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

                      A S I A   P A C I F I C

          Friday, November 30, 2018, Vol. 21, No. 238

                            Headlines



A U S T R A L I A

BROOME AIR: Second Creditors' Meeting Set for Dec. 6
KINGSTON FINE: Second Creditors' Meeting Set for Dec. 12
MONARCH NICKEL: First Creditors' Meeting Set for Dec. 11
RESTAURANT PHYSIC: First Creditors' Meeting Set for Dec. 11
RETAIL FOOD: Performance is 'Unsustainable', Chairman Says

VICAL N.S.W.: Second Creditors' Meeting Set for Dec. 7


B A N G L A D E S H

AL-ARAFAH ISLAMI: Moody's Assigns B1 Longterm Deposit Ratings


C A M B O D I A

ACLEDA BANK: S&P Raises Long-Term ICR to 'B+', Outlook Stable
NAGACORP LTD: S&P Ups Issuer Credit Rating to B+, Outlook Stable


C H I N A

CHINA: Local Gov't. Finance Vehicles Guarantee US$1-TT in Debt
GUANGDONG HELENBERGH: Fitch Pulls B+(EXP) on Proposed Notes
XINJIANG FINANCIAL: Fitch Gives BB+(EXP) to New USD Unsec. Notes


I N D I A

AL-AYAAN FOODS: ICRA Cuts Rating on INR30cr Loans to D
ALUMINIUM INDIA: ICRA Keeps D Ratings in Not Cooperating
ANDHRA PRADESH: ICRA Reaffirms D Rating on INR4,053.3cr Loan
ARIISTO DEVELOPERS: NCLT Commences Insolvency Process
BARUANAGAR TEA: CARE Hikes Rating on INR8.39cr LT Loan to B+

BISMAN INDUSTRIES: ICRA Migrates D Ratings to Not Cooperating
DATTA AGRO: CARE Migrates D Ratings to Not Cooperating Category
DESAI INFRA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
DWARKA TEXTILE: CARE Migrates 'B' Rating to Not Cooperating
EON ELECTRIC: CARE Lowers Rating on INR40cr LT Loan to B

EUROTEX INDUSTRIES: ICRA Lowers Rating on INR49.5cr Loan to B+
FORTUNE MULTITECH: Ind-Ra Rates INR350MM Term Loan 'BB-'
GANESH STEEL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
GEETANJALI VASTRALAYA: Ind-Ra Affirms B+ Rating on INR100MM Loan
HAR AUTO: Ind-Ra Moves 'BB' LT Issuer Rating to Non-Cooperating
IL&FS EDUCATION: CARE Lowers Rating on INR200cr Loan to D

J R FOODS: ICRA Lowers Rating on INR47.45 Loans to 'D'
JEPPIAAR POWER: ICRA Lowers Rating on INR92.5cr LT Loan to D
KHOSLA INTERNATIONAL: ICRA Moves D Rating to Not Cooperating
LIMTEX AGRI: ICRA Moves D Ratings to Not Cooperating Category
MADHABGANJ KARUNAMOYEE: ICRA Retains B Rating in Not Cooperating

MOENUS TEXTILE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
NEHA INTERNATIONAL: CARE Lowers Rating on INR23.50cr Loan to D
NEW BHARAT: ICRA Puts D Rating on INR34cr Debt to Not Cooperating
P&R INFRAPROJECTS: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
R.H. SOLVEX: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

RAMA KRISHNA: CARE Lowers Rating on INR77.02cr LT Loan to D
SANATAN MERCHANTS: Ind-Ra Cuts Rating on INR90MM Debt to 'BB'
SARVOTTAM VEGETABLE: CARE Migrates D Rating to Not Cooperating
SHALLOW CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
SHINE STAR: Ind-Ra Moves BB- on INR100MM Loan to Non-Cooperating

SHIVOHUM TEXTILES: CARE Migrates B Rating to Not Cooperating
SHRI SHIKHARJI: CARE Assigns B+ Rating to INR11.75c LT Loan
SINGHANIA ENTERPRISES: ICRA Retains B+ Rating in Not Cooperating
STANZEN ENGINEERING: Ind-Ra Raises LT Issuer Rating to 'B+'
VINODSAI AGRI: CARE Assigns B+ Rating to INR11.50cr LT Loan
VIZEBH AGRI: CARE Migrates D Rating to Not Cooperating Category

YES BANK: Moody's Cuts Foreign Currency Issuer Rating to Ba1
YOUNG BRAND: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating



I N D O N E S I A

AGUNG PODOMORO: Moody's Lowers CFR to B1, Outlook Stable
SAKA ENERGI: Moody's Lowers CFR to Ba2, Outlook Negative


N E W  Z E A L A N D

AIR2THERE: Regional Airline Goes Into Receivership


S I N G A P O R E

WHAT TO EAT: Food Delivery Service Shuts Down Amid Unpaid Debts


X X X X X X X X

ASIA: Syndicated Loan Pricing Seen Rebounding From Decade Low


                            - - - - -


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A U S T R A L I A
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BROOME AIR: Second Creditors' Meeting Set for Dec. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Broome Air
Services Pty Ltd has been set for Dec. 6, 2018, at the offices of
Worrells Solvency & Forensic Accountants, at Level 4, 15 Ogilvie
Rd, in Mount Pleasant, WA.

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

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

Con Kokkinos of Worrells Solvency & Forensic Accountants was
appointed as administrator of Broome Air on Nov. 1, 2018.


KINGSTON FINE: Second Creditors' Meeting Set for Dec. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kingston Fine
Foods Pty. Ltd. has been set for Dec. 12, 2018, at 3:00 p.m. at
the offices of Jones Partners Insolvency & Business Recovery, at
Level 13, 189 Kent 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 Dec. 11, 2018, at 4:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of Kingston Fine on Nov. 5, 2018.


MONARCH NICKEL: First Creditors' Meeting Set for Dec. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of

    - Monarch Nickel Pty Ltd;
    - Monarch Gold Pty Ltd;
    - Carnegie Gold Pty Ltd;
    - Siberia Mining Corporation Pty Ltd;
    - Mt Ida Gold Operations Pty Ltd;
    - Ida Gold Operations Pty Ltd;
    - Pilbara Metals Pty Ltd;
    - Mt Ida Gold Pty Ltd;
    - Eastern Goldfields Mining Services Pty Ltd;
    - Siberia Gold Operations Pty Ltd; and
    - Eastern Goldfields Limited

will be held at the offices of Ferrier Hodgson, at Level 28,
108 St Georges Terrace, in Perth, WA, on Dec. 11, 2018, at
11:30 a.m.

Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
as administrators of Monarch Nickel on Nov. 29, 2018.


RESTAURANT PHYSIC: First Creditors' Meeting Set for Dec. 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Restaurant
Physic Pty Ltd, trading as No.1 Bent Street by Mike, will be held
at the offices of HoganSprowles, at Level 9, 60 Pitt Street, in
Sydney, NSW, on Dec. 11, 2018, at 11:00 a.m.

Michael Andrew Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of Restaurant Physic on Nov. 29,
2018.


RETAIL FOOD: Performance is 'Unsustainable', Chairman Says
----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Retail
Food Group's new chairman has conceded that the cafe, doughnut
and pizza giant's performance is unsustainable and it will look
to sell assets, and possibly raise capital, so it can pay down
debt.

The owner of Gloria Jeans, Donut King, Brumby's Bakery and Crust
pizza fell to a AUD306.7 million loss last year, and the value of
its shares have fallen from AUD4.51 a year ago to 38 cents on
Nov. 29, SMH discloses.

SMH says RFG has been under pressure since a Fairfax Media
investigation revealed the company's business model had sent many
of its franchisees to the wall financially, while raising
questions about the value of RFG's brands and the quality of its
performance.

"There is much work to be done at RFG, and I think it is
important that I acknowledge the enormity of this turnaround,"
SMH quotes Peter George, a corporate turnaround expert who was
appointed executive chairman earlier this month, as saying.
"While there has been some encouragement from our franchise
customers about improvements in the network, the company's
current financial performance is unsustainable."

He told shareholders at RFG's annual general meeting on Nov. 29
that reducing debt and improving customer service were top
priorities, SMH relates.

"It is likely that we will need to sell assets, recapitalise the
balance sheet and reduce our cost base by a large amount," he
said.

According to SMH, Mr. George said RFG found itself in its current
woes due to a number of "interrelated challenges", starting with
a period of rapid growth and numerous acquisitions from 2012 to
2016, followed by the exit of senior personnel.

"The journey back to being a more nimble, customer-focused
organisation has begun, however, much work remains to be done,"
the report quotes Mr. George as saying.

RFG's debts stood at AUD258.9 million on June 30 and, under a
deal with its lenders reached in August, all proceeds from assets
sales will have to go to paying down that debt, SMH states.

SMH says the agreement with Westpac and National Australia Bank
brought forward the date by which it has to refinance its debt
from January and December 2020 to October 2019.

SMH adds that RFG group CEO Richard Hinson said the company was
trying to help franchisees with lower fees, lower prices on the
goods they bought from head office, and other measures.

RFG had consolidated its wholesale coffee business under the Di
Bella Coffee brand, which was the future of the company's
business, Mr. George said.  RFG could not give profit guidance,
he added.

Despite the bruising shareholders have endured, all resolutions
passed at RFG's meeting on Nov. 29, adds SMH.

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


VICAL N.S.W.: Second Creditors' Meeting Set for Dec. 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Vical N.S.W.
Pty Ltd and Arsonello Pty Ltd has been set for Dec. 7, 2018, at
1:30 p.m. at Belconnen Community Centre, Meeting Room 2, at
26 Chandler Street, in Belconnen, ACT.

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 Dec. 6, 2018, at 4:00 p.m.

Ryan Reginald Eagle and George Georges of Ferrier Hodgson were
appointed as administrators of Vical N.S.W. on Aug. 30, 2018.



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B A N G L A D E S H
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AL-ARAFAH ISLAMI: Moody's Assigns B1 Longterm Deposit Ratings
-------------------------------------------------------------
Moody's Investors Service has assigned B1 long-term local and
foreign currency deposit ratings to Al-Arafah Islami Bank
Limited.

This is the first time that Moody's has assigned ratings to the
Bangladesh-based Islamic bank.

Moody's has also assigned B1 long-term local and foreign currency
issuer ratings, Not Prime short-term deposit and issuer ratings,
and a b2 baseline credit assessment and adjusted BCA to the bank.

In addition, Moody's has assigned to AIBL local and foreign
currency Counterparty Risk Ratings of B1/NP, and a Counterparty
Risk Assessment of B1(cr)/NP(cr).

The ratings outlook is stable.

RATINGS RATIONALE

The B1 long-term local and foreign currency deposit ratings
incorporate a one-notch uplift from the adjusted BCA of b2,
reflecting Moody's assumption of a moderate level of government
support in a stress scenario. The same assumption is applied to
arrive at the B1 long-term local and foreign currency issuer
ratings.

The b2 BCA reflects AIBL's modest asset quality and capital
level, which are balanced by the bank's stable funding and
liquidity. Moody's also takes into consideration the short-term
and asset-backed features of the Islamic portfolio, which
mitigates credit risks, and benefits funding and liquidity.

AIBL was established in 1995 as a full-fledged Islamic bank based
in Bangladesh. The bank adopts Shariah principles in the conduct
of its banking operations, as reflected in the short-term and
asset-backed features of the portfolio.

At June 30, 2018, the bank operated 154 branches, 144 ATMs and
150 agent outlets in the country. It is focused on the corporate,
as well as cottage, micro, small and medium enterprise segments.
With this strategy, the bank has maintained around 12% and 3%
market shares in terms of Islamic and total banking loans
respectively.

AIBL reported a nonperforming investment ratio (nonperforming
loan ratio) of 5.4% at June 30, 2018. This result was largely in
line with the private commercial banks in Bangladesh.

In assessing asset quality, Moody's also considers unclassified
loans, which are rescheduled or under the court's stay order, to
reflect weaknesses beyond default classification. Concentration
to large borrowers is another structural weakness of the banking
system. Moody's expects the bank's asset quality to remain
stable, supported by AIBL's Islamic product features and benign
operating environment.

Because of high asset growth and the recent payout of cash
dividends, AIBL's capitalization declined rapidly in 2016 and
2017. Nevertheless, the bank's capitalization will stabilize, as
seen by credit growth moderating to 8.4% in the first six months
of 2018 compared to 12.9% the year before.

In addition, Moody's expects that the bank will normalize cash
dividends and maintain a buffer above the fully-loaded Basel III
requirements in 2019. AIBL reported a Tier 1 capital ratio of
9.6% at June 30, 2018.

AIBL shows a high reliance on term deposits, which resulted in a
significant rise in funding costs when liquidity conditions
tightened during the first half of 2018. Annualized returns on
average assets fell to 0.2% in the first half of 2018 compared to
1.1% in 2017. The bank's CASA ratio stood at 29% in June 2018,
which was relatively low when compared to rated domestic peers.

Due to the limited availability of Shariah compliant instruments,
Islamic banks are granted higher statutory investment-deposit
ratio (loan-deposit ratio) limits and allowed lower minimum
liquidity ratios than conventional banks. As a result, at June
30, 2018, AIBL reported a relatively high investment-deposit
ratio of 106% and low liquid asset ratio of 16.5%. Nonetheless,
funding and liquidity risks are mitigated by the short tenors of
the Islamic assets.

Moody's assigns a moderate level of government support for the
bank, after considering the bank's market share, as well as the
government's propensity and track record in taking actions to
prevent a systemic banking failure.

What Could Change the Rating Up/Down

The bank's ratings could be upgraded if asset quality improves.
Capital retention, or higher profitability due to lower reliance
on term deposits for funding, could also drive the ratings
upwards.

Conversely, the bank's ratings could be downgraded if asset
quality deteriorates. Further compression in net interest margin,
or higher credit costs from asset quality deterioration, could
lead to lower profitability and capital generation. These could
also drive the ratings downwards.

A summary of AIBL's first-time ratings as assigned by Moody's is
as follows:

  - B1 local and foreign currency long-term deposit ratings;
    outlook stable

  - B1 local and foreign currency long-term issuer ratings;
    outlook stable

  - b2 BCA and adjusted BCA

  - B1 local and foreign currency long-term Counterparty Risk
    Ratings

  - B1(cr)/NP(cr) long-term and short-term Counterparty Risk
    Assessments

  - NP local and foreign currency short-term deposit ratings

  - NP local and foreign currency short-term issuer ratings

  - NP local and foreign currency short-term Counterparty Risk
    Ratings

The principal methodology used in these ratings was Banks
published in August 2018.

Headquartered in Dhaka, Al-Arafah Islami Bank Limited's
consolidated assets totaled BDT337.6 billion (approximately $4.0
billion) at September 30, 2018.



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C A M B O D I A
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ACLEDA BANK: S&P Raises Long-Term ICR to 'B+', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term issuer
credit rating on ACLEDA Bank Plc to 'B+' from 'B'. The outlook is
stable. At the same time, S&P affirmed its 'B' short-term issuer
credit rating on the bank.

S&P said, "We also revised the outlook on Advanced Bank of Asia
(ABA) to positive from negative. We affirmed the 'B' long-term
and short-term issuer credit ratings on the bank.

"Our rating actions on ACLEDA and ABA mainly reflect our view of
moderating banking sector risks in Cambodia. The country's credit
growth relative to GDP has been steadily slowing down, which has
led us to revise our Banking Industry Country Risk Assessment
(BICRA) economic risk trend for Cambodia to stable from
negative."

The banking system's historical loan growth of more than 30%
remains a source of credit risk. The trend, however, is one of
stabilization, given a recent moderation in loan growth, and the
government's measures to cool the property market and control
credit flow via higher capital and more stringent liquidity
requirements. S&P said, "We expect Cambodia to maintain above
average GDP growth of around 7% over the next 12 months, although
we view the economy as lacking diversity compared to peers such
as Vietnam. In our opinion, Cambodia's continued robust economic
growth makes its banking system more resilient to shocks."

