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

                      A S I A   P A C I F I C

           Friday, December 7, 2018, Vol. 21, No. 243

                            Headlines


A U S T R A L I A

AB IMAGE: First Creditors' Meeting Set for Dec. 13
COFFEYS EMS: Second Creditors' Meeting Set for Dec. 14
FREEDOM INSURANCE: Shares Price Halved on Liquidity Warning
HANSEN & LAVIS: Second Creditors' Meeting Set for Dec. 14
HEIDENS HARDWARE: First Creditors' Meeting Set for Dec. 11

ICHOOSE PTY: Second Creditors' Meeting Set for Dec. 17
METRO FINANCE 2018-2: Moody's Assigns Ba2 Rating to Class E Notes
RYAN AND MELISSA: Second Creditors' Meeting Set for Dec. 14
SOMMER & STAFF: Second Creditors' Meeting Set for Dec. 17


C H I N A

CBAK ENERGY: Changes Trading Symbol to CBAT
CHANGDE URBAN: Fitch Lowers LT FC & LC IDR to BB+; Outlook Stable
CHINA JINJIANG: Moody's Puts Ba2 CFR on Review for Downgrade
LIANGSHAN: Fitch Rates Proposed Sr. Unsec. US$ Notes BB+(EXP)


I N D I A

AVANI BUILDCON: CRISIL Migrates B Rating to Not Cooperating
C.E. TESTING: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
CALL EXPRESS: CRISIL Migrates B+ Rating to Not Cooperating
COMMERCIAL AUTO: Ind-Ra Affirms 'B+' LT Issuer Rating
FRISCO GLOBAL: CRISIL Withdraws 'D' Rating on INR15cr Loan

HOLY TRINITY: CRISIL Downgrades Rating on INR12cr Loan to D
KERNEX MICROSYSTEMS: CRISIL Lowers Rating on INR17.5cr Loan to D
M.S. RAMAIAH: CRISIL Maintains 'D' Rating in Not Cooperating
MERAKI CV IFMR: Ind-Ra Affirms 'BB+' Rating on INR5.43MM PTCs
POULOMI ESTATES: CRISIL Maintains B+ Rating in Not Cooperating

PRIME TECHNOPLAST: CRISIL Maintains D Rating in Not Cooperating
PSN MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating
REDHU HATCHERIES: CRISIL Withdraws D Rating on INR24.8cr Loan
ROSENTIQUES FINE: CRISIL Maintains B Rating in Not Cooperating
S.G. ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating

SACRED HEART: CRISIL Maintains 'B' Rating in Not Cooperating
SANMARG PROJECTS: Ind-Ra Moves BB- LT Rating to Non-Cooperating
SANSHU GREEN: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SATYAM GREEN: CRISIL Maintains 'D' Rating in Not Cooperating
SCORODITE STAINLESS: CRISIL Maintains D Rating in Not Cooperating

SHREE MANIBHADRA: CRISIL Maintains D Rating in Not Cooperating
SHREE SHYAM: CRISIL Retains B Rating in Not Cooperating Category
SMSG AUTOMART: CRISIL Maintains 'B' Rating in Not Cooperating
SNG PACKAGING: CRISIL Maintains 'B' Rating in Not Cooperating
SQUARE TEN: CRISIL Maintains B Rating in Not Cooperating Category

SREE ALANKAR: CRISIL Maintains 'B' Rating in Not Cooperating
SRI LAXMI: CRISIL Maintains 'D' Rating in Not Cooperating
SRI SARVEJANA: CRISIL Maintains 'B' Rating in Not Cooperating
SUBRAMANIAM BOTTLES: CRISIL Maintains B Rating in Not Cooperating
SURE SAFETY: Ind-Ra Lowers Issuer Rating to 'D', Outlook Stable

TATA MOTORS: S&P Lowers Long-Term ICR to 'BB-', On Watch Negative
THARUN CONSTRUCTION: Ind-Ra Assigns B+ LT Rating, Outlook Stable
TRES MERCARI: CRISIL Lowers Rating on INR4cr Loan to B
VIL INTERNATIONAL: CRISIL Lowers Rating on INR10cr LOC to D


M A L A Y S I A

CHINA AUTOMOBILE: Shares Continue to be Suspended


N E W  Z E A L A N D

FOWLER HOMES: Reborn Under New Owner Following Liquidation
MAHANA ESTATES: Owner Ordered to Pay NZ$3.3MM to Las Vegas Execs
MAHANA ESTATES: Owes Rabobank NZ$3.2 Million, Receivers Say


S R I  L A N K A

NATIONAL SAVINGS: S&P Lowers Long-Term ICR to B; Outlook Stable
SRI LANKA: Fitch Downgrades LT FC IDR to B, Outlook Stable
SRI LANKA: S&P Lowers Long-Term SCR to B on Political Uncertainty


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


AB IMAGE: First Creditors' Meeting Set for Dec. 13
--------------------------------------------------
A first meeting of the creditors in the proceedings of AB Image
Distribution Pty Ltd, formerly known as Rectron Electronics, will
be held at the offices of Regus Brisbane, at Level 22, 127 Creek
Street, in Brisbane, Queensland, on Dec. 13, 2018, at 10:00 a.m.

Christopher John Baskerville of Jirsch Sutherland was appointed
as administrator of AB Image on Dec. 5, 2018.


COFFEYS EMS: Second Creditors' Meeting Set for Dec. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Coffeys EMS
Pty Ltd has been set for Dec. 14, 2018, at 11:00 a.m. at the
offices of Nicols + Brien, at Level 2, 350 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 14, 2018, at 11:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Coffeys EMS on Nov. 15, 2018.


FREEDOM INSURANCE: Shares Price Halved on Liquidity Warning
-----------------------------------------------------------
John Collett & Sarah Danckert at The Sydney Morning Herald
reports that investors have wiped out almost half embattled
Freedom Insurance Group's market capitalisation after it warned
it may face a liquidity shortfall and admitted it was under
investigation by the corporate watchdog for misconduct
highlighted by the banking royal commission.

According to the report, the company said it would have to repay
customers up to AUD4 million in the December half and would not
restart direct sales of life insurance products, which it
suspended in October amid the fallout from the commission. Its
shares plunged 47.3 per cent to 2.9 cents, taking its loss for
the year to 94 per cent, the report notes.

SMH relates that sources said the Australian Securities and
Investments Commission (ASIC) would be looking at Freedom's
alleged mis-selling of life insurance products to vulnerable
customers, issues with some of its products and potentially
breaches of laws that prohibit insurers from cold calling
potential customers.

ASIC had been looking at Freedom before the royal commission as
part of its sector-wide review of life insurance sold directly to
consumers, which uncovered a wide range of poor practices in the
sector, the report says.

Freedom then shocked Australia when the royal commission
uncovered evidence of its use of high-pressure sales tactics with
vulnerable customers, including a man with Down syndrome.

In his testimony to the royal commission last month, ASIC
chairman James Shipton said in the regulator's opinion, Freedom
and another company, Select, had made "far more egregious"
breaches of the so-called anti-hawking laws than ClearView, which
it is investigating over the issue, according to SMH.

SMH says industry sources said ASIC's review of Freedom had now
moved to a formal investigation.

SMH adds that Freedom, which has lost two chief executives, a
chairman and a chief financial officer and halved its staff
numbers since October, on Dec. 6 said a strategic review
undertaken with Deloitte had found there was no "immediate
commercially viable option" to restart sales of its life
products.

As part of the review, it identified that on a "business-as-
usual" basis, it might face a liquidity shortfall in calendar
2019 due to the timing of payments of commission clawbacks
coupled with a lack of commissions from new business sales, SMH
relays.

It was considering "alternative options" to address the potential
shortfall but "remains satisfied that the company is solvent,
based on the funding, efficiency and business restructuring
options available".

According to SMH, Freedom's new chairman, Pauline Vamos, said the
company was viable because it continued to earn income from
insurers for continuing to administer the policies of its
"substantial" number of customers.

The board could decide to restart sales of life products in
future but "today, it is about ensuring that we finalise
discussions with ASIC", said Ms. Vamos, who used to work for
ASIC, SMH relates.

She said all options were on the table and when asked if one of
the options included a sale of the business to another insurer,
she did not rule it out, SMH adds.

"As a board, our obligation is to look at all strategic options
and we take those obligations seriously," SMH quotes Ms. Vamos as
saying.

The group previously forecast a loss of up to AUD8 million for
the six months to December 31, including restructuring costs,
adds SMH.


HANSEN & LAVIS: Second Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Hansen &
Lavis Construction Pty Ltd has been set for Dec. 14, 2018, at
9:30 a.m. at the offices of Chamberlain's SBR, at Suite 103,
First Floor, Wollundry Chambers, 63 Johnston Street, in
Wagga Wagga, NSW, on Dec. 14, 2018, at 9:30 a.m.

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. 13, 2018, at 5:00 p.m.

Chris Chamberlain and Steven Priest of Chamberlain's SBR were
appointed as administrators of Hansen & Lavis on Nov. 9, 2018.


HEIDENS HARDWARE: First Creditors' Meeting Set for Dec. 11
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Heidens
Hardware Pty. Ltd. will be held at Unit 3, 99-101 Francis
Street, in Northbridge, WA, on Dec. 11, 2018, at 10:30 a.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Heidens Hardware on Dec. 6, 2018.


ICHOOSE PTY: Second Creditors' Meeting Set for Dec. 17
------------------------------------------------------
A second meeting of creditors in the proceedings of IChoose Pty
Ltd, trading as "Fence Factory Melbourne" & "Fence Warehouse" has
been set for Dec. 17, 2018, at 11:00 a.m. at the offices of
Hamilton Murphy, at Level 1, 255 Mary Street, in Richmond,
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. 14, 2018, at 4:00 p.m.

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


METRO FINANCE 2018-2: Moody's Assigns Ba2 Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2018-2 Trust.

Issuer: Metro Finance 2018-2 Trust

  -- AUD150.00 million Class A-S Notes, Assigned Aaa (sf)

  -- AUD87.00 million Class A-L Notes, Assigned Aaa (sf)

  -- AUD26.70 million Class B Notes, Assigned Aa2 (sf)

  -- AUD10.20 million Class C Notes, Assigned A2 (sf)

  -- AUD6.60 million Class D Notes, Assigned Baa2 (sf)

  -- AUD9.00 million Class E Notes, Assigned Ba2 (sf)

  -- AUD3.30 million Class F Notes, Assigned B2 (sf)

The AUD3.45 million Class GA Notes and the AUD3.75 million Class
GB Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance). This is
Metro Finance's second auto and equipment asset backed securities
(ABS) transaction.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-
ticket auto and equipment assets in low volatility industries.
Metro Finance originates its lending through the commercial auto
and equipment broker and aggregator industry nationally.
Significant origination growth began in 2014.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical loss data. The static loss
data used for its extrapolation analysis reflects Metro Finance's
short origination history, was limited to the origination
vintages between Q3 2014 and Q3 2017, and does not cover the full
life cycle for any one vintage. More recent vintages (i.e. post
Q4 2017) have been excluded due to insufficient observations (no
or low actual losses for these vintages as yet);

  - The evaluation of the underlying receivables and their
expected performance;

  - The fact that 69.0% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred
to as "streamlined". This streamlined product allows obligors who
meet certain stringent requirements to access the loan without
providing financial statements.;

  - The 44.4% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 14.7%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

  - The availability of excess spread over the life of the
transaction;

  - The liquidity facility in the amount of 2.00% of the note
balance subject to a floor of AUD600,000;

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the
swap will follow a schedule based on the amortisation of the
portfolio, assuming no prepayments. Any prepayments or defaults
will result in the swap becoming over-hedged. The prepayment risk
is mitigated by the fact that break costs are charged to the
obligors and these funds will flow through to the trust as
collections; and

  - The fact that the servicer, AMAL Asset Management Limited, is
an experienced third-party servicer and the backup servicing
arrangement with Metro Finance.

