/raid1/www/Hosts/bankrupt/TCRAP_Public/181205.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, December 5, 2018, Vol. 21, No. 241

                            Headlines


A U S T R A L I A

AUSJET AVIATION: First Creditors' Meeting Set for Dec. 13
CAYLAMAX DEMOLITIONS: Second Creditors' Meeting Set for Dec. 11
ENGINEERING STRUCTURE: Second Creditors' Meeting Set for Dec. 12
GFIN PTY: Second Creditors' Meeting Set for Dec. 10
LANGTON ROOFING: Second Creditors' Meeting Set for Dec. 12

SINEC PTY: Second Creditors' Meeting Set for Dec. 11
STARGROUP LTD: Exits External Administration


C H I N A

HELENBERGH REAL: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.
HUACHEN ENERGY: Fails to Make Coupon Payment on $500MM Bond
JIANGSU FANG: Fitch Gives Final BB Rating to USD100MM Sr. Notes
SHARING ECONOMY: Will Move Stock Listing to OTC Markets
ZHANGLONG GROUP: Fitch Affirms BB+ LT IDR; Outlook Stable


I N D I A

ANIL TRADING: Ind-Ra Migrates 'B-' LT Rating to Non-Cooperating
BARNALA STEEL: CRISIL Lowers Rating on INR60cr Cash Loan to D
ECO SAND: CRISIL Lowers Rating on INR8.94cr Term Loan to D
EPARIS JEWELLERS: Ind-Ra Affirms 'B' Rating on INR64MM Loan
INT'L COMMERCE: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating

KANCHESHWAR SUGAR: CRISIL Lowers Rating on INR73cr Term Loan to D
MADHU INDUSTRIES: Ind-Ra Migrates BB+ Rating to Non-Cooperating
MAYURA INDUSTRIES: CRISIL Maintains B- Rating in Not Cooperating
PROGRESSIVE PACKAGING: Ind-Ra Ups Rating on INR65.99M Loan to BB-
RADHIKA JEWELS: CRISIL Maintains 'B' Rating in Not Cooperating

ROYAL LATEX: Ind-Ra Affirms 'BB-' Rating on INR0.883MM Loan
S.P. SORTEX: CRISIL Maintains 'B' Rating in Not Cooperating
S. R. S. MEDITECH: CRISIL Lowers Rating on INR12cr Loan to D
SAMALESWARI EDUCATION: CRISIL Keeps B- Rating in Not Cooperating
SRAVANI RAW: CRISIL Maintains 'B-' Rating in Not Cooperating

SHANTI NIKETAN: CRISIL Maintains D Rating in Not Cooperating
SHREE GANESH: CRISIL Maintains 'B' Rating in Not Cooperating
SHREE RAJMOTI: CRISIL Maintains 'D' Rating in Not Cooperating
SHRI BASAVA: CRISIL Maintains 'B' Rating in Not Cooperating
SHRIMATI URMILA: CRISIL Maintains C Rating in Not Cooperating

SHYAM FIBERS: CRISIL Maintains 'B' Rating in Not Cooperating
SREE GOKUL'S: CRISIL Maintains 'B' Rating in Not Cooperating
SRI ANDAL: CRISIL Maintains 'B' Rating in Not Cooperating
SRI GOWRI: CRISIL Maintains 'B' Rating in Not Cooperating
SRI KARIGIRI: CRISIL Maintains 'B' Rating in Not Cooperating

SRI LAKSHMI: CRISIL Maintains 'B' Rating in Not Cooperating
SRI NANGALI: CRISIL Maintains 'D' Rating in Not Cooperating
SRI SARASWATHI: CRISIL Maintains 'B' Rating in Not Cooperating
SRI SATYA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
SULTHAN RETAIL: CRISIL Maintains B+ Rating in Not Cooperating

SUN HOSPITAL: CRISIL Maintains 'B+' Rating in Not Cooperating
SUNPRIME INFRATECH: CRISIL Maintains B Rating in Not Cooperating
SUPER SEEDS: CRISIL Maintains 'B' Rating in Not Cooperating
SUPREME KNOWLEDGE: CRISIL Maintains B Rating in Not Cooperating
SUVI INTERNATIONAL: CRISIL Maintains B Rating in Not Cooperating

TARUN OILS: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
UMESH MINERAL: CRISIL Assigns B+ Rating to INR3.5cr Cash Loan
VIJAY ENGINEERING: Ind-Ra Assigns B+ Rating to INR19.2MM Loan
ZENITH APEX: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable


J A P A N

SURUGA BANK: Moody's Withdraws B2 Bank Deposit Ratings


N E W  Z E A L A N D

9 SPOKES: Auditors Raise Going Concern Doubt
CORBEL CONSTRUCTION: Big Christchurch Builder in Liquidation


P A K I S T A N

PAKISTAN: Traders Suspect Currency Devaluation Amid Rescue Talks


S I N G A P O R E

HYFLUX LTD: Gets Third Deadline Extension for Sale of Tuaspring
VISTRA GROUP I: Moody's Confirms B2 CFR, Outlook Stable


                            - - - - -


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


AUSJET AVIATION: First Creditors' Meeting Set for Dec. 13
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Ausjet Aviation Group Pty Ltd
   - Australasian Jet Pty Ltd
   - The Experiences Group Ltd
   - Ausjet Helicopters Pty Ltd
   - Australasian Jet Aircraft Charter & Management Pty Ltd

will be held at the offices of Grant Thornton Australia Ltd, at
Level 22, Tower 5, Collins Square, 727 Collins Street, in
Docklands, Victoria, on Dec. 13, 2018, at 10:00 a.m.

Matthew Byrnes and Andrew Hewitt of Grant Thornton were appointed
as administrators of Ausjet Aviation on Dec. 3, 2018.


CAYLAMAX DEMOLITIONS: Second Creditors' Meeting Set for Dec. 11
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Caylamax
Demolitions Pty Ltd has been set for Dec. 11, 2018, at 1:00 p.m.
at the offices of SV Partners, at 22 Market Street, in Brisbane
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 7, 2018, at 4:00 p.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Caylamax Demolitions on Nov. 6, 2018.


ENGINEERING STRUCTURE: Second Creditors' Meeting Set for Dec. 12
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Engineering
Structure Retention has been set for Dec. 12, 2018, at 10:30 a.m.
at the offices of Chartered Accountants Australia and New
Zealand, at Level 18 Bourke Place, 600 Bourke Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 11, 2018, at 4:00 p.m.

Mathew Gollant of Courtney Jones was appointed as administrator
of Engineering Structure on Nov. 8, 2018.


GFIN PTY: Second Creditors' Meeting Set for Dec. 10
---------------------------------------------------
A second meeting of creditors in the proceedings of GFIN Pty
Limited has been set for Dec. 10, 2018, at 11:00 a.m. at the
offices of Pitcher Partners, at Level 22, MLC Centre, 19 Martin
Place, 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. 7, 2018, at 4:00 p.m.

Paul Gerard Weston of Pitcher Partners was appointed as
administrator of GFIN Pty on Oct. 3, 2018.


LANGTON ROOFING: Second Creditors' Meeting Set for Dec. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Langton
Roofing and Constructions Pty.Limited has been set for Dec. 12,
2018, at 11:00 a.m. at the offices of Condon Associates Group,
at Level 6, 87 Marsden Street, in Parramatta, 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.

Schon Gregory Condon RFD of Condon Associates Group was appointed
as administrator of Langton Roofing on Nov. 7, 2018.


SINEC PTY: Second Creditors' Meeting Set for Dec. 11
----------------------------------------------------
A second meeting of creditors in the proceedings of Sinec Pty
Ltd, trading as "Westrucks" and "Westrucks Bodybuilders" has been
set for Dec. 11, 2018, at 10:00 a.m. at the offices of Cor
Cordis, at One Wharf Lane, Level 20, 171 Sussex 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. 10, 2018, at 5:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Sinec Pty on Nov. 6, 2018.


STARGROUP LTD: Exits External Administration
--------------------------------------------
Financefeeds.com reports that Stargroup Ltd, known for its
efforts to develop Bitcoin ATMs, has exited External
Administration.

