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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

          Monday, December 10, 2018, Vol. 21, No. 244

                            Headlines


A U S T R A L I A

AIMS PROPERTY: Unitholders Reject Wind-up Bid
ANCHOR HYDRAULIC: Second Creditors' Meeting Set for Dec. 17
ANSON SOLUTIONS: First Creditors' Meeting Set for Dec. 17
APPSTER: App Development Company Collapses Into Liquidation
BLUESTONE CBA: Fitch Affirms 'Bsf' Rating on Class F Notes

CLOCK TOWER: Second Creditors' Meeting Set for Dec. 14
HEIDENS HARDWARE: First Creditors' Meeting Set for Dec. 18
LTG LINE: First Creditors' Meeting Set for Dec. 17
PEPPER RESIDENTIAL No.22: S&P Assigns B Rating to Class F Notes
PROFESSIONAL FREDDY: First Creditors' Meeting Set for Dec. 17

PSYCHE HOLDINGS: Second Creditors' Meeting Set for Dec. 14
XANTERRA PTY: First Creditors' Meeting Set for Dec. 14


B A N G L A D E S H

BANGLADESH: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable


C H I N A

CHINA AUTOMATION: S&P Raises Long-Term ICR to 'CCC', Outlook Neg.
ENN ECOLOGICAL: Moody's Assigns Ba2 CFR, Outlook Stable
LOGAN PROPERTY: Fitch Assigns BB-(EXP) Rating to USD Sr. Notes
YINGDE GASES: S&P Hikes LT ICR to 'B+' on Improving Leverage


I N D I A

AMAR RICE: CRISIL Assigns B+ Rating to INR5.4cr Cash Loan
ANNAI POWER: Ind-Ra Affirms BB LT Issuer Rating on INR120MM Loan
AVANTIS DREAM: CRISIL Assigns B+ Rating to INR63cr Term Loan
AXIS GARMENT: ICRA Maintains 'D' Rating in Not Cooperating
BABA SANTINATH: CRISIL Assigns B+ Rating to INR5cr Cash Loan

BALAJI OIL: Ind-Ra Affirms 'BB' Rating on INR30MM Loan
CDR PROJECTS: ICRA Cuts Rating on INR6.21cr Loan to B+, Not Coop.
CHANDRA MODERN: CRISIL Reaffirms B Rating on INR34cr Term Loan
DILIGENT SCM: ICRA Migrates 'D' Rating in Not Cooperating Cat.
GARG INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

GEN NEXT: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
GOLD STAR: ICRA Maintains 'D' Rating in Not Cooperating
GPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
H. S. WEAVERS: ICRA Maintains 'B' Rating in Not Cooperating
JAIBALAJEE MARMOGRANI: CRISIL Assigns B+ Rating to INR6.4cr Loan

KOHINOOR HATCHERIES: Ind-Ra Withdraws BB+ Long Term Issuer Rating
MANDAR ROLLER: ICRA Maintains 'B' Rating in Not Cooperating
MILANO PAPERS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
ORISSA CONCRETE: ICRA Maintains 'D' Rating in Not Cooperating
PRABHUNATH PRASAD: Ind-Ra Moves BB LT Rating to Non-Cooperating

RAJARATNA MILLS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
RAJRANI STEEL: ICRA Withdraws B- Rating on INR13cr LT Loan
RHC HOLDING: NCLT Refuses to Admit Firm Into Insolvency
RR COTTON: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
SARAF TRADING: Ind-Ra Raises Long Term Issuer Rating to 'B-'

SCS CONSTRUCTIONS: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
SHREEDHAR MILK: CRISIL Maintains D Rating in Not Cooperating
SHRI RAM: ICRA Lowers Rating on INR48cr Bank Loan to B+
SRI RAM TRADERS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
SRI RAMA: ICRA Maintains B- Rating in Not Cooperating Category

ST. JOSEPH'S EDUC: CRISIL Moves B+ Rating From Not Cooperating
TARADE BROTHERS: CRISIL Lowers Rating on INR4cr Bank Loan to D
UNIFOUR DEVELOPERS: CRISIL Moves B+ Rating From Not Cooperating
VIKRANT ISPAT: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
ZURI HOSPITALITY: ICRA Reaffirms B+ Rating on INR4cr LT Loan


J A P A N

PIONEER CORP: Baring Private Buys Firm for $904 Million


S I N G A P O R E

NOBLE GROUP: May File for U.K. Insolvency Procedure


S R I  L A N K A

NATIONAL SAVINGS: Fitch Downgrades LT IDR to B; Outlook Stable
SRI LANKA INSURANCE: Fitch Cuts IFS Rating to B, Outlook Stable
SRI LANKA TELECOM: Fitch Lowers LT IDR to B, Outlook Stable
SRI LANKA TELECOM: S&P Cuts Long-Term ICR to 'B', Outlook Stable
SRILANKAN AIRLINES: Fitch Cuts Rating on US$175MM Bonds to 'B'


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A U S T R A L I A
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AIMS PROPERTY: Unitholders Reject Wind-up Bid
---------------------------------------------
Annabeth Leow at The Business Times reports that unitholders
voted against a winding-up of dual-listed AIMS Property
Securities Fund by a six-point unit-holding margin on Dec. 7,
according to an update from the manager.

According to the report, the resolution was voted down by
stakeholders with a collective interest of 44.36 per cent in the
fund -- with unitholders representing a 38.3 per cent interest in
favour of the winding-up -- at a meeting in Sydney.

AIMS Capital Management, which shares a parent with the fund
manager, divested its stake in the company on Dec 5, the report
discloses citing a bourse filing released later on Dec. 7. The
units were sold for AUD14 million (S$13.8 million), or AUD1.57
apiece, to a fund in an off-market transaction on Dec 5 -
slashing the effective stake of fund-related entities from 41 per
cent to roughly 21 per cent, the report says.

Claud Chaaya, the manager's director of property funds
management, confirmed in an email to The Business Times that AIMS
leaned on its entire voting block for the winding-up resolution.
This is the same tactic that it used during a previous attempt to
scrap the fund.

Also on the agenda was a successful resolution directing the
manager to have the fund rated by an appropriate agency and to
undertake a strategic review of the fund's investment strategy
and policy, the report relays.

The Business Times notes that the clash over the fund's future
was scheduled just days ahead of another wind-up vote, organised
by a team-up of disgruntled unitholders, which is still set to be
held on Dec. 10.

The meeting on Dec. 7 was called by the fund's responsible
entity, AIMS Fund Management, the report notes.

According to The Business Times, Samuel Terry Asset Management
and Sandon Capital Investments, which together control 18.6 per
cent of the fund, have raised publicly concerns such as the
fund's portfolio allocation to related-party investments, as well
as how the counter is trading at a discount to net asset value.

But Samuel Terry's previous bid to wind up the fund was foiled in
January 2017, with AIMS Capital Management voting as a block with
its controlling stake, the report says.

Aims Property Securities Fund (ASX:APW) is an Australia-based
diversified real estate securities fund, investing across a range
of unlisted and listed property trusts. The investment objective
of the Fund is to provide investors with regular quarterly income
and the potential for long term capital growth. The Fund invests
in a portfolio of property related securities diversified by
sectors, geographic locations and fund managers. Its portfolio
includes in sectors, such as office, industrial, childcare,
retail and healthcare, and in geographic locations, including
Victoria, Queensland, New South Wales, Australian Capital
Territory and Western Australia, among others. The Fund invests
in unlisted and listed property funds that covers around 11
different property related investments and manages around six
different specialist property investment managers. The Fund
manager is AIMS Fund Management Limited.


ANCHOR HYDRAULIC: Second Creditors' Meeting Set for Dec. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Anchor
Hydraulic Services Pty Ltd has been set for Dec. 17, 2018, at
11:00 a.m. at the offices of FTI Consulting, at Level 47, Central
Park, 152-158 St Georges Terrace, in Perth, 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. 14, 2018, at 5:00 p.m.

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


ANSON SOLUTIONS: First Creditors' Meeting Set for Dec. 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Anson
Solutions R & D Pty Ltd will be held at Suite 1103, Level 11
147 Pirie Street, in Adelaide, SA, on Dec. 17, 2018, at
10:30 a.m.

Dominic Charles Cantone and Nicholas David Cooper of Worrells
Solvency were appointed as administrators of Anson Solutions on
Dec. 5, 2018.


APPSTER: App Development Company Collapses Into Liquidation
-----------------------------------------------------------
Dominic Powell at SmartCompany reports that multimillion-dollar
app development company Appster has collapsed into liquidation,
with business owners allegedly left empty-handed with unpaid
refunds and poorly built apps.

A former golden child of the Australian startup and tech scene,
Appster was once hailed as the 'next Apple' by commentators due
to the company's intense growth, boasting over $19 million in
revenue and more than 400 staff across four international offices
prior to its collapse, SmartCompany says.

However, on Dec. 7 the Australian arm and headquarters of the
company has been placed into liquidation, appointing
administrator Paul Vartelas of BK Taylor & Co liquidators to
manage the process, according to SmartCompany.

Speaking to SmartCompany, Mr. Vartelas confirmed the business'
liquidation said the main reason for the business' collapse was
due to a "sharp drop" in work available over the last six months,
leading to the business missing targets and losing revenue.

"The two directors are very young people, obviously highly
successful, but both are really devastated," SmartCompany quotes
Mr. Vartelas as saying.  "They tell me it happened very quickly,
everything was normal but then suddenly their budget halved and
they couldn't meet any targets. It went down in a very quick
way."

SmartCompany relates that Mr. Vartelas said he's unsure if the
collapse will affect the business' operations overseas, and the
headquarters in Melbourne currently has around 23 staff who will
likely be affected.

"We're probably looking to sell whatever we can. In this
industry, people are primarily interested in IP and client
databases, and work in progress," Mr. Vartelas told SmartCompany.
"We'll be looking at what work has been done and how much of it
has been paid for."

Appster was founded in 2011 by young founders Josiah Humphrey and
Mark McDonald, who quickly grew the company into a major player
in the app development space, winning a number of awards such as
the Forbes 30 Under 30 for the APAC region, and the SmartCompany
Smart 30 for two years in a row.

Started from just $3,000 in investment, the company had recruited
a number of impressive advisors, including David Jaques of Paypal
and 500 Startups fame, and Liz Savage, former group executive of
Virgin Australia.

However, the company fell silent in 2018, with neither of the
founders making any appearances in the media, the report notes.


BLUESTONE CBA: Fitch Affirms 'Bsf' Rating on Class F Notes
----------------------------------------------------------
Fitch Ratings has affirmed six note classes from Bluestone CBA
Warehouse Trust 2015. The transaction is a securitisation of
Australian residential mortgages originated by Bluestone
Mortgages Pty Limited. The notes were issued by Permanent
Custodians Limited in its capacity as trustee of Bluestone CBA
Warehouse Trust 2015.

The rating actions are as follows:

AUD228.6 million Class A notes affirmed at 'AAAsf'; Outlook
Stable;

AUD15.6 million Class B notes affirmed at 'AAsf'; Outlook Stable;

AUD18.6 million Class C notes affirmed at 'Asf'; Outlook Stable;

AUD13.8 million Class D notes affirmed at 'BBBsf'; Outlook
Stable;

AUD6.6 million Class E notes affirmed at 'BBsf'; Outlook Stable;
and

AUD6.0 million Class F notes affirmed at 'Bsf'; Outlook Stable.

KEY RATING DRIVERS

Comparable Operational Risk: Bluestone Mortgages is a non-bank
mortgage originator and servicer. Bluestone Servicing Pty
Limited, a wholly owned subsidiary of Bluestone Group, is a
regulated lender who is obliged to comply with specific
regulations that address responsible lending. Fitch undertook an
onsite operational review and found that the operations of the
originator and servicer were comparable with those of other
similar lenders in the market.

Asset Analysis Unchanged: The asset model was not re-run for the
transaction in accordance with Fitch's criteria, as asset
composition and performance have not deteriorated materially and
there have been no significant changes to assumptions since the
last analysis. The portfolio is shaped by documented parameters,
including limits on loan size, type and interest-only loans as
well as maximum weighted-average loan/value ratios (WA LVR). At
end-October 2018, the WA LVR was 69.07% and 30+ and 90+ day
arrears were 0.83% and 0.0%, respectively; below Fitch's 3Q18
Dinkum RMBS Index of 1.04% and 0.53%. Performance has been
strong, with low loss levels that have been covered by excess
spread.

Adequate Cash Flow Support: Cash flow analysis was not performed
for the transaction, as cash flow distributions have been within
Fitch's expectations since the last analysis and there have been
no material changes to cash flow assumptions. Each tranche of
rated notes benefits from credit enhancement provided by the
respective subordinate notes. Class B, C, D, E and F notes are
subject to documented minimum subordination levels to mitigate
concentration risk that may arise after mortgages are sold out of
the trust during the availability period.

Stable Macroeconomic Expectations: Fitch expects stable mortgage
performance, supported by sustained economic expansion in
Australia. The economic outlook is driven by steady forecast GDP
growth of 2.8% and one 25bp cash rate increase in 2019.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of downgrade is
remote due to the minimum subordination levels, available credit
enhancement, eligibility criteria and pool parameters, pool
performance and Fitch's stable expected economic outlook for
Australia. The prospect of an upgrade is remote, as ratings are
capped by documented minimum subordination amounts.


CLOCK TOWER: Second Creditors' Meeting Set for Dec. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Clock Tower
Systems Pty Limited has been set for Dec. 14, 2018, at 9:00 a.m.
at the offices of DW Advisory, at Level 2, 32 Martin Place, in
Sydney, NSW.

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

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

Anthony Elkerton and Cameron Gray of DW Advisory were appointed
as administrators of Clock Tower on Nov. 9, 2018.


HEIDENS HARDWARE: First Creditors' Meeting Set for Dec. 18
----------------------------------------------------------
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. 18, 2018, at 10:30 a.m.

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


LTG LINE: First Creditors' Meeting Set for Dec. 17
--------------------------------------------------
A first meeting of the creditors in the proceedings of LTG Line
Haul Pty Ltd will be held at the offices of Hall Chadwick, at
Level 14, 440 Collins Street, in Melbourne, Victoria, on Dec. 17,
2018, at 10:00 a.m.

Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of LTG Line on Dec. 6, 2018.


PEPPER RESIDENTIAL No.22: S&P Assigns B Rating to Class F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to 10 classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.22. Pepper Residential Securities
Trust No.22 is a securitization of nonconforming and prime
residential mortgages originated by Pepper HomeLoans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies The credit
    support for the rated notes comprises note subordination.
    Subordination provided to the 'AAA (sf)' rated notes is in
    excess in S&P's opinion of the minimum 'AAA (sf)' level of
    credit support.