S&P said, "We believe economic imbalances are high in Cambodia,
particularly given the significant flow of credit to, and growing
concentration in, the construction and real estate sector. While
our view of the risks in Cambodia is one of stabilization, we
believe the overall risks to the banking system remain extremely
high.

"The upgrade of ACLEDA also reflects our view that the bank's
risk profile will improve as it pursues a less aggressive growth
strategy that focuses on long-standing customers and products. In
our view, ACLEDA will maintain above average asset quality
metrics. We also believe that latent risks building up from the
bank's high loan growth in the past have tempered.

"Our rating on ACLEDA reflects the bank's strong business
franchise in Cambodia, stable revenue streams, and strong retail
deposit base. The bank is Cambodia's largest, with a leading
market share in loans and second largest share of deposits at
around 18%. The business franchise focuses on lending to small
and midsize enterprises and maintaining a strong retail presence.
ACLEDA is likely to maintain sound capitalization, given its good
earnings and slower loan growth. The bank benefits from above
average funding, given its size, leading market business
franchise, and geographically diverse retail funding base. We
also expect it to likely benefit from "flight to quality" in a
stress scenario.

"Our outlook revision on ABA reflects the bank's improving
business franchise, underpinned by a significant growth in its
market share. ABA continues to expand its loan market share,
physical and digital distribution network, and customer base. In
our opinion, the bank's expansion ambitions and good operating
efficiency support its above average profitability.

"We assess ABA's digital platforms as a competitive advantage
that supports loan and deposit growth. The bank also employs more
sophisticated risk management systems, including cash flow
analysis to support its credit decision, compared to domestic
peers. We are assessing the long-term strength of ABA's business,
in particular the sustainability of good asset quality metrics
and profitability in a slower credit growth environment and as
its market share increases.

"We expect ABA's market share of loans and deposits to exceed 10%
in 2019, from around 7.5% each as of Dec. 31, 2017. The bank's
market share is rapidly increasing as it continues to focus on
lending to micro and small-to-midsize enterprises. ABA's strong
earnings and operating performance help it to maintain its
capitalization, despite its 30%-40% annual loan growth. In our
view, continued rapid loan growth exposes the bank to latent
credit losses and operational risk. ABA's funding and liquidity
metrics are commensurate with that of the industry.

"The stable outlook on ACLEDA reflects our expectation that the
bank will maintain its financial profile over the next 12 months,
with sound profitability and low credit costs. ACLEDA's large
retail deposit base and role as a main bank for government
employee payroll should also help it sustain its above average
funding profile. We assess the risks of economic imbalances in
Cambodia to be high, stemming from rapid credit expansion and
high property prices. However, the direct negative impact on
ACLEDA's financial profile is likely to be limited, given the
bank's relatively low exposure to construction and real estate
activities, and diverse customer base. In our view, ACLEDA's
lower risk appetite improves its stand-alone creditworthiness.

"We would upgrade ACLEDA if macroeconomic conditions in Cambodia
improve. We view a downgrade as unlikely.

"The positive outlook on ABA is underpinned by significant growth
in the bank's market share, which we believe could exceed 10%
share of loans and deposits in the next 12-18 months. We expect
the bank to continue to manage rapid loan and deposit growth,
increasing its market share and maintaining good profitability.
We believe it will continue to report relatively good asset
quality, although we note that latent risks may be building up
with such high loan growth. Our base case is that ABA's
capitalization, risk profile, and funding and liquidity will
remain largely unchanged over the next 12-18 months.

"We could upgrade ABA if the bank gains market share in a
sustainable fashion without strategic or operational missteps, as
shown by sustained good asset quality metrics and above average
profitability compared to peers. We view a downgrade as
unlikely."

BICRA SCORE SNAPSHOT
Cambodia
                              To                       From
BICRA Group                  9                        9

  Economic risk               9                        9
  Economic resilience        Very high risk   Extremely high risk
  Economic imbalances        High risk        Intermediate risk
  Credit risk in the economy
                        Extremely high risk   Extremely high risk

  Industry risk               9                        9
  Institutional framework
                        Extremely high risk   Extremely high risk
  Competitive dynamics       High risk                High risk
  System-wide funding        Very high risk   Very high risk

  Trends
   Economic risk trend        Stable                   Negative
   Industry risk trend        Stable                   Stable


NAGACORP LTD: S&P Ups Issuer Credit Rating to B+, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term issuer
credit rating on Cambodia-based gaming company NagaCorp Ltd. to
'B+' from 'B'. At the same time, S&P raised the long-term issue
rating on the company's senior unsecured notes to 'B+' from 'B'.

S&P said, "We upgraded NagaCorp because the company is likely to
benefit from reduced operating risk in Cambodia. NagaCorp has all
its operations in the country. We also expect the company to
maintain stable operating performance.

"In our opinion, uncertainty in Cambodia has reduced post the
national elections earlier this year. We believe this will help
ensure a stable policy environment, which has in the past
resulted in robust economic growth."

The improved operating conditions also translate into lower
transfer and convertibility (T&C) risk for Cambodia. T&C risk
reflects the risk of the government restricting entities such as
NagaCorp from accessing foreign exchange to meet their debt-
service obligation.

NagaCorp's strong operating performance should support its credit
profile. The company's revenue rose about 80% in the first half
of 2018. This was driven by the commencement in November 2017 of
its Naga2 gaming facility. However, the higher "VIP" gaming
revenue and lack of electronic gaming machine (EGM) rights
translated into lower margins of about 32% in the first half of
2018, compared with 45% in the same period in 2017.

S&P expects NagaCorp to incur high capital expenditure over the
next one to two years. The company is renovating Naga1, its
flagship property, to match the quality provided at Naga2. The
project involves renovation of hotel rooms and common areas, and
is likely to be completed in 2019. NagaCorp would use funds
raised through US$300 million non-convertible senior unsecured
bonds issued in May 2018 as well as internal cash flows to fund
the investment.

In addition, NagaCorp could simultaneously pursue multiple
opportunities for international development or expansion of its
domestic operations. However, the timing of such opportunities is
uncertain and would depend on the company getting the gaming
licenses, and on government regulations and project completion.
These discussions are preliminary and any meaningful investment
could be distant.

S&P said, "The stable outlook on NagaCorp reflects our
expectation that the company will sustain its dominant market
position in the Cambodian gaming industry and have stable
operating performance over the next 12 months. At the same time,
we expect the company to remain exposed to volatility in
earnings. It should also have lower operating margins as the
share of VIP gaming revenue rises, and due to high capital
expenditure.

"We would lower the rating on NagaCorp if the risk of operating
in Cambodia increases, resulting in higher T&C risk.

"Although it is unlikely, we may also lower the rating if our
assessment of NagaCorp's stand-alone credit profile (SACP)
weakens, possibly due to: (1) unexpected material debt-funded
acquisitions or adoption of new projects faster than we
anticipate; or (2) substantially weaker operating performance
with the debt-to-EBITDA ratio staying above 4x for a prolonged
period.

"We could raise the rating on NagaCorp if we raise our assessment
of its SACP and believe the company has a lower risk of operating
in Cambodia as reflected in T&C risk for the country.

"We believe the uncertainty in Naga's financial policy,
especially its appetite to undertake sizable and long-dated
capital investments, limits upside to its SACP over the next 12
months. This is despite the company's improved cash flows and
earnings from its expanded capacity. Nevertheless, we may revise
the SACP upward if the company clearly and publicly articulates a
financial policy, and manages its capital spending and dividend
payments such that its debt-to-EBITDA ratio remains below 2.5x on
a sustainable basis."



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CHINA: Local Gov't. Finance Vehicles Guarantee US$1-TT in Debt
--------------------------------------------------------------
Bloomberg News reports that China's financing units for local
governments, already grappling with bloated debts, now face an
even bigger predicament -- a build-up of credit guarantees that
leave them vulnerable to surging defaults.

Around 2,000 of these platforms, known as local government
financing vehicles, have offered a total of CNY7 trillion ($1
trillion) of guarantees to loans, bonds and shadow financing for
domestic companies, said Lv Pin, an analyst at CITIC Securities
Co., Bloomberg relays. That surpasses the tally of LGFVs' own
outstanding local bonds, Bloomberg-compiled data show. These
guarantees help private companies get financing as banks prefer
to lend to state-owned ones.

Such external obligations form part of the hidden debt in China's
local governments, which S&P Global Ratings last month called "an
iceberg with titanic credit risks." Much of the build-up relates
to these financing units, which have been discouraged by
authorities to get backing from local governments. While LGFVs
have yet to default on their bonds, rising nonpayments by the
firms they guarantee make them prone to contagion risks,
according to Bloomberg.

"Private firms are under a lot more pressure of going bankrupt
than the big state-owned ones should China's economy slow down
further," Bloomberg quotes Li Qilin, Beijing-based chief
economist at Lianxun Securities Co., as saying. "As a result,
LGFVs that extend guarantees face intensifying repayment
pressure."

According to Mr. Li said he expects LGFVs to guarantee more debts
from the private sector in the future given the recent push from
the authorities to support non-state firms, which would lead to a
broader scale of negative chain reactions.

Suffering from tight financing conditions induced by a government
campaign to shrink shadow banking, Chinese corporations have
reneged on CNY101 billion of local bond payments this year, more
than triple the full-year amount last year, Bloomberg-compiled
data showed. LGFVs themselves face a record CNY1.1 trillion of
onshore bond maturities next year, with the overall outstanding
amount of CNY6.7 trillion currently, Bloomberg notes.

It's hard for investors to assess risks on companies that LGFVs
guarantee and how those contingent liabilities will crystallize
because of limited information available, Moody's Investors
Service said, Bloomberg relays.

"The actual impact on individual LGFVs depends on the size of
these guarantees relative to their financial profile and cash
buffer of the relevant LGFVs," Bloomberg quotes Ivan Chung, an
associate managing director at Moody's, as saying.

According to Bloomberg, data from CITIC Securities' Lv show the
average guaranteed debt is about 22 percent of the net assets of
the LGFV guarantors. In China, it is not just local government
units vouching for corporations' debt. The companies themselves
are backstopping each other's obligations in order to get bank
loans, a phenomenon less familiar in global markets, says
Bloomberg.

Bloomberg says cracks are starting to show in such guarantees.
Tianchang City Construction Investment Development Co., a funding
unit in the central province of Anhui, guaranteed a trust loan
taken out by a private firm, which missed payment on the
borrowing in June. The LGFV said in a bond document dated 2016
that it has guaranteed a "large amount" of debt, which has an
impact on its own financial health, Bloomberg relates.

For HFT Investment Management Co., all this means that credit
risks are rising for LGFVs and their bond prices may have room to
fall, according to Bloomberg.

"We attach great importance to the debt guarantees provided by
the LGFVs when doing investment analysis," Bloomberg quotes He
Qian, portfolio manager from the Chinese asset manager, as
saying. "We tend to shun those with lower ratings or with
complicated financial conditions."


GUANGDONG HELENBERGH: Fitch Pulls B+(EXP) on Proposed Notes
-----------------------------------------------------------
Fitch Ratings has withdrawn the expected rating assigned to
Guangdong Helenbergh Real Estate Group Co., Ltd.'s (Helenbergh;
B+/Stable) proposed US dollar-denominated senior unsecured notes.

The proposed notes were to have been issued by Helenbergh's
wholly owned subsidiary Assure Rise Investments Limited and were
assigned a 'B+(EXP)' expected rating with Recovery Rating of
'RR4' on September 2, 2018.

KEY RATING DRIVERS

Fitch has chosen to withdraw the ratings on the proposed notes
for commercial reasons.

DERIVATION SUMMARY

Not relevant.

KEY ASSUMPTIONS

Not relevant.

RATING SENSITIVITIES

Not applicable as the rating has been withdrawn.

LIQUIDITY

Not relevant.


XINJIANG FINANCIAL: Fitch Gives BB+(EXP) to New USD Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned China-based Xinjiang Financial
Investment Co., Ltd.'s (Xinjiang Financial, BB+/Stable) proposed
US dollar senior unsecured notes an expected rating of
'BB+(EXP)'. The notes are to be directly issued by Xinjiang
Financial.

The final rating on the proposed US dollar notes is contingent
upon the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

The notes will constitute Xinjiang Financial's direct,
unconditional, unsubordinated and unsecured obligations and will
rank pari passu with its other present and future unsecured and
unsubordinated obligations. Proceeds will be used for refinancing
certain existing indebtedness and general corporate purposes.

The notes are rated at the same level as Xinjiang Financial's
Issuer Default Rating.

RATING SENSITIVITIES

Any change in Xinjiang Financial's IDR will result in a similar
change in the rating of the proposed notes.



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


AL-AYAAN FOODS: ICRA Cuts Rating on INR30cr Loans to D
------------------------------------------------------
ICRA has revised the rating of bank facilities of Al-Ayaan Foods
Private Limited (AAFPL) to [ICRA]D from [ICRA]B (Stable). The
rating continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-Term Fund        10.0     [ICRA]D ISSUER NOT COOPERATING;
   based/Cash Credit              Rating downgraded from
                                  [ICRA]B(Stable), Rating
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

   Unallocated           20.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating downgraded from
                                  [ICRA]B(Stable), Rating
                                  continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

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

Rationale

The rating downgrade follows the delays in debt servicing by
AAFPL to the lender, as confirmed by them to ICRA.

Incorporated in January 2014, the company currently operates as a
supplier for Indian meat exporters, with trading of livestock and
raw meat compromising the major part of the company's operations.
The company has a plant for processing of buffalo meat but is yet
to commence operations; as of now, the company's operations
consist solely of trading.


ALUMINIUM INDIA: ICRA Keeps D Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR42.00-crore bank facilities of
Aluminium India (AI) continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       40.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continue to remain in
                                'Issuer Not Cooperating' category

   Unallocated        2.00      [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating continue to remain in
                                'Issuer Not Cooperating' category

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

Aluminium India (AI), set up in 1965 as a proprietorship firm by
Mr. Chiranji Vyas, to primarily trade aluminium in Hyderabad
(Telangana). The firm was reconstituted as a partnership firm in
1975, with Mr. Chiranji Vyas, Mr. Niranjan Vyas, Mr. Suresh Vyas
and Mr. Baiju Vyas as its partners. In the year 1995, AI
diversified into trading of copper as well. The firm majorly
procures the material from Hindalco Industries Limited (HIL). The
day to day operations of the firm are looked after by Mr. Suresh
Vyas.


ANDHRA PRADESH: ICRA Reaffirms D Rating on INR4,053.3cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D to the
INR4,053.3 crore long-term bond programme of Andhra Pradesh Power
Finance Corporation Limited (APPFC).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bond
   Programme          4,053.3      [ICRA]D/Reaffirmed

Rationale

The rating reaffirmation takes into account continued delays in
the interest servicing of the rated bonds by APPFC because of the
ongoing dispute between Telangana State Power Finance Corporation
(TSPFC) and APPFC on the distribution of assets and liabilities,
following the bifurcation of the erstwhile state of Andhra
Pradesh (AP) in June 2014. ICRA notes that the interest payments
are being serviced with a delay of about two to ten days over the
last 12 months; the last payment due on October 01, 2018 was
serviced on October 03, 2018. ICRA also notes that despite the
delays in interest servicing, the Trustee to the bondholders has
not invoked the guarantee extended by the Government of Andhra
Pradesh (GoAP) towards the rated debt as per the terms of the
structured payment mechanism.

Going forward, resolution on the terms of bifurcation of asset
and liabilities between the two entities would remain critical
for timely and full servicing of the rated debt instruments.