Initially, the Class A-S, Class A-L, Class B, Class C, Class D,
Class E and Class F Notes benefit from 21.0%, 21.0%, 12.1%, 8.7%,
6.5%, 3.5% and 2.4% of note subordination, respectively. The
notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes is at least 30%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3.5%,
coefficient of variation (CoV) of 66.3%, a recovery rate of 35.0%
and a portfolio credit enhancement of 23.5%. After accounting for
the seasoning of the initial portfolio (9.3 months), Moody's mean
default rate assumption was adjusted to 3.65%. Moody's assumed
default rate, CoV and recovery rate are stressed compared to the
historical levels of 2.1%, 49.9% and 63.1% respectively.

The difference between the historical and assumed default rate,
CoV and recovery rate is in part explained by the additional
stresses assumed by Moody's to address the lack of a full
economic cycle in the historical data, and by exposure to balloon
loans (44.4%) in the portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's has benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's has also overlaid
additional stresses into its default and CoV assumptions.

The streamlined product offering has been originated for almost
ten years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that
the portfolio has a very high proportion of streamlined (69.0%),
Moody's has applied further qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. These requirements include property
ownership with confirmed equity greater than the loan amount or a
30% deposit for non-property owners, a satisfactory credit
reference from a reputable finance company running at least 12
months, no adverse credit history, and the business being
registered for the goods-and-services tax for at least 2 years
continuously.

In a base case scenario, given these requirements, Moody's
expects these borrowers to have a lower risk profile and better
performance than the full-income verification loans in Metro
Finance's portfolio.
Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

The Credit Ratings for Metro Finance 2018-2 Trust was assigned in
accordance with Moody's existing Methodology entitled "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS," dated
October 6, 2016. Please note that on November 14, 2018, Moody's
released a Request for Comment, in which it has requested market
feedback on potential revisions to its Methodology for auto loan-
and lease-backed ABS. If the revised Methodology is implemented
as proposed, the Credit Ratings on Metro Finance 2018-2 Trust may
be neutrally affected. Please refer to Moody's Request for
Comment, titled "Proposed Update to Moody's Global Approach to
Rating Auto Loan- and Lease-Backed ABS," for further details
regarding the implications of the proposed Methodology revisions
on certain Credit Ratings.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian job market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance
and fraud.


RYAN AND MELISSA: Second Creditors' Meeting Set for Dec. 14
-----------------------------------------------------------
A second meeting of creditors in the proceedings of RYAN AND
MELISSA PTY LTD has been set for Dec. 14, 2018, at 10:30 a.m. at
463 Scarborough Beach Road, in Osborne Park, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 13, 2018, at 5:00 p.m.

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


SOMMER & STAFF: Second Creditors' Meeting Set for Dec. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sommer &
Staff Constructions Pty Ltd has been set for Dec. 17, 2018, at
11:30 a.m. at Novotel Hotel, at 200 Creek 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. 14, 2018, at 4:00 p.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Sommer & Staff on Sept. 14, 2018.



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


CBAK ENERGY: Changes Trading Symbol to CBAT
-------------------------------------------
The trading symbol for common stock of CBAK Energy Technology,
Inc., which trades on the Nasdaq Global Market, was changed from
CBAK to CBAT, effective on Nov. 30, 2018.

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31, 2017 compared to a net loss of US$12.65 million
for the year ended Sept. 30, 2016. As of Sept. 30, 2018, the
Company had $132.15 million in total assets, $128.18 million in
total liabilities, and $3.97 million in total equity.
Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2017 stating that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
and significant short-term debt obligations maturing in less than
one year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.



CHANGDE URBAN: Fitch Lowers LT FC & LC IDR to BB+; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has downgraded Changde Urban Construction and
Investment Group Co., Ltd.'s Long-Term Foreign- and Local-
Currency Issuer Default Ratings to 'BB+' from 'BBB-'. The Outlook
is Stable.

The rating on CUCI's USD250 million 3.7% senior unsecured notes
due 2019 has been downgraded to 'BB+' from 'BBB-', and the
expected rating on a proposed bond issue has been downgraded
'BB+(EXP)' from 'BBB-(EXP)'. The USD250 million notes are issued
directly by CUCI, as will be the proposed bond.

The rating actions follow a downgrade of Fitch's internal
assessment of the creditworthiness of Changde municipality, a
city in China's Hunan province. The linkage between CUCI and the
sponsor remains unchanged. The bonds are downgraded in line with
CUCI's IDR.

Fitch classifies CUCI as a government-related entity (GRE),
reflecting the government's ownership and control and the
company's policy role in the urban development of Changde. Fitch
uses a top-down approach to rating CUCI as outlined in the
Government-Related Entities Rating Criteria.

CUCI is entrusted with the mission of developing the city on
behalf of the government as well as running state-owned assets.
The company's strategy closely matches the progress of urban
development in the city.

KEY RATING DRIVERS

Fitch's downgrade of its assessment of the creditworthiness of
Changde takes into account the deterioration in the
municipality's budgetary performance and increasing indebtedness.
Fitch believes these factors may restrict the city's financial
flexibility. Fitch does not expect any weakening in the city's
incentive to provide extraordinary support to CUCI, if needed.

'Very Strong' Status, Ownership and Control: CUCI is wholly owned
and supervised by Changde State-owned Assets Supervision and
Administration Commission. It is under the overall supervision of
the Changde municipal government. CUCI's financing plan and debt
level are closely monitored by the government. CUCI needs to
report its budget performance on a regular basis. CUCI's board
members, except for employee representatives, are all appointed
by the government.

'Strong' Support Track Record and Expectation: CUCI has received
government subsidies every year. The total amount of subsidies
from 2011 to 2017 reached CNY1.4 billion, equivalent to half of
CUCI's total net income of CNY2.7 billion or around 15% of total
revenue for the period. Apart from that, during 2012-2014, a
total of 2.6 million square metres of land valued at CNY16.2
billion was transferred to CUCI with the permission of the
Changde government. The government injected CNY5.1 billion and
CNY2.1 billion of capital into the company in 2016 and 2017,
respectively.

'Moderate' Socio-Political Implications of Default: CUCI is one
of two urban infrastructure construction arms of the Changde
municipality, with jurisdiction over the western half of the
city. CUCI has undertaken about half of the urban construction
projects in Changde. CUCI is also involved in the city's water
supply, drainage and sewage treatment. Nevertheless, there are
other GREs in Changde that can take over its functions if CUCI
defaults.

'Very Strong' Financial Implications of Default: CUCI is one of
the two largest local-government financing vehicles Changde, and
Fitch believes a failure by the government to provide timely
support to the company will damage the reputation of the
municipal government and reduce the availability of financing for
the other GREs. By end-2017, CUCI's total assets accounted for
more than 38% of the assets managed by the four major GREs under
the Changde municipal government.

'B Category' Standalone Credit Profile: CUCI's standalone credit
profile is constrained by the public-service nature of its
business. The company's financial profile in the past three years
was characterised by high leverage, with a net debt/EBITDA of 55x
at end-2017. The standalone credit profile takes into account its
'Mid-Range' demand defensibility, 'Mid-Range' operating risk and
'Weak' financial profile.

RATING SENSITIVITIES

A change in Fitch's perception of the Changde municipality's
ability to provide subsidies, grants or other legitimate
resources allowed under China's policies and regulations could
result in a change in CUCI's ratings.

Stronger socio-political implications of a default by CUCI and
record of support by the government, which would enhance the
Changde municipality's incentive to provide legitimate support to
CUCI, may trigger positive rating action on CUCI. A significant
weakening of socio-political implications of a default and
support record by the municipality, or a dilution of the
government's shareholding in CUCI, may result in a downgrade.

An improvement of CUCI's standalone credit profile or liquidity
position could also result in a rating change.

The ratings on the outstanding notes and proposed notes will move
in tandem with CUCI's IDR.


CHINA JINJIANG: Moody's Puts Ba2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade
China Jinjiang Environment Holding Co. Ltd.'s Ba2 corporate
family rating and the Ba3 senior unsecured rating on its USD
bond.

RATINGS RATIONALE

"Our review of CJE's ratings reflects its weakened credit profile
due to heightened liquidity risk and challenges related to the
previous outage of certain existing capacity," says Qingqing Guo,
a Moody's Assistant Vice President and Analyst.

"In addition, we expect the relatively weaker credit profile of
CJE's ultimate parent, Hangzhou Jinjiang Group, to weigh on CJE's
ratings," adds Guo.

CJE's outlook was already on negative outlook since April this
year, mainly due to the outage of some of its existing capacity,
as part of an upgrade program related to waste-to-energy
projects.

While CJE has been making progress to complete the upgrade
program, the cash flow impact of the outage, combined with the
company's challenging liquidity position and the ultimate
parent's weaker credit profile, means that the company's overall
credit profile may no longer be consistent with a Ba2 CFR.

CJE's weakened credit metrics are primarily a result of reduced
cash flows, driven in turn by the outage of its existing eight
operating waste-to-energy (WTE) projects on a rolling basis. The
outage is part of CJE's ongoing expansion and upgrade program,
which the company expects to complete by end of 2019.

CJE's weak liquidity profile is driven by Moody's expectation
that operating cash flow over the next 12 months will not be
sufficient to cover its maturing debt, capital expenditure
program, and dividends over that period. Moody's also notes the
presence of restrictive covenants in CJE's loan agreement, and
which raises liquidity challenges.

The review of CJE's ratings also considers the continued pressure
on its credit profile from the lingering credit weakness of its
ultimate parent, Hangzhou Jinjiang Group (HZJJ).

HZJJ's credit profile is challenged by its high exposure to
volatile aluminum and raw materials prices, tightened
environmental regulation and stricter lending policies applicable
to the oversupplied industry. Any weakening in HZJJ's credit
profile directly constrains CJE's ratings.

Moody's ratings review will focus on: (1) CJE's plan to reduce
its liquidity challenges, including compliance with terms and
conditions of its facilities and (2) progress of CJE's upgrade
program and ongoing expansion, and the resulting impact on the
company's financial metrics.

The review will also take into account the extent to which HZJJ's
credit profile will weigh on CJE's ratings.

The methodology used in these ratings was Unregulated Utilities
and Unregulated Power Companies published in May 2017.

China Jinjiang Environment Holding Co. Ltd. is a Singapore-listed
waste-to-energy operator in China. The ultimate parent, HZJJ,
owned 39.4% of CJE as of June 2018.