-- The underwriting standard and centralized approval process of
    the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
    and yield reserve, which will all be funded by excess spread,
    but at various stages of the transaction's term. They will
    have separate functions and timeframes, including reducing
    the most subordinated notes, and paying senior expenses and
    interest shortfalls on the class A notes.

-- S&P expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
    assets.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1-u notes
    and the euro payments on the class A1-GEUR notes.

  RATINGS ASSIGNED

  Pepper Residential Securities Trust No.22

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$370.0
  A1-a       AAA (sf)        AUD120.50
  A1-GEUR    AAA (sf)       EUR110.00
  A1-Ga      AAA(sf)          AUD75.00
  A2         AAA (sf)        AUD185.00
  B          AA (sf)          AUD87.50
  C          A (sf)           AUD35.00
  D          BBB (sf)         AUD27.50
  E          BB (sf)          AUD15.00
  F          B (sf)           AUD12.50
  G          NR               AUD12.50

NR--Not rated.
The exchange rate applicable to the class A1-u notes is
US$0.72787 per Australian dollar. The exchange rate applicable to
the class A1-GEUR notes is EUR0.64264 per Australian dollar.


PROFESSIONAL FREDDY: First Creditors' Meeting Set for Dec. 17
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Professional Freddy Pty Ltd will be held at the offices of SM
Solvency Accountants, level 8/490 Upper Edward Street, in Spring
Hill Queensland, on Dec. 17, 2018, at 11:00 a.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Professional Freddy on Dec. 6, 2018.


PSYCHE HOLDINGS: Second Creditors' Meeting Set for Dec. 14
----------------------------------------------------------
A second meeting of creditors in the proceedings of Psyche
Holdings Pty Limited has been set for Dec. 14, 2018, at 3:00 p.m.
at DW Advisory, at Level 2, 32 Martin Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 13, 2018, at 4:00 p.m.

Anthony Elkerton and Cameron Gray of DW Advisory were appointed
as administrators of Psyche Holdings on Nov. 9, 2018.


XANTERRA PTY: First Creditors' Meeting Set for Dec. 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Xanterra
Pty Ltd, trading as Pharmacy 4 Less Armadale, will be held at St
Martins Centre, at Level 9, 40 St Georges Terrace, in Perth, WA,
on Dec. 14, 2018, at 10:30 a.m.

Robert Michael Kirman and Robert Conry Brauer of McGrathNicol
were appointed as administrators of Xanterra Pty on Dec. 4, 2018.



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B A N G L A D E S H
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BANGLADESH: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.

KEY RATING DRIVERS

Bangladesh's ratings balance a strong GDP growth track record and
outlook, solid foreign-exchange reserve buffers and low general
government debt, against weak structural indicators, significant
political risk, remarkably low fiscal revenues and weak banking-
sector health.

Bangladesh's GDP growth outlook continues to be one of the
strongest among Fitch-rated sovereigns. Fitch forecasts real GDP
growth will remain high at 7.4% in the financial year ending June
30, 2019 (FY19) and 7.0% in FY20, underpinned by solid domestic
demand, although decelerating from 7.9% in FY18. Average growth
of 7.0% in the five years through FY19 is well above the 'BB'
category median of 4.2%. Economic activity also proved resilient
to a number of severe shocks, including political crises and
natural disasters.

General elections scheduled for December 30, 2018 are causing
some uncertainty in the short run against the background of a
highly polarised political scene. The main opposition party is
likely to contest, after having boycotted the last elections in
January 2014 which were marked by widespread violence and
blockades that lasted for months. Election-related violence has
been limited so far, but renewed social unrest cannot be ruled
out, with the risk of foreign investors and buyers of ready-made
garments being deterred from doing business in Bangladesh.
Security risks also remain elevated, although security conditions
have improved significantly in the past two years.

Fitch forecasts a current account deficit of around 3% of GDP in
the next few years, kept in check by high remittances and ready-
made garment exports. Remittance inflows amounted to USD15.5
billion in the 12 months through October 2018 (USD2.5 billion
more than a year earlier). Bangladeshi ready-made garment
exports, accounting for 83% of total exports, earned the country
USD31.6 billion in the 12 months through September 2018 (USD3.0
billion more than a year earlier). Trade tensions between the US
and China are an opportunity as well as a risk, as Bangladesh
could benefit from trade diversion from China.

Fitch expects foreign-exchange reserves, amounting to USD32.1
billion in October 2018, to remain relatively strong (5.7 months
of current external payments in 2019, compared with a 'BB'
category median of 4.4 months). These buffers could decline,
however, if Bangladesh Bank decides to intervene more
aggressively to support the exchange rate in case of further
widening of the current account deficit.

The banking sector continues to exhibit generally weak financial
health metrics and governance standards, particularly in public-
sector banks. The non-performing loan ratio for the sector was
high at 10.4% at end-June 2018, and as much as 28.2% for state-
owned banks. The capital-adequacy ratio for the sector as a whole
was low at 10.0%, while 10 banks combined - mostly state-owned -
displayed a capital shortfall of BDT250 billion (1.1% of GDP),
according to Bangladesh Bank. The risk that the sovereign will
need to provide considerable additional support to the banks is
mitigated, however, by the relatively small size of the sector,
as illustrated by private credit equal to 38% of GDP.

Fitch expects Bangladesh's general government debt to remain
broadly stable in the next few years, around the relatively low
level of 33.2% of GDP in FY18, if recapitalisation of banks and
state-owned enterprises is not significantly increased. However,
the government's revenue intake of 10% of GDP is the second-
lowest of all sovereigns rated by Fitch after Nigeria, implying
limited fiscal space to boost badly needed infrastructure
development. Implementation of a new VAT law, which has been
postponed for several years, might occur after the elections,
with the potential to boost revenue. A large part of the fiscal
deficit is financed expensively through national saving
certificates that carry double-digit interest rates and distort
the functioning of the banking sector.

Bangladesh scores poorly on a broad range of structural
indicators, including the World Bank's governance indicator (22nd
percentile versus the 'BB' median of 44th percentile). It also
ranks lowest in the 'BB' category for the Ease of Doing Business
index (176th out of 190 countries). GDP per capita of USD1,730 is
well below the 'BB' peer category median of USD6,600, although
major improvements have taken place over the past decade on a
number of social and health metrics. A large infrastructure
deficit continues to hamper investment, although the government
has been making progress on some large projects.

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

Fitch's proprietary SRM assigns Bangladesh a score equivalent to
a rating of 'BB' 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 LT FC IDR by applying its QO, relative
to rated peers, as follows:

  - Structural features: -1 notch, to reflect political risk
arising from a polarised political environment and domestic
security concerns, as well as weak banking-sector health and
governance.

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 positive rating action are:

  - A reduction in political risk

  - An improvement in governance, which would strengthen the
    business climate and could improve banking-sector health

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

  - Further widening of the current account deficit in
    combination with a drop in foreign-exchange reserves

  - Substantial slowdown in GDP growth, for example, related to
    materialising political risk or a deterioration in the
    security situation

  - A significant rise in the government debt-to-GDP ratio

KEY ASSUMPTIONS

  - The global economy performs broadly in line with Fitch's
    latest Global Economic Outlook.

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable

Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable

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

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

Country Ceiling affirmed at 'BB-'



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C H I N A
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CHINA AUTOMATION: S&P Raises Long-Term ICR to 'CCC', Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings said it has raised its long-term issuer credit
rating on China Automation Group Ltd. (CAG) to 'CCC' from 'SD'.
The outlook is negative.

S&P said, "At the same time, we withdrew our 'D' long-term issue
rating on the US$14 million 8.75% senior unsecured notes due on
Dec. 11, 2018, that Tri-Control Automation Co. Ltd. (a financing
vehicle of CAG) issued. CAG unconditionally and irrevocably
guarantees the notes.

"We upgraded CAG to reflect our view that the company's payment
risk over the next 12 months has reduced. This is because we
expect CAG to repay Tri-Control's outstanding US$14 million 8.75%
senior unsecured notes due on Dec. 11, 2018, using new onshore
bank loans.

"However, we believe liquidity and refinancing risk for CAG will
remain high due to its significant short-term debt maturities
over the next 12 months."

On Nov. 23, 2018, CAG completed an exchange of US$10 million of
Tri-Control's 8.75% senior unsecured notes due December 2018 for
new 11% senior unsecured guaranteed notes due November 2019. Tri-
Control had US$24 million of the notes outstanding prior to the
exchange. S&P said, "On Dec. 6, 2018, we obtained a confirmation
from CAG's trustee, Citicorp International Ltd., that CAG has
remitted US$14 million and interest to its accounts for repayment
of the outstanding 8.75% senior unsecured guaranteed notes. The
principal and interest payment will be remitted to noteholders on
the maturity date of Dec. 11, 2018. We are therefore withdrawing
our long-term issue rating of the notes."

S&P said, "We anticipate that CAG has more than Chinese renminbi
(RMB) 600 million of short-term debt maturing in the 12 months
ending November 2019. The US$10 million of exchanged notes mature
during the period. Moreover, the company has RMB200 million of
onshore corporate bonds maturing in September 2019. We believe
CAG is working on refinancing of the debt, but no concrete plan
is in place yet."

The demand for CAG's services, especially in the petrochemical-
services sector, is recovering. However, the gains in funds from
operations (FFO) will not be sufficient for repayment of the
short-term debt maturities. S&P said, "We anticipate that CAG
will be able to generate RMB95 million-RMB125 million of FFO in
the next 12 months. This amount is much smaller than the short-
term debt maturing in the period. We therefore expect CAG to rely
heavily on refinancing." During the first half of 2018, the
company's revenue grew 96% to RMB809 million and its gross margin
rose to 29.3%, from 14.8% in the first half of 2017. The
improvement was mainly due to a recovery in downstream demand for
petrochemical facility expansion and consolidation of the
healthcare business.

S&P said, "The negative outlook reflects our view that CAG faces
high refinancing and liquidity risk over the next 12 months due
to its significant short-term maturities of financial
obligations. We believe any weakening in the company's banking
relationships or standing in the capital markets will reduce its
capability to roll over its short-term borrowings.

"We may lower the rating on CAG if the company's refinancing plan
is significantly delayed or its liquidity deteriorates. This
could happen if: (1) CAG's operating cash outflows are
substantially higher than our expectation due to difficult
operating conditions; (2) the company's banking relationships
weaken such that it faces difficulty in rolling over its short-
term borrowings or securing new borrowings, or (3) CAG's
shareholding structure changes, reducing the company's headroom
for a change-of-control covenant to accelerate the repayment
timeline.

"We could revise the outlook to stable if CAG substantially
improves its liquidity. This could happen if the company is able
to reach a credible refinancing plan for its short-term debt or
if it significantly improves its operating cash flows, such that
sources of liquidity exceed uses by more than 1.0x on a
sustainable basis."


ENN ECOLOGICAL: Moody's Assigns Ba2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to ENN Ecological Holdings Co., Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"ENN Ecological's Ba2 CFR reflects the favorable industry trends
for its methanol production and clean energy related businesses,
its long track record, and its diversified business portfolio,"
says Chenyi Lu, a Moody's Vice President and Senior Credit
Officer.

ENN Ecological benefits from favorable industry trends given its
focus on expanding its methanol production and clean energy
related businesses, namely energy construction and liquefied
natural gas (LNG) production.

According to the National Statistics of China, annual methanol
and natural gas consumption in the country exceeded production
between 2012 and 2017, and grew at compound annual growth rates
of 11% and 10%, respectively, over the same period.

The company has a strong operational track record, spanning about
20 years. Its longest operating segments -- energy construction
and the manufacture of biopharmaceutical products -- have
continuously grown in scale and market position since 1999.

Moody's expects the company's revenue to grow 25% in 2018 and 18%
2019, mainly driven by (1) growing demand for natural gas
infrastructure construction, which should support growth in its
energy construction business; and (2) its new methanol and LNG
production capacity which commenced operations in 4Q 2018.

ENN Ecological's business has become increasingly diversified
since 2013, supporting margin stability. Its portfolio includes
methanol production and trading, energy construction, coal mining
and trading, the manufacture of biopharmaceutical products, and
LNG production. These operations have different business cycles
and demand characteristics, thus partially mitigating margin
volatility.

Moody's expects the company's adjusted EBITDA margin to improve
slightly to around 20%-21% over the next 12-18 months from 19.3%
for the 12 months ended June 2018, mainly owing to increasing
revenue contribution from methanol production with better gross
margins, the improving gross margin of its energy construction
segment, as well as continued cost and expense controls.

ENN Ecological's CFR also factors in its improving financial
profile and adequate liquidity.

Moody's expects the company's adjusted debt/EBITDA will improve
to 2.5x-3.0x over the next 12-18 months from 4.1x for the 12
months ended June 2018 and 5.3x in 2017, driven by higher
earnings from strong revenue growth and lower debt levels
supported by improving free cash flow generation. This level of
leverage is line with its Ba2 rating and will provide it with a
financial buffer against the market volatility and execution risk
associated with its investments and businesses.

"On the other hand, ENN Ecological's CFR is constrained by its
modest operating scale, exposure to commodity price volatility,
and China's evolving policies and regulations," says Lu, who is
also Moody's Lead Analyst for ENN Ecological.

The company has a modest operating scale in each of its segments,
limiting its ability to manage intense competition and commodity
price volatility. The company's largest business segment --
chemical -- reported revenue of RMB3.2 billion in 2017, which is
low when compared with its global chemical peers.

The company is exposed to fluctuating structural demand and
regulatory risks, stemming from China's evolving government
policies and regulations. These risks could raise its operating
costs and capital spending as it seeks to comply with changes in
environmental and safety standards.

These risks are partially mitigated by the company's increasingly
diversified business operations, long track record, and good
financial discipline as part of ENN Holdings Investment Limited,
its parent company.

ENN Ecological's CFR is also constrained by the proposed
acquisition of a LNG business with an output of 3.25 billion
cubic meter in the United States. The proposed transaction raises
execution risks, including natural gas price volatility and
contingent liabilities associated with four 20-year take-or-pay
agreements, mainly related to liquefaction tolling and use of
pipelines. These agreements include an annual committed payment
of USD350-USD400 million to support the liquefaction of 3.25
billion cubic meter of natural gas per year for 20 years in
Texas, the United States.

The proposed transaction is subject to shareholder and regulatory
approvals. If completed, the transaction is expected to
materialize in 4Q 2020, and would significantly boost the revenue
contribution from the sale of LNG. ENN Ecological had an LNG
production capacity of only 149 million cubic meter at the end of
2017, and the additional 3.25 billion cubic meter produced by the
US business would thus both increase sales and the company's
exposure to LNG price volatility.