Financefeeds.com relates that the Deed Administrators said that
the conditions of the Deed of Company Arrangement (DOCA) have all
been satisfied or waived and the DOCA was effectuated on
November 30, 2018. Accordingly, the Receivers and Managers, as
well as the Deed Administrators have retired, the Company has
exited External Administration and the control of the Company has
been passed to newly appointed company directors, the report
relays.

Pursuant to the terms of the DOCA, Ms. Kyla Garic, Mr. John Kay,
and Mr. Sam Modica, have been appointed to the Board, the report
notes. The Board will now actively seek new opportunities to
facilitate the relisting of the company on ASX.

Financefeeds.com notes that the administration covered Stargroup
Ltd, Star Payment Systems Pty Ltd, Stargroup Investments Limited,
and Star ATM Pty Ltd.

Securities in Stargroup were from official quotation on ASX
effective October 19, 2017, as the company said an announcement
on its debt restructuring was due, Financefeeds.com recalls.
About a month later, on November 20, 2017, the company announced
that it appointed Richard Tucker and John Bumbak of KordaMentha
Restructuring as Receivers and Managers, Financefeeds.com
recalls.  According to the report, the Receivers and Managers
advised that they intend to pursue a "business as usual" strategy
and that they start an immediate process to seek expressions of
interest to sell or recapitalize the business.

In early December 2017, Stargroup said that Mr. Todd Zani had
stepped down from his role as Chief Executive Officer of the
company, recalls Financefeeds.com.



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


HELENBERGH REAL: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.
---------------------------------------------------------------
S&P Global Ratings said that it had revised its rating outlook on
Guangdong Helenbergh Real Estate Group Co. Ltd. to negative from
stable. At the same time, S&P affirmed its 'B' long-term issuer
credit rating on the China-based property developer.

S&P said, "We revised the outlook to negative because we believe
Helenbergh's leverage could significantly deteriorate over the
next 12 months due to a slippage in project delivery and revenue
recognition. We also expect the company's refinancing risk to
increase due to its strong reliance on alternative financing amid
the clampdown on such funding channels. We have revised our
assessment of Helenbergh's liquidity to less than adequate from
adequate.

"We affirmed the rating because we believe Helenbergh's moderate
growth in contracted sales and satisfactory cash collection from
sales would reduce repayment risks. In addition, the company is
seeking other forms of standard capital market financing, which
could improve its financing channels and reduce liquidity risk.

"Helenbergh's financial leverage could be weaker than our
previous expectation over the next 12 months, mainly driven by
project delays. The company recognized revenue of only Chinese
renminbi (RMB) 3.6 billion in the first half of 2018, about 20%
of its annual target. In addition, several projects in Huizhou,
Wuhan, and Zhaoqing are likely to be delayed and could miss the
planned delivery schedule in the fourth quarter of 2018. As such,
we have revised down our revenue projections to RMB16 billion-
RMB18 billion for 2018, from our previous forecast of RMB19
billion-RMB21 billion.

"In our view, the slippage in revenue recognition reflects the
weaknesses in Helenbergh's project execution compared with
similar rated peers'. The company faces increasing execution
risks in its expansion into cities out of its home base in
Guangdong province. Helenbergh has expanded to some higher-tier
cities along the Yangtze River Delta and Bohai Rim in recent
years. We expect the company to maintain its spending on land
acquisitions at 40%-50% of contracted sales in the next two
years. The revenue slippage and land purchases are likely to push
up the leverage (ratio of debt to EBITDA) to 7x-8x in 2018 and
2019, compared with 5.8x in 2017.

"We believe Helenbergh's capital structure is vulnerable to
policy changes, given that trust and other alternative financing
arrangements account for over 60% of the total debt. Policy
tightening could therefore have a larger impact on Helenbergh
than on its peers. The availability and cost of these funding
channels can vary significantly. The government's tightening of
these channels in recent months in a bid to control shadow
banking raises risks for Helenbergh.

"Nonetheless, we believe Helenbergh's move to tap the onshore and
offshore capital market will expand its financing channels. Apart
from an issuance of RMB1 billion of onshore bonds in June 2018,
the company has obtained quota to issue another RMB2 billion of
corporate bonds and RMB1.5 billion of commercial mortgage-backed
securities. In addition, Helenbergh has in October 2018 filed for
an IPO with the Hong Kong Stock Exchange. We believe a successful
listing will benefit the company's access to financing channels,
reduce liquidity pressure, and improve corporate governance.

"The negative outlook reflects our view that Helenbergh will
continue to rely on short-term alternative financing over the
next 12 months, resulting in higher refinancing risks. The
outlook also reflects the company's increasing leverage, given
the slippage in revenue recognition due to project delays.

"We could lower the rating if Helenbergh's leverage deteriorates.
This could happen if: (1) the company's revenue recognition is
materially lower than our projection of RMB16 billion-RMB18
billion in 2018 and RMB23 billion-RMB25 billion in 2019; or (2)
the company becomes more aggressive than we expect in debt-funded
expansion.

"We could also downgrade Helenbergh if it continues to rely on
short-term borrowings, such that liquidity sources are
insufficient to cover uses.

"We could revise the outlook to stable if: (1) Helenbergh's
leverage reduces significantly below our base-case. A debt-to-
EBITDA ratio below 7x would signify such improvement; and (2) the
company's reliance on short-term financing decreases, such that
the ratio of liquidity sources to uses is comfortably above
1.2x."


HUACHEN ENERGY: Fails to Make Coupon Payment on $500MM Bond
-----------------------------------------------------------
Ina Zhou and Carrie Hong at Bloomberg News report that China's
record year for bond defaults might feature one more superlative
before the calendar turns: the first delinquency on an offshore
security sold directly by a Chinese company.

While Chinese dollar bonds have typically been issued via
overseas units, some companies began direct sales three years
ago, Bloomberg says. Among such issuers is Huachen Energy Co.,
which failed to make a coupon payment last week on its $500
million dollar bond due in 2020 governed by New York law --
though it has said it will make good on the amount by Dec. 18,
within the grace period.

Any default could eventually lead to the question of how much
recourse offshore creditors have to Huachen's domestic assets --
uncharted waters, given that the interplay between the Chinese
and U.S. legal systems has yet to be tested. Huachen's bonds have
already been in focus thanks to a proposal by its parent, the
defaulter Wintime Energy Co., to include them in an overall
restructuring package.

"It is a new situation, and whether that means it is more
difficult for offshore bondholders to pursue their remedies is
key to market watchers," Bloomberg quotes Howard Lam, a partner
at Latham & Watkins in Hong Kong, as saying. "It's unknown at
this stage whether the effect of a PRC reorganization order would
be recognized by laws in other jurisdictions," he said, referring
to the People's Republic of China.

In theory, holding bonds sold by a China-incorporated company
should be preferable, as creditors will effectively be closer to
the business's onshore assets, said Naomi Moore, a partner at
Akin Gump Strauss Hauer & Feld LLP in Hong Kong. But "you are
weighing that up against the unprecedented nature of this and the
uncertainties involved," she said, Bloomberg relays.

Calls by Bloomberg to Huachen and Wintime, based in the northern
province of Shanxi, on the outlook for their payment and possible
restructuring plans went unanswered.

According to Bloomberg, the potential test of creditors' standing
in a Huachen default is just one of many in a year that's seen
delinquent payments on CNY101 billion ($15 billion) of Chinese
bonds, a record. Authorities have been rolling back the long-
standing practice of implicit official guarantees for corporate
debt, in a broad effort to improve risk-based pricing in China's
financial system, Bloomberg says.

Given prospects for another year of heavy defaults in 2019 --
according to analysts including Yang Hao from Nanjing Securities
Co. -- the potential precedent of Huachen becomes all the more
important, Bloomberg relays.


JIANGSU FANG: Fitch Gives Final BB Rating to USD100MM Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based Jiangsu Fang Yang Group
Co., Ltd.'s (BB/Stable) USD100 million 7.5% senior unsecured
notes due 2021 a final rating of 'BB'. The notes were issued by
Haichuan International Investment Co., Ltd., an indirectly and
wholly owned subsidiary of Fang Yang, and are unconditionally and
irrevocably guaranteed by Fang Yang.

Proceeds will be used for repayment of debt and general corporate
purposes. The final rating follows the receipt of documents
confirmation to information already received and is in line with
the expected rating assigned on September 13, 2018.