CJE operates along the whole value chain in the WTE sector, from
planning and construction to the operation and management of WTE
facilities.

At the end of September 2018, CJE had 20 operating WTE facilities
and 2 resource recycling projects with a total waste treatment
capacity of 29,240 tons/day and electricity generation capacity
of 574MW covering 12 provinces in China.


LIANGSHAN: Fitch Rates Proposed Sr. Unsec. US$ Notes BB+(EXP)
-------------------------------------------------------------
Fitch Ratings has assigned China-based Liangshan State-Owned
Investment & Development Co., Ltd.'s (LSID, BB+/Stable) proposed
senior unsecured US dollar notes an expected rating of
'BB+(EXP)'. The notes will be issued by Liang Shan International
Development Limited, an offshore directly wholly owned subsidiary
of LSID.

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

KEY RATING DRIVERS

The proposed offshore notes are rated at the same level as LSID's
Issuer Default Rating, as LSID will provide an unconditional and
irrevocable guarantee for the proposed notes, which will
constitute its direct, unsubordinated, unconditional and
unsecured obligations and will at all times rank pari passu with
all its other present and future obligations.

The proceeds will be used to refinance debt and for general
corporate purposes.

LSID's IDR was affirmed on September 7, 2018.

RATING SENSITIVITIES

Any change in LSID's IDR will result in a similar change in the
rating of the proposed notes. Any change in the internal credit
assessment of the Liangshan prefecture will affect the rating of
LSID and therefore the rating of the proposed notes.



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


AVANI BUILDCON: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Avani
Buildcon (AB) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AB for obtaining
information through letters and emails dated August 28, 2018 and
September 28, 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 AB. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AB is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AB to 'CRISIL B/Stable Issuer not cooperating'.

AB was established in April 2009 as a partnership firm by Mr
Sanjeev Sharma and Mr Milind Bhalerao. The firm is engaged in
real estate development and is currently undertaking 'Avani
Heights' to be constructed on Wardha Road, Nagpur.


C.E. TESTING: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated C.E. Testing
Company Pvt. Ltd.'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:

-- INR50 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR70 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 26, 2017 Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

C.E. Testing Company provides engineering solutions. It was
founded by Mr. Madhusudan Nayak in 1985 as a soil testing firm.


CALL EXPRESS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Call Express
Construction India Private Limited (CECPL) to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         50       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Term Loan      5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CECPL for
obtaining information through letters and emails dated August 28,
2018 and September 28, 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 CECPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on CECPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CECPL to '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.

Set up in 2006, CECPL is currently developing a residential real
estate project at Chennai. The company is promoted by Mr. Ramesh
and his family.


COMMERCIAL AUTO: Ind-Ra Affirms 'B+' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Commercial Auto
Products Pvt. Ltd.'s (CAPPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits affirmed with IND B+/Stable/IND
     A4 rating.

KEY RATING DRIVERS

The affirmation reflects CAPPL's continued small scale of
operations, and modest EBITDA margin due to competition. In FY18,
revenue improved to INR277.74 million (FY17: INR221.12 million)
owing to an increase in sales volume while EBITDA margin fell to
6.15% (8.03%) due to an increase in raw material cost, with
return on capital employed at 3.14% (3.30%).

The ratings also reflect the company's moderate credit metrics.
Gross interest coverage (operating EBITDA/gross interest expense)
reduced to 1.03x in FY18 (FY17: 1.13x) and net financial leverage
(adjusted net debt/operating EBITDAR) increased to 8.24x (7.23x)
owing to a proportionately higher rise in interest expenses than
that in EBITDA.

The ratings factor in CAPPL's moderate liquidity position,
indicated by 90.49% average use of the working capital limits for
the 12 months ended October 2018. The company's cash flow from
operations was negative at INR6.14 million in FY18 (FY17:
INR12.17 million). It had cash and cash equivalents totalling
INR0.30 million in FY18 (FY17: INR0.42 million).

The ratings, however, continue to be supported by the company's
promoter's more than three decades of experience in manufacturing
radiators and its longstanding associations with customers such
as Mahindra & Mahindra Limited ('IND AAA'/Stable), International
Tractors Limited and Escorts Ltd ('IND A+'/Positive).

RATING SENSITIVITIES

Negative: Any decline in the credit metrics will be negative for
the ratings.

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

COMPANY PROFILE

Incorporated in August 1985, CAPPL is an automobile radiator
manufacturer. The company mainly supplies radiator to tractor
companies, with concentration in north India.


FRISCO GLOBAL: CRISIL Withdraws 'D' Rating on INR15cr Loan
----------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facility
Frisco Global Private Limited (FFPL) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Export Bill Purchase     13.5       CRISIL D (Withdrawn)

   Export Bill Purchase-
   Discounting              15         CRISIL D (Withdrawn)

   Export Packing Credit     5         CRISIL D (Withdrawn)

   Term Loan                 9.6       CRISIL D (Withdrawn)

FFPL was incorporated in 1980, and acquired in 2010 by Delhi-
based Mr. Tarun Jain and his brother, Mr. Ayush Jain, who manage
its daily operations. The company manufactures and exports a
variety of biscuits to countries in Africa, the Middle Eastern
and South Asia. FFPL has a manufacturing facility in Haridwar,
Uttarakhand.


HOLY TRINITY: CRISIL Downgrades Rating on INR12cr Loan to D
-----------------------------------------------------------
CRISIL is downgraded its rating on bank facilities of Holy
Trinity Trust (HTT) from 'CRISIL BB-/Stable Issuer Not
Cooperating' to 'CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan         12       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of HTT to CRISIL BB-/Stable;
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
downgraded its rating on bank facilities of HTT from   'CRISIL
BB-/Stable Issuer Not Cooperating' to 'CRISIL D'.

The rating reflects the small scale of operations and regulatory
risks associated with educational institutions. These ratings
weakness are offset by extensive experience of HTT's management,
healthy operating margins.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Revenue of INR10.95 crore have been
recorded during fiscal 2018 reflect small scale of operations.

* Susceptibility to regulatory changes: The school has to comply
with operational and infrastructure norms laid down by regulatory
bodies such as Indian Certificate of Secondary Education (ICSE),
which approves the school intake, to which the trust is
affiliated. This translates into a need to regularly invest in
the workforce and infrastructure. Enhancements in the
seat/classes offered also require approvals from ICSE.

Strengths

* Experience of management: The trust is formed by Mr Francis
Dominic, with experience of over 15 years in the education
sector. His experience and continuous funding from the trust is
expected to support operations of the school over the medium
term.

* Healthy operating margin: Operating margin (45% in fiscal 2018)
is likely to remain healthy over the medium term.

HTT was established in 2006 and runs and operates coeducational
schools under its aegis by the name of Holy Trinity Anglo-Indian
International School in Thevalakkara, Kerala. It is an English
medium school that runs classes from Nursery to Class XI under
the affiliation of ICSE. Day-to-day activity is managed by Mr
Pramod R.


KERNEX MICROSYSTEMS: CRISIL Lowers Rating on INR17.5cr Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities Kernex
Microsystems India Limited (KMIL; part of the Kernex group) to
'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        16.5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            5.0        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term    17.5        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')


The downgrade reflects over-utilisation of the cash credit
account for more than 30 consecutive days and delays in paying
interest on the cash credit facility because of stretched
liquidity.

Moreover, the Kernex group has modest scale of operations and a
weak financial risk profile. However, it benefits from the
experience of the promoters in the railway safety equipment
segment.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMIL and its wholly owned subsidiary,
Avant Garde Infosystems Inc (AGI), together referred to as Kernex
group.

Key Rating Drivers & Detailed Description

Weakness

* Over-utilisation of cash credit facility because of stretched
liquidity: Liquidity has been stretched because of sizeable gross
current assets, inventory, and receivables of 1,439, 153, and
1,002 days, respectively, on March 31, 2018. Consequently, cash
credit facility was over-utilised for more than 30 straight days
and the company delayed interest payment on the facility.

* Modest scale of operations: Intense competition may continue to
restrict scalability of operations and limit pricing power with
suppliers and customers, thereby constraining profitability. For
fiscal 2018, revenue was modest at INR13.31 crore and the company
reported operating loss of INR7.08 crore.

* Weak financial risk profile: Financial risk profile may remain
constrained by sizeable operating loss leading to weak debt
protection metrics. Interest coverage and net cash accrual to
total debt ratio were negative for the three fiscals through
2018.

Strength

* Experience of the promoters: The promoters' experience of over
15 years, strong understanding of the market dynamics, and
healthy relationships with customers and suppliers should
continue to support the business.

KMIL, incorporated in 1991 at Hyderabad, manufactures, installs,
and maintains railway safety and signal systems such as anti-
collision devices. It also manufactures train collision avoidance
systems and automatic level crossing gates. The company is listed
on the Bombay Stock Exchange and the National Stock Exchange. Mr
Raju N Mantena, Ms Anji Raju Mantena, and Mr Sitarama Raju
Mantena are the promoters.

Based in the US, AGI is a wholly owned subsidiary of KMIL and has
no major operations.


M.S. RAMAIAH: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of M. S. Ramaiah
Foundation (MSRF) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit/           1          CRISIL D (ISSUER NOT
   Overdraft facility                COOPERATING)

   Long Term Loan        12.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility    19          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with MSRF 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 MSRF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSRF, 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 MSRF, continues to be 'CRISIL D Issuer not
cooperating'.

Set up in May 2007 by Mr. M R Pattabhiram, MSRF operates an
educational institution, Ramaiah Institute of Management Studies,
in Bengaluru. The institution commenced operations in July 2007.
It offers management courses under affiliation with Swiss
Business School, University of Mysore, and Annamalai University.
It is part of the Ramaiah group of institutions that offer
educational courses in several subjects such as medicine,
dentistry, pharmacy, engineering, teachers' training, and law.
The group was formed by Mr. M S Ramaiah in the 1950s.


MERAKI CV IFMR: Ind-Ra Affirms 'BB+' Rating on INR5.43MM PTCs
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meraki CV IFMR
Capital 2016 (an ABS transaction) as follows:

-- INR5.43 mil. Series A2 PTCs issued on December 28, 2016
    coupon rate 16.5% due on June 17, 2020 affirmed with IND BB+
    (SO)/Stable rating.

The new and used commercial vehicle (49.4%), multi-utility
vehicle (28.5%), four wheeler (19.3%) and tractor (2.9%) loan
pool has been originated by Kogta Financial India Limited (KFL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The agency is of the opinion that the issuer's origination and
servicing capabilities are of an acceptable standard. Origination
of loans is primarily through an empanelled list of direct
selling agents. KFL follows a relationship-based model and has
tie-ups with these direct selling agents for more than 10 years.
It has an in-house field investigation team and collection team.
The company has centralized operations wherein all the approvals
are done at the state branch level. All loan applicants go under
a strong due diligence process to assess the creditworthiness of
the prospective customer. Collection of loans is mostly processed
through cheques and electronic clearance service while cash is a
less preferred option. KFL repossesses vehicles only as a last
resort. The state collection head analyses the capacity and the
intention of the borrower to pay and takes the decision of
repossession.