This potential change in business mix and the associated
execution risks are partially mitigated by: (1) the expected
receipt from Toshiba Corporation (B1 stable) of a net cash
consideration of USD806 million upfront to support the working
capital needs for the overseas LNG business; (2) its strong
downstream LNG customer base, including its related party ENN
Energy Holdings Limited (Baa2 stable); and (3) its track record
of managing growing operations of about 20 years.

The proposed transaction is in line with the company's strategy
to obtain natural gas resources and grow its LNG business to meet
domestic natural gas demand.

Moody's will monitor the progress of the proposed transaction and
how the company manages the associated business risks upon
execution.

The company's liquidity position is adequate. At the end of
September 2018, it had cash, including restricted cash, of RMB1.8
billion. These cash resources and the company's expected
operating cash flow of around RMB2.7 billion are sufficient to
cover its short-term debt of RMB2.9 billion, bills payable of
RMB136 million and estimated capital expenditure of RMB1.1
billion over the next 12 months.

Moreover, the company has good access to domestic bank facilities
and the capital markets, supporting its liquidity requirements.
In February 2018, the company completed an equity issuance of
RMB2.3 billion to fund its operations.

The stable outlook reflects Moody's expectation that ENN
Ecological will generate steady revenue and earnings growth,
remain prudent in its investments and acquisitions, continue to
lower its debt leverage, and maintain its adequate liquidity
position to buffer against potential business volatility.

The rating could be upgraded if ENN Ecological (1) increases its
operating scale with a diversified business portfolio while
maintaining its profit margins through organic growth or
acquisition; (2) demonstrates conservative financial and
investment policies, as evidenced by solid liquidity and positive
free cash flow on a sustained basis; and (3) improves its debt
leverage, such that adjusted debt/EBITDA falls below 1.5x on a
sustained basis, providing it with a solid financial buffer
against potential business volatility.

On the other hand, the rating could be downgraded if (1) ENN
Ecological's revenue growth slows or its profit margin narrows,
due to high commodity price volatility or adverse changes in the
government's policies and regulations; (2) aggressive debt-funded
acquisitions or investments weaken its credit or business
profile; or (3) adjusted debt/EBITDA fails to stay below 3.0x-
3.5x on a sustained basis as its business grows over time.

The principal methodology used in this rating was Chemical
Industry published in January 2018.

Founded in 1992 and headquartered in Hebei, China, ENN Ecological
Holdings Co., Ltd has five main business segments: (1) chemical,
mainly including methanol production and trading; (2) energy
construction; (3) coal, mainly including mining and trading; (4)
the manufacture of biopharmaceutical products; and (5) liquefied
natural gas production.

ENN Ecological was listed on the Shanghai Stock Exchange in 1994.
Company Chairman Wang Yusuo and his wife Zhao Baoju effectively
co-owned 40.2% of the company at the end of June 2018.


LOGAN PROPERTY: Fitch Assigns BB-(EXP) Rating to USD Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based Logan Property Holdings
Company Limited's (BB-/Stable) proposed US dollar senior notes a
'BB-(EXP)' expected rating. The proposed notes are rated at the
same level as Logan's senior unsecured debt rating as they will
constitute its direct and senior unsecured obligations.

Logan plans to use the note proceeds to refinance existing debt.
The final rating is subject to the receipt of final documentation
conforming to information already received.

Logan's ratings are supported by the company's well-located land
bank in the city of Shenzhen and the Guangdong region, which
provides the company with stronger contracted sales and margin
visibility over the next 18 months compared with similarly sized
rated peers.

KEY RATING DRIVERS

Larger Sales Scale: Logan's contracted sales rose by 72% to
CNY59.9 billion in 10M18, following a 68% increase in contracted
floor space sold to 3.3 million square metres (sqm) and a 2% rise
in the contracted average selling price (ASP) to CNY17,904/sqm.
Fitch expects Logan's annual contracted sales to increase to
CNY67.0 billion in 2018, from CNY29.0 billion in 2016 and CNY43.0
billion in 2017.

Wider Margin: Logan's EBITDA margin expanded to 33% in 2017, from
30% in 2016. Fitch expects profitability to remain high in the
next two to three years, supported by the start of earning
recognition from Logan's high-margin Shenzhen and Huizhou-city
projects, which were presold in 2016-2017, and higher contracted
sales ASP in 2017. The EBITDA margin is likely to be maintained
at above 30% in 2018-2019.

Lower Concentration Risk: Fitch believes Logan's well-located
land bank and expansion into new cities, including Hong Kong and
Singapore, in the last 12-18 months mitigate concentration risk
over the next year or two. Logan's contracted sales are highly
concentrated in Guangdong province, with Shenzhen and Huizhou
accounting for around 70% of 1H18 contracted sales. This leaves
Logan's sales dependent on the local economy and policy changes,
compared with developers that have more geographically diverse
operations. Fitch expects Shenzhen to continue to account for
40%-50% of total attributable contracted sales in 2018.

High Leverage Pressures Rating: Logan's leverage, as measured by
net debt/adjusted inventory that proportionately consolidates
joint ventures (JVs) and associates, was around 50% at end-June
2018 (end-2017: 48%). This was up from 29% at end-2015 due to the
acquisition of well-located sites in Shenzhen during 2015-2016 to
reposition the land bank. The company spent CNY15.7 billion on
replenishing its land bank in 1H18. Logan's land
acquisition/contracted sales ratios were 58% in 2017, 42% in 2016
and 55% in 2015. Fitch expects the company to spend 35%-45% of
consolidated contracted sales on land replenishment in 2018-2019
and to maintain a land bank sufficient for five to six years of
development. This will keep leverage high at 45%-50% in the next
12-18 months.

DERIVATION SUMMARY

Logan's contracted sales are higher than those of other 'BB-'
rated Chinese developers, which have contracted sales of CNY28
billion-40 billion, including KWG Group Holdings Limited (BB-
/Stable), China Aoyuan Group Limited (BB-/Positive) and Yuzhou
Properties Company Limited (BB-/Stable), and are comparable with
higher-rated CIFI Holdings (Group) Co. Ltd.'s (BB/Stable) CNY46
billion. Future Land Development Holdings Limited (BB/Stable) has
contracted sales of CNY95 billion.

Logan's EBITDA margin is also similar to that of margin-focused
homebuilders, such as KWG and Yuzhou. Logan's leverage increased
to 48% at end-2017, which is comparable with the 38%-42% of 'BB-'
rated Chinese developers, such as KWG, Yuzhou and Times China
Holdings Limited (BB-/Stable).

No Country Ceiling or parent and subsidiary aspects affect the
rating. Operating environment risks make it unlikely for
companies in this sector to be rated above 'BBB+'.

KEY ASSUMPTIONS

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

  - contracted sales of CNY67 billion in 2018 and CNY94 billion
    in 2019

  - EBITDA margin, with capitalised interest excluded from cost
    of sales, of 31% in 2018-2019

  - 35%-45% of contracted sales proceeds to be spent on land
    acquisitions in 2018-2019 to maintain a land bank sufficient
    for five to six years of development

RATING SENSITIVITIES

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

  - no substantial decline in contracted sales

  - EBITDA margin sustained above 30%

  - leverage, as measured by net debt/adjusted inventory that
proportionately consolidates JVs and associates, sustained below
40%

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

  - leverage sustained above 50%

  - EBITDA margin below 25% for a sustained period

LIQUIDITY

Sufficient Liquidity: Logan had total cash on hand of CNY27.6
billion, including CNY2.2 billion of restricted cash and pledged
deposits, as of end-June 2018, sufficient to cover short-term
debt of CNY17.8 billion maturing in one year (consisting of bank
and other loans of CNY8.3 billion, onshore corporate bond due
2019 of CNY6.5 billion and senior notes due 2018 of CNY3.0
billion).


YINGDE GASES: S&P Hikes LT ICR to 'B+' on Improving Leverage
------------------------------------------------------------
S&P Global Ratings said it had raised its long-term issuer credit
rating on Yingde Gases Group Co. Ltd. to 'B+' from 'B'. The
outlook is stable. S&P also raised its issue rating on the
company's guaranteed senior unsecured notes due in 2020 and 2023
to 'B+' from 'B'. Yingde is an industrial gas supply company in
China.

S&P said, "The upgrade reflects our view that Yingde's leverage
will remain relatively low over the next 12 months, underpinned
by its sound operating performance and disciplined capital
expenditure (capex). We also expect private-equity firm PAG's
financial policy with regard to Yingde to not materially deviate
from the current practice of maintaining a fairly prudent
investment appetite, as restricted by its bond covenants.

"In our view, Yingde's net ratio of debt to EBITDA will remain
below 2.5x over the next 12 months, consistent with the company's
target. We expect Yingde to continue to generate strong cash
flows, underpinned by its stable average selling price and an
enlarged customer base owing to organic growth and acquisitions.
In addition, we anticipate that Yingde will maintain organic
capex at below Chinese renminbi (RMB) 2 billion a year as it
keeps its expansion prudent. The company's 2018 interim result
has demonstrated robust year-on-year growth in revenue with
stable profitability. Yingde's debt-to-EBITDA ratio decreased to
2.3x as of June 30, 2018, from 3.5x at the end of 2016.

"Despite our expectation that Yingde will strengthen its credit
metrics with a widened financial buffer, our view remains
unchanged that the financial sponsor ownership constrains our
financial risk assessment on the company. We base our financial
policy assessment on our belief that there is risk of increasing
leverage over the long term because financial sponsors typically
follow an aggressive financial strategy to maximize shareholder
returns."

Yingde has had a smooth transition to a new management team after
the privatization by PAG, by maintaining relationships with
existing customers and growing by securing new customers. The new
management team's strategy of expanding in merchant business has
also helped to diversify the revenue base and improve
profitability. In addition, PAG has assisted Yingde to optimize
its capital structure, including extending its debt maturity
profile by issuing U.S. dollar notes in January 2018 and
replacing deposit-based loans to release restricted cash.

S&P said, "We expect Yingde to maintain its good position in the
niche on-site industrial gas supply market in China. Despite the
continuous effort of diversifying its client base to non-steel
industries, such as chemicals, new materials, and new energy, the
company's business will remain constrained by its high customer
concentration risk in the steel industry, which is subject to de-
capacity drives.

"The stable outlook reflects our expectation that Yingde's
leverage will remain stable over the next 12 months supported by
the company's favorable operations and disciplined capital
spending, including acquisitions. We expect Yingde to maintain
its good position in the niche on-site industrial gas supply
market in China over the period. Our rating factors in the need
for some financial buffer, given the company is owned by a
financial sponsor.

"We may lower the rating if Yingde's debt-to-EBITDA ratio rises
to above 3.5x on a sustained basis. This could happen if: (1) the
company undertakes aggressive expansion of new projects, debt-
funded acquisitions, or debt-financed dividends; or (2) its
profitability materially weakens because of a deterioration in
operations due to a poor market environment.

"We could raise the rating if the financial sponsor, PAG,
continues to demonstrate strong financial discipline with prudent
financial policies with regard to Yingde such that we believe
Yingde can maintain its current low leverage on a sustainable
basis."



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


AMAR RICE: CRISIL Assigns B+ Rating to INR5.4cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Amar Rice Mills - Jammu (ARM).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5.4      CRISIL B+/Stable (Assigned)

   Proposed Cash
   Credit Limit            .6      CRISIL B+/Stable (Assigned)

The rating reflects ARM's susceptibility to fluctuation in raw
material prices, modest interest coverage and high leverage.
These weaknesses are partially offset by the extensive experience
of the proprietor in the agricultural commodity industry, and
healthy growth prospects.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to fluctuation in raw material prices: The price
of paddy (key raw material) is highly volatile as it is dependent
on demand-supply scenario, monsoon, and crop cycles. Also, since
cost of procuring paddy accounts for a bulk of the production
expense, even a slight variation in price can drastically impact
profitability.

* Modest interest coverage and high leverage: Financial risk
profile is expected to remain constrained over the medium term.
Interest coverage was low at 1.3 times in fiscal 2018. Also,
total outside liabilities to adjusted networth ratio has been
high at 4.8-7.9 times over the three fiscals ended March 31,
2018.

Strengths

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

* Healthy growth prospects: India is the largest producer of
basmati rice, accounting for 70% of the world's production. The
Indian basmati rice industry is expected to grow substantially
over the medium term, driven by steady demand in the local and
global markets. Healthy demand is due to rising demand from the
Gulf countries and higher domestic consumption because of
increasing spending power of the middle-income group.

Outlook: Stable

CRISIL believes ARM will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial and sustainable increase in revenue and cash accrual,
sizeable capital infusion along with efficient working capital
management strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if significantly low
cash accrual, stretched working capital cycle, or any large debt-
funded capital expenditure weakens liquidity.

ARM, set up as a proprietorship by Mr Mulk Raj in 1977 at Jammu,
undertakes rice milling and sorting.


ANNAI POWER: Ind-Ra Affirms BB LT Issuer Rating on INR120MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Annai Power
Private Limited's (APPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR120 mil. (increased from INR118.5 mil.) Term loan due on
     March 2026 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings factor in the customer concentration risks faced by
APPL because of Naga Limited ('IND BBB+'/Positive) being its sole
customer. The former sells its entire wind power of 2.32MW to
Naga under an eight-year power purchase agreement and has also
rented out a total space of 8.82 acres to Naga at a lock-in
period of eight years. The PPA agreement with Naga will be
renewed every two years.

The ratings are constrained by the significant unleased portion
of APPL's total property. Out of the total land of 25.74 acres,
APPL has leased only 34% till October 2018. This will lead to
substantial cash flow mismatches during FY19-FY20.

The ratings also reflect APPL's modest credit metrics with
interest coverage (operating EBITDA/gross interest expense) of
1.6x in FY18 (FY17: 0.0x) and net leverage (adjusted net
debt/operating EBITDAR) of 14.3x (negative 0.7x). The company was
debt-free until it raised INR221 million during March 2018 for
installing a 2.1MW new wind mill (INR105 million) and setting up
flour mills (INR116 million) during FY18-FY19.

The ratings factor in the company's modest liquidity position.
The company had a cash balance of INR14.67 million as of March
2018, and an outstanding term loan of INR239.9 million as of
October 2018 that will be repaid by March 2026. This will lead to
a monthly cash outflow of INR1.69 million in FY19 and INR1.89
million in FY20 excluding interest. APPL's debt service coverage
ratio was modest at 1.23x in FY18 (FY19: 1.02x). APPL does not
have any fund-based facility from banks.