KEY RATING DRIVERS

The offshore notes are rated at same level as Fang Yang's Issuer
Default Rating, as they represent its direct, unconditional,
unsubordinated and unsecured obligations and shall at all times
rank pari passu with all its other present and future unsecured
and unsubordinated obligations.

RATING SENSITIVITIES

Any rating action on Fang Yang's Long-Term Foreign-Currency
Issuer Default Rating will lead to similar rating action on the
notes.


SHARING ECONOMY: Will Move Stock Listing to OTC Markets
-------------------------------------------------------
Sharing Economy International Inc. received a staff determination
notice from The Nasdaq Stock Market on Nov. 26, 2018 informing
the Company that as a result of its failure to comply with
Nasdaq's shareholder approval requirements set forth in Listing
Rule 5635(c), the staff had determined to deny the Company's
request for continued listed based on a plan of compliance
submitted on Oct. 26, 2018.

In the determination notice, the staff expressed its concern that
the plan of compliance did not represent a definitive plan
evidencing the Company's ability to comply with the Rule due to
(i) a portion of the shares issued in violation of the Rule
having been sold in the market (and accordingly no longer subject
to remediation) and (ii) the lack of signed commitments from
other holders of shares issued in violation of the Rule to
participate in a proposed exchange offer intended to remediate
such issuances by virtue of a subsequent special meeting of
stockholders to be held to approve them. Nasdaq further informed
the Company that, in accordance with Listing Rule 5101, unless
the Company requests an appeal of the staff's determination, the
Company's common stock will be suspended from trading on the
Nasdaq Capital Market at the opening of business on Dec. 5, 2018.

The Company has decided not to appeal the Nasdaq determination
notice and is instead moving its stock listing to the OTC
Markets.

The Company believes OTC Markets is more suitable to its capital
and business needs at this time as it undergoes the transition of
its business and pursues aggressive growth strategies in the
coming years. Although SEII is moving its stock listing to a
different market, the Company intends to continue to maintain
high quality reporting and disclosure standards and will continue
to improve its corporate governance.

The Company's common stock will be delisted from Nasdaq effective
at the open of trading on Dec. 5, 2018. The Company expects that
its common stock will begin trading on the OTC Markets under the
symbol SEII beginning on Dec. 5, 2018.

                      About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.

Throughout 2017, the Company made significant changes in the
overall direction of the Company. Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related
rental businesses within the company. These initiatives are still
in an early stage. The Company did not generate significant
revenues from its sharing economy business initiatives in 2017.
RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in
total liabilities and $50.33 million in total equity.


ZHANGLONG GROUP: Fitch Affirms BB+ LT IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Fujian Zhanglong Group Co., Ltd.'s
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB+'. The Outlook is Stable.

The ratings on its guaranteed USD400 million senior unsecured
bonds, which were issued by Zhanglong's wholly owned subsidiary,
Full Dragon International Development Limited, and its USD500
million senior unsecured notes have also been affirmed at 'BB+'.

The affirmation takes into consideration Fitch's internal
assessment of the local government's ability to support the
issuer, and the incentive to provide support if needed, due to
the ownership and control status, support track record and
expectations and the implications of a default by the company.

Zhanglong, established in 2001, is wholly owned by Zhangzhou
State-owned Assets Supervision and Administration Commission
(SASAC) and ultimately by the Zhangzhou municipal government in
China's Fujian province. It carries out sewage treatment and
water supply to urban areas in the city, participates in selected
infrastructure construction projects and operates commercial
businesses such as trading and property development.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: Zhanglong is ultimately
owned by the Zhangzhou municipal government, which exercises full
control over its strategic development direction, financing and
investment activities, including the appointment of the board of
directors (except for employee representatives), review of major
financing and investment plans and regular monitoring of the
issuer's budget and execution.

'Strong' Support Track Record, Expectations: The municipal
government has provided capital injections, grants and subsidies
to support the company's government-directed projects. Government
subsidies fell to about CNY176 million for 2017 from CNY470
million in 2016 and CNY562 million in 2015. Nonetheless, Fitch
expects support would still be forthcoming if needed, given the
issuer's role in supporting the city's development.

'Moderate' Socio-Political Implications of Default: Potential
financial distress at the company is less likely to immediately
disrupt its public-interest-related operations, and the
government can temporarily take over these businesses. The
presence of other government-related entities (GREs) in Zhangzhou
also makes it possible to substitute Zhanglong's functions over
time. However, the transition will probably result in moderate
disruptions due to Zhanglong's experience in operating and
managing these businesses.

'Strong' Financial Implications of Default: Zhanglong is one of
Zhangzhou's largest GREs. It is the only GRE in the city with
access to both onshore and offshore bond markets. Its financial
distress is likely to impair the availability or cost of funding
to the city and other government-owned entities. However, the
city and its GREs are less likely to be hurt by its financial
distress if it is due to the company's commercial business.

'B' Category Standalone Credit Profile: Fitch considers
Zhanglong's standalone credit profile to be in the 'B' category
at best due to its weaker revenue defensibility, operating risk
and financial profile. Zhanglong is a price-taker as demand for
its products and services is likely to fluctuate along with the
general economic cycle, especially in Zhangzhou. Nonetheless, the
weak revenue defensibility is mitigated by the diversity of its
revenue sources. Zhanglong's cost drivers are well-identified and
Fitch expects cost fluctuations to be passed onto its customers
over time. However, its operating cost is volatile and its cash
flows are heavily influenced by the timing of costs, raising its
operating risks. Zhanglong's financial profile weakness is
evident from its high historical debt/adjusted EBITDA of 20x-30x.

RATING SENSITIVITIES

The ratings could change if Fitch revises its perception of
Zhangzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under the country's policies
and regulations.

An increase in the track record or incentive for Zhangzhou
municipality to support Zhanglong, including stronger support
track record, socio-political and/or financial implications of a
default by Zhanglong, may trigger positive rating action.
Conversely, the rating may be downgraded if there is a
significant weakening in the socio-political and financial
implications of a default by Zhanglong, a weaker support record
by the municipality or a dilution of the government's
shareholding.

An improvement of Zhanglong's standalone credit profile or
liquidity position would also affect the ratings.

Any change in Zhanglong's IDR will result in a similar change in
the rating of the notes.



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

The instrument-wise rating action is:

-- INR125 mil. Fund-based limit migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated by 1975, Anil Trading Company is a proprietorship
firm engaged in the trading of various spices.


BARNALA STEEL: CRISIL Lowers Rating on INR60cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Barnala
Steel Industries Limited (BSIL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' as the company's account has been marked as an NPA
(non-performing asset) by Bank of Baroda.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       5         CRISIL D (ISSUER NOT
   under Letter                     COOPERATING; Downgraded from
   of Credit                        'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit           60         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              6         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BSIL for obtaining
information, through letters and emails, dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not obtained any information on either the financial
performance or strategic intent of BSIL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B' rating category or lower.'

Based on the best available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' as the
company's account has been marked as an NPA (non-performing
asset) by Bank of Baroda.

BSIL, incorporated in 1994, manufactures thermo-mechanically
treated bars, mild-steel tor bars, coils, wire rods, and other
steel rolled products. The company has a manufacturing plant in
Muzaffarnagar (Uttar Pradesh) with installed capacity of 150,000
tonnes per annum. BSIL is promoted by two brothers, Mr. Sajid
Mian Nasir and Mr. Hamid Mustafa, along with a family friend, Mr.
Ameed Ahmed Khan.


ECO SAND: CRISIL Lowers Rating on INR8.94cr Term Loan to D
----------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Eco Sand (ES) to 'CRISIL D' from 'CRISIL B/Stable Issuer Not
Cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Secured Overdraft      3.56       CRISIL D (Downgraded from
   Facility                          'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan              8.94       CRISIL D (Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

The rating downgrade reflects delays in servicing of the term
loan for more than 30 days, due to weak liquidity owing to large
working capital requirement.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Small scale of operations is
indicated by operating income of INR16.77 crore as on March 31,
2018. The scale of operations will remain small over the medium
term.

* Weak networth: ES has a negative networth of INR0.30 crore, due
to capital withdrawn by partners over the medium term.