Key rating drivers

Delay in debt servicing: APPFC is a GoAP undertaking. The rated
bond programmes are unconditionally and irrevocably guaranteed by
the GoAP. There has been delays in interest servicing of the
rated bonds by APPFC, because of the ongoing dispute between
TSPFC and APPFC on the distribution of assets and liabilities
following the bifurcation of the erstwhile state of Andhra
Pradesh in June 2014. The latest interest payment due on
October 1, 2018 was serviced in full on October 3, 2018.

Guarantee not being invoked: Despite the event of delay in paying
interest dues, the Trustee to the bondholders has not invoked the
guarantee extended by the GoAP towards the rated debt as per the
terms of the structured payment mechanism. SBI Cap Trustee
Company Limited is the debenture Trustee for the instruments from
March 2017.

APPFC was incorporated in July 2000 by the GoAP with the main
objective of providing debt and equity funding to enterprises
engaged in the power sector in the state. APPFC is registered as
a non-banking finance company with the Reserve Bank of India. In
the past, APPFC had borrowed on behalf of the government of the
undivided state, which had fully guaranteed the entity's
borrowings.

On June 2, 2014, the state of Andhra Pradesh was bifurcated into
the successor states of Telangana and residuary AP. As per
section 53 of the AP Reorganisation Act 2014, a separate
Telangana Power Finance Corporation Limited was created for
Telangana and the existing APPFC continued for the residuary AP.
The outstanding bonds of APPFC were allocated between Telangana
and residuary AP in the ratio of 59.54% and 40.46% respectively,
vide a Government Order dated May 30, 2014, issued prior to
bifurcation by the GoAP. However, the higher share of liabilities
is being contested by Telangana resulting in TSPFC not paying its
full share of interest dues to APPFC, leading to a delay in
interest servicing by APPFC to its bondholders.


ARIISTO DEVELOPERS: NCLT Commences Insolvency Process
-----------------------------------------------------
The Economic Times reports that the Mumbai bench of the National
Company Law Tribunal (NCLT) has admitted and initiated insolvency
proceedings against Mumbai-based Ariisto Developers and has
appointed an interim resolution professional (IRP) to manage the
company.

NCLT has asked other lenders to file their claims against Ariisto
Developers by the first week of December, the report says. "One
of the key lenders to the company was keen on Ariisto bringing in
a new partner to take the project ahead and also provide
additional guarantee to their exposure," ET quotes one of the
persons familiar with the development as saying.

Atithi Patel, director, Ariisto Developers, confirmed the
development without elaborating further, ET says.

Interestingly, the company has been in talks with realty
developers including Lodha Developers and Shapoorji Pallonji Real
Estate to enter into a joint development agreement and monetise
two of its under-construction projects with a total of over 4
million sq ft space. However, given the current liquidity
concerns, the talk has not materialised as yet, according to the
report.

ET's email query to Shapoorji Pallonji Real Estate remained
unanswered till press-time.

"We have been evaluating various opportunities on JV/JDA basis to
grow our business in parts of the MMR where we have no/limited
supply. We are in dialogue with various land owners including
Ariisto regarding the same," the report quotes a spokesperson of
Lodha Developers as saying.

"We are unaware of the implication of the NCLT order with respect
to Ariisto but will ensure that any arrangement is as per
applicable laws and orders."


BARUANAGAR TEA: CARE Hikes Rating on INR8.39cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Baruanagar Tea Estate Private Limited (BTEPL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.39      CARE B+; Stable Revised from
   Facility                       CARE B; Outlook: Stable

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of BTEPL is on account of improvement in its scale of
operation, operating profit, profit after tax levels and cash
profit levels, improvement in profitability margins, improvement
in capital structure and other debt coverage indicators in FY18.
However, the rating continue to remain constrained by small scale
of operation with low profitability margins, volatility
associated with tea prices, susceptibility to vagaries of nature,
fragmented and competitive nature of industry and working capital
intensive nature of operation. The rating, however, continues to
draw comfort from experienced promoters and established track
record of operation, satisfactory capacity utilization in line
with recovery rate and backward integration for its raw
materials.

Going forward, ability of the company to increase its scale of
operation, improve profitability margins and ability to
manage working capital effectively would remain as the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters and established track record of operation:
Smt. Lakhimi Borooah (Director) who has around 6 decades of
experience looks after the day to day operation of the company.
She is also supported by other directors Mr. Ashish Phookan, Mrs.
Jahnabi Phookan, Mr. Arjun Thekedath and Mrs. Atreyee Borooah who
have 41 years, 31 years, 26 years and 21 years of experience
respectively in the similar line of business. BTEPL was
incorporated in 1955. Since its inception the company has been
engaged in tea manufacturing and processing business. The company
has long track record of operation. Over the years, BTEPL has
been able to grow over the years by constantly increasing the
quality of manufactured tea.

Satisfactory Capacity utilization in line with recovery rate:
Capacity utilization of the tea processing unit of BTEPL has
remained at satisfactory level during the last three years.
Moreover, the average recovery rate for BTEPL is also in line
with the industry average.

Satisfactory leverage ratios with moderate debt coverage
indicators: Capital structure ratios of the company remained
satisfactory as marked by long term debt equity and overall
gearing ratio of 0.27x (0.33x as on March 31, 2017) and 0.65x
(0.73x as on March 31, 2017) FY17) as on March 31, 2018.
Moreover, the debt coverage indicators remained moderate with
total debt to GCA ratio of 5.14x in FY18. Interest coverage ratio
remained low at 0.60x in FY18.

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

Key Rating Weaknesses

Small scale of operation with low profitability margin: The
company is a relatively small player vis-a-vis other players in
the tea manufacturing and processing industry marked by its total
operating income of INR25.92 crore (INR22.08 crore in FY17) with
a PAT of INR0.52 crore in FY18. The total operating income
increased in FY18 on account of stable demand of tea in the
market. The tangible net worth of the company was low at INR10.17
crore as on March 31, 2018. The small size restricts the
financial flexibility of the company in terms of stress and
deprives it from benefits of economies of scale. Due to its
relatively small scale of operations, the absolute profit levels
of the company also remained low. Furthermore, the profitability
margins of the company remained low marked by PBILDT margin of
2.34% and PAT margin of 2.01% in FY18. This apart the company has
achieved sale of INR22.56 crore during 7MFY19.

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

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

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

Working capital intensive nature of operation: BTEPL's business,
being manufacturing and processing of tea, is working capital
intensive nature. Different types of processes involved in tea
manufacturing like withering, fixing, oxidation, rolling, drying
and aging. This apart, more employees are required. Accordingly,
tea manufacturing and processing business is working capital
intensive in nature. Accordingly, the average working capital
utilization remained high at around 95% during the last 12 months
ended October 31, 2018.

Baruanagar Tea Estates Private Limited (BTEPL) was incorporated
in October 1955. Since its incorporation the company is engaged
in manufacturing and processing of tea. The manufacturing unit of
the company is located at Charaideo district of Assam with an
installed capacity of 2000000 Kgs per annum. The company has its
own tea garden at Sundarpur Tea Estate at Charaideo district of
Assam. The company sells its tea under the brand name of Konyak
through auction and through broker. The Registered office of the
company is located at ETB House, 191 GNB, Road Chandmari,
Guwahati 781003, Assam. Smt. Lakhimi Borooah (Director) who has
around six decades of experience looks after the day to day
operation of the company. She is also supported by other
directors Mr. Ashish Phookan, Mrs. Jahnabi Phookan, Mr. Arjun
Thekedath and Mrs. Atreyee Borooah who have 41 years, 31 years,
26 years and 21 years of experiences, respectively, in similar
line of business.


BISMAN INDUSTRIES: ICRA Migrates D Ratings to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Bisman Industries Limited (LAUL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

   Non-Fund based-    0.20      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit             Rating moved to the 'Issuer Not
                                Cooperating' category

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

Bisman Industries Limited (BIL) was established in the year 1988
by Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged
in manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India in Asansol, West Bengal.


DATTA AGRO: CARE Migrates D Ratings to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Datta
Agro Services Private Limited (DASPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term Bank      30.09     CARE D; Issuer Not Co-operating;
   Facilities                    Based on best available
                                 Information

   Short Term Bank     25.00     CARE D; Issuer Not Co-operating;
   Facilities                    Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DASPL to monitor the
ratings vide e-mail communications dated October 11, 2018,
October 15, 2018, October 18, 2018, October 22, 2018 and October
24, 2018 along with numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings of DASPL's
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

The ratings for the bank facilities of DASPL continue to take
into account on-going delays in servicing of its debt obligations
due to its stressed liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
servicing of DASPL's debt obligations due to its stressed
liquidity.

Incorporated in June 2007, Datta Agro Services Private Limited
(DASPL) is engaged in manufacturing of Single Super Phosphate
(SSP) fertilizer from its sole manufacturing facility located at
Jalgaon. Post commencing its commercial production in Sept. 2011,
DASPL continued to operate with an installed capacity of 1.32
lakh Metric Tons Per Annum (MTPA) for manufacturing of SSP. DASPL
markets its product under the brand name "Satpuda" via a
distribution channel of more than 170 distributors in the states
of Madhya Pradesh and Maharashtra.

Further, CARE has also observed significant deviation between the
FY16 financials submitted by the company to CARE during earlier
surveillance exercise as well as that uploaded on MCA by the
company.


DESAI INFRA: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Desai Infra
Projects (India) 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:

-- INR12 mil. Term loans due on September 2022 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR200 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR63 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
July 18, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Desai Infra Projects (India) undertakes civil construction
projects in Maharashtra.


DWARKA TEXTILE: CARE Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Dwarka
Textile Park (DTP) to Issuer Not Cooperating category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       14.60     CARE B; Stable; Issuer not
   Facilities                     cooperating; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DTP to monitor the rating
vide e-mail communications/letters dated July 25, 2018,
August 16, August 21, 2017, September 25, 2018 and October 11,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on DTP's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The ratings take into account the project execution and
stabilization risk associated, susceptibility of margins to
fluctuation in raw material prices and change in government
policies and presence of firm in competitive and fragmented
textile industry. The above weaknesses are however underpinned by
the satisfactory experience of the promoters in textile business
and favorable location of manufacturing facility.

Detailed description of the key rating drivers

At the time of last rating on August 30, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Project execution and stabilization risk: DTP proposes to set up
a terry towel manufacturing unit having four different section
each for cone dyeing, fabric dyeing, sizing and printing of the
yarn. The Total cost of the project is INR19.75 crore, which is
proposed be funded in debt to equity ratio of 1.76x. As on August
10, 2017, DTP has incurred around 85% of the total cost, which
has been funded through promoters' funds in the form of equity
and unsecured loan and tem loan availed from Canara Bank. Entity
faces risk of timely completion of the project within envisaged
cost in light of fluctuation in input prices. Furthermore,
achieving envisaged sales and profitability would be crucial.

Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the entity is cotton and
cotton yarn which will be procured from spinning mills based in
Satara. The prices of cotton are influenced by government
policies and are subjected to its seasonal availability (October-
February) thus exposing the company to price volatility risk.

Presence of company in fragmented industry: DTP operates in a
highly fragmented and competitive industry wherein there is
presence of large number of players in the unorganized segment
owing to low entry barriers. The players in the industry do not
have bargaining power and are exposed to competition resulting in
pressures on profitability.

Key Rating Strengths

Experienced promoters and receipt of all approvals: The promoters
and managing partners, viz. Mr. Deepak Samandariya and Mr. Gokul
Marda have an average experience of around two and half decades
in the textile segment through other associate companies, engaged
in similar line of business. The partners are ably supported by a
team of experienced personnels. The partners are ably supported
by a team of experienced personnels. Reasonable experience of the
promoters will support the business risk profile of the entity to
an extent. DTP has gained all the requisite approvals, which are
required for set up of flour mill.

Location advantage and eligibility for government subsidy: DTP
favorably benefits from its plant being located at MIDC, Solapur,
which has many spinning mills in the vicinity, owing to its
location in major textile belt of Maharashtra, the entity is
likely to be benefited from lower logistics expenditure (both on
transportation and storage), easy availability of raw materials
and labour at effective price and consistent demand for finished
goods resulting in sustainable revenue visibility. Furthermore,
project is eligible for capital subsidy of 10% and 5% interest
subsidy under RR TUF (Technology Upgradation Fund) Scheme.

DTP was established in the year 2014 and is promoted by Mr.
Deepak Samandariya and Mr. Gokul Marda. The firm is in process of
setting up a terry towel manufacturing unit having four sections
for cone dyeing, fabric dyeing, sizing and printing of the yarn.
The manufacturing facility of the firm is located at Solapur with
a proposed installed capacity of 3,12,000 kg for cone dyeing;
9,36,000 kg for fabric dyeing; 12,48,000 kg for sizing section;
4,68,000 kg for printing section. The total cost of the project
is estimated at INR19.75 crore.

The promoters are also associated with four group entities
namely, Om Enterprises, M/s Shreyas Gokul Marda, M/s Shivohum
Textiles (CARE B; Stable; Issuer not cooperating), and M/s Marda
Textiles. The group entities are engaged in the similar business
as of DTP.


EON ELECTRIC: CARE Lowers Rating on INR40cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
EON Electric Ltd, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       40        CARE B; on the basis of best
   Facilities                     available information
                                  Revised from CARE BB; ISSUER
                                  NOT COOPERATING on the basis
                                  of best available information

   Long/Short Term      55        CARE B; ISSUER NOT COOPERATING/
   Bank Facilities                CARE A4; ISSUER NOT COOPERATING
                                  on the basis of best available
                                  information Revised from
                                  CARE BB; ISSUER NOT
                                  COOPERATING/CARE A4; ISSUER NOT
                                  COOPERATING on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from EON Electric Ltd to
monitor the ratings vide e-mail communications/letters dated
March 9, 2018; April 12, 2018; May 17, 2018; June 11, 2018;
July 2, 2018; and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.  The ratings on EON
Electric Ltd's bank facilities will now be denoted as CARE B;
ISSUER NOT COOPERATING; CARE B; ISSUER NOT COOPERATING /CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The revision in the ratings of EEL takes into account:
deterioration in company's financial risk profile during FY18
(refers to the period from April 1 to March 31) and H1FY19
(refers to the period from April 1 to September 30) as exhibited
by moderation in its total operating income and profitability,
weak coverage indicators and elongated operating cycle, EEL's
exposure to volatility in raw material price and highly
fragmented industry with a large number of unorganised players.
However, the ratings derive comfort from experienced promoters
and management team with long track record of business
operations, its wide marketing network and comfortable overall
gearing with substantial liquid investments.

Key Rating Weaknesses

Moderation in total operating income: The company has achieved
total operating income of INR36.94 cr in H1FY19 as against
INR83.60 cr in H1FY18. Further, the company has reported net loss
of INR13.75 cr during H1FY19 as against profit of INR0.81 cr for
the same corresponding period in FY18. Also in FY18, although the
company has reported ~15% y-o-y decline in operating income to
INR157.91 crore as against INR186.93 crore in FY17 but its PBILDT
margin has improved marginally to 5.86% in FY18 from 5.63% in
FY17.

Weak debt coverage indicators: The company has weak debt coverage
indicators as exhibited by interest coverage ratio of 0.81x as on
March 31, 2018: owing to relatively lower profitability coupled
with higher working capital limits. The company's overall gearing
although moderated owing to higher working capital utilization
but still remains comfortable at 0.84x as on March 31, 2018. The
company has minimal term debt. The company has substantial
investments in the form of mutual funds coupled with free cash in
hand.

Elongated operating cycle: EEL's business is working capital
intensive in nature. In FY18, the company's operating cycle
moderated to 238 days from 168 days as on March 31, 2017 owing to
high collection period and inventory period. The company has a
high collection period of 234 days as on March 31, 2018, as the
company has to offer liberal credit terms to its customers to
establish itself in the market. The company has inventory period
of 91 days as on March 31, 2018 as the company is offering large
number of products so to cater to the regular demand of all of
the product types, EEL has to maintain sufficient inventory in
hands which leads to high inventory days.