The ratings, however, are supported by the strong revenue
visibility, stemming from the presence of long-term power
purchase agreements and long-term lease agreements for its rented
properties with a strong counterparty. Also, Naga holds 26%
shares in APPL. APPL derive 57% of its revenue from power
generation and the rest from leases. The operating performance of
the wind mill has been consistent with an average plant load
factor of 13% during FY15-FY18 and 27% for 9MFY19. The company
receives a fixed rental of INR2 million plus tax per month on its
commercial properties.

RATING SENSITIVITIES

Positive: Successful revenue generation from other properties
without any stress in the liquidity position and an average debt
service coverage ratio of above 1.3x on a sustained basis will be
positive for the ratings.

Negative: Any lease cancellation or any delay in the payment from
the customer leading to stress in liquidity and cash flow leading
a debt service coverage ratio of below 1.1x on a sustained basis
could be negative for the ratings.

COMPANY PROFILE

APPL was incorporated June 2003, is engaged in generating power
in Alungulam (Tirunelveli Dist) and leases out commercial
properties to Naga.

APPL's revenue was INR25.2 million in FY18 (FY17: INR1.5
million). The improvement in revenue was on account of the
increase in wind mill capacity. Return on capital employed was 6%
in FY18 with a modest EBITDA margin of 75.2% in FY18 (FY17:
69.5%).


AVANTIS DREAM: CRISIL Assigns B+ Rating to INR63cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Avantis Dream Homes LLP (ADH).

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            63        CRISIL B+/Stable (Assigned)

The rating reflects risk averse nature of the promoter of ADH
along will its experience in real estate industry. These rating
strengths are partially offset by the susceptibility to risks
inherent in the real estate sector.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive experience in real estate segment: ADH is
established by Mr. Chandrakant Shah in 2017. The promoters have
indicated their ability as well as willingness to bring in
additional fund as and when required to meet any liquidity gap.
Over the medium term, ADH is expected to be benefitted by the
extensive industry experience of its promoters.

Weakness

* Susceptibility to risks and cyclicality inherent in the real
estate industry: The real estate sector in India is cyclical
because of sharp movements in prices and a highly-fragmented
market structure. With increase in supply, attractive prices
offered by various builders, and constant regulatory changes,
profitability of real estate players is expected to come under
pressure over the medium term.

Outlook: Stable

CRISIL believes that ADH will maintain its healthy financial risk
profile, because of the experience and risk averse nature of the
promoters in real estate industry. The outlook may be revised to
'Positive' if the company strengthens its financial flexibility
and cash flow adequacies with sizeable revenue from the balance
portion of its completed projects. Conversely, the outlook may be
revised to 'Negative' if ADH's liquidity is stretched by
significantly low offtake or weakening of financial risk profile
due to substantial contracting of debt and/or time and cost
overruns in the execution of its new projects.

ADH is a partnership firm engaged in the development of high end
residential real estate. The firm is mainly present in Surat,
Gujarat. ADH is promoted and is currently being run by Shankar
Shah and his sons Ankit Shah and Viral Shah.


AXIS GARMENT: ICRA Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating of INR6.50 crore bank facilities of Axis
Garment Designer continues to remain under the 'Issuer Not
Cooperating' Category'. The rating is denoted as '[ICRA]D ISSUER
NOT COOPERATING.

                   Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Fund-based        4.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                 Rating continues to remain under
                               the 'Issuer Not Cooperating'
                               category

   Fund-based        2.50      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                   Rating continues to remain under
                               the 'Issuer Not Cooperating'
                               category

The rating takes into account the continued delays in debt
servicing by the entity. As part of its process and in accordance
with its rating agreement with Axis Garment Designer, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Axis Garment Designer is a partnership firm that was established
in 2012. The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi
Gupta and Mr. Rajendra Manjrekar. It is primarily engaged in
manufacturing texturised yarn and fabrics. It also manufactures
readymade garments (RMG) on a small scale, mainly women's wear
and children's wear.


BABA SANTINATH: CRISIL Assigns B+ Rating to INR5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long
term bank facilities of Baba Santinath Rice Mill (BSRL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash            5       CRISIL B+/Stable (Assigned)
   Credit/Bills
   Discounting Limit

   Proposed Term
   Loan                     4       CRISIL B+/Stable (Assigned)

CRISIL's rating reflects the susceptibility to risks related to
project implementation and stabilization of operations, and
susceptibility to changes in government regulations. These rating
weaknesses are partially offset by extensive industry experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to project risk with respect to timely
implementation and stabilization of operations: The cost of
project has been estimated at INR9.81 crores which is likely to
be financed by debt-equity mix of 0.84:1. The proposed term loan
is yet to be sanctioned .Timely completion and stabilization of
the project is critical over the near to medium term and will be
the key rating sensitive factor.

* Susceptibility to changes in government regulations: Paddy
being an agricultural product, its availability is seasonal and
depends on monsoon/irrigation. This exposes the group to the risk
of limited availability of raw material in case of unfavorable
climatic conditions, leading to fluctuations in paddy and rice
prices. This is compounded by limited ability to completely pass
on increase in raw material price to customers. Also, the rice
industry is regulated in terms of paddy price, export/import of
rice, and rice release mechanism. Minimum support price of paddy
and prevailing rice price are key determinants of a rice mill's
profitability.

Strength:

* Experience of promoter: Benefits from the promoter's experience
in rice mill of around a decade, his strong understanding of
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes that BSRM will benefit from the experience of the
promoters in the rice mill, over the medium term. The outlook may
be revised to 'Positive' if BSRM successfully completes the
project coupled with strong revenue, profitability and while
managing working capital cycle. Conversely, the outlook may be
revised to 'Negative' if BSRM reports delays in project
completion or any cost overruns of the project leading to
deterioration of capital structure.

BSRL set up in the year 2018 as a Partnership firm is setting up
a par boiled rice mill with a capacity of 96tpd. It is promoted
by Mr. Surajit Nandi, Pintu Ghosh, Gopal Ghosh. Dhiman Dey and
Tufhan Chandra.


BALAJI OIL: Ind-Ra Affirms 'BB' Rating on INR30MM Loan
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Balaji Oil
Industries Pvt Ltd.'s (BOIPL) Long-Term Issuer Rating at 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities affirmed with IND BB/Stable
     rating; and

-- INR300 mil. (reduced from INR305.4 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BOIPL's continued moderate credit
metrics and small scale of operations. Interest coverage
(operating EBITDA/gross interest expense) was 1.1x in FY18 (FY17:
1.2x) and net leverage (adjusted net debt/operating EBITDAR) was
2.5x (1.6x). The credit metrics deteriorated in FY18 on account
of a lower absolute EBITDA of INR13 million in FY18 (FY17: INR24
million) due to lower revenue of INR765 million (INR956 million).
Ind-Ra expects an improvement in the credit metrics in FY19 due
to no major debt-led capex being incurred in FY19.

The fall in the revenue in FY18 was on account of lower
realizations due to a fall in the raw material (palm oil) price.
According to the management, the company had an outstanding order
book of INR140 million as on November 12, 2018 which will be
executed within the next months. Ind-Ra thus expects growth in
revenue in FY19 (1HFY19: INR451 million).

The ratings are constrained by BOIPL's modest EBITDA margins of
1.7% in FY18 (FY17: 2.5%) due to competition in the industry,
with a return on capital employed of 6% (11%). The fall in the
EBITDA margin in FY18 was on account of an increase in the
variable expenses as the company focused more on manufacturing
than trading that resulted in the reduction in absolute EBITDA.
Ind-Ra expects growth in the EBITDA margins due to expected
control on fixed and variable expenses.

The ratings are further constrained by BOIPL's tight liquidity,
with average utilization of the fund-based limits being 98.1% and
that of the non-fund-based limits being 95.7% during the 12
months ended October 2018. Also, its fund flow from operations
and cash flow from operations remained positive during FY16-FY18.
In FY18, the fund flow from operations was INR8 million and cash
flow from operations was INR10 million.

The ratings, however, are supported by promoter's experience of
over three decades in the same line of business.

RATING SENSITIVITIES

Negative: A substantial decline in EBITDA margin affecting credit
metrics will be negative for the ratings.

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

COMPANY PROFILE

BOIPL was established in 1985 and it is engaged in the
manufacturing and trading of refined palm oil, refined oil and
crude palm oil, hydrogenated vegetable cooking oil, and bakery
shortening.


CDR PROJECTS: ICRA Cuts Rating on INR6.21cr Loan to B+, Not Coop.
-----------------------------------------------------------------
ICRA has revised the long-term rating of bank facilities of
CDR Projects Private Limited (CDR) to [ICRA]B+ from [ICRA]BB. The
long-term and short-term rating continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based           6.21       [ICRA]B+(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating revised
                                   from [ICRA]BB(Stable); Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category

   Non-fund based      18.75       [ICRA]A4 ISSUER NOT
   limits                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated          5.04       [ICRA]B+(Stable) ISSUER NOT
   limits                          COOPERATING; Rating revised
                                   from [ICRA]BB(Stable);
                                   [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Rationale

The rating downgrade considers sharp decline in revenues to
INR27.49 crore in FY2017 from Rs.114.50 crore in FY2015. The
ratings are further constrained by increase in working capital
intensity owing to increase in debtors.

The promoter of CDR Projects Private Limited, Mr. Anil Reddy has
been engaged in the construction business for over 15 years in
the Medak district through proprietorship firm. As the scale of
business increased the promoter incorporated private limited
company CDR in December 2010 which started operations during FY
2012. The company is engaged in civil contract works like
building construction, road repairs, etc. CDR has been
participating in the tenders for construction works within the
Medak district from agencies like Andhra Pradesh Educational
Welfare Infrastructure Development Corporation (APEWIDC),
Panchayt Raj, etc.


CHANDRA MODERN: CRISIL Reaffirms B Rating on INR34cr Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facilities of Chandra Modern Builders (india) Private Limited
(CMB).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             34        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the extensive experience of CMB's
promoters in the real estate sector, the company's moderate
capital structure. These strengths are partially offset by
exposure to inherent risk and cyclicality in the real estate
industry, implementation and funding risk and timely booking and
flow of customer advances in the current project.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to risks inherent in the real estate sector: The
real estate sector in India is cyclical because of sharp
movements in prices and a highly fragmented market structure.
With increase in supply, attractive prices offered by various
builders, and constant regulatory changes, profitability of
players is expected to come under pressure over the medium term.

* Implementation and funding risks:  Though the construction of
Phase'I is 73% complete and Phase II is around 1% complete till
date, and received booking at around 70% and 37% respectively.
The company may face some demand risk with respect to the unsold
units, also timely flow of customer advances and term loan
availability will be key rating sensitivity factors over the
medium term.

Strengths

* Healthy pace of bookings and comfortable liquidity: Out of the
total 550 units of Phase -I, 386 have been booked and customer
advances of INR130.9 crore was received till October 2018. For
Phase-II out of 150 flats, 55 have been booked and customer
advances of INR9.5 crore has been received. Therefore, the
company is likely to generate sufficient cash inflow to meet debt
obligation and maintain comfortable liquidity.

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 25 years and their funding support
is expected to continue.

Outlook: Stable

CRISIL believes that CMB will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely completion and high salability of on-
going projects, leading to healthy cash accrual, strengthen
financial and business risk profiles. The outlook may be revised
to 'Negative' if time and cost overruns in on-going projects or
delays in receiving funds for the projects, or a sizeable outflow
of funds to affiliates, or a slowdown in bookings across premium
projects weakens liquidity.

Incorporated in 2005, Lucknow (Uttar Pradesh)-based CMB, promoted
by Mr Alok Chandra and Mr Ashish Chandra, is engaged in real
estate development of residential units and is currently
developing Chandra Panorama Phase- I and Phase- II in
Shaheedpath.


DILIGENT SCM: ICRA Migrates 'D' Rating in Not Cooperating Cat.
--------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Diligent SCM Solutions Private Limited (DSCMSPL) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Fund based        6.14      [ICRA]D ISSUER NOT COOPERATING;
   Limits                      Rating moved to the 'Issuer Not
                               Cooperating' category

   Non-fund          0.45      [ICRA]D ISSUER NOT COOPERATING;
   based limits                Rating moved to the 'Issuer Not
                               Cooperating' category

   Unallocated       5.91      [ICRA]D/[ICRA]D ISSUER NOT
   Limits                      COOPERATING; Rating moved to
                               the 'Issuer Not Cooperating'
                               category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in January
2018. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with DSCMSPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Incorporated in 2005, Diligent SCM Solutions Private Limited is
involved in designing, developing, testing, manufacturing and
sourcing of precision engineered components. Mr. Dantuluri Phani
Varma, the Managing Director, has over two decades of global
experience in different phases of mechanical and electro-
mechanical product development. The company is also involved in
development and validation of alternate manufacturing processes,
handling super alloys and meeting the process requirements for
different sectors. However, the focus, as of now, has been on the
power generation segment. DSSPL has entered into annual agreement
with General Electric International INC. (GE) through its GE
Power & Water Business and has been recognised by GE as a
strategic supplier with respect to a key component used in gas
turbine, namely cloth seals. Apart from cloth seals, the company
is also a supplier of spares for turbines, which are used during
overhaul and maintenance.


GARG INDUSTRIES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Garg Industries'
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:

-- INR135 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1948 and managed by BM Garg, Garg Industries
manufactures and exports steel hinges (square butt hinges, back
flap hinges and piano hinges), staples, nuts, bolts, brackets and
others.


GEN NEXT: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gen Next Motors
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:

-- INR53.45 mil. Term loan due on May 1, 2021 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating; and

-- INR150 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (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

Incorporated in 2011, Gen Next Motors is an authorized dealer of
Renault passenger cars in Mumbai.


GOLD STAR: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------
ICRA continues to keep the ratings for the bank facilities of
Gold Star Steels (P) Ltd. (GSSPL) under 'Issuer Not Cooperating'
category. The ratings are now denoted as "[ICRA]D/[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          5.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-fund based-      1.50      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Non-fund based-      1.00      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                 Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Unallocated Limit    0.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

GSSPL was incorporated in 1992 by the Raipur-based Agarwal
family. However, the company has been taken over by the Vaswani
family in the recent past. GSSPL has facilities for manufacturing
high tension steel (HTS) wire, inserts and insulated caps.


GPR INFRA: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GPR INFRA's
(GPR) Long-Term Issuer Rating to 'IND BB-' from 'IND BB (ISSUER
NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR300 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects GPR's lower-than-expected revenue growth
during FY17-FY18 and continued small scale of operations, because
of a lower number of work orders from its clients. The company
booked revenue of INR441.7 million in FY18 and INR258.4 million
in FY17.