* Geographic concentration: The building materials business has
low entry barriers, leading to presence of many unorganised,
regional players, thereby increasing competition within the
segment, however, is mitigated by the healthy demand supply
scenario in the region. Competition in the sector will constrain
the pricing power of most companies in the sector.

Strengths:

* Partners' extensive experience in the tea industry: Benefits
from extensive entrepreneurial experience of the partners in
different fields should help the firm bag multiple orders.

ES was established in 2014 as a partnership firm, promoted by Ms
Sunitha Raghuveer and six others. The firm manufactures sand and
aggregates and has a crushing unit at Chikkaballapur, Karnataka.


EPARIS JEWELLERS: Ind-Ra Affirms 'B' Rating on INR64MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Epari's
Jewellers' (EJ) Long-Term Issuer Rating at 'IND B'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR64.00 mil. (reduced from INR126.00 mil.) Fund-based limits
     affirmed with IND B/Stable rating.

KEY RATING DRIVERS

The affirmation reflects EJ's continued tight liquidity position
as reflected by its long working capital cycle of 200 days in
FY18 (FY17: 177 days, FY16: 186 days) and high utilization of its
working capital limits (average 98.14%) for the 12 months ended
October 2018. Cash flow from operations turned negative to INR8
million in FY18 from positive INR16.07 million in FY17 due to the
elongation of its working capital cycle, resulting from an
increase in the inventory holding period to 208 days (FY17: 180
days) attributed to the trading nature of business. Cash and cash
equivalents stood at INR0.42 million at FY18 (FY17: INR3.46
million).

The ratings also remain constrained by the firm's small scale of
operations. Revenue marginally improved to INR364.38 million
(FY17: INR356.11 million, FY16; 354.74 million) due to increased
demand.

The ratings continue to factor in EJ's modest credit profile as
reflected by interest coverage (operating EBITDA/ gross interest
expenses) of 1.72x in FY18 (FY17: 1.51x) and net financial
leverage (net debt/operating EBITDA) of 4.90x (4.92x). The
improvement in credit metrics was due to an increase in absolute
operating EBITDA to INR30.47 million in FY18 (FY17: INR25.92
million).

However, the ratings are supported by EJ's healthy EBITDA
margins, which improved to 8.4% in FY18 (FY17: 7.3%, FY16: 7.2%)
due to a decline in operating expenses. The firm's return on
capital employed was 16% in FY18.

The ratings also continue to be supported by the firm's
promoter's experience of over four decades in the jewelry trading
business.

RATING SENSITIVITIES

Negative: Deterioration of revenue leading to deterioration in
the credit metrics on a sustained basis will be negative for the
ratings.

Positive: A significant improvement in the revenue leading to a
sustained improvement in the credit metrics will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1998 as a partnership firm, Odisha-based EJ is
engaged in the trading of gold jewelry.


INT'L COMMERCE: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated International
Commerce Limited's (ICL) 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:

-- INR150 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR600 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 27, 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 1980 and headquartered in Bengaluru,
International Commerce recycles and processes ferrous scrap as
well as trades iron and steel scrap. It is also engaged in the
removal of overburden, excavation and transportation of coal, and
rents out equipment.


KANCHESHWAR SUGAR: CRISIL Lowers Rating on INR73cr Term Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kancheshwar Sugar Limited (KSL) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              73        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects ongoing delays by KSL in servicing its
debt obligations, owing to stretched liquidity.

The rating continues to reflect the company's large working
capital requirement, modest scale of operations, and below-
average financial risk profile. These weaknesses are partially
offset by the promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Delays in term loan repayment: KSL has been delaying its term
loan repayment owing to stretched liquidity.

* Below-average financial risk profile: Gearing was 9 times as on
March 31, 2018- owing to heavy reliance on external borrowings to
meet working capital requirement-and will, likely, remain high in
the medium term, particularly because of the debt-funded capital
expenditure to be undertaken in fiscal 2019. Debt protection
metrics remain modest, with interest coverage ratio at 1.5 times
in fiscal 2018.

* Modest scale and large working capital requirement: Modest
scale of operations restricts benefits from economies of scale.
Furthermore, operations are working capital intensive, with gross
current assets estimated at 588 days as on March 31, 2018,
because of large inventory.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience should continue to support the
business.

Incorporated in 2011, KSL is promoted by Mr Dilip Mane, Mr
Ashwinkumar Bhopale, Mr Pravin More, and others. It manufactures
sugar. The plant is in Mangrul (Maharashtra), with an installed
capacity of 3500 tonne crushing per day. It also has a 15
megawatt co-generation power plant.


MADHU INDUSTRIES: Ind-Ra Migrates BB+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Madhu Industries
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:

-- INR220 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR5 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 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 1997, Madhu Industries manufactures home
furnishing textiles such as bed linen, kitchen linen and table
linen.


MAYURA INDUSTRIES: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mayura Industries
(MI) continue to be 'CRISIL B-/Stable Issuer not cooperating'.

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

   Long Term Loan         1.56      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Established as a partnership firm in 2012, MI is engaged in
trading and fractionation of palm oil. Based in Kakinada (Andhra
Pradesh), the firm is promoted by Mr. M.V.V.Satyanarayan Rao. The
firm started its commercial production in July, 2014.


PROGRESSIVE PACKAGING: Ind-Ra Ups Rating on INR65.99M Loan to BB-
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Progressive
Packaging's (PP) Long-Term Issuer Rating to 'IND BB-' from 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR65.99 mil. (reduced from INR70 mil.) Long-term loans due
    on March 2024 upgraded with IND BB-/Stable rating; and

-- INR25 mil. Fund-based limits upgraded with IND BB-/Stable
    rating.

KEY RATING DRIVERS

The upgrade reflects stabilization of PP's operations post the
commencement of operations in October 2017. The company posted
revenue of INR79.5 million in FY18. Its return on capital
employed was 12% and EBITDA margin was average at 20.2% in FY18.

However, the ratings are constrained by PP's weak credit metrics
as indicated by gross interest coverage (operating EBITDA/gross
interest expense) of 1.8x and net leverage (total adjusted net
debt/operating EBITDAR) of 7.1x.

The ratings also factor in the firm's moderate liquidity position
as reflected by 90.8% average utilization of its fund-based
facilities during the 12 months ended October 2018. At FYE18, PP
had cash and bank balance of 0.55 million and negative cash flow
from operations of INR8.35 million.

However, the ratings benefit from PP's partners' experience of 15
years in manufacturing corrugated boxes and the company's strong
clientele including reputed FMCG companies such as Prataap Snacks
Limited, Nafees Bakery India Pvt Ltd, Super Hygiene Products Pvt.
Ltd. and Akash Global Foods Pvt. Ltd.

RATING SENSITIVITIES

Negative: A decline in the overall credit profile on a sustained
basis will lead to a negative rating action.

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics on a sustained basis will lead
to a positive rating action.

COMPANY PROFILE

Incorporated on November 1, 2015, PP manufactures corrugated
boxes at its 100% automated 800metric tons/month facility. Anil
Chordia and Suman Chordia are the partners.


RADHIKA JEWELS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Radhika Jewels (RJ)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

RJ was established in 2007 by Mr. Hiren Patadia and his family
members. The firm manufactures and retails diamond, gold, and
silver jewellery. It has a jewellery mall in Vadodara.


ROYAL LATEX: Ind-Ra Affirms 'BB-' Rating on INR0.883MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Royal Latex
Private Limited's (RLPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR0.883 mil. (reduced from INR1.66 mil.) Long-term loans due
    on September 2019 affirmed with IND BB-/Stable rating;

-- INR140 mil. Fund-based facilities affirmed with IND BB-
    /Stable/IND A4+ rating; and

-- INR17.5 mil. (reduced from INR18.34 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RLPL's continued small scale of
operations. Revenue fell to INR755 million in FY18 (FY17:
INR1,215 million), because of a lower number of orders received
on account of GST implementation. The company has achieved sale
of around INR468.7 million in 1HFY19. FY18 financials are
provisional in nature.