Availability of External Credit Support: According to the payout
report dated October 17, 2018, the available CE was INR13.39
million and the current pool POS including principal overdue was
INR37.48 million. There has been no use of the CE until date, as
the excess interest spread and overcollateralization in the
transaction have been sufficient to absorb the shortfalls. The
current CE for PTCs increased to 35.73% of the current POS
including over dues at end-September 2018 from 5.0% at issuance.
The CE is in the form of fixed deposit with RBL Bank in the name
of the originator with a lien marked in favor of the trustee. The
transaction is further supported by the level of
overcollateralization available to Series A2 PTCs at 82.4% of the
current POS as of September 2018.

Key Pool Characteristics: At end-September 2018, the 370-loan
pool had a weighted average seasoning of 31.7 months and the pool
has been amortized by 86.01%, indicating a significant repayment
track record of underlying borrowers. Loans delinquent by over 90
dpd were 1.58% of the original POS and 11.31% of the current POS
as of the collection month of September 2018. The agency has also
seen a cumulative prepayment of 20.6% in the transaction in the
last 22 months.

Key Assumptions: At the time of the initial rating, Ind-Ra
derived a base case gross default rate (90+dpd) in the range of
8%-10%. The agency had analyzed the characteristics of the pool
and established its base case assumptions through the four key
performance variables, namely default rate, recovery rate,
recovery timeline and prepayment rate, which collectively affect
the credit risk in a transaction. In the last 22 months since the
transaction closing, the peak 90+dpd observed was 3.45%, which is
well within the initial assumption. The current available CE can
absorb stressed defaults in the range of 100% of future POS.

RATING SENSITIVITIES

Ind-Ra conducted rating sensitivity tests for purchaser payouts.
If the assumptions of both base case default rate and base
recovery rate were simultaneously worsened by 20%, the model-
implied rating sensitivity suggests that the PTCs' rating will
not be impacted.

COMPANY PROFILE

Founded in 1996, KFL is a deposit-taking non-banking finance
company registered with the Reserve Bank of India. The company
primarily operates in Rajasthan, Gujarat, Maharashtra and Madhya
Pradesh. The key business of KFL is used vehicle financing
(commercial vehicle, multi-utility vehicle, four wheelers, two
wheelers and tractor loans), which accounted about 88% of the
firm's overall assets under management as on March 31, 2018. KFL
operates through a vast network of 53 branches, which are the
prime disbursement points for customers, handling a client base
of about 13,000 customers.

KFL's total assets under management stood at INR4,285.12 million
and total disbursed amount in FY18 was INR3,999.6 million.

KFL's total revenue stood at INR642.00 million in FY18 (FY17:
INR401.26 million) and profit after tax increased 67.45% yoy to
INR83.27 million. 90+ days delinquency stood at 3.27% on 31 March
2018 (31 March 2017: 4.15%). The company classifies any loan as a
non-performing asset if it becomes overdue for more than 90 days.
However, provisioning of the company is reported for loans with
150dpd. Net non-performing assets after accounting for write-offs
were 2.71% in FY18 (FY17: 2.02%).


POULOMI ESTATES: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Poulomi Estates
Private Limited (PEPL) continue to be 'CRISIL B+/Stable Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       5        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan               15        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

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

Incorporated in 2005, PEPL is promoted by Mr. J Madan Mohan Rao;
it undertakes residential real estate projects in Hyderabad. The
company is currently constructing a villa and a high-rise
residential project in Kokapet, Hyderabad.


PRIME TECHNOPLAST: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Prime Technoplast
Private Limited (PTPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PTPL 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 PTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PTPL, 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 PTPL, continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab
Hussain manages the daily operations. The manufacturing facility
is in Howrah, West Bengal.


PSN MOTORS: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of PSN Motors Private
Limited (PSN) continue to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            4.8        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Overdraft              0.75       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     3.16       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              0.29       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with PSN 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 PSN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PSN, 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 PSN, 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.

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.


REDHU HATCHERIES: CRISIL Withdraws D Rating on INR24.8cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Redhu
Hatcheries Private Limited (RHPL; part of the Redhu group) on the
request of the company and receipt of a no objection certificate
from its bank. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         24.8       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan           10.76      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with RHPL for obtaining
information through letters and emails dated February 28, 2018
and August 31, 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 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
failed to receive any information on either the financial
performance or strategic intent of RHPL. This restricts CRISIL's
ability to take a forward RHPL 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 rating on bank facilities of RHPL
continues to be 'CRISIL D Issuer Not Cooperating'.

RHPL (incorporated in 1992) and RFPL (1997) are engaged in
poultry farming. The Redhu group sells day-old chicks, eggs, and
culls, and trades in poultry feed. The group entered the broiler
business in 2008-09. The hatchery units and broiler farms are at
Jind (Haryana) and near Pilani (Rajasthan).


ROSENTIQUES FINE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rosentiques Fine
Jewellery (RFJ) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Mortgage Loan          4.3       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

   Proposed Long Term     2.25      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Set up in 2006 in Mumbai, RFJ is a partnership between Mr.
Aadeesh Nahar, Mr. Siddharth Nahar, and Mr. Abhay Kumar Nahar.
The firm manufactures and trades in diamond-studded gold
jewellery, including rings, pendants, earrings, bracelets,
bangles, and necklaces.


S.G. ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of S.G. Enterprises -
Ranchi (SGEN) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    4.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

SGEN was promoted by Mr. Avinash Kumar Singh in 2001. The Bokaro
(Jharkhand) based firm trades in hot-rolled and cold-rolled steel
sheets and coils. The operations of the firm are primarily
managed by Mr. Avinash Kumar Singh and his son Mr. Saurav Singh.


SACRED HEART: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Sacred Heart Convent
School (SHCS) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with SHCS 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 SHCS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHCS, 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 SHCS, 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.

SHCS was set up in 1992 under the management of the Fathers of
the Little Flowers congregation. It is an English medium school
in Malout and runs Class Nursery to Class X under the affiliation
of Indian Certificate of Secondary Education board.


SANMARG PROJECTS: Ind-Ra Moves BB- LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanmarg Projects
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:

-- INR48.03 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR25 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR115 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 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sanmarg Projects provides industrial consultation and
construction supervision for the integration of operations and
maintenance of assets of oil and gas companies.


SANSHU GREEN: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanshu Green
Corn 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:

-- INR172.5 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR4.7 mil. Term loan due on March 2019 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 1, 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 2013, Sanshu Green Corn procures raw wheat from
farmers/traders and processes it by cleaning and separating wheat
and husk, grading and maintaining the moisture at the desired
level, and packing the same at its plant in Chalisgaon,
Maharashtra.


SATYAM GREEN: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Satyam Green Energy
(SGE) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              6         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SGE 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 SGE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SGE, 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 SGE, 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.

SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for
setting up a solar power project of 1.1-megawatt in Solapur,
Maharashtra.


SCORODITE STAINLESS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Scorodite Stainless
India Private Limited (SSPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            23        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        9        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan               5        CRISIL D (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' category or
lower'.

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

Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.


SHREE MANIBHADRA: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Manibhadra
Food Product Private Limited (SMFPL; part of Manibhadra group)
continue to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             53       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit         5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan                2.5     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SMFPL 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 SMFPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SMFPL 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 SMFPL continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMFPL and Dhanshree Seeds Pvt Ltd
(DSPL). This is because both the companies, together referred to
as the Manibhadra group, are in a similar line of business, have
a common management, and have extended cross guarantees for each
other's bank loan facilities.

SMFPPL, incorporated in 2010, is promoted by Ahmedabad-based Mr.
Prakash Shah and his family members and relatives. The company
processes non-basmati rice.


SHREE SHYAM: CRISIL Retains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Shyam Impex
(SSI) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           1.75        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Letter of Credit      4.25        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SSI 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 SSI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSI 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 SSI continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2006 as a proprietorship firm, SSI, based in Mumbai,
trades in bearings. Mr. Ajay Agarwal is the proprietor of the
firm.


SMSG AUTOMART: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SMSG Automart
Private Limited (SAPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Long Term      0.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)


   Term Loan               3.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in May 2015 and promoted by Mr. Sanjay Kumar Singh
and his family members, SAPL is setting up an auto dealership
business for passenger vehicles of Renault Indian Pvt Ltd at
Asansol and Durgapur, West Bengal. The company is the sole dealer
for Renault in six districts of West Bengal.


SNG PACKAGING: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of SNG Packaging
Private Limited (SNG) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            0.1       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     3.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

CRISIL has been consistently following up with SNG 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 SNG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SNG 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 SNG continue 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.

SNG, incorporated in 2011 by Mr. Bipin Gandhi, is setting up a
unit at Khamgaon (Maharashtra) for shaping, finishing and
packaging of soaps for HUL. The promoters have been engaged in
packaging of soap for HUL since 2002, under YE, sole
proprietorship concern of Mrs. Ila Gandhi (wife of Mr. Bipin
Gandhi). The firm's manufacturing facility is located in
Khamgaon.


SQUARE TEN: CRISIL Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Square Ten
Developers (STD) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with STD 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 STD, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STD 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 STD continue 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.

STD, setup in 2011, is a partnership firm between Mr. Vallabhbhai
Ramjibhai Patel, Mr. Abhin Kalathiya, Mrs. Sweta Kalathiya and
Mrs. Vanitaben Hiteshbhai Kalathiya. The firm is engaged in real
estate construction and is currentlu constructing a residential
complex in Palghar district, Maharashtra, under the name Shinning
Villa.


SREE ALANKAR: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sree Alankar (Sree)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         5.25       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

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

Established in 1991, Sree Alankar retails gold and silver
ornaments, utensils, and bullion through its showroom in
Brahmapur. The firm is managed by Mr. Silla Shiva Prasad and Mr.
Silla Vekateshwar.


SRI LAXMI: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Laxmi
Enterprises (SLE) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              0.75      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SLE 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 SLE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLE 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 SLE continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SLE was established as a partnership firm in 2004 by Mr.
Omprakash Agarwal and his family members. It gins and presses raw
cotton at its ginning unit in Adilabad. It currently has four
partners: Mr. Amit Agarwal, Mr. Omprakash Agarwal, Ms. Arti
Agarwal, and Ms. Usha Agarwal.


SRI SARVEJANA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Sarvejana
Cottons Private Limited (SSCPL) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

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

   Long Term Loan         1.5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     3.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Established in 2010, SSCPL is engaged in ginning and pressing of
raw cotton and sells cotton lint and cottonseeds. Based in
Hyderabad (Telangana), the company is promoted by Mr. K.
Srinivasa Rao and Mrs. G. Bhavani.


SUBRAMANIAM BOTTLES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Subramaniam Bottles
LLP (SBL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SBL 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 SBL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBL 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 SBL 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 the rating, CRISIL has combined the business and
financial risk profiles of SBL and Devi Bottles LLP (DBL). This
is because both the entities, together referred to as the Devi
group, have a common management team, and are in the same line of
business, resulting in business synergies.

SBL is a partnership concern based in Thanjavur (Tamil Nadu),
established in 2014 by Mr. V S Natarajan and his wife Ms. N
Sundari. The firm procures and washes old beer bottles and
supplies them to breweries.