The downgrade also reflects GPR's tight liquidity position and
inability to channelize additional funds required to fund its
working capital requirements. This resulted in negative cash flow
from operations of INR46.4 million for the company during FY18
(FY17: INR2.6 million). Also, it fully used the working capital
limits during the 12 months ended November 2018.

The ratings factor in the partnership structure of the
organization.

The ratings also factor in the company's modest credit metrics
owing to high debt levels because of the working capital-
intensive nature of operations. Despite an increase in the total
debt to INR201.9 million in FY18 (FY17: INR145.9 million),
interest coverage (operating EBITDA/gross interest expenses) and
net leverage (net debt/operating EBITDA) marginally improved to
1.7x in FY18 (FY17: 1.5x) and 4.3x (4.6x), respectively, due to
an increase in the absolute EBITDA to INR46.5 million (INR31.2
million).

The ratings however are supported by GPR's healthy EBITDA margin
with return on capital employed being 15.3% in FY18 (FY17:
13.3%). The margins declined to 10.5% in FY18 (FY17: 12.1%) due
to an increase in raw material prices.

The ratings are also supported by GPR's outstanding unexecuted
order book of around INR1,290 million (2.9x of FY18 revenue) as
of April 2018 providing revenue visibility up to FY20.

The ratings are also supported by GPR's partners' more than two
decades of experience in executing civil contracting works.

RATING SENSITIVITIES

Positive: Significant growth in revenue and EBITDA margins,
leading to an improvement in the credit metrics, all on a
sustained basis, could result in a rating upgrade.

Negative: A decline in revenue and EBITDA margins resulting in
deterioration in the credit metrics, all on a sustained basis,
could lead to a negative rating action.

COMPANY PROFILE

Established in December 2013, GPR is an engineering, procurement
and construction firm.


H. S. WEAVERS: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings of INR8.05 crore fund based and non-fund
based bank facilities and INR0.45 crore unallocated limits of H.
S. Weavers Pvt. Ltd. (HSWPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

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

   Fund-based-          4.05      [ICRA]B (Stable); ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-fund based-     (0.90)     [ICRA]A4; ISSUER NOT
   Foreign Letter                 COOPERATING; Rating continues
   of credit                      to remain under 'Issuer Not
   (Sublimit of TL)               Cooperating' category

   Unallocated          0.45      [ICRA]B (Stable)/[ICRA]A4;
   Limits                         ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
H. S. Weavers Pvt. Ltd., ICRA has been trying to seek information
from the company to undertake a surveillance of ratings; but
despite multiple requests, the company's management has remained
non-cooperative. In the absence of the requisite information,
ICRA's Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited information or no
updated information on the company's performance since the time
it was last rated.

H. S. Weavers Pvt. Ltd. was incorporated in July 2014, with the
objective of manufacturing grey fabrics. Mr. Shreshth Patodia,
Mr. Sagar Patodia, Mr. Vaibhav Kanodia and Mr. Hariprakash
Kanodia are the key directors and promoters of the company. The
company has taken a land parcel of ~4,426 sq. m. at Tantithya
Village in Palsana Taluka of Surat District (Gujarat) on a long-
term lease of 30 years for its factory. This grey fabric
manufacturing unit of the company has been operational since
August 2015.


JAIBALAJEE MARMOGRANI: CRISIL Assigns B+ Rating to INR6.4cr Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities Jaibalajee Marmograni Private Limited
(JMPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        6.4       CRISIL B+/Stable (Assigned)

   Cash Credit             .25      CRISIL B+/Stable (Assigned)

   Proposed Working
   Capital Facility       1.35      CRISIL B+/Stable (Assigned)

The rating reflects risks associated with stabilization of
operations post commercialization and intense competition in
fragmented industry. This weakness is partially offset by the
benefits derived from the experience of the promoters and their
funding support.

Analytical Approach

Unsecured loans extended by promoters are treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Risks associated with stabilization of operations post
commercialization: Though the project is near completion stage,
the stabilization and ramp up of operations is a key rating
monitorable.

* Intense competition in fragmented industry: The scale of
operations is expected to be modest because of nascent stage of
operations and hence will remain susceptible to intense
competition in the market place and low negotiating power.

Strengths

* Extensive experience of promoters and their funding support:
JMPL's promoters' have extensive industry experience of over 10
years in the marble industry through their group concern,
involved in mining and exporting of marble. CRISIL believes that
JMPL's business risk profile will be benefited from the
experience of its promoters. Further, the promoters have extended
funding support in the form unsecured loans and will continue to
this support in future as well.

Outlook: Stable
CRISIL believes that JMPL will maintain its sufficient cash
accrual against debt repayment. The outlook may be revised to
'Positive' if the company shows ramp up in revenue and margins
while maintaining its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is pressure on
JMPL's revenue and operating profitability due to lower demand in
the marble business.

The company was incorporated in September 2017 and will commence
its operation in December 2018. The company will engage in
processing of granites and marbles.


KOHINOOR HATCHERIES: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kohinoor
Hatcheries Private Limited's Long-Term Issuer Rating of 'IND
BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR183.8 mil. Long-term loans
    due on July 2023 are withdrawn; and

-- The IND BB+ rating on the INR400 mil. Fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Hyderabad-based Kohinoor Hatcheries was established in 1991 by
Mr. D Raghava Rao. The company runs a poultry breeding business.


MANDAR ROLLER: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR9.00-crore bank facilities of
Mandar Roller Flour Mills Pvt Ltd continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          1.50       [ICRA]B (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-Fund Based      11.50       [ICRA]A4 ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Established in 1988, Mandar Roller Flour Mills Pvt Ltd is engaged
in cattle feed production and trading of peas (chick peas and
dried peas). The company has installed capacity of 10800 MT per
annum for its cattle feed division with its plant located in
Shirwal, Satara. The promoters of the company have been
associated with the flour mill and related business since a long
time.


MILANO PAPERS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Milano Papers
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB rating on the INR8.8 mil. Term loan I due on
    March 2018 are withdrawn;

-- The IND BB rating on the INR15.2 mil. Term loan II due on
    April 2018 are withdrawn;

-- The IND BB rating on the INR150 mil. Fund based working
    capital limit are withdrawn; and

-- The IND BB rating on the INR12 mil. Non-fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 2011, Milano Papers manufactures duplex paper
with varying grammage at its 36,000mtpa facility in Morbi,
Gujarat.


ORISSA CONCRETE: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
ICRA continues to keep the ratings for the bank facilities of
Orissa Concrete & Allied Industries Ltd. (OCAIL) under 'Issuer
Not Cooperating' category. The ratings are denoted as "[ICRA]D/
[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        9.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund based-        1.50      [ICRA]D ISSUER NOT COOPERATING;
   Standby Line                 Rating continues to remain under
   of Credit                    'Issuer Not Cooperating' category

   Non-fund based-    1.00      [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit             Rating continues to remain under
                                'Issuer Not Cooperating' category

   Non-fund based-     7.00     [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in 1979, OCAIL is a closely held company belonging
to the Raipur-based Agarwal family. OCAIL has facilities at
Raipur, Chhattisgarh for manufacturing of concrete sleepers for
railways, with an annual capacity of 4.25 lakh sleepers per
annum.


PRABHUNATH PRASAD: Ind-Ra Moves BB LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prabhuanth
Prasad Thekedar'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:

-- INR150 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR7 mil. Term loan due on March 2021 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1992, Prabhuanth Prasad Thekedar is engaged in
contract-based civil construction work for public sector entities
and various state government bodies.


RAJARATNA MILLS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Rajaratna
Mills Pvt Ltd.'s (RMPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR119.80 mil. Long-term loans due on September 2022 affirmed
    with IND BB/Stable rating;

-- INR250 mil. Fund-based limits affirmed with IND BB/Stable/
    IND A4+ rating; and

-- INR86.50 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects RMPL's continued weak credit metrics on
account of its high debt levels. The interest coverage (operating
EBITDA/gross interest expense) for FY18 was 1.8x (FY17: 1.7x) and
leverage (adjusted net debt/operating EBITDAR) was 6.8x (6.1x).
The debt increased in FY18 because the company had incurred a
debt-funded capex of INR80 million to add new machinery as well
as improve the efficiency of existing machinery to manufacture
better quality yarn. Also, EBITDA margin fell to 6.8% in FY18
(FY17: 7.1%) due to an increase in employee and labor expenses.
The margins are at modest levels with ROCE of 5% in FY18.

The ratings also reflect RMPL's moderate liquidity position, with
the fund-based facility being 86% utilized for the 12 months
ended October 2018. The company's cash balance for FY18 was INR11
million (FY17: INR26 million). Its cash flow from operation
declined to INR18 million in FY18 (FY17: INR137 million) due to
changes in working capital.

The ratings, however, are supported by RMPL's medium scale of
operations. Revenue rose 12% yoy in FY18 to INR1,117 million due
to better price realization of products on account of the
improvement in the quality of the yarn produced. RMPL's booked
6MFY19 revenue of INR620 million.

The ratings are also supported by the promoter's experience of
more than a decade in yarn manufacturing.

RATING SENSITIVITIES

Negative: Deterioration in EBITDA margin leading to deterioration
in the credit metrics on a sustained basis could be negative for
the ratings.

Positive: A sustained improvement in the revenue, profitability
and credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1954, RMPL manufactures cotton yarn in Palani,
Tamil Nadu.


RAJRANI STEEL: ICRA Withdraws B- Rating on INR13cr LT Loan
----------------------------------------------------------
ICRA has withdrawn the long -term rating of [ICRA]B- and the
short-term rating of [ICRA]A4, Issuer Non-Cooperation due to non-
submission of monthly No Default Statement (NDS) to the INR17.75
crore facilities of Rajrani Steel Casting Private Limited.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Fund       13.00       [ICRA]B-(Stable) ISSUER NON-
   Based-Cash Credit                COOPERATION; Withdrawn

   Long term Fund        3.00       [ICRA]B-(Stable) ISSUER NON-
   Based-Term Loan                  COOPERATION; Withdrawn

   Short term non-       1.75       [ICRA]A4 ISSUER NON-
   fund based                       COOPERATION; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company, and on
the basis of No Objection certificate received from the banker.

Incorporated in 2003, Rajrani Steel Casting Private Limited
(RSCPL) is engaged in the manufacturing of TMT bars, steel ingots
and billets, angles, flats, bars, etc. The company has an
installed capacity of 50,000 Tonnes Per Annum (TPA) for the
manufacturing of TMT bars and other products. The promoters of
the company, Mr. Arvind Agarwal and Mr. Narendra Agarwal have two
decades of experience in the steel industry.


RHC HOLDING: NCLT Refuses to Admit Firm Into Insolvency
-------------------------------------------------------
Arpan Chaturvedi at BloombergQuint reports that the National
Company Law Tribunal Dec. 6 rejected the insolvency petition
filed against RHC Holding on the grounds that insolvency code
does not allow for such petitions to be filed against non-banking
financial companies.

BloombergQuint relates that the plea, filed by HDFC Ltd. to
recover INR41 crore, said there was a default even after they
raised a demand for the pending dues. RHC Holding is promoted by
Singh Brothers -- Malvinder Mohan Singh and Shivinder Mohan
Singh.

HDFC argued that once the default is established and the proposed
insolvency resolution officer is facing no disciplinary
proceedings, their petitions must be admitted and insolvency
proceedings must begin, the report says.

Earlier, Daiichi Sankyo Pvt. Ltd. had filed an intervention
application in the case opposing HDFC's petition, the report
recalls. BloombergQuint relates that Daiichi argued that there is
an ongoing legal proceeding against RHC Holding in the Delhi High
Court which has passed an order of status quo on the assets of
RHC Holding.

Daiichi had moved the high court seeking enforcement of its
INR3,500 crore arbitration award, the report notes.

According to BloombergQuint, RHC Holding argued that they are a
financial service provider and do not qualify as a corporate
debtor against whom insolvency proceedings can be initiated as
per the provisions of the Insolvency and Bankruptcy Code. The
company also produced a copy of their Memorandum of Procedure in
the tribunal along with the certificate issued by the Reserve
Bank of India recogninsing it as a Non Deposit Accepting Non
Banking Financial Company (NDSI-NBFC), the report notes.

While accepting the arguments made by RHC Holding, the tribunal
dismissed the petition seeking insolvency proceedings against the
company, the report says. The tribunal, however, made it clear
that it is not making any claims on the merit of the controversy
or the right of HDFC's claim in front of any other forum, adds
BloombergQuint.


RR COTTON: Ind-Ra Raises Long Term Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded RR Cotton's
(RRC) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR21.7 mil. (reduced from INR27.2 mil.) Term loan due on
     November 2022 upgraded with IND BB-/Stable rating; and

-- INR150.0 mil. Fund-based limits upgraded with IND BB-
     /Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in RRC's scale of operations
to medium from small, leading to an improvement in the credit
metrics. During FY18, revenue surged to INR833 million (FY17:
INR558 million) on the back of an increase in the number of
orders received from new customers. During 8MFY19, RRC booked
revenue of INR363 million. Interest coverage (operating
EBITDA/gross interest expenses) remained at 1.2x in FY18 (FY17:
1.2x) due to a proportionate increase in interest expenses and
absolute EBITDA. The latter also led to net leverage (net
debt/operating EBITDA) improving to 8.2x in FY18 (FY17: 28.6x).

However, the metrics stay at moderate levels due to RRC's modest
EBITDA margin because of a short track record of operations. FY18
was the first full year of operations for the company. Return of
capital employed was 9% in FY18 (FY17: 4%). The EBITDA margin
improved to 3.4% in FY18 (FY17: 1.5%) due to a decrease in the
variable cost. During 8MFY19, the firm has booked EBITDA margin
of 4.9%.

The ratings factor in RRC's tight liquidity position as indicated
by its 99% average utilization of the working capital limits
during the 12 months ended October 2018. The company has
unutilized credit lines of INR0.6 million and cash balance of
INR1.0 million. Its cash flow operations improved to INR4 million
in FY18 (FY17: negative INR224 million) due to a change in
working capital and improved operating EBITDA. Also, the company
had an outstanding term loan of INR21.7 million as on 31 October
2018 and the same will be repaid fully by November 2022.

However, the ratings continue to be supported by RRC's partners'
three-decade-long experience in the ginning business.

RATING SENSITIVITIES

Negative: Deterioration in the liquidity position and
profitability on a sustained basis may lead to a negative rating
action.

Positive: A sustained improvement in the scale of operations and
credit metrics while maintaining the EBITDA margin could lead to
a positive rating action.