Moreover, RLPL's credit metrics continue to be weak due to modest
EBITDA margins because of competition. Interest coverage
(operating EBITDA/gross interest expense) reduced to 1.2x (FY17:
1.4x) on account of an increase in the interest expenses, net
leverage (adjusted net debt/operating EBITDAR) reduced to 5.3x
(6.1x) because of a reduction in the total debt, EBITDA margins
were rose to 2.0% (1.1%) driven by a fall in the raw material
cost and return on capital employed was 9% (9%).

The ratings factor in RLPL's moderate liquidity, as indicated by
its fund-based limits use of 91.5% on average during the 12
months ended October 2018. Fund flow from operations remained
positive during FY15-FY18 and is likely to remain so as the
company has no major near-term capex plan.

The ratings are supported by the promoter's more than two decades
of experience in the rubber industry.

RATING SENSITIVITIES

Negative: Deterioration in the operating profitability leading to
deterioration in the overall credit metrics on a sustained basis
will be negative for the ratings.

Positive: Substantial growth in the top line and profitability
leading to an improvement in the overall credit metrics on a
sustained basis will be positive for the ratings.

COMPANY PROFILE

RLPL was incorporated in 2006 by Mr. Rijo Mathew. RLPL is engaged
in the manufacturing and trading of centrifuged latex and skim
rubber, with its manufacturing facility located in Kerala.


S.P. SORTEX: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of S.P. Sortex Rice
Exports India Limited (SPSR) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          14.45       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.26       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             3.29       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

SPSR was set up in 2010, promoted by the Aggarwal family of
Allahabad. The company processes non-basmati rice (Parimal
variety), with milling capacity of 12 tonnes per hour.


S. R. S. MEDITECH: CRISIL Lowers Rating on INR12cr Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of S. R.
S. Meditech Limited (SML) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of Credit        4.5      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Long Term Loan          3.5      CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Letter
   of Credit                .57     CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects weak liquidity as indicated by delay in
repayment of term loan obligations, devolvement of Letter of
Credit, and invocation of Bank Guarantee.

The ratings continue to reflect the weak financial risk profile
and exposure to intense competition in medical disposables
industry. These weaknesses are partially offset by moderate scale
of operations.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: SML's liquidity is weak as indicated by delay
in repayment of term loan obligations, devolvement of Letter of
Credit, and invocation of Bank Guarantee.

* Deterioration in financial risk profile: Total outside
liabilities to adjusted networth ratio increased to 3.5 times as
on March 31, 2018, from 2.5 times as on March 31, 2016, due to
increase in term debt. However, the profile is supported by
moderate networth of INR15.6 crore as on March 31, 2018, and
comfortable debt protection metrics with net cash accrual to
adjusted debt of 0.14 time and interest coverage ratio of 2.2
times for fiscal 2018.

* Exposure to intense competition in the medical disposables
industry: The medical disposables industry is dominated by
established export players, such as Baxter International Inc. and
B Braun Melsungun AG. In the domestic market, SML also has to
compete with established companies, such as Hindustan Syringes &
Medical Devices Ltd and Poly Medicare Ltd, apart from small
players and low-cost producers from China. Also, these products
have low realisation. This, along with the prevailing perception
of India as a lowcost centre for manufacturing medical
disposables, prevents domestic players from commanding a
significant premium abroad.

Strengths

* Moderate scale of operations: Revenue has increased to INR106.4
crore in fiscal 2018 from INR92.1 crore in the previous fiscal,
driven by promoter's understanding of the industry and the
capability to secure large orders from state governments.

Incorporated in 2010 in Noida and promoted by Mr Syed Askari, SML
commenced commercial operations in 2011. The company manufactures
medical disposable products, such as syringes, IV sets, and other
tubing items under own brands, Sterivan and I Safe.


SAMALESWARI EDUCATION: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Samaleswari
Education Trust (SET) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     9.8       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan        8.0       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Set up in 2008, SET operates an engineering institute, Silicon
Institute of Technology, which provides an engineering degree
(Bachelor of Technology) in five streams: computer science,
civil, electrical, electronics and communication, and mechanical.
The institute is located in Sambalpur. It is affiliated to the
Biju Patnaik University of Technology and all its courses are
approved by the All India Council for Technical Education.
Currently, the trust is managed by Mr. Ramanand Mishra, managing
trustee, and Mr. Sanjeev Nayak, vice chairperson.


SRAVANI RAW: CRISIL Maintains 'B-' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sravani Raw &
Boiled Rice Mill (SRBRM) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         2         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash
   Credit Limit           1         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Set up in 2010, SRBRM is engaged in milling of raw and par-boiled
rice. The firm is promoted by Mr.L.Durga Prasad and his family
members.


SHANTI NIKETAN: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shanti Niketan
Trust (SNT) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Overdraft          0.65        CRISIL D (ISSUER NOT
                                  COOPERATING)

   Term Loan          6.53        CRISIL D (ISSUER NOT
                                  COOPERATING)

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

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

Detailed Rationale

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

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

SNT was set up in 2008 in Meerut and offers courses in
engineering, MBA, Post Graduate Diploma in Management (PGDM), and
polytechnic. The trust has sanctioned capacity of 1000 students
(360 in bachelor of technology, 120 in PGDM, 120 in MBA, 300 in
polytechnic, and 100 in bachelor of education) and is affiliated
to Mahamaya Technical University.


SHREE GANESH: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Ganesh Cotex
Private Limited (SGCPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

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

   Proposed Long Term     6.86      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              2.14      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 2013, SGCPL is promoted and managed by Mr.
Nagjibhai Parbatbhai Patel and family. The promoters are having
more than a decades' experience in cotton ginning and pressing at
the facility in Rajkot, Gujarat, with a capacity of 400 bales per
day.


SHREE RAJMOTI: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Rajmoti
Industries (SRI) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         60       CRISIL D (ISSUER NOT COOPERATING)
   Pledge Loan         25       CRISIL D (ISSUER NOT COOPERATING)

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SRI, set up as a partnership firm in 1962, manufactures and
trades in double-filtered and refined groundnut oil and other
edible oils. The firm is promoted by Mr. Sameer Shah, Mr. Shyam
Shah, and Mr. Bhavdeep Vajubhai Vala.


SHRI BASAVA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Shri Basava Textiles
Limited (SBTL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Long Term Loan        7        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

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

Detailed Rationale

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

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

Established in 2013, SBTL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cotton seeds. Based out of
Markumbi in Belgaum district of Karnataka, SBTL is promoted by
Mr. Vijaya Metgud and his family members. The company started
commercial operations during January 2015.


SHRIMATI URMILA: CRISIL Maintains C Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Shrimati Urmila Devi
Mehgaiya Paropkari Trust (SUDMPT) continues to be 'CRISIL
C/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (ISSUER NOT
                                    COOPERATING)
   Term Loan              1         CRISIL C (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SUDMPT, continues to be 'CRISIL C/CRISIL A4 Issuer
not cooperating'.

SUDMPT, formed in 2003, were managing a veterinary college,
Mahatma Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr.
B D Gupta is president of the college. However, the operations
are suspended as the college has been derecognized in 2011. The
trust is in the process of obtaining fresh recognition.


SHYAM FIBERS: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shyam Fibers
(Shyam) continue to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.51      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     1.09      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

Detailed Rationale

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

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

Established in 2005, Shyam Fibers gins and presses cotton. It is
a sole proprietorship firm owned by Mr. Sumit Agrawal and is
managed by him with the help of his brother, Mr. Shyam Agrawal.
The firm operates a cotton-ginning and-pressing unit at Borad
village in Nandurbar district (Maharashtra) with total installed
capacity of around 250 cotton bales per day. Its capacity was
enhanced through the setting up of a new ginning unit, which
commenced operations in November 2014.


SREE GOKUL'S: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sree Gokul's Tiles
Mart (SGTM) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Long Term Loan         3.45      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

SGTM was set up in Salem, Tamil Nadu, in 1995 by Mr. Narendran.
The firm trades in tiles, tap fittings, and sanitary ware.


SRI ANDAL: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Andal Azhagar
Enterprises (SAAE; part of the Thai Andal group) continue to be
'CRISIL B/Stable Issuer not cooperating'.

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

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

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAAE and Sri Thai Moogambigai
Enterprises (STME) together referred to as the 'Thai Andal'
group. The consolidated approach is because both the entities are
engaged in similar line of business, belong to the same promoter
group and derive considerable operational and business synergies
from each other.

