accounting breaches at Samsung BioLogics Co., a move
that is expected to deal another blow to the biotechnology unit
of Samsung Group.

After months of regulatory review, a panel of the Financial
Services Commission ruled on Nov. 14 that Samsung BioLogics
intentionally inflated the value of its affiliate, Samsung
Bioepis Co., ahead of its listing in 2016, Yonhap relates.

According to Yonhap, trading of Samsung BioLogics shares has been
suspended since the ruling was announced and the listing of its
shares on the local bourse is under review.

Yonhap says the regulatory review centers on questions about
Samsung BioLogics' sudden profits in 2015 after years of losses.
Samsung BioLogics reported a net profit of KRW1.9 trillion
(US$1.68 billion) that year after changing the method used to
calculate the value of Samsung Bioepis, which is a joint venture
with the U.S.-based Biogen Inc.

Samsung BioLogics, which has claimed that the change of
accounting methods was in line with international accounting
standards, said it would file an administrative lawsuit against
the ruling, Yonhap adds.

Before Samsung BioLogics went public in 2016, Samsung Electronics
and Cheil Industries Inc. each owned 40 percent stakes in the
biosimilar maker.

According to Yonhap, People's Solidarity for Participatory
Democracy, an influential South Korean civic group, has argued
that Samsung BioLogics may have inflated its profit to raise the
value of the company for the benefit of Samsung Group's heir
apparent, Lee Jae-yong, who held a major stake in Cheil
Industries at that time.

Yonhap relates that the civic group has said the suspected
accounting breaches at Samsung BioLogics may have helped the
controversial takeover of Samsung C&T Corp. by Cheil Industries
Inc. in 2015.

The merger of the two Samsung units was widely seen as a step to
enhance Lee's control of Samsung Group, as his father Lee Kun-hee
suffered a heart attack in 2014 and has been hospitalized ever
since, the report says.

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 ***