COMPANY PROFILE

RR Cottons was established in July 2016. It is involved in the
ginning and pressing of cotton in Adilabad, Andhra Pradesh.


SARAF TRADING: Ind-Ra Raises Long Term Issuer Rating to 'B-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Saraf Trading
Corporation Private Limited's (STCPL) Long-Term Issuer Rating to
'IND B-' from 'IND D'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70.0 mil. Fund-based working capital limits upgraded with
     IND B-/Stable/IND A4 rating; and

-- INR17.5 mil. Non-fund-based working capital limits upgraded
     with IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects STCPL's timely debt servicing during the six
months ended October 2018. The ratings, however, remain
constrained by the company's tight liquidity position. It nearly
fully utilized its fund-based facilities during the six months
ended October 2018, had a cash balance of INR0.5 million and cash
flow operation of negative at INR22.7 million in FY18.

The ratings factor in STCPL's continuous revenue decline, modest
and volatile margins and weak credit metrics. Revenue had
declined to INR195.1 million in FY18 (FY17: INR197.0 million), on
account of a decline in the receipt of orders and volatile tea
prices. EBITDA margin improved to average levels of 3.8% (FY17:
0.1%) due to a decrease in variable cost and ranged between 0.1%
and 6.8% during FY13-FY18, due to fluctuations in tea prices,
intense competition from organized and unorganized players, and
volatility in foreign exchange rates as exports contributed
around 89.4% to the revenue in FY18 (FY17: 89%). Return on
capital employed was 1.8% in FY18 (FY17: negative 3.1%). The
company's interest coverage (operating EBITDA/gross interest
expense) was 0.8x in FY18 (FY17: 0.0x) and net leverage (adjusted
net debt/operating EBITDA) was 13.6x (90.8x). The improvement in
credit metrics was mainly on account of the rise in operating
profitability. The management expects the credit metrics to
improve further over the medium term on account of scheduled debt
repayments and absence of a debt-led capex.

The ratings also reflect STCPL's increased customer concentration
with the top 10 customers accounting for 84.5% of the revenue in
FY18 (FY17: 67.2%).

However, the ratings are supported by STCPL's 70 years of
operating experience and the current management's three-decade-
long experience in the tea industry, leading to established
relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in liquidity could be negative for the
ratings.

Positive: An improvement in liquidity will be positive for the
ratings.

COMPANY PROFILE

Located in Kerala, STCPL was incorporated in 1994. It is engaged
in the processing, blending and trading of packaged tea under the
brand, Suntips. The business was founded by Shri. V.G. Saraf in
1948.


SCS CONSTRUCTIONS: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SCS
Constructions India Private Limited (SCS) a Long-Term Issuer
Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR19.17 mil. Term loan due on September 2025 assigned with
     IND BB+/Stable rating;

-- INR50 mil. Fund-based limit assigned with IND BB+/Stable
     rating; and

-- INR35 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SCS' medium scale of operations as indicated
by revenue of INR743 million in FY18 (FY17: INR762 million). The
marginal decline in revenue was due to receipt of lower orders.
As of October 30, 2018, it had an order book of INR621 million,
to be executed by March 2020. The company's return on capital
employed was 19% in FY18 and EBITDA margin was healthy at 5.8%
(FY17: 4.6%). Despite the decline in revenue, the margins
improved on account of a decrease in operating cost.

The ratings are also constrained by SCS' modest credit metrics as
indicated by gross interest coverage (operating EBITDA/gross
interest expense) of 9.6x in FY18 (FY17: 6.9x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 3.19x
(2.04x). The deterioration in the net financial leverage was on
the back of an increase in total debt in the form of unsecured
loans from promoters. However, the improvement in the interest
coverage was owing to an increase in EBITDA.

The ratings also factor in the company's modest liquidity
position with around 90% average use of its fund-based working
capital limits during the 12 months ended November 2018. The
company's cash and cash equivalents stood at INR12.55 million at
FYE18 (FYE17: INR15.72 million). Cash flow from operations
improved, although remained negative at INR0.91 million in FY18
(FY17: INR48.28 million) on account of higher working capital
requirements.

However, the ratings benefit from SCS' diversified customer base
as it executes orders for both government as well as private
companies.

The ratings are also supported by the company's promoter's more
than three decades of experience in the civil construction
business.

RATING SENSITIVITIES

Negative: A decline in the revenue and overall credit metrics,
all on a sustained basis, would be negative for the ratings.

Positive: An increase in the revenue along with an improvement in
the overall credit metrics, all on a sustained basis, would lead
to a positive rating action.

COMPANY PROFILE

Incorporated in 2016, SCS is primarily engaged in the
construction of roads, bridges and irrigation projects in Odisha.
It is registered as a Super Class Contractor with the government
of Odisha and its registered office is in Bhubaneshwar. Mr.
Suresh Chandra Sahoo is the promoter. The company also operates a
fuel station near Puri in Odisha.


SHREEDHAR MILK: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shreedhar Milk
Foods Limited (SMFL) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           165         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         81.26      CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Cash
   Credit Limit           83.74      CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SMFL for obtaining
information through letters and emails dated July 31, 2018 and
November 19, 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 SMFL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SMFL 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 SMFL continues to be 'CRISIL D Issuer not
cooperating'.

SMFL was incorporated as A Kumar Milk Foods Pvt Ltd in Delhi in
2005; it was renamed in 2011. The company processes milk and
sells milk and milk products. The promoters, Mr Shyam Goel and
his son, Mr Anirudh Goel, manage the operations.


SHRI RAM: ICRA Lowers Rating on INR48cr Bank Loan to B+
-------------------------------------------------------
ICRA has revised from long-term rating of [ICRA]BB- to [ICRA]B+
and reaffirmed the short-term rating of [ICRA]A4 on the INR72.70-
crore bank facilities of Shri Ram Switchgears Limited (SRSL). The
outlook on the long term rating is Stable.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits-     17.00      [ICRA]B+ (Stable); revised
   Cash Credit                       from [ICRA]BB- (Stable)

   Fund Based Limits-      2.70      [ICRA]B+ (Stable); revised
   Term Loan                         from [ICRA]BB- (Stable)

   Non-fund Based         48.00      [ICRA]B+ (Stable); revised
   Limits-Bank                       from [ICRA]BB- (Stable)
   Guarantee

   Non-fund Based          5.00      [ICRA]A4; Reaffirmed
   Limits-Letter
   of Credit

Material Event

Shri Ram Switchgears Private Limited announced its half yearly
results on November 15, 2018. The company reported operating
income of INR9.88 crore with operating profit of INR4.06 crore
and net profit of INR0.33 crore in HY1FY2019 against an operating
income of INR29.60 crore with operating profit of INR5.93 crore
and net profit of INR1.19 crore in H1FY2018.

Impact of the Material Event
The ratings have been revised from long-term rating of [ICRA]BB-
(pronounced ICRA Double B minus) to [ICRA]B+ and reaffirmed the
short-term rating of [ICRA]A4 on the INR72.70-crore bank
facilities of Shri Ram Switchgears Limited (SRSL). The outlook on
the long term rating is Stable.

Rationale

The revision in ratings takes into account the decline in the
operating income of the company by ~66% in H1 FY2019 to INR9.88
crore vis-Ö-vis operating income of INR29.60 crore in H1 FY2018.
As per the management, the decline in top-line was due to
ambiguity in fixation of GST rate on Government contracts. Also,
some of the new orders were kept on hold which affected the top-
line. However, the ratings continue to favorably factor in the
established track record of the promoters in the power
transmission industry.

Outlook

ICRA believes that SRSL will continue to benefit from the
extensive experience of the promoters in the transformer
manufacturing business. The outlook may be revised to Positive if
substantial growth in revenues and profitability strengthen the
financial risk profile of the company. The outlook maybe revised
to Negative if decline in the revenues and profitability, or any
pressure on the liquidity front, impact the overall financial
health of the company.

Key rating drivers

Credit strengths

Extensive experience of promoters with an established brand name:
The promoters of the company have been involved in the
transformer manufacturing business over the past three decades
and possess extensive experience. This helps the company in
maintaining healthy relations with the customers as well as the
suppliers.

Credit challenges

Decline in the scale of operations: The company has faced a
decline in the operating income in H1 FY2019 due to ambiguity in
fixation of GST rate on Government contracts. This has affected
the top-line as some of the new orders were kept on hold.

Stretched liquidity owing to increase inventory build-up: The
liquidity of the company continues to remain stretched owing to a
stretch in the working capital cycle due to inventory build-up
and increase in debtor days.

SRSL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
since 1985, manufactures electrical items such as distribution
transformers, switchgear, meter boxes, feeder pillars,
distribution boxes, and junction boxes used in the distribution
of power and also undertake erection, installation, and operation
and maintenance of these items for its customers. Its
manufacturing units are located in Ratlam. Customer profile
mainly consists of power discoms in Madhya Pradesh and Mumbai.
The contracts are primarily secured through biding for tenders
floated by the discoms.


SRI RAM TRADERS: CRISIL Assigns B+ Rating to INR8cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sri Ram Traders - Namakkal (SRT).

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

The rating reflects the extensive experience of the proprietor in
the poultry feed industry and the firm's moderate financial risk
profile. These strengths are partially offset by modest scale of
operations and exposure to intense competition.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: The modest
scale is reflected in revenue of INR29 crore for fiscal 2018.
Moreover, intense competition from other trading firms limits
SRT's bargaining power, leading to modest profitability.

* Below average financial risk profile: Capital structure is
moderate, marked by gearing of 1.65 time and networth of INR3.03
crore as on March 31, 2018. Debt protection metrics are average
because of modest operating margins and modest accruals.

Strengths:

* Extensive experience of the proprietor: The proprietor has been
in the poultry feed industry for over 25 years, and has
established strong relationships with various stakeholders, which
has helped SRT and its sister concerns scale up operations.

Outlook: Stable

CRISIL believes SRT will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
there is a substantial increase in revenue and profitability
along with prudent working capital management. The outlook may be
revised to 'Negative' if significantly low revenue and cash
accrual, stretched working capital cycle, or large, debt-funded
capital expenditure weakens the financial risk profile.

Based in Namakkal (Tamil Nadu), SRT trades in poultry feed such
as maize, soya, rice, and jowar. All its supplies are to sister
concern Aishwarya Feeds, which manufactures poultry feed.


SRI RAMA: ICRA Maintains B- Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the rating of INR27.00-crorebank facilities of Sri Rama
Educational Trust (SRET) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B-(Stable)
ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       7.20      [ICRA]B-(Stable) ISSUER NOT
   Based TL                       COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-Fund       5.00      [ICRA]B-(Stable) ISSUER NOT
   Based/ CC                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Long Term-          14.80      [ICRA]B-(Stable) ISSUER NOT
   Unallocated                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in August
2017. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with SRET, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Sri Rama Educational Trust was established in 2000 by Mr. Alluri
Murthy Raju. The trust runs Maharajah Institute of Medical
Sciences in Vizianagaram District of Andhra Pradesh and is
affiliated to Dr. NTR University of Health Sciences, Vijayawada,
Andhra Pradesh. It started operations in 2003 by offering
graduate medical course (MBBS). Gradually over the years courses
in nursing, paramedical sciences and post graduate medical
courses were introduced. As part of the medical institute, the
trust also runs a 760 bed hospital which includes both inpatient
and outpatient facilities. The hospital has the departments of
surgery, orthopaedics, ENT, ophthalmology, medicine, paediatrics,
obstetrics and gynaecology department. It houses a diagnostic
laboratory and pharmacy. It also has a casualty emergency service
with ambulance facility intensive care unit, five fully
functioning operation theatres and a labour room complex.


ST. JOSEPH'S EDUC: CRISIL Moves B+ Rating From Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of St. Joseph's Educational
Society (SJES) to CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SJES from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        7.03      CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COPERATING')

   Overdraft             1.60      CRISIL A4 (Migrated from
                                   'CRISIL A4 ISSUER NOT
                                   COPERATING')

   Proposed Working      1.37      CRISIL B+/Stable (Migrated
   Capital Facility                from 'CRISIL B/Stable
                                   ISSUER NOT COPERATING')

The ratings continue to reflect SJES's exposure to risks related
to the highly regulated nature of the education sector and modest
scale of operations. These weaknesses are mitigated by the
extensive experience of promoters in the educational sector and
average financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to the highly regulated nature of the
education sector: Non-compliance or change in regulations can
impact functioning of educational institutions.

* Modest scale of operations: SJES has modest scale of operations
indicated by revenue of INR27.58 Cr in fiscal 2018. Further,
operating profits have remained volatile in range of 20.69% to
35.75% for last 4 years ended fiscal 2018. Improvement in scale
while sustaining operating profits post completion of ongoing
capex to remain key rating sensitivity factor.

Strengths

* Extensive experience of the promoters: The business risk
profile of SJES benefits from the extensive experience of the
promoters in the education sector. The secretary of the society,
Mr. Santhanamuthu has over three decades of experience in the
education industry while setting up setting up schools in
Chennai.

* Average financial risk profile: Moderate net worth and low
gearing (estimated at Rs. 26.85 crores and 0.38 times as on March
31, 2018) represents average financial risk profile.

Outlook: Stable

CRISIL believes that SJES will continue to benefit over the
medium term from the members' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant scale
up in operations or improved operating profits results in higher-
than-expected accruals thereby improving its liquidity.
Conversely, the outlook may be revised to 'Negative' if SJES
undertakes any further larger than- expected debt-funded capital
expenditure programme, or faces any adverse regulatory change
resulting in significant deterioration in its financial risk
profile.

Set up in 1985, SJES owns and operates four schools in Chennai.
The operations of the society are managed by the secretary, Mr. S
Santhanamuthu.


TARADE BROTHERS: CRISIL Lowers Rating on INR4cr Bank Loan to D
--------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facility of Tarade Brothers
Constructions Private Limited (TBCPL) to 'CRISIL BB-
/Stable/CRISIL A4+; Issuer not cooperating'. However, the firm's
management has started sharing the information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
downgrading the rating to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+ Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL D (Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit            1.25      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         1.31      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     3.44      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

The downgrade reflects the delays in repayments of term loan for
a month due to weak liquidity position.

Key Rating Drivers & Detailed Description

Strengths

* Promoters' extensive experience in the civil construction
industry: Mr. Mirasaheb Tarade has two decades of experience in
the civil construction industry. His expertise has helped the
firm in securing contracts and their successful execution thereby
resulting in repeat work orders from customers. CRISIL believes
that TBCPL will continue to benefit from the long standing
experience of its promoter and established relationships with its
customers over the medium term.