DBL, also established in 2014 by Mr. V S Natarajan and Ms. N
Sundari, procures and washes old liquor bottles and supplies them
to distilleries.


SURE SAFETY: Ind-Ra Lowers Issuer Rating to 'D', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sure Safety
Solutions Private Limited's (SSS) Long-Term Issuer Rating to 'IND
D' from 'IND B (ISSUER NOT COOPERATING)'. Simultaneously, Ind-Ra
has reassigned SSS a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- The IND D rating on the INR55.0 mil. Term loan due on March
     2018 are withdrawn;

-- INR35.0 mil. Fund-based working capital limits* downgraded
    and reassigned with IND B-/Stable rating; and

-- INR160.0 mil. (increased from INR105 mil.) Non-fund-based
    working capital limits# downgraded and reassigned with
    IND A4 rating.

* Reassigned 'IND B-'/Stable after being downgraded to 'IND D'

# Reassigned 'IND A4' after being downgraded to 'IND D'

KEY RATING DRIVERS

The downgrade reflects SSS' overutilization of the fund-based
working capital limits during July 2018 for more than 30 days due
to a tight liquidity position.

The reassignment of an 'IND B-' Long-Term Issuer Rating reflects
the company's use of the fund-based facilities was within the
sanctioned limits over the three months ended October 2018.
However, its liquidity position was tight with almost full
utilization of the fund-based facilities during the 12 months
ended October 2018, led by high working capital requirements.

The ratings also factor in SSS' modest EBITDA margin with
negative return on capital employed of 1%, and weak credit
metrics. The EBITDA margin declined to 1.3% in FY18 (FY17: 8.5%)
due to an increase in variable cost. Interest coverage (operating
EBITDA/gross interest expense) deteriorated to 0.3x in FY18
(FY17: 1.1x) and net leverage (total adjusted net debt/operating
EBITDAR) to 21.2x (9.7x) on account of a decline in absolute
EBITDA to INR6.0 million (INR33.0 million)

However, the ratings are supported by a sustained improvement in
the company's revenue due to an increase in orders from the
Ministry of Defence (FY18: INR448.0 million, FY17: INR390.0
million, FY16: INR75 million). Cash flow from operations turned
positive to INR185 million in FY18 from negative INR5 million in
FY17 owing to an improvement in working capital cycle, driven by
a decrease in inventory holding period to 14 days from 300 days.

The ratings also benefit from the promoters' experience of three
decades in supplying safety equipment to the Ministry of Defence.

RATING SENSITIVITIES

Positive: An increase in the EBITDA margin along with an
improvement in the liquidity position will be positive for the
ratings.

Negative: Further deterioration in the liquidity position will be
negative for the ratings.

COMPANY PROFILE

Established in 2004, SSS is an ISO 9001:2008 certified
manufacturer of security equipment such as radar and remote
controlled improvised explosive device, jammers, defence
simulators, training aids, electronic labs, aerial targets
systems, unmanned aerial vehicles, personal safety equipment,
disaster management equipment, among others.


TATA MOTORS: S&P Lowers Long-Term ICR to 'BB-', On Watch Negative
-----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Tata Motors Ltd. to 'BB-' from 'BB'. S&P said,
"We also lowered our long-term issue rating on the company's U.S.
dollar-denominated senior unsecured notes to 'BB-' from 'BB'. All
our ratings remain on CreditWatch with negative implications.
Tata Motors is an India-based automotive company."

S&P said, "We downgraded Tata Motors because we expect the
company's leverage to deteriorate over the next 12-18 months due
to weaker-than-expected performance of its 100%-owned subsidiary
Jaguar Land Rover Automotive PLC (JLR).

"We forecast JLR will have significant negative free operating
cash flows over the next two years, resulting in weak financial
ratios for Tata Motors. We revised our estimates of JLR's free
operating cash outflows to GBP2.0 billion for fiscal 2019 (year
ending March 31, 2019), from GBP1.0 billion earlier, and to
GBP1.8 billion in fiscal 2020, from GBP700 million earlier. This
is after JLR reported free operating cash outflow of GBP2.3
billion in the first-half of fiscal 2019.

"The likely much higher cash outflow at JLR led us to revise our
estimate for Tata Motors' ratio of funds from operations (FFO) to
debt. We now expect this ratio to be 14%-16% in fiscals 2019 and
2020, from about 30%; 25% was our downgrade threshold for a 'BB'
rating. Our revised estimates partly include potential savings
from the company's planned measures to cut costs and improve cash
flows.

"In our view, JLR's higher presence in the U.K. exposes it to the
fall out of a potential "no-deal" Brexit, which could further
diminish the likelihood of a turnaround for the company. In
addition, muted industry sales volumes, increasing aversion to
diesel vehicles, and escalating global trade wars could be
detrimental to JLR's performance, which could put rating pressure
on Tata Motors.

Poor performance in the European and Chinese markets will weigh
on JLR's sales volume despite some improvements in other markets.
In the first seven months of fiscal 2019, volumes grew 10.7% in
the U.K. and 4.7% in the U.S. At the same time, growth was a
negative 10.0% in Europe and negative 26.0% in China. JLR's
overall sales volume growth for the period remained a negative
4.2%. Sales volume, excluding JLR's China joint venture (JV), was
a negative 0.7%, but S&P expects this figure to recover to end
the fiscal year flat. The prospects of JLR's Chinese JV remain
uncertain due to changes in tariffs and a sudden slump in
passenger car demand in the country.

JLR's good slate of upcoming products should help it recover its
lost volumes. The company recently launched its new "Evoque"
model and plans to soon launch its "Defender" model, both of
which could prop up flagging growth. However, overall pressure on
industry sales volumes could result in pricing pressure in the
already intensely competitive luxury car market. S&P expects the
average sales price realization of JLR vehicles to decline by 2%-
5% over the next two years.

Over the next 18 months, JLR plans to cut its operating and
capital costs cumulatively by about GBP2.0 billion. This amount
is equal to 85% of the company's reported EBITDA for fiscal 2018.
The management is likely to target its discretionary marketing
spend, operating overheads, and non-product related capital
costs. JLR's turnaround plan also envisages about GBP0.5 billion
of working capital reduction over that period. The company
expects its EBIT to improve to 4%-7% in fiscal 2019 and beyond,
from 0.5% in the first half of fiscal 2019.

S&P said, "We consider the company's target amount of cost cuts
to be somewhat aggressive. Our base case assumes only about
GBP1.5 billion of such cost cuts and working capital reduction,
albeit over a longer period. We believe such drastic cost cutting
measures in a short period could dampen sales growth or disrupt
the supply chain. In our view, significant sales growth will
remain crucial in achieving positive free operating cash flows in
the future.

"The recent turnaround in Tata Motors' India commercial vehicle
(CV) and passenger vehicle (PV) operations indicates nifty
management amid tough operating conditions. That said, a large
part of that turnaround is also due to the cyclical upswing in
the Indian market. In contrast, industry conditions for JLR are
likely to remain muted, and could even enter a cyclical
downswing. This raises the turnaround hurdle, in our view.

"We expect Tata Motors' well-performing Indian CV operations to
remain supportive of the overall financial position. However,
given the smaller size of these operations relative to JLR, their
good performance may not be able to completely offset the
pressures at JLR.

"The continued CreditWatch with negative implications reflects
the challenges that JLR faces from Brexit, resulting in further
deterioration in JLR's and consequently Tata Motors' financial
position. We aim to resolve the CreditWatch by adjusting our base
case, once we have better visibility on the likely Brexit
outcome, which could happen in the next three months.

"We would lower the ratings if we assess that the chances of an
turnaround in JLR have diminished and consequently Tata Motors'
FFO-to-debt ratio could slip below 12% over a prolonged period.

"We could affirm the ratings if the Brexit outcome limits the
adverse impact on JLR's turnaround, such that Tata Motors' FFO-
to-debt ratio remains above 12% over the next 12-18 months."


THARUN CONSTRUCTION: Ind-Ra Assigns B+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tharun
Construction & Co (TC) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR250.0 mil. Fund-based working capital limits assigned with
     IND B+/Stable/ IND A4 rating; and

-- INR250.0 mil. Non-fund-based working capital limits assigned
     with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect TC's modest scale of operations and short
operating track record. The firm's revenue declined to INR101
million in FY18 from INR272.2 million in FY17 due to the non-
availability of funds, the pending nature of several projects,
and the postponement of certain projects by the government.
However, Ind-Ra expects revenue to rise substantially in FY19, as
TC had an unexecuted order book of around INR1,197.1 million
(11.9x of FY18 provisional revenue) as on November 30, 2018 that
is scheduled to be executed in the next 18 months.

The ratings also reflect order book concentration risk, with a
single project accounting for around 84% of the total unexecuted
order book.

Also, the company's credit metrics were modest in FY18, with
interest coverage (operating EBITDA/gross interest expense) of
13.8x and net leverage (adjusted net debt/operating EBITDAR) of
3.5x. Interest coverage was high as the firm started to utilize
debt since December 2017 only. Despite an increase in debt (and
hence, interest expenses), Ind-Ra expects credit metrics to
remain modest in FY19, with interest coverage of around 3x, due
to a likely rise in revenue and absolute EBITDA.

Moreover, liquidity is tight as CFO was negative in FY18 on
account of change in working capital, mainly due to an increase
in debtor days at year end. Cash & equivalent was INR0.7 million
in FY18 (FY17: INR3.5 million). The average maximum utilization
of fund-based working capital limit was around 78.2% over the
last 11 months ended October 2018. The utilization was
comfortable due to enhancement of fund-based working capital
limit to INR250 million from INR50 million in 2QFY19. The
utilization is expected to rise with increase in the revenue.

The ratings have also taken into consideration the partnership
structure of the business.

The ratings, however, are supported by TC's healthy EBITDA
margins of 9.8% in FY18 with ROCE at 19.8% . The ratings are
further supported by the promoter's experience of around two
decades in the construction segment and established relationships
with customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the revenue and/or EBITDA margin,
leading to stress liquidity and/or deterioration in the credit
metrics on a sustained basis, will be negative for the ratings.

Positive: Any substantial increase in the revenue and EBITDA
margin while maintaining the credit metrics will lead to a
positive rating action.

COMPANY PROFILE

Established in 2016, TC executes civil construction work
(building material) solely for the government of Tamil Nadu.
Civil constructions works are related to hospital, official
quarters, university, school etc.


TRES MERCARI: CRISIL Lowers Rating on INR4cr Loan to B
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tres Mercari Private Limited (TMPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        2.38       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Overdraft             4.00       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects TMPL's heavy dependence on bank lines and
fund support from promoters to repay debt.  Revenue was lower
than expectation and subsequently profitability was negative due
to large overhead costs. The downgrade also reflects TMPL's
deteriorated financial risk profile marked by its negative net
worth and below average debt protection metrics.

The rating continues to reflect the company's small scale of
operation and exposure to intense competition. These weaknesses
are partly offset by the extensive experience of the promoters in
the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operation: Scale remains small with revenue of
INR1.44 crore in fiscal 2018. Intense competition from
unorganised retail players and other brands in similar segments
constrains the company's brand presence in the market.