Established in 2012 as a proprietorship firm, SAAE is engaged in
granite quarrying and trading. Based in Chennai, Tamil Nadu, the
firm is promoted by Mr. A.M. Babu.


SRI GOWRI: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Gowri Cashews
(SGC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term     0.51      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.50      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Set up as a proprietorship firm in 2006, SGC processes raw cashew
nuts and sells cashew kernels. Its facility in Udupi District,
Karnataka, has capacity to process around 8 tonnes of cashew
kernels per day. The operations are managed by the proprietor,
Mr. Mohan Das Hegde.


SRI KARIGIRI: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Karigiri Food
Industries (SKFI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Standby Line of
   Credit                  2        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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


Detailed Rationale

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

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

SKFI was set up in 2008 as a partnership firm byMr. Ashok Shetty,
Mr. K A Abhilash and Ms. K A Shobarani The firm mills and
processes paddy into rice, rice bran, broken rice, and husk.


SRI LAKSHMI: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Lakshmi Prabha
Engineering Industries Private Limited (SIEPL) continue to be
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         5          CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit            3          CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

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

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

Detailed Rationale

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

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

SLP was originally set up as a partnership firm, Sri Lakshmi
Prabha Engineering & Fabrication Works, in 1985 by Mr. Arjuna Rao
and his family members; the firm was reconstituted as a private
limited company with the current name in 2011. The company
fabricates and manufactures equipment and components, such as
columns, pressure vessels, heat exchangers, storage tanks, piping
valves, filters, saturators, stacks, technological structures,
acid catchers, scrubbers, primary gas coolers, and heaters. It is
based in Visakhapatnam.


SRI NANGALI: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Nangali Rice
Mills Private Limited (SNRL) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)   Ratings
   ----------    -----------   -------
   Cash Credit         54      CRISIL D (ISSUER NOT COOPERATING)
   Term Loan            4      CRISIL D (ISSUER NOT COOPERATING)

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

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


Detailed Rationale

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

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

SNRL was established in 2004 by Mr. Anil Aggarwal and his
brothers, Mr. Vijay Aggarwal and Mr. Satish Aggarwal, in
Gurdaspur, Punjab. The company mills and markets rice, mainly
basmati rice, under its Sri Nangali, Raj Mahal, White, and Swami
brands. It is managed by the three Aggarwal brothers, and their
nephew, Mr. Manoj Aggarwal.


SRI SARASWATHI: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Saraswathi
Educational Society - East Godavari (SSES) continue to be 'CRISIL
B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         6.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Secured Overdraft
   Facility               8.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

SSES, set up in 2008 runs educational Srinivasa Institute of
Engineering & Technology (SIET) located at Cheyyeru (Andhra
Pradesh). The society is currently managed by Mr. S.V.S.S.
Ramachandra Raju and Mr. D.V.N.S. Varma.


SRI SATYA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Satya Sai
Infrastructure 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:

-- INR140 mil. Fund-based working capital migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR680 mil. Non-fund-based working capital 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 2006, Sri Satya Sai Infrastructure is engaged in
civil construction.


SULTHAN RETAIL: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sulthan Retail LLP
(SRL) continues to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

SRL was setup in 2012 by Mr. Abdul Rahoof and his brother, Mr.
Abdul Rahim, who have been in the jewellery retailing industry
for around 14 years. The firm is engaged in jewellery retailing
through its four showrooms at Karnataka- two in Bangalore, one in
Shimoga and one in Devangree, since February 2015.


SUN HOSPITAL: CRISIL Maintains 'B+' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Sun Hospital Private
Limited (Sun) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         2.5        CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

   Term Loan           3.49       CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING)

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

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

Detailed Rationale

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

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

Incorporated in 1978, Sun operates one multi-specialty hospital
and a diagnostic centre in Cuttack, Odisha. The company
established its hospital in Cuttack in 1978 and in 1992 it
commercially opened its diagnostic centre at Cuttack. The day-to-
day operations of the hospitals are looked after by company's
founder promoter-cum-directors Dr. Deepak Mitra and Dr. Vinita
Sawhney.


SUNPRIME INFRATECH: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sunprime Infratech
Private Limited (SIPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SIPL was established in 2013 by Mr. Devkinandan Gupta, Mr. Ankush
Gupta, Mr. Ramesh K Yadav, and Mr. Pavan Yadav. The company
undertakes real estate projects and is currently constructing two
residential projects in Kota, Rajasthan.


SUPER SEEDS: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Super Seeds Private
Limited (SSPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan               2.6      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

SSPL, incorporated in 1988, produces and processes hybrid seeds,
such as cotton, gram, wheat, maize, mustard, bajra, and soya
bean. It is promoted by Mr. Ashwani Garg and his brother, Mr.
Naresh Garg. The company has seedprocessing facilities in
Haryana, Gujarat, and Telangana, and a corporate office in Hisar,
Haryana.


SUPREME KNOWLEDGE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Supreme Knowledge
Foundation (SKF) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term     6.4        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              3.2        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

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

Detailed Rationale

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

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

Established in 2007, SKF has set up two educational institutes,
Sir JC Bose School of Engineering and Dr. P C Mahalanabish School
of Management, in Hooghly. The institutes offer graduate and
postgraduate courses in engineering and management.


SUVI INTERNATIONAL: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Suvi International
Private Limited (SIPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

   Term Loan               3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Detailed Rationale

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

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

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures EPE liners, which
are primarily used for providing inner seal protection for caps
of various bottles used in the beverage and pharmaceutical
industries. It has two units, one in Bawana (Delhi) and the other
in Rai.


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

The instrument-wise rating action is:

-- INR81.5 mil. Fund-based working capital limit migrated
    to non-cooperating category with IND B (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Tarun Oils was incorporated in 2003 by Mr. Rajendra Mittal. It
manufactures mustard oils and mustard cake at its 17,820mtpa
facility in Morena, Madhya Pradesh.


UMESH MINERAL: CRISIL Assigns B+ Rating to INR3.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Umesh Mineral Industries Private Limited (UMIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.5        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    2.5        CRISIL B+/Stable (Assigned)

The rating reflects exposure of the company to a highly
fragmented industry with limited size, modest scale of operations
and large working capital requirement. These weaknesses are
partially offset by extensive experience of the promoters in the
segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Presence in a highly fragmented industry with limited size: The
industry is highly fragmented and competitive, owing to low entry
barriers with small initial investment and low operational
complexity. Intense competition limits the pricing flexibility
and bargaining power of the players. Also, the threat from large
integrated players in the form of capacity additions impairs
growth.

* Large working capital requirement: Gross current assets were at
294 days as on March 31, 2018, owing to credit of 90-120 days
that the company has to offer to clients and large inventory
holding of around 140-240 days. Operations will remain working
capital-intensive over the medium term.

* Modest scale of operations: With revenue of INR15.69 crore for
fiscal 2018, scale remains small, limiting negotiating power with
suppliers and customers, and makes the company more vulnerable to
business downturns. The company UMIPL also has to compete with
other unorganised players on account of small capital
requirement.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' extensive experience of over two decades in the
industry and established relationships with customers should
support the business.

Outlook: Stable

CRISIL believes the UMIPL will continue to benefit from the
extensive experience of its promotes, and established
relationships with clients. The outlook may be revised to
'Positive' if revenue and profitability increase on a sustainable
basis, while efficient working capital cycle and healthy capital
structure are maintained. The outlook may be revised to
'Negative' if decline in profitability or stretch in working
capital cycle or large debt-funded capital expenditure, weakens
capital structure.

Incorporated in 1988, UMIPL processes and grinds minerals
(soapstone, limestone and dolomite). It is based of Kolkata and
the daily operations are managed by Umesh Kedia  and his family.


VIJAY ENGINEERING: Ind-Ra Assigns B+ Rating to INR19.2MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vijay
Engineering Equipment India Private Limited (VEEIPL) a Long-Term
Issuer Rating of 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR160.0 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating; and

-- INR19.2 mil. Term loan due on January 2022 assigned with
    IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect VEEIPL's modest EBITDA margin, which declined
to 4.9% in FY18 from 11.3% in FY15.  The margin has been
declining since FY17 due to the company's focus on increasing
sales by providing more discounts (owing to increased
competition) and bad debt write-off related to lease income of
construction equipment. Moreover, VEEIPL's return on capital
employed was 9.7% in FY18 (FY17: 9.5%).