Volatility in raw material prices: The major raw materials for
the company's products are copper and PVC. The prices of copper
being a global commodity is volatile and linked to prices
prevailing on the London Metal Exchange (LME), thus exposing the
company to the volatility in the prices of raw materials which
has a bearing on its profitability margins.

Highly fragmented industry with a large number of unorganised
players: The electronic manufacturing industry is highly
fragmented industry with a large number of organised and
unorganized players. Some of the leading players in the industry
include Philips, Bajaj, Surya Roshni, Crompton Greaves, Havells
etc. The increase in the size of the industry has led to increase
in contract manufacturers leading to high competitive intensity.

Key Rating Strengths

Experienced promoters: The company is led by Mr. Ved Prakash
Mahendru, Chairman & Managing Director, who has an industry
experience of more than six decades. Before incorporating EEL, he
promoted Indo Asian Switchgear Limited (IASL) in 1958 which was
engaged in the business of switchgear equipment's.

Substantial liquid investments: From the proceeds received from
the slump sale of the switchgear business in Sept-10, EEL made
significant investment in various instruments (total (current +
noncurrent) o/s of about INR52.52 crore as on March 31, 2018).
Wide marketing network Substantial investment has been made by
the company in the last few years to strengthen its marketing
network. The company retails its products under the brand name
"EON". The company markets its through an extensive network of 17
branches scattered all over India (UP, Chandigarh, Ahmedabad,
Bangalore, Chennai, Jaipur, Chandigarh, Lucknow, Pune, Delhi-NCR
etc) which are supported by 2500 retailers.

EEL manufactures and markets energy-efficient lighting and other
electrical and electronic products, such as LED lights, fans,
water heaters, lithium ion batteries, mobile phone accessories,
wires and cables, and allied products. The company has two plants
at Haridwar, and a registered office at Sonepat, Haryana. It has
been listed on the Bombay Stock Exchange (BSE) since 2005, and on
National Stock Exchange (NSE) since 2012. The company has been
promoted by Mr VP Mahendru, and operations are managed by his
sons, Mr Vivek Mahendru and Mr Vinay Mahendru.


EUROTEX INDUSTRIES: ICRA Lowers Rating on INR49.5cr Loan to B+
--------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
and has reaffirmed the short-term rating at [ICRA]A4 assigned to
the INR84.00 crore bank facilities of Eurotex Industries and
Exports Limited. The outlook on the long-term rating has been
revised to Stable from Negative.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-         1.88      [ICRA]B+, downgraded from
   Term Loan                     [ICRA]BB-; Outlook revised
                                 to Stable from Negative

   Fund Based-        49.50      [ICRA]B+, downgraded from
   CC/EPC                        [ICRA]BB-; Outlook revised
                                 to Stable from Negative

   Non-Fund Based-    11.00      [ICRA]A4; reaffirmed
   LC/BG/ Credit
   Exposure Limit/
   Forex Treasury
   Limit

   Unallocated        21.62      [ICRA]B+/[ICRA]A4; downgraded
   Limits                        from [ICRA]BB-/[ICRA]A4;
                                 Outlook revised to Stable
                                 from Negative

Material Event

Eurotex Industries and Exports Limited has announced its
quarterly results on November 14, 2018. The company reported an
operating income of INR120.65 crore2 with operating loss of
INR1.52 crore and net loss of INR6.87 crore in H1FY2019 against
operating income of INR114.41 crore with operating loss of
INR4.08 crore and net loss of INR8.85 crore in H1FY2018.

Impact of the Material Event:

ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
and has reaffirmed the short-term rating at [ICRA]A4 assigned to
the INR84.00 crore bank facilities of Eurotex. The outlook on the
long-term rating has been revised to Stable from Negative.

Persisting high cost of production has exerted pressure on the
operating performance and the same continues to remain weak.
Although the company has reported a YoY growth in revenues of ~5%
in H1FY2019, continued operating and net losses have led to a
deterioration in the financial profile.

Rationale

The revision in rating factors in the sustained weakness in the
company's operating performance in H1 FY2019, owing to higher
cost of production, mainly power and labour along with high raw
material cost, which has continued to impact the financial
profile adversely, with operating losses in H12019. Besides, the
power subsidy of INR2 per unit offered in the Maharashtra State
Textile Policy 2018-23, which was expected to provide some
respite on the power costs front is still due, exerting pressure
on the profitability. The ratings continue to be constrained by
the deteriorating capital structure, stretched debt coverage
indicators and commodity price risk posed by the holding of high
raw material inventory (as indicated by inventory days of 86 days
as on September 30, 2018). Further, regulatory risks in the form
of changing Government policies with respect to export of cotton
and cotton yarn are other rating concerns. ICRA also notes the
recent labour unrest in its factory which has affected the
production. Faster resolution of labour issues along with
proposed receipt of power subsidy remains critical for any
meaningful recovery in the company's operating performance.
The ratings, however, continue to favorably factor in the
established experience of the promoters in the textile industry,
and the well-established position of the company as a cotton yarn
exporter with a geographically diverse customer base.

Outlook: Stable

ICRA believes Eurotex will continue to benefit from the extensive
experience of its promoters as well as its established presence
in yarn manufacturing business. The outlook may be revised to
Positive if the company is able to bring in requisite funds to
support its liquidity profile and turn around its operations
through better cost management. The outlook may be revised to
Negative, if continued losses incurred further exerts pressure on
the liquidity profile.

Key rating drivers

Credit strengths

Vast experience of the promoters in the textile industry, mainly
in spinning and exports of cotton yarn: Incorporated in 1987,
Eurotex is a spinning unit with an installed capacity of 61,632
spindles, 51 Two for one Twisters (TFOs) and 24 circular knitting
machines. Eurotex was promoted by the Patodia Group, founded by
Shri B. L. Patodia. The Patodia Group has over 65 years of
experience in the textile industry, which has helped the company
in establishing its position in the industry.

Established player as a cotton yarn exporter with a well-
established export network; geographically diverse customer base:
Eurotex is an exporter of 100% cotton yarn. The company is also
engaged in trading cotton yarn in export markets. Cotton yarn
accounts for ~90% of its total sales. Exports accounted for ~86%
and ~53% of total sales in FY2017 and 9M FY2018, respectively.
The company has a well-established and geographically diverse
export network, with Korea, Guatemala, Germany, Egypt, and
Bangladesh being its major export markets.

Credit challenges

Continued weak operating performance owing to higher cost of
production impacting competitiveness: Eurotex's operating income
as well as profitability has been impacted by the continuous
decline in cotton yarn prices and subdued volumes owing to weak
global demand in FY2017 and FY2018. In H1 FY2019, with improved
demand from the export market, the company has been able to
report a YoY revenue growth of ~5%. Nonetheless, operating losses
persisted in H1 FY2019 also, following high power and fuel cost
combined with higher labour expenses (which together accounts for
~20% of the total output) as well as high raw cotton prices in
the domestic market resulting in high operating costs. Operating
losses incurred in FY2018 and in H1 FY2019 has further strained
the coverage indicators in the current year.

Erosion of networth due to continued net losses: The consistent
net losses incurred by the company has eroded the net worth base,
leading to a deteriorated capital structure and weak debt
metrics. Gearing has increased to 1.47 time as on September 30,
2018 over 1.26 time as on March 31, 2018. The debt protection
metrics weakened further as indicated by a negative debt service
coverage ratio of 0.39 times as on September 30, 2018.

Working capital intensive nature of the business due to bulk
purchase of cotton during the harvesting season; high raw
material inventory also poses commodity price risk: Cotton yarn
spinning is a working capital-intensive business on account of
considerable inventory holding requirements. The company's policy
is to stock inventory of raw cotton for meeting requirements till
the beginning of the next cotton season, typically up to the end
of October. Inventory days as on September 30, 2018 stood at 86
days.

Recent instances of labour issues in its manufacturing unit: The
workers of the company's unit at Kolhapur have resorted to strike
from November 3, 2018 and no operations have been carried out
since then. This is likely to further exert pressure on the
company's operating performance and speedy settlement of the
labour issues remains a concern.

Regulatory risk in the form of changing Government policies with
respect to export of cotton and cotton yarn: The company's
business remains susceptible to regulatory policies of local
governments (Central and state governments in India) as well as
of the governments of importing countries. Any curb by the
Government on cotton yarn exports, from which Eurotex gets
majority of its business, could have an impact on its revenues
and profitability.


FORTUNE MULTITECH: Ind-Ra Rates INR350MM Term Loan 'BB-'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fortune
Multitech Private Limited (FMPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR350 mil. Term loan due on March 2021 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings are constrained by the time and cost overrun risks
associated with FMPL's two ongoing projects (Victoria Heights
Phase II and Victoria Floors), given they are in early stages of
construction. The projects were 30.56% completed as of September
2018. About 14,040 square feet (3.6% of the overall build-up
area) had been sold until end-September 2018.

Ind-Ra expects FMPL's debt service coverage ratio to remain
comfortable in FY19, as debt repayment starts from FY21.

The ratings, however, are supported by the promoter's experience
of around a decade in real estate and the timely completion of
Victoria Heights Phase I, where 92% of the project units were
sold as of September 2018.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units,
leading to stressed cash flows, could lead to a negative rating
action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2010, FMPL is engaged in real estate development.
It has two ongoing projects in Zirakpur, a satellite town, in
Mohali District (Punjab), neighbouring Chandigarh: Victoria
Heights Phase II and Victoria Floors. The total build-up area of
the projects is 395,868 square feet and the overall project cost
is INR1,155 million.


GANESH STEEL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ganesh Steel &
Alloys 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:

-- INR70.00 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR27.40 mil. Non-fund-based working capital limits migrated
    to non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ganesh Steel & Alloys was incorporated in 1995 as a public
limited company in Kolkata, West Bengal. The company primarily
manufactures steel ingots at its facility in Serampore, West
Bengal.


GEETANJALI VASTRALAYA: Ind-Ra Affirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Geetanjali
Vastralaya's (GV) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits affirmed with
    IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects GV's continued small scale of operations
due to a small client base. Revenue declined to INR340 million in
FY18 (FY17: INR366 million) due to a decrease in demand for
spices. The EBITDA margins are average due to the trading nature
of business (FY18: 4.5%; FY17: 3.4%), with an ROCE of 14%. The
margins increased owing to an improvement in the prices of
coriander seeds. This along with a decline in debt level to
INR74.68 million in FY18 (FY17: INR107.11 million) helped the
overall credit metrics improve to moderate levels, with interest
coverage (operating EBITDA/gross interest expense) at 1.9x (1.7x)
and net leverage (adjusted net debt/operating EBITDAR) at 4.3x
(8.4x).

The proprietorship nature of the business also constrains the
ratings.

The ratings, however, are supported by GV's comfortable liquidity
position, indicated by average maximum working capital
utilization of 63% for the 12 months ended October 2018. Its cash
flow from operations stood at INR44.83 million in FY18 compared
to a negative INR62.98 million in FY17 owing to an improvement in
debtor days from 145 days to 61 days. GV had a cash balance of
INR9.43 million at end-FY18. The proprietor's experience of over
25 years in spice trading also lends comfort to the ratings.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue leading to an
improvement in the credit metrics, all on a sustained basis,
would lead to a positive rating action.

Negative: A decline in the operating profit leading to
deterioration in the credit metrics, all on a sustained basis,
would lead to a negative rating action.

COMPANY PROFILE

Started in 1992, GV is a proprietorship firm of Manoj Kasat and
is engaged in the trading of coriander seeds. The firm is based
out of Kumbhraj, which has one of the largest markets for
coriander seeds.


HAR AUTO: Ind-Ra Moves 'BB' LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Har Auto 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 action is:

-- INR180 mil. Fund-based working capital 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 29, 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 2000, Har Auto operates an automobile dealership
business.


IL&FS EDUCATION: CARE Lowers Rating on INR200cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
IL&FS Education & Technology Services Limited (IETS), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Commercial Paper
   (CP) issue          200.00     CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the commercial paper of
IETS takes into account the default on the CP redemption of
INR100cr due on Nov. 20, 2018 due to the tight liquidity position
of the company and significant deterioration in the financial
strength of the promoter company IL&FS Limited.

Detailed description of the key rating drivers

Key Rating weaknesses

Delay in servicing of debt obligations: The company has defaulted
in the redemption of Commercial Paper of INR100cr due on Nov 20,
2018. The default is mainly due to tight liquidity position and
deterioration in the financial strength of the promoter company
IL&FS Limited.

Significant deterioration in the financial flexibility of parent
company IL&FS Limited: There has been significant deterioration
in the financial risk profile in the holding company IL&FS
Limited rated CARE D (equity ownership of 68.93% in IETS) mainly
due to the delay in infusion of equity capital & monetization of
certain
identified assets and securing funding line from promoter
entities as a liquidity measure. Although, IL&FS Limited has past
track record of selling assets and raising equity, but these
inflows have been inadequate to meet the further funding
commitments to the group companies leading to an increase in the
gearing levels over a period of time. With relatively high
leverage, it would largely have to depend on strategic sale in
various projects/group companies to support various group
entities going forward.

IETS derived significant financial and management support from
IL&FS Ltd and the available sanctioned credit lines from
IL&FS Ltd. amounting to INR200 cr were available as a liquidity
support at all times. The deteriorated credit risk profile of
the parent has adversely impacted the support available to IETS
from IL&FS Limited including the timely availability of the
credit lines amounting to INR200 cr from IL&FS Ltd.

Long gestation period in projects to achieve cash break-even:
IETS has to incur upfront expenditure on the hardware while
setting up any ICT project and the collections are spread over a
period of 5 years. Therefore, due to upfront expenditure and
staggered collections, the company has minimum cash break-even of
2.5 years in an ICT project. Also due to the delay in the
collections from state governments, the breakeven further extends
to approx. 3 years and the company has to depend on bank finance,
suppliers credit etc. for its fund requirements.

Presently, majority of ICT projects started during the period of
FY13 and FY14 and have achieved their break-even during FY17.
Therefore, these projects are expected to generate cash surpluses
during their remaining life (i.e. collections are expected to be
higher than expenses remaining to be incurred). Going forward, it
becomes imperative for the company to generate positive operating
cash flow to service its debt obligation.

High receivable leading to high working capital requirement:
Since the counterparties are state governments, IETS experiences
high collection period along with large portion of accrued but
not due revenue, thereby resulting in higher working capital
requirement.

High competition from regional players: IETS faces high
competition in its ICT business from established as well as
regional players. Therefore with the increasing competition, it
becomes important for IETS to maintain its delivery performance
standards and keep pricing of its products in line with the
competition.

Key rating strengths

Track record in securing and executing tender based projects from
State Governments: IETS business comprises education services
vertical, sale of K-Yan and ICT business. Over period of time,
there has been shift from the ICT business to K-Yan, thereby
improving the revenue mix for the company. All of the ICT
projects and some of the K-Yan projects are secured by the
company through a tender based process. IETS has successfully won
tenders from various state governments viz. Gujarat, Maharashtra,
Bihar, Odisha, West Bengal, Himachal Pradesh, Arunachal Pradesh
etc. and has demonstrated a successful track record of
implementing the same over the past five years. As on April 24,
2018 the company has an order book of INR703 cr comprising of ICT
and other government business.

Strong order book position with a Diversified product profile and
patented product: The company has a diversified product profile
which comprises of the ICT projects, K-yan, K-class (IT enabled
classrooms), Schools & Infrastructure management, training
services etc. Besides, skills projects and cluster development
projects are also undertaken through wholly owned subsidiaries of
IETS. IETS has a total order book position as on April 24, 2018
of INR703 crores to be executed in the next 1 to 3 years.

IL&FS Education & Technology Services Ltd (IETS) is engaged in
the business of providing education technology and training
services in public private partnership (PPP) mode. The company
was set up in 1997 and is the social infrastructure development
arm of Infrastructure Leasing & Financial Services Limited
(IL&FS, CARE D). IETS provides solutions in education and
training to educational institutions, state governments and
private corporate with a focus on nurturing human capital. The
company works in key areas of education, skill development, and
cluster development. The skill development and cluster
development are undertaken in two separate wholly owned
subsidiaries of IETS namely IL&FS Skills Development Corporation
and IL&FS Clusters Development Initiative Limited.