Weakness:

* Modest scale of operations and geographical concentration
TBCPL has been in business for around two decades, but the scale
of operations still remains modest with net sales estimated at
Rs.55 cr. in fiscal 2018. TBCPL's entire operations are
concentrated in Karnataka only, which restricts its growth
opportunities as this makes it highly dependent on local tenders
and vulnerable to changes in state government policies. CRISIL
believes that TBCPL will remain exposed to modest scale of
operations and geographical concentration risks over the medium
term.

TBCPL was established as a proprietorship firm by Mr. Mirasaheb
Tarade in 1993. The firm is based at Belgaum (Karnataka). TBCPL
is engaged in civil construction activities comprising mainly of
construction of roads, bridges, drains and underpasses for
government bodies.


UNIFOUR DEVELOPERS: CRISIL Moves B+ Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Unifour Developers Private
Limited (UDPL) to 'CRISIL B+/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 migrating the
rating on bank facilities of UDPL from 'CRISIL B+/Stable Issuer
Not Cooperating' to 'CRISIL B+/Stable'

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      3.5       CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Term Loan               6.0       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

The rating continues to reflect UDPL's exposure to risks
associated with ongoing projects and vulnerability to the
cyclicality inherent in the real estate industry, geographical
and project concentration risk. These weaknesses are partially
offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks associated with ongoing projects: UDPL is
undertaking development of a residential complex in Ranchi,
Jharkhand, at an estimated cost of INR34.66 crore. Business
remains susceptible to timely completion of the project and
steady flow of customer advances.

* Vulnerability to cyclicality inherent in the industry: The real
estate sector in India is cyclical and affected by volatile
prices, opaque transactions, and a highly fragmented market
structure. Risks arising from any industry slowdown should
continue to constrain the business.

* Geographical and project concentration risk: UDPL is currently
working on a single residential project in Ranchi, Jharkhand.
Therefore, it is exposed to significant geographical and project
concentration risk. Timely completion of the current project and
addition on new projects in due time will remain key sensitivity
factor over the medium term.

Strength

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

Outlook: Stable

CRISIL believes UDPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
there is substantial cash flow from operations because of speedy
execution of project and increased customer advances. Conversely,
the outlook may be revised to 'Negative' if significantly low
cash flow due to subdued response to the project, modest customer
advances, or delay in project completion weakens the financial
risk profile and liquidity.

UDPL, incorporated in 2012, is constructing a residential
building, Aamantran, at Morabadi in Ranchi. The company is a part
of the Ranchi-based Unifour group. Mr Suraj Singh Pratap, Mr
Sunil Kumar Singh, Mr Gangesh Singh, along with their families
are the promoters.


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

The instrument-wise rating actions are:

-- INR135 mil. Fund-based working capital migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 13, 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 1976, Vikrant Ispat Udyog is a partnership firm
engaged in the dealership of the products of Tata Steel Limited
('IND AA'/RWE). The key products offered by the firm include
thermo-mechanically treated bars, wires, pipes, angles, steel
bars, steel angles, coils and plates.


ZURI HOSPITALITY: ICRA Reaffirms B+ Rating on INR4cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long -term rating of [ICRA]B+ outstanding
on the INR4.00 crore fund-based facilities of Zuri Hospitality
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 outstanding on the INR0.75 crore non-fund-based
facilities of ZHPL. The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       4.00      [ICRA]B+ (Stable); Reaffirmed
   Based/CC

   Short Term-Non-      0.75      [ICRA]A4; Reaffirmed
   Fund Based

Rationale

The rating reaffirmation factors in healthy operational profile
of the company characterized by steady improvement in RevPAR
(revenue per available room) on year on year basis witnessing a
growth of 7.0% and 14.6% respectively during FY2018 and H1FY2019.
The ratings also factors in strong financial support from the
promoters in the form of unsecured loans and loans against fixed
deposits with no pre-defined repayment terms. ICRA also notes the
company efforts towards increasing its business by improving its
brand visibility through various business strategies such as
special packages to its customers, marketing, advertising etc.
The rating strengths are however offset by intense competition
faced by the company from other established reputed properties in
the vicinity constraining its operating performance to a certain
extent in addition to the seasonal nature of the hotel industry
with company's modest scale of operations with a single property
at Bangalore, Karnataka. The rating also takes into account weak
financial profile of the company, characterized by net losses (-
11.9% and -14.2% for FY2018 and H1FY2019 respectively), weak
coverage indicators (TD/ OPBITDA of 22.8x and interest coverage
ratio of 1.2x as of March 31, 2018) and moderate capital
structure with a gearing of 2.2x as on March 31, 2018. Going
forward, the company's ability to increase its revenues by
improving its occupancy level and ARR and expand its margins by
controlling cost in the face of increasing competition while also
maintaining its capital structure would be key rating
sensitivities.

Outlook: Stable

ICRA believes Zuri Hospitality Private Limited will continue to
benefit from the extensive experience and financial support
provided by its promoters. The outlook may be revised to Positive
if substantial growth in revenue and profitability better than
expected ARR and occupancy, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if RevPAR lags
expectation, cash accruals are lower than expected, withdrawal of
financial support by the promoters, or if any major capital
expenditure, weakens liquidity.

Key rating drivers

Credit strengths

Financial support from the promoters: The company's debt
primarily comprises of promoter loans (interest-free) and loans
against fixed deposit (Rs. 136.73 crore out of total debt of
INR139.14 crore as on March 31, 2018) from the promoters with no
fixed repayment schedule, thereby lending liquidity comfort and
financial flexibility.

Credit challenges

Financial profile characterized by net losses; stretched coverage
indicators and leveraged capital structure: ZHPL reported an
operating income of INR34.1 crore in FY2018 as compared to
INR33.4 crore in FY2017, a marginal growth of 2.0% (y-o-y basis).
The company's operating margins declined from 20.1% in FY2017 to
17.9% in FY2018 primarily on account of the increase in employee
cost (revision of minimum wages act) and higher power and fuel
expenses. Going forward, revenue and margins are expected to
improve with improving media presence to strengthen its brand
image which in turn is expected to result in higher occupancies
over the medium term. The company is also taking up cost control
measures to improve the operating efficiency of the hotel.
Further, the company's coverage indicators remained stretched
with TD/OPBITDA of 22.8x as on March 31,2018 and Interest
coverage ratio of 1.2x during FY2018.

Moderate size of operations and stiff competition constrains the
growth of the company: High competition from several established
brands like Vivanta by Taj, Holiday Inn Hotel & Suites etc.
restricts occupancy and reduces the pricing flexibility of the
company to a certain extent. In addition, the moderate size of
operations with a single property in Bangalore increases the
vulnerability of sustaining revenues for the company, leading to
high concentration risk.

Exposed to cyclicality nature of business and other external
factors: By virtue of being in the hotel industry, the company is
susceptible to risks arising from its cyclical nature. The
hotel's revenues are also vulnerable to general economic slowdown
and exogenous shocks.

Liquidity Position:

ZHPL fund flow from operations (FFO) remained positive in FY2018
supported by stable working capital intensity and moderate
business growth. Absence of capacity expansion plans, limited
burden of term debt repayments, and minimal requirement of
working capital funding supports liquidity. As on March 31, 2018,
ZHPL had cash balance of INR0.2 crore with INR1.6 crore
unutilized working capital facilities out of INR4.0 crore
sanctioned overdraft facility.

Zuri Hospitality Private Limited (ZHPL) is engaged in hospitality
business with a 162-room 5-star deluxe hotel located at
Whitefield, Bangalore. ZHPL earlier owned three properties namely
the Zuri Varca White Sands Resort & Casino, Goa, The Zuri
Kumarakom Resorts & Spa, Kerala and The Zuri Whitefield,
Bengaluru. In 2012, each of the three properties were demerged
from ZHPL and incorporated as separate entities. The Zuri
Whitefield, Bengaluru was retained under the name Zuri
Hospitality Private Limited and the Goa and Kerala properties
were incorporated as Silver Springs Pleasure Resorts Private
Limited and Zuri Hotels & Resorts Private Limited respectively.
Post the demerger each property is operating as a separate entity
with no support from other properties.

Besides the properties mentioned above, the promoter Group also
owns two other hotels - Diani Reef Beach Resort and Spa, Kenya
and The Liner, Liverpool, UK. It also has interests in real
estate and floriculture. The floriculture business, by the Group,
is conducted through Primarosa Flowers, Kenya.



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


PIONEER CORP: Baring Private Buys Firm for $904 Million
-------------------------------------------------------
Nikkei Asian Review reports that ailing car navigation system
maker Pioneer Corp. intends to seek a turnaround under a
Hong Kong investment fund, as auto sector players scurry to adapt
to technological changes sweeping the industry.

According to Nikkei, the Japanese electronics company said on
Dec. 7 that it will become a wholly owned subsidiary of
Hong Kong's Baring Private Equity Asia and delist its shares.
Baring is to spend a total of JPY102 billion ($904 million) on
the acquisition, once Pioneer officially decides to go ahead at a
special general shareholders meeting set for Jan. 25, the report
says.

The Nikkei relates that the fund manager would invest JPY77
billion through a third-party allocation of shares and debt-
equity swaps. It would also spend about JPY25 billion to acquire
shares from existing stockholders, paying JPY66.1 per share --
25% lower than Dec. 7's closing price of JPY88.

The report says Pioneer plans to cut its workforce by about 15%.
The company had about 17,000 employees on a consolidated basis as
of the end of March 2018.

A management reshuffle is also in the cards, the report states.
All of Pioneer's current board members, excluding President
Koichi Moriya and two outside directors, are to resign and be
replaced by officials dispatched from Baring.

"I will no longer receive compensation," the report quotes Mr.
Moriya as saying at a news conference on Dec. 7. "I hope to bring
the company back to growth while tapping my savings."

Mr. Moriya, who became president in June, will receive no basic
pay starting next month, while the other directors will have
their compensation cut by 40% to 70%, the Nikkei notes. Among
those stepping down is Chairman Susumu Kotani, who has led the
company since 2008.

These measures show that Pioneer has abandoned all hope of
rebuilding on its own, and that the current management team will
take responsibility.

Although Pioneer reached a basic agreement with Baring for a
bailout in September, the Hong Kong fund has yet to make an
equity investment, the Nikkei says.

At this point, Pioneer is best known for its car navigation
systems and other in-car electronics. The proliferation of
smartphones, however, has weighed on demand for its bread-and-
butter products, the report states. Prices are also under
downward pressure, while development costs are rising.

Pioneer suffered a consolidated net loss of JPY9.9 billion for
the April-September period, deepening from a JPY7.2 billion loss
a year earlier, the Nikkei discloses.

For the full year through next March, the company expects to log
an operating loss of JPY5 billion, primarily due to a JPY5.5
billion loss in the mainstay car electronics business, the report
adds.

Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products.  The Company operates in three business
segments.  The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives,
blu-ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment.  The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.



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


NOBLE GROUP: May File for U.K. Insolvency Procedure
---------------------------------------------------
Jack Farchy, Javier Blas, and Luca Casiraghi at Bloomberg News
report that Noble Group Ltd. is preparing for an insolvency
filing after Singaporean regulators blocked a key element of its
$3.5 billion debt restructuring, according to people familiar
with the matter.

Bloomberg relates that the company is considering what's known as
a "pre-pack" administration, a procedure that allows for a debt
restructuring in court through a pre-agreed plan with creditors,
one of the people said, asking not to be identified because the
talks are private.

According to Bloomberg, Noble said in a circular in August that
the alternative restructuring, or Plan B, would involve filing
for administration in the U.K. It is still considering different
jurisdictions for the filing, including Hong Kong, Bermuda, and
Singapore, according to one of the people. The plans are still
under discussion and could change, the report says.

Bloomberg says the discussions come after Singaporean regulators
said they wouldn't allow Noble to relist as a new entity,
effectively blocking an intricate debt restructuring plan that
has been more than a year in the making.

Bloomberg notes that the once giant commodity trader has been
brought to the brink of collapse by accusations of inflated
profits, first made by Iceberg Research in 2015. After posting
huge losses and billions of dollars of writedowns, Noble pinned
its hopes for survival on a restructuring masterminded by
Chairman Paul Brough, the report states.

                              Plan B

In August, Noble laid out plans for an alternative restructuring
if its first choice failed. Under that scenario, it would file
for administration in the U.K and the creditors would then aim to
swiftly take control, Bloomberg recalls. The shareholders and
perpetual bondholders could be wiped out.

According to the report, the collapse of Noble's first-choice
restructuring plan would be a blow to its creditors, including
hedge funds Taconic Capital Advisors, Varde Partners and Owl
Creek Asset Management, as well as Deutsche Bank AG and ING Groep
NV.

It's likely that they would take control of the company's assets
if it files for administration, Bloomberg discloses citing the
August shareholder circular. But there are still risks: for
example, the move could trigger clauses allowing some
counterparties to walk away from supply contracts, making it
harder for Noble to stay in business.

In August, the company said that it preferred a consensual
restructuring deal that "avoids the disruption to Noble Group's
business in a formal insolvency procedure," Bloomberg notes.

Bloomberg says the Singaporean probe could continue to affect
Noble even if it ceases to be a public company. On Dec. 7, the
authorities said there were "significant uncertainties about the
financial position of New Noble."

In previous comments, Singaporean regulators have said they're
looking at accounting issues at Noble's Singapore subsidiary from
2012 to 2016, Bloomberg says. The directors of that unit during
the period include Will Randall and Paul Jackaman, the current
chief executive and chief financial officer. Under the
restructuring plan, they were due to continue their roles

                        About Noble Group

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

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

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

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

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

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

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



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


NATIONAL SAVINGS: Fitch Downgrades LT IDR to B; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign- and Local-
Currency Issuer Default Ratings of the following Sri Lanka-based
financial institutions following the downgrade of Sri Lanka's
sovereign rating:

  - National Savings Bank (NSB) to 'B' from 'B +'; Outlook Stable

  - Bank of Ceylon (BOC) to 'B' from 'B +'; Outlook Stable

  - DFCC Bank PLC ( DFCC) to 'B' from 'B +'; Outlook Stable

  - People's Leasing & Finance PLC's (PLC) to 'B-' from 'B';
Outlook Stable

The Stable Outlook on NSB, BOC and PLC reflects the Stable
Outlook on the sovereign.

Fitch has also downgraded the Viability Ratings (VR) of BOC and
DFCC to 'b' from 'b+' to reflect the more challenging operating
environment in Sri Lanka.

Fitch has revised its assessment of the operating environment in
Sri Lanka to 'b/stable' from 'b+/negative' to reflect the likely
adverse impact on the banks' credit profiles following the
deterioration in the Sri Lankan sovereign's credit profile amid
difficult domestic and external conditions. The National Ratings
of BOC, NSB, DFCC and PLC were not covered in this review.