* Inadequate accruals: As operations are still in the initial
stage, accruals are inadequate to meet repayment obligations.
Consequently, dependence on overdraft limit and promoters' fund
support will be high. However, with the expected increase in
scale of operation, net cash accrual is likely to improve over
the medium term.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 15 years, their in-depth
understanding of the dynamics of the textile industry and
established relations with weavers and other garment
manufacturers should support the business.

Outlook: Stable

CRISIL believes TMPL will benefit from the extensive experience
of its promoters, and healthy prospects of the readymade garments
industry. The outlook may be revised to 'Positive' if timely
commencement and quick ramp-up of operations improves revenue and
profitability. The outlook may be revised to 'Negative' if time
and cost overrun, lower-than-expected operating income or stretch
in working capital cycle weakens financial risk profile.

Incorporated in 2016, TMPL retails women's apparel under brands
such as Zarivastram, Amor Tela, and Navalia. Mr Vamsi Krishna
Yeluri manages the operations.


VIL INTERNATIONAL: CRISIL Lowers Rating on INR10cr LOC to D
------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of VIL
International Private Limited (VIL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating' from 'CRISIL C/CRISIL A4 Issuer Not Cooperating'
as there have been delays in servicing debt.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             4        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL C ISSUER NOT
                                    COOPERATING')

   Letter of Credit        10       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with VIL for obtaining
information through letters and emails dated July 17, 2017,
August 17, 2017 and June 28, 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 VIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on best available information, CRISIL has downgraded the
rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL
C/CRISIL A4 Issuer Not Cooperating' as there have been delays in
servicing debt.

VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.



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


CHINA AUTOMOBILE: Shares Continue to be Suspended
-------------------------------------------------
The Sun Daily reports that trading in the shares of China
Automobile Parts Holdings Limited (CAP) and China Stationery
Limited (CSL) continue to be suspended as the companies have
failed to submit their quarterly reports for the financial year
ended Sept. 30, 2018.

The report says the two companies were to submit their quarterly
reports to Bursa Malaysia within the stipulated timeframe, that
is Nov 30, 2018.

According to Bursa Malaysia, a listed issuer who fails to issue
the outstanding financial statements within five market days
after the expiry of the relevant timeframes, will have their
shares suspended from trading on the next market day, the Sun
Daily relays.

Trading in CAP's shares have been suspended since June 8, 2017
while trading in CSL's shares have been suspended since Dec 5,
2017, the report notes.

The trading suspension of both companies will continue until
further notice, the Sun Daily says.

                      About China Automobile

China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its
subsidiaries, is principally engaged in the manufacturing of
chassis components used in automobiles for transporting goods.
Its product portfolio consists of five categories: wheel-hub
bolts, wheel axles, steel pins, u-bolts and torque-rod bushings.
The Company's products are supplied for aftermarket repair,
maintenance and modification segment, with an emphasis towards
catering for replacement components in heavy commercial vehicles.
The Company's subsidiaries include CAP-HK, an investment holding
company, and FenSun, a manufacturer, marketer and trader of
automobile chassis components.

China Automobile Parts Holdings Ltd slipped into Practice Note 17
(PN17) after its external auditor Messrs PFK expressed an audit
disclaimer of opinion in the company's latest audited financial
statements for financial year ended Dec. 31, 2015 (FY15) on
undisclosed material liabilities.



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


FOWLER HOMES: Reborn Under New Owner Following Liquidation
----------------------------------------------------------
Leighton Keith at Stuff.co.nz reports that a collapsed Taranaki
building firm has been reborn under a new boss after its
predecessor went into liquidation owing creditors more than
NZ$1.2 million.

And Ivan Stanicich has promised to complete the eight builds that
Fowler Homes Taranaki had on its books when it collapsed on
November 9, less than a fortnight after its owner was arrested in
a series of Labour Day drug raids, Stuff relates.

According to Stuff, Mr. Stanicich, the owner of the Christchurch
franchise of Fowler Homes, registered a new company, Fowler Homes
Taranaki Limited, last week with his wife Michelle and has vowed
to re-establish its reputation.

Stuff says the president of Canterbury Master Builders was in New
Plymouth on Dec. 4 meeting with sub-contractors who have been
left out of pocket. His visit followed one last week where he met
with home owners.

"We will finish those houses and I don't believe it's going to
cost any of the clients a dollar," he said.

Fowler Homes Taranaki was placed into liquidation on November 9
after owner Lauchlan James MacMillan was arrested by the region's
organised crime group.

Parent company Fowler Homes New Zealand severed ties with Mr.
MacMillan's business and Ecovis KGA Charter Accountants was
appointed as liquidators.

Stuff, citing first liquidators' report, discloses that
Mr. MacMillan's business had liabilities of NZ$1,210,543 to 84
creditors, while its assets totalled NZ$1,041,442.

This leaves its books NZ$169,101 in the red, but the figure is
expected to increase, Stuff notes.

"What he (MacMillan) has done to his suppliers, contractors and
friends is pretty hard for me to get my head around," Stuff
quotes Mr. Stanicich said as he arrived in New Plymouth.  "That's
why I think it was important for me to have this meeting with
them."

Stuff adds that Mr. Stanicich said work got under way again at
one building site on Dec. 4, was set to resume at another on
Friday and all of the homes would be completed under the Master
Builders 10-year Guarantee.

He said he was grateful to have the support of project manager
Jason Werder during the tough time.

"Without him I would be screwed, I'd be starting from scratch.

"There was always going to be some delays, some pain, some
concern from the clients absolutely but they all said 'please
don't change the contractors, we are really happy with the work
that they've done. Don't change them, don't change Jason'."

He hoped the partnership would be able to re-establish Fowler
Homes as a leading light in the region's building industry, the
report adds.



MAHANA ESTATES: Owner Ordered to Pay NZ$3.3MM to Las Vegas Execs
----------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that the owner of a Nelson
vineyard has been ordered to pay US$2.3 million (NZ$3.3 million)
to two Las Vegas executives.

Glenn Schaeffer, an American-born hotelier who formerly headed
the Mandalay Resort group in the US, is the majority shareholder
of Mahana Estates -- one of New Zealand's biggest winery-based
tourism and hospitality operations, the Herald notes.

For the past three years Mr. Schaeffer -- who has given
substantially to the arts in New Zealand -- has been battling a
High Court lawsuit brought against him by James Murren and Daniel
Lee, according to the Herald.

Mr. Murren is chief executive of MGM Resorts International, a
multi-billion dollar Las Vegas hospitality business, while
Mr. Lee is also the boss of a casino company in the same city.

The Herald relates that Messrs. Murren and Lee said they and
others discussed forming a partnership with Schaeffer that would
own a vineyard and winery.

After a 2008 approach from Schaeffer, Mr. Murren said he and his
trust had personally paid Mr. Schaeffer US$1.6 million (NZ$2.3
million) and Lee said he paid US$700,406. The pair alleged false
representations were made to them that they would be part owners
of the vineyard, the report relays.

In a just-released judgment, Justice David Collins ruled
Mr. Schaeffer made negligent misstatements to Messrs. Murren and
Lee and is liable for them, the Herald says.

"I have also concluded that Mr Schaeffer is liable in relation to
causes of action brought under the Fair Trading Act 1986 and the
Nevada Deceptive Trade Practices Act," the Herald quoted Justice
Collins as saying.  "None of the affirmative defences alleged by
Mr Schaeffer have merit. Accordingly, I find Mr Schaeffer is
liable for the damages sought plus interest. Judgment is entered
in favour of Mr Murren for US$1,600,813.92 plus interest and USD
700,406.96 plus interest for Mr Lee," Justice Collins said.

Their long-running High Court case concluded on November 7, but
it could be the new year before a verdict is delivered, the
Herald states.

Mahana is on the market for sale and was tipped into receivership
in September, the report notes.


MAHANA ESTATES: Owes Rabobank NZ$3.2 Million, Receivers Say
-----------------------------------------------------------
NZ Herald reports that the troubled Mahana Estates Winery in
Nelson owes the bank NZ$3.2 million, receivers say.

According to the Herald, the property is on the market for sale
and was tipped into receivership in September after struggling
for three years with a lawsuit brought by Las Vegas casino moguls
against its sole director and majority shareholder, Glenn
Schaeffer.

In their first report this week, receivers said the business owed
about NZ$20 million to a related company that developed the
vineyard and winery. Rabobank was also owed NZ$3.2 million, the
receivers from KordaMentha said.

Trade creditors are owed a further NZ$223,000 and employees are
claiming NZ$41,696.

The Herald relates that the receivers are selling Mahana's 21ha
vineyard planted in pinot noir, pinot gris, riesling and
chardonnay; a 1589sq m winery, a cellar door tasting room and
retail outlet designed as an a-la-carte restaurant and a
commercial grade event venue.

Two other real estate assets involved with Mahana's operations
are being sold by its owners. Those tenders also close on
December 12, the Herald says. The assets include a 9ha sauvignon
blanc vineyard in the nearby region of Hope and an upmarket lodge
with three residences capable of accommodating 14 guests at a
time.


================
S R I  L A N K A
================


NATIONAL SAVINGS: S&P Lowers Long-Term ICR to B; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on National Savings Bank (NSB) and People's Leasing
& Finance PLC (PLC) to 'B' from 'B+'. At the same time, S&P
affirmed the long-term issuer credit rating on DFCC Bank at 'B'.
The outlooks on the long-term ratings are stable. In addition,
S&P affirmed its 'B' short-term issuer credit rating on all the
three entities.

S&P said, "We also lowered the issue rating on NSB to 'B' from
'B+'; PLC has no outstanding debt securities.

"We lowered the long-term issuer credit rating on NSB and PLC to
reflect S&P Global Ratings' view that the Sri Lankan banking
sector is facing escalated stress following political turmoil,
slowdown in pace of reforms, and slower economic growth than we
expected. We affirmed the ratings on DFCC despite the higher risk
from the operating environment because the bank's capital
assessment already captures these risks at the current rating
level.

"We lowered the sovereign rating on Sri Lanka based on our
assessment that the current political standoff has weakened the
sovereign's external financing conditions and reduced the
likelihood that further reforms will improve Sri Lanka's
macroeconomic fundamentals and institutionalize sustainable
policy frameworks over the next 12-18 months. The downgrade also
factors in weakening of the sovereign's external position given
that weak rupee and rising bond yields have reduced the
government's ability to access international capital markets. We
also believe that the Sri Lankan government no longer has the
financial ability to provide extraordinary support to its banking
system in a stress scenario.

"We consider it unlikely that Sri Lankan financial institutions
would be immune to rising credit pressure on the sovereign and
the broader operating environment. In our view, this weakened
external position of the sovereign has heightened imbalances in
the operating environment for the banks. We expect the external
financing pressure faced by the sovereign to hurt the broad
economy, including the banking system. This accentuates the
economic risk for banks in Sri Lanka. Continued high loan growth
at about 16% (annualized) for first half of 2018, despite the
economy slowing down sharply to 3.3% (in 2017), adds to the
imbalance.