The ratings also reflect VEEIPL's tight liquidity position,
indicated by almost full working capital facility utilization
during the 12 months ended October 2018. Its net working capital
cycle was moderately long at 84 days in FY18 on account of high
debtor days of 112 days. However, cash flow from operations and
free cash flow remained positive in FY18 on account of a positive
change in working capital due to an increase in creditors and no
major capex plans.

The ratings factor in the company's modest credit metrics, with
interest coverage (operating EBITDA/gross interest expense) was
2.0x in FY18 (FY17: 1.9x) and net leverage (debt net of
cash/operating EBITDA) was 4.3x (4.4x).

However, the ratings are supported VEEIPL's sustained revenue
growth, albeit the scale of operations is modest; over FY15-FY18.
VEEIPL's revenue rose at a CAGR of 20.9% to INR1,044.2 million
over FY15-FY18, driven by rising sales of spare parts. The
promoters' experience of around five decades in automotive and
equipment dealership also benefits the ratings.

RATING SENSITIVITIES

Negative: Any further stress in the liquidity and/or decline in
the EBITDA margin and deterioration in the credit metrics will be
negative for the ratings.

Positive: Any significant increase in the revenue and the EBITDA
margin, leading to any improvement in the credit metrics, and any
improvement in the liquidity will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2006, VEEIPL is the sole authorized dealer of
machinery and spare parts manufactured by Volvo India Private
Limited in Andhra Pradesh and Telangana. It has six showrooms
across Andhra Pradesh and Telangana, and a servicing facility
(which is for only construction equipment only).


ZENITH APEX: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Zenith Apex
Private Limited (ZAPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR25 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ZAPL's medium scale of operations and
moderate credit profile. The revenue increased at a meager 1.2%
CAGR during FY15-FY18 to INR730.3 million. The company's gross
interest coverage (operating EBITDA/gross interest expense)
improved to 3.0x in FY18 (FY17: 2.7x) because interest expenses
decreased by 10.8% yoy to INR18.1 million. However, the net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
marginally to 3.1x (2.8x) as the total debt rose by 3.3% yoy to
INR182.4 million.

The ratings factor in ZAPL's healthy profitability. The company's
EBITDA margin was 7.4% in FY18 (FY17: 7.8%; FY16: 3.4%). The
margins had increased sharply in FY17 because of its foray into
leather manufacturing and exporting; previously, it had mostly
been involved in the trading of yarn. ZAPL's return on capital
employed was 20.5% in FY18 (FY17: 42.3%).

The ratings also factor in the company's moderate liquidity
position. Its working capital utilization was 32.3% on an average
for the 12 months ended October 2018. ZAPL had unutilized credit
lines of INR193.4 million and cash balance of INR15.2 million at
end-FY18. However, its cash flow from operations was negative
during FY17-FY18 due to an increase in the working capital
requirements post its advent into the leather segment. The
company does not have any term loan facilities. The net working
capital cycle lengthened to 54 days in FY18 (FY17: 33 days)
because the cash conversion period in the leather segment is
longer than that in the trading business.

The ratings continue to be supported by ZAPL's promoters'
experience of over two decades in the textile industry and their
strong ties with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the operating EBITDA margin and/or a fall
in the revenue, all on a sustained basis, could result in a
rating downgrade.

Positive: A significant and sustained improvement in the top line
along with the credit profile would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, ZAPL manufactures industrial leather hand
gloves and industrial welding garments on job work basis and is
also engaged in the trading of yarn.



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


SURUGA BANK: Moody's Withdraws B2 Bank Deposit Ratings
------------------------------------------------------
Moody's Japan K.K. has withdrawn the B2 domestic and foreign
currency long-term bank deposit ratings (negative outlook), Not
Prime domestic and foreign currency short-term bank deposit
ratings, b3 Baseline Credit Assessment (BCA)/Adjusted BCA, and
B1(cr)/Not Prime(cr) Counterparty Risk Assessments of Suruga
Bank, Ltd. for its own business reasons.

RATINGS RATIONALE

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

Suruga Bank, Ltd. is a regional bank headquartered in Shizuoka
Prefecture. The bank reported a consolidated asset base of JPY3.7
trillion at September 30, 2018.



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


9 SPOKES: Auditors Raise Going Concern Doubt
--------------------------------------------
Duncan Bridgeman at NZ Herald reports that doubts have been
raised about New Zealand software firm 9 Spokes' ability to
continue as a going concern, despite the ASX-listed company
receiving government assistance through Callaghan Innovation.

9 Spokes, which is chaired by former Telecom chief executive Paul
Reynolds, reported its first-half financial results on Nov. 30
showing a net loss of NZ$4.95 million for the six months to
September 30, better than the NZ$10.56 million loss the same
period a year ago. Revenue more than doubled to NZ$4.9 million.

However, accumulated losses have now surpassed the company's
share capital and stood at NZ$48.9 million at balance date, the
Herald discloses.

According to the Herald, 9 Spokes is attempting to raise capital
but discussions with potential investors have not yet concluded
within an expected timeframe.

The Herald relates that the company has entered into a short-term
funding facility to provide working capital in the meantime and
as at September 31 had drawn down NZ$500,000 of a NZ$2.5 million
facility that carries a 6 per cent interest rate rising to 12 per
cent on January 1.

The company remains actively engaged in discussion with potential
investors and hopes to provide an update on progress soon, the
report says.

The Herald notes that independent auditor PwC issued a
"disclaimer of conclusion" on the financial statements,
highlighting material uncertainties casting doubt on its ability
to continue as a going concern.

It noted 9 Spokes had available cash of NZ$1.6 million, of which
NZ$400,000 was restricted as security for a building lease. The
auditor drew attention to the conditions of the short-term
funding facility, ability to obtain sufficient additional funding
within the next three months and secure sustainable revenue as
material uncertainties, the Herald states.

"As a result . . . we were therefore not able to obtain
sufficient appropriate evidence to enable us to express a
conclusion as to whether the going concern assumption is
appropriate," PwC, as cited by the Herald, said.

According to the Herald, 9 Spokes said its reduced loss for the
half year reflected both an increase in revenue and lower costs.
Overall expenses reduced by 22 per cent to NZ$2.9 million.

Net cash ouflows from operating activities totalled NZ$6.5m for
the six months, compared to NZ$9.7m for the same period a year
ago.

The Herald relates that the company also revealed it has received
a New Zealand Government Callaghan Growth grant to assist with
research and development.

The grant subsidises the company 20 per cent of its eligible R&D
expenditure, up to NZ$5 million per year. During the first half,
9 Spokes received NZ$492,000 from Callaghan on that basis, the
report notes.

A Callaghan spokeswoman said the agency had no comment to make on
9 Spokes, the Herald states. The government is phasing out the
agency's Growth Grant programme in favour of an R&D tax break.

9 Spokes provides online, software as a service for small and
medium businesses.


CORBEL CONSTRUCTION: Big Christchurch Builder in Liquidation
------------------------------------------------------------
Anne Gibson at NZ Herald reports that a big Christchurch-
headquartered builder Corbel Construction, which had NZ$35
million of projects under way last year in Auckland, is in
liquidation.

Its liquidation follows the collapse of Ebert Construction,
working on many big apartment jobs in Auckland, and losses of
nearly NZ$1 billion from Fletcher Building's construction
division.

According to the report, Corbel's website is no longer active and
staff have sent emails out saying the firm is in the hands of
Ashton Wheelans, Christchurch accountants. The reception there
said a director, Andrew Oorschot, was the liquidator. Companies
Office records also show the liquidation.

The Herald relates that Corbel director and 48 per cent
shareholder Mark Wells said he no longer works for the business:
"Unfortunately the business has gone into liquidation. For any
inquiries please contact the liquidators at Ashton Wheelans," his
automatic email response said.

Ross Meikle, Corbel's chief executive until October, has also
sent emails saying he is no longer working at the firm, the
report notes.