IETS reported a total operating income of INR806 crore in FY18
(refers to the period April 1 to March 31) and earned a PBILDT
and PAT at INR158 crore and INR30 crore respectively as compared
to PBILDT and PAT of INR162 crore and INR41 crore respectively on
total operating income of INR662 crore during FY17.


J R FOODS: ICRA Lowers Rating on INR47.45 Loans to 'D'
------------------------------------------------------
ICRA has downgraded the ratings for the INR47.45 crore limits of
J R Foods Limited to [ICRA]D from [ICRA]BB- and [ICRA]A4.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term:           11.70      [ICRA]D; downgraded from
   Fund-based                      [ICRA]BB-(Stable)

   Short-term:          35.75      [ICRA]D; downgraded from
   Non-fund based                  [ICRA]A4

Material Event

J.R. Foods Limited has announced its quarterly results on
November 14, 2018. The company reported operating income of
INR28.0 crore with operating loss (OPITDA) of INR2.6 crore and
net loss of INR2.7 crore in Q2FY2019 against an operating income
of INR36.9 crore with OPITDA of INR3.8 crore and net profit of
INR2.3 crore in Q1FY2019. The company is facing liquidity issues
and as per its bankers' opinion received on November 22, 2018,
the company's non-fund-based facility namely Letter of Credit
(LC) limit has devolved and remains unpaid by the company for
more than 30 days.

Impact of the Material Event:

ICRA has downgraded the ratings for the INR47.45 crore limits of
J R Foods Limited to [ICRA]D from [ICRA]BB- and [ICRA]A4. Due to
decline in profitability, the company is facing liquidity issues
and it devolved on its letter of credit (LC) limits for more than
30 days, as confirmed by its banker.

Rationale

The ratings downgrade factors in the company's delay in the
timely debt-servicing of the devolved LC which remains unpaid for
more than 30 days. The delay was on account of liquidity crunch
in the company as it was hurt by steep rupee depreciation in the
last couple of months. Intense competition in the domestic edible
oil market with increasing domestic edible oil availability
especially from soybeans during the first eight months of FY2019
has also lead to weakened profitability indicators and tight
liquidity position.

Key Rating Drivers

Credit Challenges

Liquidity constraints: With significant increase in procurement
prices following multiples hikes in import duty during FY2018,
and steep rupee depreciation in the last couple of months had led
to increased working capital requirements in H1FY2019. With a net
loss of INR2.6 crore in Q2FY2019, the company's free cash flow
turned negative and without sufficient working capital limits in
place, the company's liquidity remains stretched.


JEPPIAAR POWER: ICRA Lowers Rating on INR92.5cr LT Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR92.50
crore fund based facilities of Jeppiaar Power Corporation Private
Limited from [ICRA]BB- 'Issuer not cooperating' to [ICRA]D
'Issuer not cooperating'. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long term: Fund      92.50    [ICRA]D ISSUER NOT
   Based facilities              COOPERATING; Rating downgraded
                                 from [ICRA]BB- (Stable); Rating
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category

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

Rationale

The rating downgrade follows the delay in repayment of bank loan
by Jeppiaar Power Corporation Private Limited as confirmed by the
lender.

Jeppiaar Power Corporation Private Limited (JPCPL) was
incorporated in October 2009 by the Jeppiaar Group which manages
a diverse set of businesses in the state of Tamil Nadu. The
company is establishing a coal-based Captive Power Plant (CPP)
with a total generating capacity of 30 MW in Kanchipuram, Tamil
Nadu.


KHOSLA INTERNATIONAL: ICRA Moves D Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the rating for the INR29.00-crore bank facility of
Khosla International (KI) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       29.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

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

Incorporated in the year 2002, KI is a partnership firm engaged
in milling and processing and basmati and non basmati rice. The
firm is mainly engaged into production and export of parboiled
rice. KI has its plant located in Batala, Punjab with a milling
capacity of 6tons/hour.


LIMTEX AGRI: ICRA Moves D Ratings to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Limtex Agri Udyog Limited (LAUL) to the 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]D/
[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       25.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating moved to the 'Issuer Not
                                Cooperating' category

   Non-Fund based-    0.50      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating moved to the 'Issuer Not
                                Cooperating' category

   Non-Fund based-    8.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit             Rating moved to the 'Issuer Not
                                Cooperating' category

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

Limtex Agri Udyog Limited (LAUL) is a part of the Kolkata-based
Limtex group, which has interests in tea, biscuits and
information technology. LAUL concentrates on the production of
CTC variety of tea as well as blending and trading of tea. Apart
from production of CTC tea, the company also carries out
purchasing of premium quality tea to blend with its lower grade
of bought leaf production to enhance the quality of the blended
tea.


MADHABGANJ KARUNAMOYEE: ICRA Retains B Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Madhabganj
Karunamoyee Himghar Pvt Ltd (MKHPL) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          0.83       [ICRA]B (Stable) ISSUER NOT
   Working Capital                 COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-          4.23       [ICRA]A4 ISSUER NOT
   Seasonal Cash                   COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund based-      0.16       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

  Unallocated Limits    0.03       [ICRA]B (Stable)/[ICRA]A4
                                   ISSUER NOT COOPERATING;
                                   Rating continues to remain
                                   under 'Issuer Not Cooperating'
                                   category

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

Incorporated in 2011, MKHPL is owned by the Ranjit Maity and
family and by Mondol family of Kolkata. MKHPL has commenced its
commercial operation in March 2013. Prior to the commencement of
cold storage operation, in FY13, MKHPL was engaged in trading of
potato. MKHPL is situated in the Bankura district of West Bengal
and has a capacity to store 17,200 metric tonnes (MT) of
potatoes.


MOENUS TEXTILE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Moenus Textile
Private Limited's (MTPL) 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 D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR121 mil. Fund-based working capital limit (Long-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR120 mil. Term loans (Long-term) due on March 31, 2025
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR21 mil. Non-fund-based working capital limit (Short-term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Moenus Textile manufactures cotton yarn at
its facility in Mandideep, Madhya Pradesh. In addition, it has a
waste recycling plant in Mandideep to produce low-value cotton
yarn.


NEHA INTERNATIONAL: CARE Lowers Rating on INR23.50cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Neha International Limited, as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term bank       5.60      CARE D Revised from CARE BBB-;
   facilities                     Negative

   Short-term bank     23.50      CARE D Revised from CARE A3
   facilities

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Neha International Limited is primarily of account of
deterioration in the liquidity profile of the company at the back
of cash flow mismatches resulting in delays in meeting debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in the liquidity profile resulting in delays in
meeting debt obligations: The liquidity profile of Neha
International Limited (NIL) deteriorated on account of cash flow
mismatches. The same has resulted in delays with respect to debt
servicing of the company. Further, as on September 30, 2018 cash
and bank balance of the company was INR0.60 crore (Standalone).

Decline in the operating profitability and profitability margins
during H2FY19: At standalone level, the operating income of
company has improved by 35% from INR127.22 crore during H1FY18 to
INR172.42 crore during H1FY19 on account of increase in the
volume of sales. However, PBILDT level has declined by 15% from
INR4.31 crore in H1FY18 to INR3.73 crore in H1FY19 due to high
cost of purchased goods. The PBILDT margin of the company
declined by 122 bps from 3.38% during H1FY18 to 2.16% during
H1FY19 on account of stiff competition in trading of agri
commodities. In line with the same, the PAT margin too declined
from 1.22% in H1FY18 to 0.60% in H1FY19.

Fluctuation in raw material prices: The price of trading
commodities (such as maize, soyabean, agri-chemicals, edible oil,
etc) is volatile in nature and depends on demand supply scenario.
Furthermore, price of edible oil is dependent on availability of
raw material, domestic production of oil seeds, annual rainfall,
global price fluctuations, import duty and consumer preferences.

Presence in a competitive industry characterized by low entry
barriers: The agricultural products trading and edible oil
industry in India and also globally is characterized by intense
competition and fragmentation due to the presence of large number
of players attributable to low entry barriers such as low capital
and low technical requirements of the business.

While trading of agricultural products are highly unorganized
with very few established players. The company faces competition
from other established players and small-sized local players.

Key Rating Strengths

Experienced and resourceful promoter: The Chairman and Managing
Director, Mr Vinod Reddy possesses over two decades of experience
in trading of commodities like maize, soya beans, sunflower
seeds, cashew nuts etc. The promoters of the company are
resourceful and have been supporting the operations of the
company.

Moderate geographic concentration risk: The company mainly trades
in agro-commodities (maize, soyabean, agrichemicals, etc) which
are procured from small local traders and then being sold to big
traders & poultry farms domestically and also company export it
to Indonesia, Malaysia, Hongkong and other South East Countries
where maize is primarily used as poultry feed.

Improved financials during FY18 (Standalone): The financial
performance of NIL witnessed marginal improvement during
FY18 vis-Ö-vis FY17 backed by increased sales. Profitability
margins remained almost stable for the year. For FY18, the
company registered Total Operating Income (TOI) of INR310.72
crore with PAT of INR2.49 crore. During FY17, at consolidated
level, the company has reported operating income of INR451.67
crore and PAT of INR1.62 crore.

CARE in its analysis considered the consolidated business and
financial risk profiles of Neha International Limited (NIL) and
its subsidiaries - Globeagro Holdings, Holetta Roses Plc,
Alliance Flower Plc, Oromia Wonders Plc, NINT Agri Plc, Neha Agri
Tanzania Ltd, Neha AgriVentures (U) Ltd, Neha Agri Zambia Ltd,
Neha Agri Senegal, SURAL, Neha Agriservices Pte Ltd, Neha
Agriservices FZE, Dream Flowers Plc, and Neha Agri Corp Pte. Ltd
as most of these entities operate in the same line of business.

Established in 1993, Neha International Ltd (NIL) is engaged into
trading of agricultural products mainly Maize, Soya Bean, Sun
Flower, Edible oils etc. The company has been promoted by Mr G
Vinod Reddy, who has about two decades of experience in the line
of activity. The company got listed on BSE expand in February
1995. Neha at the group level is into floriculture space also
exporting cut roses to Europe and Middle Eastern markets in Saudi
Arabia, Qatar and UAE, through its subsidiaries (based in
Ethiopia) and step down subsidiaries. Being primarily into
trading, the company procures the agricultural products from
small local traders and sells it to big traders & poultry farms
domestically. Furthermore, the company has started trading of
edible oil during FY16.


NEW BHARAT: ICRA Puts D Rating on INR34cr Debt to Not Cooperating
-----------------------------------------------------------------
ICRA has moved the rating for the INR34.00-crore bank facility of
New Bharat Rice Mills (NBRM) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]D ISSUER NOT
COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       34.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

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

Incorporated in the 1958, NRBM is a partnership firm engaged in
milling, processing and sorting of rice. The firm has its plant
at Batala (Punjab) with a milling capacity of 8 tonnes per hour.
As per the management, the average utilization remains around 80-
90%.


P&R INFRAPROJECTS: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P & R
Infraprojects Limited (PRIL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200.00 mil. Fund-based working capital limit assigned with
    IND BB+/Stable/A4+ rating; and

-- INR850.00 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PRIL's modest scale of operations and segment
and client concentration. The company's revenue was INR1,792.29
million in FY18 (FY17: INR1,758.09 million). Its current order
book stands at INR6290 million, providing short-to-medium term
revenue visibility. PRIL achieved INR660 million of revenue
during April-September 2018.

The ratings also reflect average and volatile operating margins
of 11.01% in FY18 (FY17: 11.85%), as it takes 15-18 months to
execute an order and the contracts do not have a price escalation
clause to mitigate volatility in input prices. Moreover, its
return on capital employed fell to 15% in FY18 from 20% in FY17.

PRIL derives over 75% of its revenues from government bodies,
thus it is highly susceptible to government regulations and
interventions such as change in government, or change in the
contracts (especially the pricing policy). Ind-Ra expects the
company's operating revenue and margins to remain vulnerable to
these factors.

Additionally, the ratings take into consideration PRIL's
stretched liquidity position. Its average maximum fund-based
limit utilization was 99% for the 12 months ended October 2018.
Its cash flow from operations stood at a negative INR55.45
million in FY18 (FY17: INR 98.90 million), while its free cash
flow declined to a negative INR125.93 million in FY18 from
INR38.39 million in FY17.

The ratings, however, are supported by PRIL's comfortable credit
metrics. Its gross interest coverage (operating EBITDAR/gross
interest expense) improved slightly to 3.26x in FY18 (FY17:
2.97x), driven by a decrease in interest expenses while the
absolute EBITDA remains constant during the year. Its net
financial leverage (adjusted net debt/operating EBITDA) increased
to 1.81x in FY18 (FY17: 1.04x) as debt rose to INR359.45 million
(INR222.55 million). Ind-Ra expects PRIL's credit metrics to
deteriorate to modest levels in FY19 as the company has been
borrowing continuously to support its working capital
requirements.

The company's established track record of more than three decades
in the civil construction business lends comfort to the ratings.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin, leading to
deterioration in the credit metrics, along with lack of revenue
visibility, will be negative for the ratings.

Positive: A significant improvement in the revenue as well as
EBITDA margins, leading to an improvement in the credit metrics,
will have a positive impact on the ratings.

COMPANY PROFILE

Incorporated in 1986, P&R is engaged in civil and mechanical work
in the power sector, and designing, erection and construction
work for infrastructure projects. The company is promoted by Mr.
Pavaljeet Singh, Mrs. Pradeep Kaur and Mr. G.S Ruppal.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR0.30 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR20.2 mil. Term loan due on March 2021 Migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 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 September 2010, R. H. Solvex manufactures deoiled
soya cakes and refined soybean oil.


RAMA KRISHNA: CARE Lowers Rating on INR77.02cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rama Krishna Spintex Private Limited (RKS), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          77.02      CARE D Revised from CARE BB;
                                  Stable

   Short-term Bank
   Facilities           0.70      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
RKS takes into account ongoing delays in the servicing of the
debt obligation.

Detailed description of the key rating drivers

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest and principle repayments for the term
loans availed. Furthermore, the cash credit limit has remained
overdrawn for more than 30 days. The delay in debt servicing is
on account of tight liquidity position of the company.

Rama Krishna Spintex Private Limited (RKS), based in Bathinda
(Punjab), was set up in Feb-2007 as a private limited company. It
commenced operations in Jan-2008. The company is currently being
managed by Mr. Makhan Lal Mangla, Mr. Mahavir Kumar, Mr.
Siddharth Mangla and Mr. Parvesh Mangla. RKS is engaged in the
business of manufacturing of cotton yarn such as stubbed cotton
yarn, grey cotton yarn and waxed cotton yarn. The plant is
located in Bathinda, Punjab, with total installed capacity of 28
MT of cotton yarn per day, as on March 31, 2017. The company
manufactures yarn of different counts ranging from 6's to 30's
depending upon the customer requirement. The yarn supplied by the
company is used as raw material for manufacturing denim, terry
towel, suiting cloth, shirting and home furnishing. RKS procures
raw material in the form of raw cotton and cotton waste from
suppliers situated in Punjab, Maharashtra and Gujrat and sells
final products to various manufacturers of fabric and traders
located throughout India through its extensive network of 20
dealers.


SANATAN MERCHANTS: Ind-Ra Cuts Rating on INR90MM Debt to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sanatan
Merchants Private Limited's (SMPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR90 mil. Fund-based limits Long-term rating downgraded;
    Short-term rating affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects SMPL's continued small scale operations
along with a sustained decline in revenue during FY17-FY18.
Revenue dropped to INR537 million in FY18 (FY17: INR566 million;
FY16: INR623 million), due to a lower number of orders received
from its customers.