"We have witnessed increasing credit stress for banks in Sri
Lanka, partly due to lower-than-expected GDP growth. The asset
quality for these banks has deteriorated more than we expected.
The banks' nonperforming loans (NPLs) rose to 3.6% by end-August
2018, from 2.5% at end-2017 (compared with our expectation of 3%-
3.2% by end-2018). Slower GDP growth, a depreciating rupee, and
rising interest rates have partly contributed to this increase.
Given the heightening economic risk, we expect NPLs to rise
further to 4.5%-5% over the next 12-18 months, but remain within
our tolerance level for a BICRA 9 system."

The increased economic risk would also require banks to maintain
higher risk-adjusted capital to take care of the additional risk
in the system.

Sri Lankan banks are already seeing higher pricing for their
external funding, which could negatively affect their
profitability. S&P believes the large state-owned banks may be
required to tap the external markets at higher costs to finance
the sovereign's bond repayments. In a low-probability and high-
impact downside scenario, if the political turmoil escalates or
prolongs, uncertainty could spread to the banking sector and
cause funding stress or liquidity outflows.

PEOPLE'S LEASING & FINANCE PLC

The rating on PLC reflects the credit profile of the People's
Bank group, of which PLC is a core entity. The rating on PLC is
equalized with the group's credit profile.

S&P said, "We have revised PLC's stand-alone credit profile
(SACP) to 'b' due to the worsening operating environment. PLC's
dependence on wholesale funding and its concentration in
commercial vehicle financing also constrain the rating. The
company's moderate capital and earnings temper these weaknesses.

"The stable outlook on PLC reflects our expectation that PLC will
remain a core entity of the People's Bank group at least for the
next 12 months because commercial vehicle leasing will remain a
large and profitable business for the group.

"We don't see any upside potential for the rating over the next
12 months.

"We may downgrade PLC if the People's Bank group's capitalization
reduces substantially."

NATIONAL SAVINGS BANK

S&P said, "The rating on NSB reflects our view that the Sri
Lankan government will almost certainly provide extraordinary
support to the bank in a stress situation.

"We have revised NSB's SACP to 'b' from 'b+', due to the
worsening operating environment. Our assessment of the SACP
benefits from the bank's superior funding and liquidity metrics.
A statutory guarantee on 100% of deposits and a requirement to
invest 60% of deposits in government securities support the
bank's liquidity and funding. NSB's low risk-adjusted capital
ratio tempers the strength."

The stable outlook on NSB reflects the outlook on its parent, the
government of Sri Lanka. S&P expects the bank's critical role and
link to the government to remain unchanged over the next 12
months.

The most likely change (up or down) to S&P's rating and outlook
on NSB will be from a change in the creditworthiness of the
government of Sri Lanka.

DFCC BANK

The rating on DFCC reflects the Sri Lanka-based bank's limited
deposit base and weak capitalization. DFCC's satisfactory
business position, earnings, and asset quality temper these
weaknesses. S&P assesses the bank's SACP as 'b'.

S&P said, "Our stable outlook on DFCC Bank reflects our view that
the bank will maintain its credit profile despite tough operating
conditions in Sri Lanka over the next 12 months.

"We may lower the rating on DFCC if the bank's risk-adjusted
capital ratio declines below 3%. This could happen if DFCC's
profitability is lower or if its loan growth exceeds our
expectations.

"We are unlikely to upgrade DFCC over the next 12 months."

  BICRA SCORE SNAPSHOT
  Sri Lanka

                                To                From
  Anchor                        b+                bb-
  BICRA Group                   9                 8
  Economic risk                 9                 8
   Economic resilience          Very high risk    Very high risk
   Economic imbalances          Very high risk    High risk
   Credit risk in the economy   Very high risk    Very high risk
  Industry risk                 8                 8
  Institutional framework       Very high risk    Very high risk
   Competitive dynamics         High risk         High risk
   System-wide funding          Very high risk    Very high risk
  Trends
   Economic risk trend          Stable            Stable
   Industry risk trend          Stable            Stable
  Government Support            Uncertain         Supportive

  RATINGS SCORE SNAPSHOT

  National Savings Bank
                               To                From
  Anchor                       b+                bb-
  Business position            Adequate (0)      Adequate (0)
  Capital and earnings         Very weak (-2)    Very weak (-2)
  Risk position                Adequate (0)      Adequate (0)
  Funding                      Above avg (+1)    Above avg (+1)
  Liquidity                    Strong            Strong
  SACP                         b                 b+
  Support                      0                 0
  Group                        0                 0
  GRE support                  Critical/         Critical/
                               Integral (0)      Integral (0)
  Additional factors           0                 0

   Issuer credit rating         B/Stable/B        B+/Stable/B


  People's Leasing & Finance PLC
                               To               From
  Anchor                       b-               b
  Business position            Strong (+1)      Strong (+1)
  Capital and earnings         Moderate (0)     Adequate (0)
  Risk position                Adequate (0)     Adequate (0)
  Funding                      Adequate (0)     Adequate(0)
  Liquidity                    Adequate         Adequate
  Comparable Rating Analysis   0                0
  SACP                         b                b+
  External Influence           0                0
  Group Influence              0                0
  Government Influence         0                0
  Guarantees or
   Other External Influences   0                0
  Issuer credit rating         B/Stable/B       B+/Stable/B

  DFCC Bank

                              To                 From
  Anchor                      b+                 bb-
  Business position           Adequate (0)       Adequate (0)
  Capital and earnings        Weak (0)           Weak (-1)
  Risk position               Adequate (0)       Adequate (0)
  Funding                     Below avg (-1)     Below avg (-1)
  Liquidity                   Adequate           Adequate
  SACP                        b                  b
  Support                     0                  0
  Group                       0                  0
  GRE support                 0                  0
  Additional factors          0                  0
  Issuer credit rating        B/Stable/B         B/Stable/B


SRI LANKA: Fitch Downgrades LT FC IDR to B, Outlook Stable
----------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Foreign-
Currency Issuer Default Rating (IDR) to 'B' from 'B+', with a
Stable Outlook.

KEY RATING DRIVERS

The downgrade reflects heightened external refinancing risks, an
uncertain policy outlook, and the risk of a slowdown in fiscal
consolidation as a result of an ongoing political crisis
following the President's sudden replacement of the Prime
Minister on October 26, 2018.

Fitch believes the ongoing political upheaval, which has
disrupted the normal functioning of parliament, exacerbates the
country's external financing risks, already challenged by the
tightening of global monetary conditions amid a heavy external
debt repayment schedule between 2019 and 2022. Investor
confidence has been undermined, as evident from large outflows
from the local bond market and a depreciating exchange rate. The
sovereign's foreign currency-denominated debt repayments
(principal and interest), as of end-September 2018 are about
USD20.9 billion between 2019 and 2022, while its foreign-exchange
reserves are currently about USD7.5 billion.

The authorities plan to raise funds through a combination of
bilateral and commercial borrowing and the exercise of foreign-
currency swaps, but there are risks to this strategy that could
arise from a prolonged period of political uncertainty
accompanied by an adverse shift in investor sentiment. In
addition, the benefits from the government obtaining
parliamentary approval for an Active Liability Management Bill in
October - which raises its borrowing limit and could help smooth
upcoming debt maturities - are unlikely to materialise if the
political standoff continues.

Fitch expects fiscal slippages as the current political climate
is likely to lead to delays in setting policy priorities and to
disrupt progress on future reforms. The 2019 budget has already
been pushed back, while the IMF programme has been put on hold.
The agency now expects the budget deficit for 2019 and 2020 to be
closer to 5% of GDP, up from 4.0% of GDP in 2019 - forecast at
the time of its previous review. The political strife has also
exacerbated a depreciation of the Sri Lankan rupee, which had
weakened in 2018 by around 17% against the US dollar up until
end-November, contributing to a deterioration in the debt profile
- with about half the debt denominated in foreign currency. Fitch
has therefore revised up its general government debt-GDP forecast
to over 80% by end-2018, from 77.2%. Fitch believes a speedy
resolution of the political situation and a return to credible
macroeconomic policies could eventually lower fiscal risks.

Sri Lanka's 'B' IDR also reflects the following key rating
drivers:

Greater exchange-rate flexibility provides a cushion for external
finances against shocks. The shift towards more flexibility since
2H15 has helped restore foreign reserve levels, which had fallen
to around USD6 billion in 2016. This is despite a weak external
balance sheet, characterised by high net external debt, the
sovereign's large net debtor position and weak international
liquidity.

Fitch expects the current account deficit to gradually narrow to
3.4% of GDP by 2020, after widening to 3.7% of GDP in 2018. Its
forecasts are based on growth remaining subdued and oil prices
recovering moderately. Fitch forecasts oil prices averaging
USD65/barrel (bbl) in 2019 and USD57.5/bbl in 2020. Downside
risks to its forecasts remain, possibly stemming from a shift
towards expansionary fiscal and monetary policies or weaker-than-
expected export performance.

Monetary policy has been geared towards maintaining macro-
stability, under the framework of the IMF programme that began in
2016. The Central Bank hiked its main policy interest rates
earlier in December 2018, raising the deposit rate by 75bp and
the lending rate by 50bp while reducing the Statutory Reserve
Ratio (SRR) applicable on all rupee deposit liabilities of
commercial banks by 1.50 percentage points, to 6 percent.
Inflation has been falling steadily this year after weather
disruptions pushed up food prices, lifting inflation to 7.7% in
2017, and the agency expects headline inflation to average less
than 3%. The authorities' planned shift towards flexible
inflation targeting could enhance monetary policy credibility.

Under Fitch's baseline assumptions, Fitch forecasts overall
government debt-GDP to decline marginally in 2019 and 2020, but
to remain above 80%, which is far higher than the peer median.
Previous revenue reforms such as the VAT rate hike in 2015 and a
new Inland Revenue Act effective from April 1, 2018 partly
support its expectation of continued primary surpluses, and hence
declining debt ratios. Nevertheless, there are downside risks to
these assumptions, possibly arising from either a reversal of tax
reforms and/or a shift towards more populist policies.

Macroeconomic performance is likely to remain comparatively weak.
Growth slowed to 3.3% in 2017 following droughts and floods, and
Fitch expects a recovery to 3.7% in 2018. Fitch forecasts growth
in 2019 and 2020 to remain below 4%, given the uncertain
political and policy outlook. Supportive factors include a
recovery in the agriculture sector and construction activity
related to some commercial and real-estate and infrastructure
projects. Remittances are likely to remain supportive of domestic
demand.

Sri Lanka's basic human development indicators, including
education standards, are high compared with the 'B' and 'BB'
medians, as indicated by the United Nations Human Development
Index Score. Sri Lanka is in the 60th percentile against the
historical 'B' median's 40th percentile. Furthermore, the
country's per capita income at USD4,043 (Fitch estimates as of
end-2018) is higher than its historical 'B' median of USD3,422.