The Herald notes that the builders took on one of the country's
largest leaky buildings: repairing the extensively damaged 81-
unit Parnell townhouse complex Parnell Terraces on The Strand in
Quay Park. But the business left that job many weeks ago, the
report relates.

According to the Herald, finance documents indicate the BNZ has
security over Corbel Construction while other secured parties
include Carters Building Supplies, Fletcher Steel, Fletcher
Building Products, Placemakers Riccarton, Christchurch Readymix
Concrete, Portacom New Zealand, McKechnie Aluminium Solutions and
Southern Hospitality.

Corbel Construction is a commercial and residential building
company headquartered on Lichfield St, Christchurch. It has
carried out extensive seismic, leaky building, education and
healthcare projects, including work for the Ministry of
Education.  Corbel had 17 full-time employees and was based in
Grey Lynn.




===============
P A K I S T A N
===============


PAKISTAN: Traders Suspect Currency Devaluation Amid Rescue Talks
----------------------------------------------------------------
The Financial Times reports that Pakistan's currency plunged as
much as 5 per cent on Nov. 30 in what traders suspect was a
devaluation of the currency amid rescue talks with the
International Monetary Fund.

The currency traded as weak as 141 rupees to the US dollar, from
Nov. 29's closing level of 133.9, the FT discloses citing
Refinitiv data.

"The IMF's main demands [for a new loan] included a devaluation
of the rupee," a central bank official in Karachi told the
Financial Times. The rupee has tumbled about a fifth since the
end of last year in a series of devaluations to avoid a balance
of payments crisis, the FT notes.

According to the FT, Muhammad Suhail of Karachi's Topline
Securities said the "devaluation" on Nov. 30 was "most likely
meant to satisfy the IMF."

An IMF delegation visited Pakistan earlier this month but left
without an agreement on a new loan expected to be worth at least
$7 billion. The two sides are expected to meet by mid-January for
further discussions, the FT says.

Abid Sulehri, head of the Islamabad based Sustainable Development
Policy Institute who has advised prime minister Imran Khan's
government on economic issues told the FT, Nov. 30's devaluation
was aimed at "stabilising Pakistan's balance of payments
situation. The current account deficit has to managed".

The FT relates that a second adviser to the government said
Pakistan needs "to move very quickly to satisfy the IMF before a
new loan is agreed". Separately, a second central bank official
said China had assured Pakistan that it would continue to provide
commercial loans to help the country avoid a default on foreign
payments, the FT relays.

During the last financial year, Chinese banks lent more than $4
billion to Pakistan, the FT discloses. In October, Mr Khan
secured a promise of a $6 billion loan from Saudi Arabia. But
economists said Pakistan is in no shape to return to global
markets or receive assistance from multilateral institutions such
as the World Bank or the Asian Development Bank without the IMF's
seal of approval, the FT says.



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


HYFLUX LTD: Gets Third Deadline Extension for Sale of Tuaspring
---------------------------------------------------------------
The Strait Times reports that Hyflux Ltd has got its third
extension of a deadline to find a buyer for its loss-making
Tuaspring water and power plant, the cash-strapped water company
said on Dec. 4.

According to the report, major lender Malayan Banking (Maybank),
which is Tuaspring's only secured creditor, has agreed to push
back the deadline to Dec. 28, from Nov 29 previously.

ST relates that Hyflux originally had until Oct. 15 to execute a
binding agreement with a successful bidder or investor for
Tuaspring, in a deal reached with Maybank in July. The lender had
agreed at the time to hold off on enforcement proceedings against
Tuaspring, its properties and its assets, the report says.

While Maybank has now given its in-principle approval for the
extension, the terms of the agreement still apply, including
Maybank's right to terminate the collaboration agreement if the
new deadline is breached, Hyflux noted in its latest bourse
filing, ST relays.

According to ST, Hyflux's restructuring initially came up against
founder Olivia Lum's preference for divesting Tuaspring at no
less than its book value, or $1.47 billion as at end-March.
State-linked Sembcorp Industries was the only approved bidder for
the project, with Bloomberg reporting that the offer was under
book value, the report notes.

The report relates that Hyflux has previously said that, in light
of this offer, a voluntary sale of Tuaspring will no longer be
actively pursued. According to a frequently asked questions
section on its website, Hyflux is working with rescue consortium
SM Investments to talk to Maybank about this.

Meanwhile, two Indonesian white knights have floated a $400
million equity injection, in exchange for a 60 per cent stake in
Hyflux. Salim Group and Medco Group also offered a shareholder's
loan of $130 million and a debtor-in-possession loan of $30
million in October's joint rescue plan, the report adds.

In its search for more cash, Hyflux recently divested its 50 per
cent interest in an Indonesian bottled water vendor for $32
million, at a loss of $300,000 against the net asset value of its
shareholding, the report says.

Trading in Hyflux shares remains suspended, the report notes.

                           About Hyflux

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

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

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


VISTRA GROUP I: Moody's Confirms B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has confirmed Vistra Group Holdings I
Limited's B2 corporate family rating following its announcement
of plans to not move forward with its previously announced debt-
funded dividend.

At the same time, Moody's has confirmed Vistra's B2 rating on the
first lien term loan B due 2022 and revolving credit facility due
2020 and its B3 rating on the second lien term loan due 2023.

The rating outlook is stable.

This concludes the review of the ratings initiated by Moody's on
November 14, 2018.

RATINGS RATIONALE

"The B2 CFR balances Vistra's strong growth trajectory, high
margins, predictable cash generation and very good liquidity with
its high leverage and aggressive financial policies," says Brian
Grieser, a Moody's Vice President and Senior Credit Officer.

Moody's expects debt/EBITDA to be around 6.4x at December 31,
2018 and fall below 6.0x in 2019, in the absence of any large
debt-funded dividends or acquisitions.

Moody's expects deleveraging to be primarily driven by earnings
growth in 2019. Vistra's EBITDA will benefit from solid
underlying organic growth prospects, earnings and synergies from
recent acquisitions and benefits from ongoing cost-saving
initiatives.

The B2 rating also reflects Vistra's top 4 market position in the
fragmented corporate and trust services industry, high barriers
to entry fostered by long-standing relationships with a well-
diversified customer base, and high cash flow visibility driven
by the recurring nature of its revenue.

The stable outlook reflects Moody's expectation that Vistra will
focus on integrating its most recent acquisition, Radius Holdco
Limited, and the execution of its company-wide initiatives for
operational improvements in 2018-19.

As such, acquisition activity is expected to moderate which will
allow for margin improvement and solid cash generation. The
outlook also reflects Moody's view that leverage will remain high
and be utilized on an ongoing basis to execute Vistra's bolt-on
acquisition growth strategy.

The ratings could be upgraded over the next two years if Vistra
continues to demonstrate solid organic growth trends and margin
improvement, while maintaining its very good liquidity.

Furthermore, the ratings could be upgraded if Vistra demonstrates
a balanced approach to dividends and acquisitions, such that it'
debt/EBITDA is maintained around 5.0x.

Vistra's ratings could be downgraded if its integration plans
fail to provide synergies, new litigation or regulatory standards
weaken its cash flow or earnings profile, or if the company
undertakes another transformative acquisitions or large debt-
funded dividends over the next 12-18 months.

Specifically, its ratings could be downgraded if (1) adjusted
debt/EBITDA exceeds 6.5x for an extended period; (2) sustained
adjusted EBITA/interest expense drops below 1.5x; or (3) adjusted
retained cash flow to net debt falls below 5%.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Vistra Group Holdings (BVI) I Limited is a provider of corporate
& trust services for companies (private companies, SMEs, listed
companies), high net worth individuals and funds, with around 50%
of gross fees generated in Asia, and the balance primarily
generated in Europe. Services include company formation and
renewal services, corporate administration services, trustee and
fiduciary services, fund services and family office services.
Vistra employs over 4,000 employees in 46 countries.

Vistra was acquired by Baring Private Equity Asia (BPEA) in
October 2015. At the same time, BPEA acquired the Orangefield
Group and integrated the two businesses. The two acquisitions
cost approximately $1.4 billion. The acquisitions were funded
with a combination of proceeds from the $700 million term loans
and an equity injection by BPEA.



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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
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objective is to share information, not make markets in publicly
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or solicitation to buy or sell any security of any kind.  It is
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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
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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
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                            *********


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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