The ratings are constrained by SMPL's weak credit metrics, due to
modest EBITDA margin resulting from high competition. Interest
coverage ratio (operating EBITDA/gross interest expense) improved
to 3.3x in FY18 (FY17: 3.1x) due to an increase in absolute
EBITDA; however, net leverage (net debt/operating EBITDA)
increased significantly to 8.4x (5.8x) due to an increase in
external borrowings. The margin improved in FY18 to 3.3% (FY17:
3.1%), due to a decline in the cost of raw material consumed,
while RoCE was moderate at 8.0% (9%).

Moreover, the liquidity profile continues to be moderate, with
the company using 90% of the working capital limits on average
during the 12 months ended October 2018. Furthermore, the cash
flow from operation in FY18 turned negative at INR38.1 million
(FY17: INR1.1 million) and cash and cash equivalent reduced to
INR3 million (INR4 million) due to an increase in non-current
asset balance.

The ratings however continue to be supported by the promoter's
experience of over three decades in the trading line of business
and the company's associations with reputed brands such as Cello,
Venesa, Maped and Polo for whom it is a distributor in
Bangladesh.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in the credit profile, all on a sustained
basis, will be positive for the ratings.

Negative: Deterioration in the credit profile on a sustained
basis will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1994 and with its registered office in Kolkata,
SMPL manufactures and markets hand tools and power tools such as
marble, stone cutting machines, granite cutting machines, wood
cutting machines, pesticide sprayers and rice processing
machines, and trades writing, stationary, body care products and
other accessories.

The company is managed by its three directors - Binod Maroti,
Kusum Maroti, and Nirav Maroti.


SARVOTTAM VEGETABLE: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Sarvottam Vegetable Oil Refinery Private Limited (SVPL) to Issuer
Not Cooperating category.

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term Bank      10.24     CARE D; Issuer Not Co-operating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SVPL to monitor the
ratings vide e-mail communications dated October 11, 2018,
October 15, 2018, October 18, 2018, October 22, 2018 and
October 24, 2018 along with numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of SVPL's bank facilities will now be denoted as CARE D /
CARE D; ISSUER NOT COOPERATING.

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

The ratings for the bank facilities of SVPL continue to take into
account on-going delays in servicing of its debt obligations
due to its stressed liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: There are on-going delays in
servicing of SVPL's debt obligations due to its stressed
liquidity.

Incorporated in May 2000, Sarvottam Vegetable Oil Refinery
Private Limited is promoted by Indore based Adwani family. SVPL
is engaged in the business of refining crude soya oil and sale of
its by-products. The company operates with refining capacity of
200 tonnes per day (TPD) and soya lecithin processing capacity of
6 TPD. All the key raw materials are procured from local markets,
whereas, the final product is sold in wholesale/ bulk segment
across various states.


SHALLOW CERAMIC: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ for the
INR4.00-crore cash credit facility and the INR2.21-crore (reduced
from INR2.87 crore) term loans facility of Shallow Ceramic Pvt.
Ltd. ICRA has also reaffirmed the short-term rating at [ICRA]A4
for the INR1.70-crore bank guarantee of SCPL. Further, ICRA has
also reaffirmed the long-term rating of [ICRA]B+ for the INR1.19-
crore (increased from INR0.53 crore) unallocated limits of SCPL.
The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            2.87       [ICRA]B+(Stable); Reaffirmed

   Fund-based-
   Cash Credit          4.00       [ICRA]B+(Stable); Reaffirmed

   Non-fund based-
   Bank Guarantee       1.70       [ICRA]A4; Reaffirmed

   Unallocated Limits   1.19       [ICRA]B+(Stable); Reaffirmed

Rationale

The ratings reaffirmation continues to remain constrained by
company's weak financial risk profile, characterised by modest
scale, leveraged capital structure, moderate debt coverage
indicators and high working capital intensity. The ratings also
factor in the intense competition in the ceramic industry and the
exposure of ACPL's profitability to volatility in raw material
and fuel prices, which moderated the company's operating to 11.8%
in FY2018 from 15.5% in FY2017. The ratings further take into
account the exposure of the company's operations and cash flows
to the cyclicality of the real-estate industry, which is the main
end-user sector.

The ratings, however, continue to favorably factor in the
extensive experience of ACPL's promoters in the ceramic industry
and its proximity to raw material sources by virtue of its
presence in Morbi (Gujarat).

Outlook: Stable

ICRA believes Shallow Ceramic Private Limited will continue to
benefit from the extensive experience of its promoters and the
strategic location of the plant. The outlook may be revised to
Positive if substantial growth in revenue and profitability,
better working capital management, and reduction in creditors
strengthen the financial risk profile. The outlook may be revised
to Negative if lower-than-expected cash accrual or significant
moderation in profitability or further stretch in the creditors
weakens liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in ceramic industry: The key
promoters of the company have experience of more than twenty-five
years in the ceramic industry through their association with
other entities in the ceramic industry.

Favourable location of manufacturing hub: The firm's
manufacturing facility is located in the ceramic tiles
manufacturing hub of Morbi (Gujarat), which provides easy access
to quality raw materials and allows savings in transportation
cost.

Credit challenges

Average financial risk profile: The company's scale of operations
is moderate, with revenue of INR22.5 crore in FY2018. SCPL's
operating margin declined to 11.9% in FY2018 from 15.5% in FY2017
because of pricing pressure owing to intense competition and high
raw material expense. The net margin continues to remain low, at
0.5% in FY2018, though it improved from 0.1% in FY2017, on
account of increase in scale of operations. The capital structure
continues to remain adverse as evident from the gearing of 2.4
times as on FY2018-end. The debt coverage indicators remained
moderate - the interest coverage was 2.1 times, NCA/Debt was 13%
and TD/OPBIDTA was 3.9 times in FY2018. Further, the company's
working capital intensity remained high - the NWC/OI was 31% in
FY2018 - on account of stretched receivables, although creditors
are also stretched to manage working capital cycle.

Vulnerability of demand and cash flows to cyclicality inherent in
real estate industry: The real estate industry is the key end
user of ceramic wall tiles. Hence, the profitability and cash
flows are likely to remain vulnerable to the inherent cyclicality
of the real estate industry.

Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two major
components that determine the cost competitiveness in the ceramic
industry. The company has, however, little control over the
prices of its key inputs such as natural gas/coal and raw
materials, and thus the profit margins remain exposed to adverse
movement in raw material and gas/coal prices as the ability to
pass on any upward movement in cost to the customers remains
limited due to stiff competition.

Incorporated in May 2014, Shallow Ceramic Pvt. Ltd. (SCPL)
manufactures ceramic wall tiles. The company's manufacturing
facility located in Morbi, Gujarat, with an installed capacity of
manufacturing 32,000 MTPA, became operational in February 2015.
SCPL currently manufactures digitally-printed ceramic wall tiles
in two sizes, 10 cm X 15 cm and 12 cm X 18 cm. The promoters have
extensive experience in the ceramic industry through their
association with another tile-manufacturing entity; Segway
Ceramics.

In FY2018, the company reported a net profit of INR0.11 crore on
an operating income (OI) of INR22.52 crore as against a net
profit of INR0.01 crore on an OI of INR16.2 crore.


SHINE STAR: Ind-Ra Moves BB- on INR100MM Loan to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shine Star's
Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND BB-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR8.5 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 29, 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 1975, Shine Star is a partnership firm with a
registered office in Mumbai. The firm imports, polishes and
exports rock diamonds. It is managed by Mr. Vishal Shah and his
family.


SHIVOHUM TEXTILES: CARE Migrates B Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shivohum
Textiles (ST) to Issuer Not Cooperating category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       8.40      CARE B; Stable; Issuer not
   Facilities                     cooperating; Based on best
                                  available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ST to monitor the rating
vide e-mail communications/letters dated July 25, 2018, August
16, August 21, 2017, September 25, 2018 and October 11, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on ST's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The rating takes into account the project execution and
stabilization risk, susceptibility of margins to fluctuation in
raw material prices and change in government policies and
presence of firm in competitive and fragmented textile industry.
The above weaknesses are however underpinned by the satisfactory
experience of the promoters in textile business and favorable
location of manufacturing facility.

Detailed description of the key rating drivers

At the time of last rating on September 20, 2017 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Project execution and stabilization risk: ST proposes to set up a
terry towel manufacturing plant with a total cost of INR7.24
crore, which is proposed to be funded at a debt to equity ratio
of 2.93x. The entity faces risk of timely completion of the
project within envisaged cost in light of fluctuation in input
prices. Furthermore, achieving envisaged sales and profitability
would be crucial.

Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the entity is cotton and
cotton yarn which will be procured from spinning mills based in
Solapur. The prices of cotton are influenced by government
policies and are subjected to its seasonal availability (October-
February) thus exposing the firm to price volatility risk.

Presence of company in fragmented industry: ST operates in a
highly fragmented and competitive industry wherein there is
presence of large number of players in the unorganized segment
owing to low entry barriers. The players in the industry do not
have bargaining power and are exposed to competition resulting in
pressures on profitability.

Key Rating Strengths

Experienced partners and receipt of all approvals: The promoters
and managing partners, viz. Mrs. Sunayana Samandariya and Mr.
Shreyas Marda have an average experience of around a decade in
the textile segment through other associate companies, engaged in
similar line of business. Reasonable experience of the promoters
will support the business risk profile of the entity to an
extent. ST has gained all the requisite approvals, which are
required for set up of textile mill.

Location advantage and eligibility for government subsidy: ST
favorably benefits from its plant being located at MIDC, Solapur,
which has many spinning mills in the vicinity, owing to its
location in major textile belt of Maharashtra, the entity is
likely to be benefited from lower logistics expenditure (both on
transportation and storage), easy availability of raw materials
and labour at effective price and consistent demand for finished
goods resulting in sustainable revenue visibility. Furthermore,
project is eligible for capital subsidy of 10% and 5% interest
subsidy under RR TUF (Technology Upgradation Fund) Scheme.

ST based out of Solapur, Maharashtra, is a partnership concern,
promoted by Mrs. Sunayana Samandariya and Mr. Shreyas Gokul
Marda, established in the year 2015. ST proposes to set up a
terry towel manufacturing plant with a total cost of INR7.24
crore, which is proposed to be funded at a debt to equity ratio
of 2.93x. The plant is expected to commence its operations by
March 2018.


SHRI SHIKHARJI: CARE Assigns B+ Rating to INR11.75c LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Shikharji Rice Oil LLP (SSROL), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          11.75      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSROL is primarily
constrained on account of project implementation risk which is
debt funded and its presence highly fragmented edible oil
industry with seasonality associated owing to nature of the
business. The rating, however, derives strength from the
experience management and location advantage. The ability of the
firm to timely completion of project and stabilization of
operations would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project Implementation Risk: The firm has envisaged total project
cost of INR22.15 crore towards the project to be funded through
term loan of INR6.25 crore, partners' capital of INR10.05 crore
and remaining through unsecured loans from related parties. The
commercial operations are expected to be commenced from April 1,
2019. It has incurred total cost of INR16.44 crore towards the
project to be funded through term loan of INR5.07 crore,
unsecured loans of INR3.04 crore and partner's capital 8.33 crore
until June 25, 2018.

Intense competition in the fragmented edible oil industry: SSROL
is in the Rice Bran Oil segment which is a niche market, but the
company will face stiff competition in edible oil space from
large number of organized and unorganized players. Majority of
the edible oil demand of the country is met by the regional and
unorganized players which are into manufacturing of crude palm
oil, groundnut oil, coconut oil etc. and are consumed at large
levels.

Seasonality associated with agro commodities and government
regulated industry: Rice is a kharif crop which is sown in the
rainy season (June to September period) and hence highly
dependent on monsoon. Further edible oil industry is exposed to
fluctuations in raw material prices and depends on production
yield and demand of the commodities. Hence, profitability of the
company is exposed to vulnerability in prices of agriculture
commodities. Further, the industry is characterized by high
degree of government control both in procurement and sales for
agriculture commodities. Government of India (GoI) decides the
Minimum Support Price (MSP) payable to farmers.

Key Rating Strengths

Experience promoters: The board of SSROL consists of two partners
namely, Mr Gyan Singh Chordia and Mr Kirti Chordia who actively
participate in day to day management of the firm. Mr Gyan Singh,
graduate by qualification, has experience of more than two
decades in the country and will look after the overall
operations. Mr Kirti Chordia, graduate by qualification and will
look after the Purchase, sales, human resources and marketing
function of the firm. SSROL belongs to the Chordia group which
was formed by Late Shri Moolchandji Chordia which owns various
rice mills in the area of Balaghat, Seoni and Bhandara District.
Apart from these the group also set up the first solvent plant in
the district of Balaghat as Chordia Edible Oil Private Limited.

Location Advantage: The plant of the firm is located in Seori,
Madhya Pradesh which is surrounded by various rice millers and
processors. SSROL uses rice bran crude as its main raw material
which is a by-product of rice brans oil extracting activity.
Madhya Pradesh being a major paddy growing area of the country,
there are lots of rice millers in the vicinity of the plant which
gives easy access to the company for availability of rice bran
crude at competitive rates and also reduces freight cost.

Seoni (Madhya Pradesh) based Shri Shikharjii Rice Oil LLP (SSROL)
was formed as a limited liability partnership concern in October,
2015 by Mr Gyan Singh Chordia and Mr Kirti Chordia with an
objective to set up greenfield project for Rice Bran Oil plant
(Solvent & Refinery). The plant of the firm will have installed
capacity of 74400 M.T. per annum for Rice Bran and 14800 M.T. per
annum for edible Rice Bran Oil.


SINGHANIA ENTERPRISES: ICRA Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the bank facilities of Singhania
Enterprises (SE) continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund Based-          4.00     [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues
                                 to be under 'Issuer Not
                                 Cooperating' category

   Fund Based-ODIP      1.00     [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating continues
                                 to be under 'Issuer Not
                                 Cooperating' category

   Non-Fund Based-      7.00     [ICRA]A4 ISSUER NOT
   Bank Guarantee                COOPERATING; Rating continues
                                 to be under 'Issuer Not
                                 Cooperating' category

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

Incorporated in 1979 as a partnership firm, Singhania Enterprises
is a civil constructor in Chhattisgarh. SE is a registered A5
contractor with the PWD, Chhattisgarh, which allows it to bid for
large contracts floated by the department.


STANZEN ENGINEERING: Ind-Ra Raises LT Issuer Rating to 'B+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Stanzen
Engineering Private Limited's (SEPL) Long-Term Issuer Rating to
'IND B+' from 'IND D (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR5.53 mil. (reduced from INR15.5 mil.) Term loans due on
    December 2019 upgraded with IND B+/Stable rating; and

-- INR50.0 mil. Fund based limits upgraded with IND B+/Stable
    rating.

KEY RATING DRIVERS

The upgrade reflects SEPL's timely debt servicing since November
2017. However, its liquidity position remains modest, as
reflected in its working capital utilization of 89% on average
for the 12 months ended October 2018. The company has unutilized
credit lines of INR4.5 million and cash balance of INR0.251
million. Its cash flow operations improved to INR22 million in
FY18 (FY17: INR1 million) due to improved operating EBITDA. Also,
the company had an outstanding term loan of INR5.53 million as on
October 2018 and the same will be repaid fully by December 2019.

The ratings factor in SEPL's modest credit metrics. Net leverage
(adjusted net debt/operating EBITDA) reduced to 2.8x in FY18
(FY17: 13.9x) and interest coverage (operating EBITDA/gross
interest expense) increased 1.8x (0.5x), because of an
improvement in operating EBITDA to INR19 million (INR4 million).
The management expects the credit metrics to improve further over
the medium term on account of scheduled repayments and absence
debt-led capex.