Fitch's outlook for the banking sector remains negative, based on
the expectations that operating conditions are likely to remain
difficult. In its view, the challenging domestic and external
conditions are likely to affect banks' performance through 2019,
mainly on asset quality. Credit risks are likely to linger in
2019, as reflected in a rise in rescheduled loans across banks
alongside a surge in NPLs in 2018. Capital-raising could continue
in 2019 among banks that plan to/need to strengthen capital
buffers, but banks could face execution risks in light of the
macro instability.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Sri Lanka a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the
SRM to arrive at the final Long-Term Foreign-Currency IDR by
applying its qualitative overlay (QO), relative to rated peers,
as follows:

  - External Finances: -1 notch to reflect high refinancing needs
and greater uncertainty surrounding financing availability in the
short term, as well as a relatively low level of FX reserves
which leave the external position vulnerable to any adverse shift
in investor sentiment.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The main factors that individually, or collectively, could
trigger a positive rating action are:

  - Improvement in external finances supported by higher non-debt
inflows, or a reduction in external sovereign refinancing risks
from an improved liability profile

  - Improved policy coherence and credibility

  - Stronger public finances underpinned by a credible medium-
term fiscal strategy

The main factors that, individually or collectively, could
trigger negative rating action are:

  - Further increases in external funding stresses that threaten
the ability to repay external debt

  - Continued political uncertainty that contributes to a loss of
investor confidence, possibly affecting the macroeconomic outlook

  - A deterioration in policy coherence and credibility that
leads to an increase in general government debt and deficit
levels

KEY ASSUMPTIONS

  - Global economic outcomes are consistent with Fitch's latest
Global Economic Outlook

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR downgraded to 'B' from 'B+';
Outlook Stable

Long-Term Local-Currency IDR downgraded to 'B' from 'B+'; Outlook
Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Short-Term Local-Currency IDR affirmed at 'B'

Country Ceiling downgraded to 'B', from B+

Issue ratings on long-term senior unsecured foreign-currency
bonds downgraded to 'B' from 'B+'

Issue ratings on long-term senior unsecured local-currency bonds
downgraded to 'B' from 'B+'

Issue ratings on short-term senior unsecured local-currency bonds
affirmed at 'B'


SRI LANKA: S&P Lowers Long-Term SCR to B on Political Uncertainty
-----------------------------------------------------------------
On Dec. 4, 2018, S&P Global Ratings lowered its long-term
sovereign credit rating on Sri Lanka to 'B' from 'B+'. S&P said,
"We also revised down our transfer and convertibility risk
assessment on Sri Lanka to 'B' from 'B+'. At the same time, we
affirmed the short-term rating at 'B'. The outlook on the long-
term rating is stable."

S&P lowered its rating on Sri Lanka based on its assessment that
the current political standoff has weakened the sovereign's
external financing conditions and reduced the likelihood that
further reforms will improve Sri Lanka's macroeconomic
fundamentals and institutionalize sustainable policy frameworks
over the next 12-18 months.

OUTLOOK

S&P said, "The stable outlook reflects our view that the Sri
Lanka economy will continue its cyclical recovery over the next
12 months as the effects from weather-related disruptions
dissipate. This also takes into account our expectation for the
government to meet its upcoming debt redemptions in 2019.

"We could lower our ratings further if the fiscal policy path
deviates significantly from our current projections, leading to a
more rapid increase in net general government debt. This could
further lower confidence and affect the government's access to
external financing. If the political standoff results in
significant disruptions to economic performance, such that the
medium-term growth forecast is lowered substantially, we could
also lower our ratings.

"Conversely, we could raise our ratings if the political
environment recovers substantially, allowing for more predictable
adoption and implementation of important reforms. We could also
raise our ratings in the event that economic growth significantly
outperforms expectations, supporting a sustained improvement in
other key metrics.

RATIONALE

S&P said, "In our view, Sri Lanka's policymaking environment has
eroded after the dismissal of Prime Minister Ranil Wickremesinghe
in October. Deep divisions between political factions have
weakened the government's ability to adopt and implement key
policies. We believe the fractious policymaking environment will
persist, even if the current political standoff ends. This means
that the legislative process for structural reform, including the
institutionalization of an amended fiscal rule, the formulation
of a medium-term debt management plan, and sustained energy
subsidies reform, may slow even further.

"Nevertheless, we believe the Sri Lankan economy will continue to
recover modestly, following substantial weather-related
disruptions in 2016-2017. However, the pace of recovery is likely
to be affected by the heightened political uncertainty. In
particular, foreign direct investment into Sri Lanka will
probably be hindered.

Institutional and Economic Profile: Political standoff increased
policy and economic uncertainty

-- Disruptions following the sacking of the prime minister have
    increased policy uncertainty and undermined the reform agenda
    championed by the previous coalition government.

-- The current political standoff underscores the fragility of
    Sri Lanka's institutional profile despite progress in passing
    the Inland Revenue Act (IRA) and other reform measures over
    the past few years.

-- Sri Lanka's lower-middle income level also remains a rating
    constraint.

The surprise dismissal of the prime minister, the subsequent
appointment of a new cabinet by the president, and collapse of
the ruling coalition have ignited turmoil in the country and
sparked widespread protests against and in support of the
appointed prime minister, Mahinda Rajapaksa. Political
uncertainty has escalated dramatically with separate political
factions laying claim to different parts of the government.
Opponents of the president have rejected the new prime minister
and cabinet appointments, while supporters have rejected the
Parliament's no-confidence motions against Rajapaksa. The
government has been generally unable to adopt and pass measures
since the onset of the political crisis, and the willingness and
ability to implement economic policy is curtailed.

The highly polarized political landscape underscores the weakness
of Sri Lanka's institutional settings, which remains a constraint
on ratings. The current crisis has exposed several weaknesses and
gaps in the country's legal and institutional framework. S&P
believes the political uncertainty will persist for some time
because there is currently no consensus on major decisions taken
by key political leaders.

Deep-rooted divisions among the different political factions
imply that any new coalition government formed by the existing
political parties will have a fractious working relationship.
This will complicate the process in passing difficult reforms,
such as those on fiscal rule and energy subsidies, and
legislative changes to strengthen the constitutional and legal
frameworks.

Sri Lanka's growth outlook fares slightly better than its
political outlook, though not strong enough to differentiate the
economy from those of other sovereigns at a similar level of
development. After two years of slow growth stemming from largely
weather-related disruptions to the agriculture sector, the
economy should see some cyclical recovery driven by agricultural
output and stable performances in the specialized garment
industry, where Sri Lanka has some comparative advantage.
Tourism, a growing sector in Sri Lanka, is likely to contribute
further to export earnings.

S&P estimates real per capita income to reach US$4,046 in 2018,
with real GDP growth averaging 4.3% in 2018-2021. This translates
to 3.6% growth in real GDP per capita over the same period.
However, the political situation could dampen this projected
growth trajectory significantly, because the uncertainty and
security risks are likely to weigh on business investment and
tourism receipts.

Flexibility and Performance Profile: External metrics have
deteriorated and risks to fiscal performance have intensified

-- Sri Lanka's external position has declined, given the weak
    rupee and rising bond yields have reduced the government's
    ability to access international capital markets.

-- S&P expects fiscal consolidation to be maintained, but the
    pace may slow despite modest revenue boost from the IRA. Debt
    stock and interest servicing costs remain very high, and will
    continue to constrain the ratings.

-- Institutional capacity at the central bank is improving.
    Nevertheless, the central bank is coming under increasing
    strains due to limited reserves and exchange rate pressures.

Persistent deficits in Sri Lanka's fiscal and external positions
have been rating constraints. The general government's high debt
limits its ability to accumulate policy buffers, which are
crucial in times of stress. The government's external position
has weakened further over the past year. Additionally, yields on
dollar-denominated sovereign bonds have surged by approximately
200 basis points since July, reflecting a marked deterioration in
the government's ability to access affordable external financing,
particularly through commercial means.

The Sri Lankan rupee has depreciated significantly in the second
half of 2018, initially due to contagion effects from the global
emerging market rout. This was exacerbated by the political
uncertainty following the prime minister's sacking. With more
than 40% of public debt denominated in foreign currency, the
external position is sensitive to further adverse exchange rate
movements.

S&P said, "We forecast the current account deficit to reach 2.9%
of GDP in 2018, similar to 2017. The recovery in agricultural
exports has been offset by a higher import bill associated with
higher oil prices and automobile imports. We expect the deficit
to narrow slightly until 2021, particularly if remittances from
Sri Lankans living in the Gulf States improve due to strong oil-
related income." Risks to this outlook are mainly on the
downside, as services exports could underperform if the political
volatility persists and security concerns deepen.

Sri Lanka's external liquidity, as measured by gross external
financing needs as a percentage of current account receipts (CAR)
plus useable reserves, is projected to average 120% over 2018-
2021. Improvements to this trajectory are limited due to the
pressure on the currency. S&P also forecasts that Sri Lanka's
external debt (net of official reserves and financial sector
external assets) will average 157% of CAR from 2018-2021, a
deterioration from 143% in 2017.

S&P said, "In our baseline scenario, we believe the Sri Lanka
government will continue on a fiscal consolidation path. However,
the pace of consolidation may be slower than previously envisaged
under the Fourth Review of the IMF Program. The passage of the
IRA in April 2018 has been an important reform achievement for
the government; we expect this to provide a structural boost to
government revenues starting 2019 due to the gradual broadening
of the tax base and increased tax compliance. We forecast the
annual growth in net general government debt to average 5.7% of
GDP for 2018-2021."

The pace of reducing the government's high debt stock is likely
to be slow, given the high servicing costs and weaker projections
for fiscal consolidation. However, as the government has limited
recourse to international capital markets, the funds needed to
meet its substantial upcoming debt redemptions in 2019 will
likely come from bilateral and multilateral sources, or the
central bank's foreign reserves, as a last resort. S&P said, "We
estimate net general government debt to reach 78% of GDP in 2018.
This will only decline to 73% in 2021, in our view. Meanwhile, we
project that general government interest expenditures will
account for 38% of government revenues in 2018. This is the
third-highest ratio among the sovereigns we currently rate,
trailing only Lebanon and Egypt. We expect this ratio to fall to
32% in 2021."

The current political standoff poses a significant challenge to
this projected fiscal trajectory. Part of the uncertainty could
be alleviated by the conclusion of the Fifth Review of the IMF
Program, which will also unlock another tranche of the IMF EFF
disbursements (about US$252 million), easing some of the near-
term external liquidity pressures. If the fiscal policy
trajectory deviates significantly from our current forecasts,
such that the change in net general government debt accelerates,
this could exert further downward pressure on the ratings.

S&P assesses the government's contingent liabilities from state-
owned enterprises and its relatively small financial system as
limited, but risks are rising. The approval of an automatic fuel
pricing formula is an important plank in energy subsidies reform
to reduce fiscal risks from the Ceylon Petroleum Corp. and Ceylon
Electricity Board, which are key state-owned enterprises.
However, the effectiveness of this formula in generating fiscal
savings depends on the passage of an automatic formula on
electricity pricing as well. Without this second step in energy
subsidies reform, the risks to the financial sustainability of
Ceylon Electricity Board could intensify and increase the burden
on the government's resources. At the same time, the national
financial sector has a limited capacity to lend more to the
government without possibly crowding out private-sector
borrowing, owing to its large exposure to the government sector
of more than 20%.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.



                             *********

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
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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
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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