The ratings are constrained by SEPL's small scale of operations
and modest and volatile profitability margins. The company
manufactures air suspension bags mostly, which form a small
component of a car and hence limit its order book size. Its
revenue raised 8.3% yoy to INR536 million in FY18, driven by an
increase in the number in orders received from customers. SEPL
achieved INR279.32 million in revenue during April-September
2018. Its EBITDA margin ranged between 0.9%-3.5% over FY16-FY18.
In FY18, EBITDA margin improved to average levels of 3.5% (FY17:
0.96%) due to a decrease in variable cost and return on capital
employed was 11% (negative 9%). The management expects the EBITDA
margin to be 2%-3% in the medium term.

The ratings, however, are supported by SEPL's track record of
over 30 years in the automotive components industry, which
results in strong customer relationships.

RATING SENSITIVITIES

Negative: Any deterioration in the revenue and operating
profitability lead to deterioration in the liquidity and credit
metrics will be negative for the ratings.

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

COMPANY PROFILE

Established in 2010, SEPL manufactures stamping and welded
assemblies which include safety critical parts such as seat belts
and air suspension bags.


VINODSAI AGRI: CARE Assigns B+ Rating to INR11.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vinodsai Agri Cold Storage LLP (VSACS), as:

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          11.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VSACS are tempered
by small scale of operations, short track record of operations,
weak financial risk profile characterized by net losses,
leveraged capital structure and weak debt coverage indicators
during the review period, partnership nature of constitution and
highly competitive and fragmented nature of business. The ratings
are, however, underpinned by experience of the partners for more
than two decades in agricultural industry, locational advantage
of the plant and stable outlook of cold chain industry.

Going forward, the ability of the firm to increase its scale of
operations, profitability margins and improve its capital
structure and debt coverage indicators are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and short track record of operations:
The firm was established in the year 2015 and completed
construction of cold storage in April 2017. The firm is in the
initial stage of operations and started its commercial operations
from June 2017. The firm has reported a TOI of INR1.8 crore in
9MFY18 (refers to the period June 2017-february 2018) thus the
scale of operations remained small and achieved 65% of occupancy
during the said period. The firm is expecting 90% occupancy ratio
during season i.e. March-November and 70% during non-season I.e.
December-February.

Weak financial risk profile characterized by net losses,
leveraged capital structure and weak debt coverage indicators
during the review period: The firm started its commercial
operations in June 2017 and has incurred a net loss of INR1.18
crore in FY18 which is for a period of ten months of operations.
Being the first year of operations, the high interest expenses
and depreciation provisions have resulted in net losses. However,
the PBILDT margin stood at 63% in FY18. The financial risk
profile stood weak marked by leveraged gearing and weak debt
coverage indicators. The overall gearing stood at 3.22x as on
March 31, 2018 due to the low capital base as against the term
loan availed by the firm. Furthermore, debt protection metrics
indicated by TD/GCA stood very weak at 57.51x as on March 31,
2018 due to low cash accruals. The interest coverage ratio stood
at 1.17x in FY18 due to low PBILDT levels and high interest
expenses incurred by the firm.

Partnership nature of constitution with risk of withdrawal of
capital: The firm being a Limited Liability partnership firm is
exposed to inherent risk of capital withdrawal by partners due
its nature of constitution. Any substantial withdrawals from
capital account would impact the net worth and thereby the
gearing levels.

Highly competitive and fragmented nature of business: The firm is
engaged into the business of providing cold storage facilities on
rental basis to farmers where the profitability margins comparing
to other industry will be low. Apart from that there are numerous
organized and unorganized players entering into the market which
makes the industry competitive nature.

Key Rating Strengths

Experience of the partners for more than two decades in
agricultural industry: Vinodsai Agri Cold Storage LLP (VSACS) was
incorporated 2015 and promoted by Mr. P Chandrasekar, Mr. M
Gopinath and Mr. M Madhavaiah and others. The firm is having 9
designated partners and 10 other partners. The designated
partners of the firm are having more than two decades of
experience in agricultural industry. Through their vast
experience in agricultural business, the partners will be able to
establish healthy relationship with farmers and local traders.

Location advantage of the plant: The plant location of the firm
is located in Nallur Village which is in 100 meters radius of NH
38 and which is near to Chennai trade center, Chennai harbor and
horticultural crops growing area and having good network with
farmers and traders. There is abundant availability of inputs
such as chillies, Spicies, tamarind etc. in the proposed area of
the district.

Stable outlook of cold chain industry: Growing annually at 28%,
the total value of cold chain industry in India is expected to
grow going forward driven by increased investments, modernization
of existing facilities, and establishment of new ventures via
private and government partnerships. India's cold chain industry
is still evolving, not well organized and operating below
capacity. The Indian cold chain market is highly fragmented with
more than 3,500 companies in the whole value system. Organized
players contribute only ~8%-10% of the cold chain industry
market. Cold stores are the major revenue contributors of the
Indian Cold Chain industry and are majorly used for storing
agricultural products. However, the market is gradually getting
organized and focus towards multipurpose cold storages is rising.

Tamil Nadu based, Vinodsai Agri Cold Storage LLP (VSACS) was
established in 2015 with its registered office at Kondithope,
Chennai and promoted by Mr. P Chandrasekar, Mr. M Gopinath and
Mr. M Madhavaiah and others. The firm has 9 designated partners
and 10 other partners. The firm started its business operations
in June 2017 and is currently running a cold storage for
preserving agricultural products like pulses, chillies, grains,
tamarin etc. at Nallur village, Thiruvallur District, Tamil Nadu.
The major customers of the firm are farmers, local traders,
exporters and Importers. The firm derives 75% of the revenue from
local traders, 10% from exporters of Agricultural Products like
chillies and remaining from farmers and importers of spices.


VIZEBH AGRI: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Vizebh
Agri Sciences Private Limited (VASPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          11.87      CARE D; Issuer not cooperating;
                                  Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VASPL to monitor the
rating vide e-mail communications/letters dated July 10, 2018,
August 31, 2018, October 1, 2018, November 14, 2018, November 15,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on VASPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.  The rating takes into account on-going delays in
debt repayment owing to weak liquidity position.

Detailed description of the key rating drivers

At the time of last rating done on January 8, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

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

Vadodara-based (Gujarat), VASPL was incorporated during July,
2010 by two promoters namely Mr.Amrish Patel and Mr.Jinesh Patel.
The company is in the business of manufacturing of dairy products
such as milk, curd, cow ghee, butter, flavoured milk, lassi etc.
and operates with an installed capacity of 100,000 litres per day
for milk processing. The company sells its products under the
brand name "Vizee" in Gujarat, Punjab, Haryana, Jammu & kashmir,
Himachal Pradesh etc.


YES BANK: Moody's Cuts Foreign Currency Issuer Rating to Ba1
------------------------------------------------------------
Moody's Investors Service has downgraded Yes Bank Limited's
foreign currency issuer rating to Ba1 from Baa3.

Moody's has also downgraded the bank's foreign and local currency
bank deposit ratings to Ba1/NP from Baa3/Prime-3 and foreign
currency senior unsecured MTN program rating to (P)Ba1 from
(P)Baa3.

And, Moody's has downgraded Yes Bank's baseline credit assessment
and adjusted BCA to ba2 from ba1.

At the same time, Moody's has affirmed the bank's counterparty
risk assessment of Baa3(cr)/P-3(cr) and domestic and foreign
currency counterparty risk rating (CRR) of Baa3/P-3.

For the bank's IFSC Banking Unit Branch, Moody's has also
downgraded the foreign currency senior unsecured MTN program
rating to (P)Ba1 from (P)Baa3 and senior unsecured debt rating to
Ba1 from Baa3. At the same time, Moody's has affirmed the IFSC
Bank Unit Branch's CR Assessment of Baa3(cr)/ P-3(cr), and
domestic and foreign currency CRR of Baa3/P-3.

The outlook, where applicable, has been changed to negative from
stable.

RATINGS RATIONALE

RATIONALE FOR DOWNGRADE OF DEPOSIT, ISSUER, SENIOR UNSECURED MTN
PROGRAM AND SENIOR UNSECURRED DEBT RATINGS

The rating action considers the resignation of various members of
the bank's Board of Directors -- which, when seen in conjunction
with the Reserve Bank of India's (RBI) directive in September
2018 to restrict the term of the bank's MD&CEO as well as
founder, Mr. Rana Kapoor, till January 31, 2019 -- have raised
Moody's concerns over corporate governance.

In Moody's opinion, although the bank's reported credit
fundamentals remain stable, the developments surrounding the
transition in leadership as well as the governance issues are
credit negative because they complicate management's effective
implementation of the bank's long-term strategy. Furthermore,
these developments could constrain the bank's ability to raise
new capital.

As a result, Moody's has incorporated a negative adjustment for
corporate behavior in Yes Bank's standalone credit profile, which
then led to the downgrade of its BCA and adjusted BCA to ba2 from
ba1 and in turn the downgrade in its ratings.

Although Yes Bank's capitalization is adequate, the bank would
need to raise capital from the market to continue to grow its
balance sheet more rapidly than the Indian banking system. If Yes
Bank experiences difficulty in raising external capital, this
will impede the bank's ability to grow its loan book.

In addition, while its current asset quality metrics are superior
to those of its Indian peers, its aggressive growth strategy
poses asset risks. In particular, Moody's has noted significant
divergence in the bank's reported asset quality metrics compared
with the RBI's assessment of asset quality in the two fiscal
years ended March 2017 and 2016. While the results of the RBI's
risk-based supervision report for fiscal 2018 are not known as
yet, nevertheless, any adverse findings from its assessment will
be credit negative.

Despite these developments, Moody's notes that the bank's funding
and liquidity positions have remained fairly stable.
Nevertheless, its funding profile is relatively weaker compared
to other public sector banks in India, as measured by its low
current and savings account deposit ratio and the dominance of
corporate deposits.

At the same time, Moody's has maintained its assumption of a
moderate probability of government support for deposits and
senior unsecured debt reflecting the bank's modest, but rapidly
growing franchise, and its relative importance to India's banking
system.

RATIONALE FOR AFFIRMATION OF CR ASSESSMENT AND CRR

The affirmation of the bank and its IFSC Banking Unit Branch's CR
Assessment at Baa3(cr)/P-3(cr) and local and foreign currency CRR
of Baa3/P-3 takes into account the bank's adjusted BCA of ba2 and
1 notch of government support.

Yes Bank's CR Assessment, prior to government support, is
positioned one notch above the Adjusted BCA of ba2 and,
therefore, above senior unsecured and deposit ratings, reflecting
its view that its probability of default is lower than that of
senior unsecured debt and deposits. Moody's believes senior
obligations represented by the CR Assessment will be more likely
preserved to limit contagion, minimize losses and avoid
disruption of critical functions. Yes Bank's CR Assessment
benefits from a further 1 notch uplift from government support.

CRRs are opinions of the ability of entities to honor the
uncollateralized portion of non-debt counterparty financial
liabilities (CRR liabilities) and also reflect the expected
financial losses in the event such liabilities are not honored.
Moody's considers India a jurisdiction with a non-operational
resolution (non-ORR) regime. For non-ORR countries, the starting
point for the CRR is one notch above the bank's adjusted BCA, to
which Moody's then typically adds the same notches of government
support uplift as applied to the CR Assessment.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook takes into account the uncertainty relating
to the bank's asset quality and profitability performance and in
particular any adverse findings from the RBI's risk-based
supervision report or the so-called divergence report. In
addition, any negative developments in the bank's funding and
liquidity profile or ability to raise new capital to a level
comparable with other similarly rated peers in India will exert
pressure on its BCA, adjusted BCA and ratings.

WHAT COULD MOVE THE RATING UP

Given the negative outlook, the bank's ratings are unlikely to be
upgraded during the outlook horizon.

Nevertheless, the rating outlook could return to stable if (1)
Yes Bank maintains its current asset-quality ratios and there is
no adverse impact from the RBI's risk-based supervision exercise;
(2) the bank manages to raise new equity capital and bring its
capital ratios in-line with similarly rated peers in India; and
(3) the bank's funding profile remains stable without weakening
its net interest margin.

WHAT COULD MOVE THE RATING DOWN

Yes Bank's ratings could be downgraded if (1) there is a
sustained deterioration in impaired loans or loan-loss reserves,
or if the rate of new NPL formation is significantly higher than
previously experienced; (2) the bank's capital ratios decline due
to its inability to raise new capital; and (3) there are any
regulatory actions by the RBI, including adverse findings from
the risk-based supervision report and/or any regulatory
restrictions or fines.

The principal methodology used in these ratings was Banks
published in August 2018.


YOUNG BRAND: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Young Brand Apparel Private Limited's (YBA) Long-Term Issuer
Rating of 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR182.5 mil. Term loan# due
    on June 2024 are affirmed & withdrawn;

-- The IND BB+ rating on the INR420 mil. Fund-based working
    capital limit# are affirmed & withdrawn; and

-- The IND BB+ rating on the INR335.3 mil. Non-fund-based
    facilities* are affirmed & withdrawn.

# Affirmed at 'IND BB+'/Stable before being withdrawn

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

KEY RATING DRIVERS

Revenue Growth: YBA's revenue rose to INR1,712 million in FY18
from INR1,662 million in FY17 on account of an increase in orders
from existing and new customers. The scale of operations remains
modest. FY18 financials are provisional. As of May 2018, it had
achieved a revenue of INR300 million.

Comfortable Liquidity: YBA registered a 67.2% average use of the
fund-based working capital limits during the 12 months ended May
2018.

Significant Promoter Experience: The ratings remain supported by
the promoters' decade-long experience in the textile industry.

Modest Credit Metrics: YBA's net leverage (Ind-Ra-adjusted net
debt/operating EBITDAR) remained almost stable at 6.4x in FY18
compared with 6.3x in FY17. Its interest coverage (operating
EBITDA/gross interest expense) improved to 3.0x in FY18 from 1.9x
in FY17, driven by a decrease in interest cost due to the
scheduled repayment of the long-term loan.

Modest EBITDA Margin: The EBITDA margin of YBA was modest at 6.2%
in FY18 (FY17: 5.7%). The rise in the margin was due to a decline
in variable cost. Its return of capital employed was 6% in FY18
(FY17: 5%).

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

COMPANY PROFILE

YBA manufactures and exports undergarments and knitted apparel.



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


AGUNG PODOMORO: Moody's Lowers CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Agung Podomoro Land Tbk to B1 from Ba3.

Moody's has also downgraded the backed senior unsecured rating of
the bonds issued by APL Realty Holdings Pte. Ltd., a wholly owned
subsidiary of Agung Podomoro, to B1 from Ba3. The bonds are
guaranteed by Agung Podomoro and some of its subsidiaries.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The downgrade reflects our expectation that Agung Podomoro's
credit metrics will weaken to levels no longer consistent with a
Ba3 rating because of its low levels of marketing sales. Further,
a greater proportion of its cash flows over the next 12-18 months
will come from one-off block sales, a characteristic that is more
in line with single B-rated property developers," says Jacintha
Poh, a Moody's Vice President and Senior Credit Officer.

"Nonetheless, we expect Agung Podomoro will continue to generate
predictable recurring cash flow sufficient to cover 0.9x-1.0x of
adjusted interest expenses in 2018 and 2019," adds Poh, who is
also Moody's Lead Analyst for Agung Podomoro.

For the first 10 months of 2018, Agung Podomoro achieved around
IDR2.3 trillion of core marketing sales despite efforts to spur
demand through special promotions and discounts. While the 10-
month marketing sales achievement was higher than the IDR1.9
trillion achieved for the full year of 2017, it was well below
Moody's expectation of IDR3.5 trillion and points to weak demand
from buyers.

Accordingly, Moody's regards a strong pick-up in sales over the
last two months of 2018 as unlikely. Further, Moody's expects
that rising interest rates and political risks ahead of upcoming
presidential elections in Indonesia could dampen sentiment among
homebuyers and constrain marketing sales in 2019.

Consequently, Moody's expects Agung Podomoro's key credit metrics
to weaken over the next 12-18 months. Leverage -- as measured by
adjusted debt/homebuilding EBITDA -- will likely increase to
4.0x-4.3x in 2018 and 2019 from 3.7x for the 12 months ended
September 30, 2018. And interest coverage -- as measured by
homebuilding EBIT/interest expense -- will likely fall to around
2.0x from 3.2x over the same period.

The lackluster marketing sales achievement will also result in
Agung Podomoro relying more on cash flows from one-off block
sales. Moody's expects the company to (1) conclude and receive
cash from the sale of its Sofitel Bali Hotel for around IDR1.6
trillion by the end of 2018; and (2) conclude another industrial
land sale at its Podomoro Industrial Park in Karawang, Greater
Jakarta to PT CFLD Karawang New Industry City Development for
around IDR2.5 trillion in 2019, but cash will be collected over a
three-year period from 2019 to 2021.

Agung Podomoro's liquidity will remain weak over the next 12
months, owing to its large short-term debt maturities of around
IDR1.7 trillion. Nonetheless, Moody's expects refinancing risk
will be mitigated by the company's undrawn committed facilities
of around IDR2.0 trillion as of September 30, 2018 and track
record of access to funding.

Agung Podomoro's B1 rating continues to reflect its established
position as one of the largest property developers in Indonesia,
with diversification across multiple projects and property
segments -- residential, office, retail, industrial and
hospitality.

On the other hand, the rating is constrained by the company's (1)
small scale when compared with global peers; (2) complex
corporate structure; and (3) exposure to the volatile property
sector and the evolving regulatory environment in Indonesia.

The stable outlook reflects Moody's expectation that Agung
Podomoro will (1) generate a stable recurring revenue from its
investment properties and achieve annual marketing sales of above
IDR2.5 trillion; (2) maintain financial discipline while pursuing
growth; and (3) successfully refinance its debt maturities over
the next 12-18 months.

A near-term upgrade is unlikely, given the weak operating
performance. Upward ratings trend could emerge if Agung Podomoro:
(1) achieves core marketing sales of around IDR3.5 trillion on a
sustained basis; (2) improves its financial profile, such that
adjusted debt/homebuilding EBITDA falls below 3.5x and adjusted
homebuilding EBIT/interest coverage is above 3.0x; and (3)
maintains healthy liquidity in the form of cash balances and
committed facilities.

Agung Podomoro's rating could face further downward pressure if:
(1) the company fails to implement its business plans and execute
planned assets sales; (2) the property market deteriorates,
leading to protracted weakness in the company's operations and
credit metrics; or (3) the company does not have sufficient cash
and committed facilities to cover its short-term debt
obligations.

Metrics indicative of a downgrade include adjusted
debt/homebuilding EBITDA over 4.5x and adjusted homebuilding
EBIT/ interest coverage below 2.0x on a sustained basis.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Agung Podomoro Land Tbk is an integrated property developer and
listed on the Indonesia Stock Exchange in 2010. The company and
its subsidiaries are engaged in the development, management and
operation of apartments, landed houses, shopping centers, office
towers and hotel properties. It is controlled by Trihatma Kusuma
Haliman, who had an around 80% stake in the company at
October 31, 2018.


SAKA ENERGI: Moody's Lowers CFR to Ba2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Ba1 the
corporate family rating of Saka Energi Indonesia (P.T.) and the
rating on its $625 million senior unsecured notes due 2024.

The outlook on all ratings is negative.

RATINGS RATIONALE

"The downgrade reflects our view that financial support from
Saka's parent, Perusahaan Gas Negara (P.T.) (PGN, Baa2 stable),
has weakened following the early shareholder loan repayment, and
that its declining reserves and production will pressure its
operating profile and credit metrics in 2019-20," says Rachel
Chua, a Moody's Assistant Vice President and Analyst.

In July 2018, Saka repaid $200 million of the $838 million
shareholder loan at PGN's request, which is well in advance of
the January 2021 debt maturity.

"The early repayment is effectively a cash extraction by PGN,
which is incongruent with our earlier expectations that the
shareholder loan would either be extended or converted to equity,
in line with past track record," adds Chua, who is also Moody's
Lead Analyst for Saka.

Nonetheless, the three-notch uplift incorporated in Saka's Ba2
ratings continues to reflect Moody's expectations of
extraordinary support from parent PGN in an event of distress.

Wholly-owned by PGN, Saka remains strategically important to the
parent's vertical integration strategy as the only upstream
subsidiary. The cross default clauses between the two entities,
as well as PGN's exposure to reputation risk should Saka default
remain intact.

PGN is in the process of acquiring a 51% stake in Pertamina Gas,
a downstream gas transmission and distribution company. The
acquisition is part of the reorganization within Pertamina (P.T.)
(Baa2 stable), which now owns 57% of PGN following a non-cash
stake transfer from the Indonesian government (Baa2 stable) in
April 2018.

In addition, there is increasing pressure on Saka's operating
profile as its annual production will fall to 42-43 thousand
barrels of oil equivalent per day (kboepd) in 2019-20 after two
of its production licenses expired in Q3 2018. Its production in
1H 2018 was 55.1 kboepd. Absent inorganic growth through
acquisitions, Moody's expects Saka's reserve life will decline to
around 5 years over the next 12 months.

Saka's credit metrics will also remain weak over the next 12-18
months, with adjusted retained cash flow (RCF)/debt at 13%-14%
and adjusted debt/EBITDA around 5.0x.

Saka's Ba2 CFR continues to be supported by (1) the high revenue
visibility from its long-term fixed-priced gas sales contracts
with high quality counterparties; (2) its low operating costs;
and (3) its good liquidity profile with no debt maturing until
late 2020.

At the same time, the CFR remains constrained by its small and
declining scale, as well as high geographical concentration risk.

The negative outlook reflects the heightened uncertainty relating
to Saka's role and importance to PGN and the consolidated
Pertamina/PGN group, given the ongoing corporate reorganization.

Given the negative outlook, a rating upgrade is unlikely.

Nonetheless, the rating outlook could be revised to stable
following completion of the ongoing reorganization within the
consolidated Pertamina/PGN group if there is no change in (1)
Saka's ownership structure; (2) its strategic role as PGN's key
upstream operating entity and (3) the close working relationship
between Saka and PGN.

Clarity around a repayment plan for the remainder of the
shareholder loan that does not point to a further weakening of
financial support from PGN would also support a stable outlook.

Additionally, a change in outlook to stable would require for
Saka to arrest its weakening operating profile while maintaining
adjusted RCF/debt above 10%, adjusted debt/average daily
production below $35,000 and adjusted EBITDA interest cover above
4.0x.

Saka's ratings could be downgraded if (1) PGN's rating is lowered
to Ba1; or (2) the ongoing reorganization results in a change in
Saka's ownership structure or strategic importance to PGN; or (3)
there is a change in the relationship between Saka and PGN,
including operational integration or management oversight, that
results in a lowering of Moody's support expectation incorporated
in the ratings.

The ratings could also be downgraded if Saka's standalone credit
profile deteriorates as a result of a large debt-funded
acquisition or if the company's reserves and production continue
to decline.

Credit metrics indicative of a downgrade include adjusted
RCF/debt falling below 10%, adjusted debt/ average daily
production exceeding $35,000 or adjusted EBITDA/interest falling
below 4x.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Saka Energi Indonesia is an independent oil & gas exploration and
production company in Indonesia. At September 30, 2018, Saka had
proved and probable reserves of 117.0 million barrels of oil
equivalent. The company holds working interests in nine oil and
gas blocks, six of which are producing. In the first half of
2018, Saka reported net production of 55.1 thousand barrels of
oil equivalent per day.

Saka is wholly-owned by natural gas distribution and transmission
company, Perusahaan Gas Negara (P.T.) (PGN, Baa2 stable). In
turn, PGN is 56.96% owned by Indonesia's 100% state-owned
national oil company, Pertamina (P.T.) (Pertamina, Baa2 stable).



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


AIR2THERE: Regional Airline Goes Into Receivership
--------------------------------------------------
Chris Hutching at Stuff.co.nz reports that regional airline
Air2there based in the lower North Island has been placed into
receivership and a Piper Navajo plane and two engines have been
seized.

The company was set up in 2004 as a city hopper service based at
Paraparaumu flying small aeroplanes between Wellington,
Masterton, Blenheim and Palmerston North.  Its clients included
the Department of Corrections transferring prisoners, Life Flight
Trust's medical patients, SPCA puppies, Air Force personnel, and
even coffins.

Company owner since 2008, Richard Baldwin, could not be contacted
but aviation consultant Irene King understood the company had
lost its aviation operating certificate some weeks ago, Stuff
says.

The companies placed into receivership included Air Wellington
and Kingair.

According to Stuff, receiver John Fisk of PricewaterhouseCoopers
said he had yet to identify all debts but expected they would run
into millions of dollars.

Meanwhile, Ms. King said it was difficult to recover from a
suspension by Civil Aviation Authority, Stuff relays.

"It happened to Sun Air in Tauranga earlier this year and took
months and thousands of hours of work to get them back in the
air. We knew the company well and CAA's concerns didn't square
with our experience of that company," the report quotes Ms. King
as saying.

"It used to cost about NZ$6000 to NZ$12,000 but now it's between
NZ$35,000 and NZ$40,000 to get an aviation operating certificate.

"These little companies can't survive under the regulatory cost
pressure. I'd say you need up to NZ$3.5 million in your hip
pocket to operate now.

"The supply of pilots is really tricky for these airlines too."

Stuff relates that Ms. King said it wasn't a question of
competence at CAA but rather its own lack of resources and the
priorities it had to deal with, such as Air New Zealand's new
fleet.

"The CAA Act puts enormous power in the hands of the regulator
and when it loses confidence in a company it's extremely hard to
restore. You really need a third player that can bring the
parties together.

"It's not so much the physical or engineering safety. It's more
about the management of system controls."

According to Stuff, Ms. King said the services carried out by
Air2there would have been relatively easily picked up by other
operators such as Sounds Air which flew some similar routes over
Cook Strait.

Company owner Richard Baldwin was also the Paraparaumu airport
manager when he bought the company in 2008. It had been using his
Piper Navajo for two years.

With internet ticketing, people wanting to travel between the
five centres could walk onto the aircraft with minimal waiting
time at either end.

Air2there faced new competition from late January 2015 when
Sounds Air introduced thrice daily weekday flights between
Paraparaumu and Blenheim. Sounds Air didn't pick up the traffic
it anticipated and reduced its schedule.

Air2there's last flights took place in September or October,
Stuff notes.



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


WHAT TO EAT: Food Delivery Service Shuts Down Amid Unpaid Debts
---------------------------------------------------------------
Aqil Haziq Mahmud at Channel NewsAsia reports that the owner of
What To Eat, a Singapore-based food delivery service, has
acknowledged he is unable to pay eateries what he estimates could
be hundreds of thousands of dollars owed for food that has been
delivered, stating that poor business, high overheads and stiff
competition has forced his company to shut down.

"Honestly, it's not that I'm not trying to pay them - it's really
that I can't do anything," What To Eat owner Benson Lo, 40, told
Channel NewsAsia on Nov. 15. "I hope I can repay them but I
really have no means."

CNA relates that Mr. Lo said he is focused on paying off staff
salaries and larger chunks of his debt, and is looking to declare
his company bankrupt. "If they want to sue the company, it's
really beyond my means," he added. "I will just leave it to (the
bankruptcy process)."

His comments come as dozens of food and beverage (F&B) outlets
said they are owed money for food delivered through What To Eat,
noting that the company has vacated its office and Mr. Lo has
been uncontactable. Some have left angry comments and scathing
reviews online, according to the report.

CNA says What To Eat is still listed by the Accounting and
Corporate Regulatory Authority as a "live company", although its
website and social media pages have been taken down. Mr Lo's
office and mobile numbers are not in service.

The Garden Slug owner Joseph Lim, 43, told Channel NewsAsia his
company is owed at least SGD700, with payments stopping in
February. He last got a response in August.

"It's very disappointing," the report quotes Mr. Lim as saying.
"Give people an idea when you want to pay them back, not just
escape and hide. This is people's hard-earned money."

While What To Eat showed promise after its launch in 2013 with
more than 100 F&B partners, Mr. Lo said orders started dwindling
as investors pumped money into competitors like Foodpanda, CNA
relays.



===============
X X X X X X X X
===============


ASIA: Syndicated Loan Pricing Seen Rebounding From Decade Low
-------------------------------------------------------------
Carol Zhong, Mariko Ishikawa, and Annie Lee at Bloomberg News
report that Asia's corporations, which are enjoying the lowest
borrowing costs from the syndicated loan market since the global
financial crisis, may soon see higher rates as default risks
rise, according to bankers.

Bloomberg relates that surging debt delinquencies in China and
India are unnerving lenders and expectations of higher funding
costs for banks linked to the London interbank offered rate will
prompt them to finally pass some of that onto their clients. The
impact will be particularly felt on riskier borrowers who already
face surging yields in the junk bond market, Bloomberg says
citing Credit Agricole SA.

Ample liquidity and rising competition among regional banks have
led to a growing number of lenders fighting for a limited pie of
quality borrowers, Bloomberg relays. That has pressed the average
margin on three-year dollar syndicated loans this year to 160
basis points, the lowest since 2008, Bloomberg-compiled data
show. Yet there are signs that deals for weaker firms are taking
longer to close as banks become more selective.

"Pricing will be widening particularly for weaker borrowers along
with the increasing costs of funding based on surging Fed rates,"
Bloomberg quotes Christophe Cretot, head of debt origination and
advisory, debt optimization and distribution, Asia Pacific, at
Credit Agricole in Hong Kong, as saying. "We might see more local
currency-denominated syndicated loans raised onshore instead of
offshore next year."

The U.S. three-month Libor yield will climb to 2.88 percent by
the end of the first quarter of 2019 and to 3.10 percent by the
end of the second quarter, according to median estimates of
economists surveyed by Bloomberg earlier in November. The current
yield of 2.71 percent has already surpassed their forecasts for
the final three months of this year.

Bloomberg says loan failures have gathered pace in recent months.
CAS Engineering & Development Corp., a construction unit of
state-backed Chinese Academy of Sciences, missed repayment on a
CNY1.05 billion syndicated loan in June. China XD Plastics Co.
reneged on the final payment on a $180 million loan that was due
late August. In India, lenders were spooked by a landmark default
by the nation's shadow lender Infrastructure Leasing & Financial
Services Ltd., Bloomberg relates.


"We expect a stronger flight to quality in India" with lenders
gravitating towards high investment-grade borrowers, which means
there will be less liquidity, said Sergio Morita, Credit Suisse
Group AG's head of syndication and distribution for the Asia
Pacific financing group, Bloomberg relays.

On India, "in situations where there is stress in the sector or
for a borrower with a challenging credit outlook, banks are
becoming more selective and terms will likely need to improve to
attract liquidity," said Andrew Ashman, head of loan syndicated
for Asia Pacific at Barclays Bank Plc in Singapore, adds
Bloomberg.

According to Bloomberg, the rise in junk bond yields may push
issuers to borrow in the loan market, said Credit Agricole's
Cretot, who expects this increased demand for lending to push
pricing higher.

Loan pricing for state-owned companies and good quality credits
are likely to remain tight as banks compete to lend to better
credits in the current risk-averse environment, said Lewis Wong,
head of North Asia, APAC Financing Group at Credit Suisse in
Hong Kong, Bloomberg relays.

"We have seen dampened lending appetite from Taiwanese banks to
Chinese firms given an increasing number of defaults or troubled
cases in the country", Bloomberg quotes Phoebe Li, a Taipei-based
head of corporate finance department at CTBC Bank Ltd, as saying.

The bank is becoming more cautious on Chinese companies since
even state-owned enterprises are not necessarily considered as a
"safe credit" now, she said, Bloomberg reports.



                             *********

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
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Information contained herein is obtained from sources believed
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