Fitch downgraded the Sri Lankan sovereign to 'B' from 'B+' on
December 3, 2018.

KEY RATING DRIVERS

IDRS, VIABILITY RATINGS AND SENIOR DEBT RATINGS

The IDRs of NSB and BOC reflect Fitch's expectation of
extraordinary support from the sovereign. The downgrades of their
IDRs reflect Fitch's view that the state's ability to provide
support to these banks has reduced, although the state's
propensity to do so has not changed.

NSB

Fitch believes state support for NSB stems from its policy
mandate of mobilising retail savings and investing them in
government securities. The NSB Act contains an explicit deposit
guarantee and Fitch is of the view that the authorities would
support, if needed, the bank's depositors and its senior
unsecured creditors to maintain confidence and stability in the
system. Fitch has not assigned a Viability Rating to NSB as it is
a policy bank.

The US dollar senior unsecured notes issued by NSB has also been
downgraded by one notch to reflect the downgrade of its IDRs. The
notes are rated at the same level as the bank's Long-Term
Foreign-Currency IDR as they rank equally with other senior
unsecured obligations. The notes have a Recovery Rating of 'RR4'.

BOC

Fitch expects state support for BOC to stem from its high
systemic importance, quasi-sovereign status as well as its role
as a key lender to the government and its full ownership by the
state. BOC's Viability Rating (VR) reflects its thin
capitalisation and asset quality pressures amid a difficult
operating environment, but these are partly balanced by a
stronger domestic funding franchise than the majority of sector
peers.

DFCC

DFCC's IDRs are driven by its intrinsic strength as indicated by
its VR. DFCC's VR captures its developing commercial banking
franchise, and relatively weak asset quality and earnings, which
are balanced against its expectation that DFCC would maintain
higher capital buffers than similarly rated peers.

PLC

PLC's IDRs reflect Fitch's view that its parent, the state-owned
and systemically important People's Bank (Sri Lanka), has a high
propensity but limited ability to provide extraordinary support
to PLC, if required. People's Bank's propensity to support PLC
stems from PLC's role within the group as a strategically
important subsidiary and the high reputational risk to People's
Bank should PLC default, as the bank owns 75% of PLC and shares a
common brand. Fitch believes People's Bank's ability to provide
support to PLC is limited as indicated by the downgrade of the
sovereign rating.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings for the banks remain unchanged but the
Support Rating Floors (SRFs) of NSB and BOC have been downgraded
following the sovereign rating downgrade, which indicates the
state's reduced ability to provide support and consequently, more
limited probability that the banks would receive timely support,
if needed. This is despite the state's strong propensity to
provide support to these banks given their high importance to the
state and high systemic importance.

The SRF on DFCC was revised to 'No Floor' as its systemic
importance is much lower relative to larger banks such as NSB and
BOC, and with the downgrade of Sri Lanka's rating, Fitch believes
sovereign support for DFCC cannot be relied upon given the
sovereign's weakened financial ability.

RATING SENSITIVITIES

IDRS, VIABILITY RATINGS AND SENIOR DEBT RATINGS

Further changes to Sri Lanka's sovereign rating and/or changes in
its perception of state support to NSB and BOC, could result in a
change in their IDRs.

NSB

A reduced expectation of state support through, for instance, the
removal of preferential support extended to NSB, or a substantial
change in its policy role or deviation from mandated core
activities, indicating its reduced importance to the government,
could result in a downgrade of NSB's ratings. However, this is
not its base case scenario.

NSB's senior debt rating is sensitive to changes in the bank's
Long-Term IDRs. The Recovery Rating on the bank's notes is
sensitive to Fitch's assessment of potential recoveries for
creditors in case of default or non-performance.

BOC

A downgrade of BOC's IDRs would most likely result from further
negative rating action on the sovereign, which would reflect a
further weakening in the state's ability to support the bank.
BOC's Viability Rating may come under pressure if there is a
continued decline in capitalisation through a surge in lending or
high dividends. Further deterioration in the operating
environment, leading to deterioration of BOC's key credit
metrics, could also exert negative pressures on its rating.

DFCC

An inability to replenish its capital buffers to a level that is
commensurate with its risk profile could put pressure on the
bank's IDRs. Fitch sees limited upside for the bank's ratings due
to its weak franchise. Further deterioration in the operating
environment, leading to deterioration of DFCC's key credit
metrics (especially to its capital buffers which is a rating
strength for the bank), could also exert negative pressure on its
rating.

PLC

A downgrade of PLC's IDR would occur if People's Bank's ability
to support PLC was to weaken, if People's Bank was to reduce its
majority ownership in PLC or if PLC's strategic importance to its
parent was to diminish over time, reflecting a reduced propensity
to support PLC. However, Fitch does not anticipate People's
Bank's propensity to support PLC to weaken in the foreseeable
future. PLC's IDR is also sensitive to changes in the sovereign
rating, as this would affect People's Bank's ability to provide
support to PLC.

SUPPORT RATING AND SUPPORT RATING FLOOR

Lower propensity of the state to support systemically important
banks could result in further downward pressures to the banks'
Support Ratings and Support Rating Floors, but Fitch believes
this to be unlikely in the medium term. Further changes in the
sovereign rating could also impact the banks' Support Ratings and
Support Rating Floors.

The rating actions are as follows:

National Savings Bank:

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'

Support Rating affirmed at '4'

Support Rating Floor revised to 'B' from 'B+'

US dollar senior unsecured notes downgraded to 'B' from 'B+';
Recovery Rating at 'RR4'

Bank of Ceylon:

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'

Viability Rating downgraded to 'b' from 'b+'

Support Rating affirmed at '4'

Support Rating Floor revised to 'B' from 'B+'

DFCC Bank PLC:

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'

Viability Rating downgraded to 'b' from 'b+'

Support Rating affirmed at '5'

Support Rating Floor revised to 'No Floor" from 'B-'

People's Leasing & Finance PLC:

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

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


SRI LANKA INSURANCE: Fitch Cuts IFS Rating to B, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has downgraded the Insurer Financial Strength
rating of Sri Lanka Insurance Corporation to 'B' from 'B+'. The
Outlook is Stable.

The rating action follows the downgrade of Sri Lanka's Long-Term
Local-Currency Issuer Default Rating (IDR) to 'B' from 'B+'.
SLIC's IFS rating is constrained by Sri Lanka's Long-Term Local-
Currency IDR.

The 'AA+(lka)' National IFS rating on SLIC was not covered in
this review.

KEY RATING DRIVERS

SLIC's IFS rating is constrained by the Long-Term Local-Currency
IDR on the sovereign as a result of the insurer's concentration
of operations in Sri Lanka as well as its fairly sizeable
government debt holdings. Fitch believes the higher sovereign
risk will also undermine the operating environment for domestic
insurers.

SLIC's rating reflects the company's favourable domestic business
profile as well as good financial performance and capital
position. These strengths are partially offset by significant
investments in sovereign-related securities, non-core
subsidiaries and high exposure to equities in its investment
portfolio.

RATING SENSITIVITIES

Further downgrade of Sri Lanka's ratings will lead to a downgrade
of SLIC's Insurer Financial Strength rating.

The IFS rating may also be downgraded if there is:

  - significant weakening in SLIC's market position

  - deterioration in the non-life combined ratio to well above
    100% for a sustained period (2017: 95%)

  - weakening in SLIC's importance to the government, increased
    state pressure for higher dividend pay-outs that weakens
    capitalisation or a significant increase in non-core
    investments.


SRI LANKA TELECOM: Fitch Lowers LT IDR to B, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded Sri Lanka Telecom PLC's (SLT) Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to
'B' from 'B+'. The Outlook is Stable. The agency has affirmed
SLT's National Long-Term Rating at 'AAA(lka)' with a Stable
Outlook. Fitch has also affirmed the national rating at
'AAA(lka)' on the LKR7 billion debt programme.

The rating action follows Fitch's downgrade of Sri Lanka's Long-
Term Foreign- and Local-Currency IDRs to 'B' from 'B+'.

SLT's IDRs are constrained by Sri Lanka's IDRs as per Fitch's
Government-Related Entities Rating Criteria, as the state holds a
majority stake in SLT directly and indirectly, and exercises
significant influence on its operating and financial profile.
SLT's second-biggest shareholder, Malaysia's Usaha Tegas Sdn Bhd
at 44.9%, has no special provisions in its shareholder agreement
to dilute the government's significant influence over SLT.

SLT's standalone credit profile, assessed by Fitch at 'BB', is
stronger than that of its owner, reflecting the company's market-
leading position in fixed-line services and second-largest
position in mobile, along with its ownership of an extensive
optical-fibre network. The standalone profile is also underpinned
by its mid-single-digit percentage growth prospects, moderate
estimated 2018 FFO adjusted net leverage of 1.7x and stable
operating EBITDAR margin.

Key Rating Drivers

Strong State Linkages: Fitch sees SLT's status, ownership and
control by the Sri Lankan sovereign as 'Strong'. The state's
ownership gives it significant influence over operating and
financial policies. Fitch views the support record and
expectations for the likelihood of state support for SLT as
'Strong', given its strategic importance in expanding the
country's fibre infrastructure. Historically, SLT has not
required tangible financial support due to its healthy financial
profile.

State's Incentive to Support: Fitch sees the socio-political
implications of a default by SLT as 'Moderate' due to the
presence of three other privately owned telcos. However, it could
affect the fixed-line market because SLT acts as a policy company
to invest in fibre networks across the island to support the
government's vision of fibre-based internet for all households.
Fitch also sees the financial implications of a default as
'Strong', as a financial default by SLT may have an impact on the
availability and cost of financing options for other government-
related entities.

High Capex, Negative FCF: Fitch expects SLT to have negative free
cash flow (FCF) during 2019-2020 (estimated 2018 negative FCF of
LK2 billion-3 billion) as cash flow from operations may be
insufficent to fund large capex plans to expand the fibre
infrastructure and 4G mobile networks. SLT's 2019 capex is likely
to remain high, at around 28%-30% of revenue, as it aims to
complete its 4G population coverage to around 95% by end-2019.

Fitch expects SLT to continue to invest in expanding fibre
coverage as it aims to connect about 1 million homes by 2020-
2021, from an existing 70,000 homes currently enable. Typically,
SLT would need to lay fibre for at least 2 million homes to half
of the households to be connected. Fitch expects SLT's fibre
investments to have low returns due to the country's low
broadband tariffs. Dividends are likely to remain around LKR1.6
billion-1.8 billion in the next two to three years.

Data Drives Growth: Fitch expects revenue to grow by a mid-
single-digit percentage during 2019-2020 (barring any tax
shocks), driven by data and fixed-broadband growth. Fitch expects
4G smartphone penetration to improve from the current 25% with
the proliferation of cheaper Chinese phones. Revenue rose
strongly by 6.5% in the first nine months of 2018, driven by
fixed-broadband and mobile usage after a temporary usage slump in
2017 due to higher taxes on voice and data. Fitch expects the
government's recent announcement on the removal of floor rates
for voice call charges to have only a limited impact on growth.

Industry Consolidation, M&A Risk: Fitch believes the recently
announced merger between Hutchison Telecommunications Lanka
(Private) Ltd and Etisalat Lanka (Private) Ltd is likely to
relieve some competitive pressures that have undermined telecom
companies' revenue and EBITDA growth in recent years. The merger
is pending regulatory approval. Industry consolidation is likely
to provide some relief from pricing pressure, especially in the
data segment where telcos have not been able to fully capture the
strong growth in data traffic.

SLT's National Long-Term Rating could come under pressure if it
were to carry out a debt-funded acquisition of the smallest telco
- Bharti Airtel Limited's (BBB-/Stable) Sri Lankan subsidiary,
Airtel Lanka. However, any rating action will be based on the
acquisition price, funding structure, and the financial and
operating profile of the combined entity.

Stable Sector Outlook: Fitch's outlook for the Sri Lankan telco
sector is stable as Fitch expects the mean net leverage for SLT
and mobile market leader, Dialog Axiata PLC (AAA(lka)/Stable), to
remain stable at around 1.4x in 2019. Fitch expects the sector's
cash generation to improve, driven by higher mobile and broadband
data usage, which will be insufficient, however, to fund the
large capex requirement, leading to negative FCF. Fitch also
expects average operating EBITDAR margins to remain stable at
around 34% (2018 estimate: 34%), driven by improving economies of
scale in the data and home broadband segment, offsetting the
negative impact of the changing revenue mix.

Derivation Summary

SLT's standalone rating reflects its moderate financial profile
and strong market position in the fixed-line industry segment,
and second-largest position in the mobile market. SLT has lower
exposure to the crowded mobile market and more diverse service
platforms than Dialog. However, Dialog has a larger revenue base
and better operating EBITDAR margin than SLT, while SLT's
forecast FFO adjusted net leverage and FCF profile are worse than
that of Dialog.

SLT has a larger operating scale and a wider EBITDAR margin than
Hemas Holdings PLC (AA-(lka)/Stable), which is a diversified
conglomerate with exposure to pharmaceuticals, fast-moving
consumer goods, leisure and transport. Hemas is the largest
private retail pharmaceutical distributor in the country and the
second-largest home care and personal care manufacturer. Hemas's
FFO adjusted net leverage is likely to be better than SLT's over
the medium term.

Key Assumptions

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

  - Revenue to grow by the mid-single-digit percentage, driven
    by fixed-broadband and mobile data services in 2018-2019.

  - Capex/revenue to remain high at around 28%-30% as SLT expands
    its fibre and 3G/4G networks.

  - Operating EBITDAR margin to remain stable at around 29%-30%.

  - Effective tax rate of 28%.

  - Dividend payout of LKR1.6 billion-1.8 billion.

RATING SENSITIVITIES

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

  - An upgrade in Sri Lanka's IDRs would result in corresponding
    action on SLT's IDRs;

  - A weakening of links between SLT and the sovereign could
    result in SLT's Local-Currency IDR being upgraded above
    Sri Lanka's Local-Currency IDR. However, SLT's Foreign-
    Currency IDR will remain constrained by Sri Lanka's Country
    Ceiling of 'B'
There is no scope for an upgrade as SLT is at the highest rating
on the Sri Lankan national ratings scale.

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

  - A downgrade of Sri Lanka's IDRs would result in corresponding
    action on SLT's IDRs;

  - A debt-funded acquisition of a smaller operator could
    threaten SLT's National Long-Term Rating, depending on
    the acquisition price and the financial profile of the
    combined entity.

For the sovereign rating of Sri Lanka, the following
sensitivities were outlined by Fitch in its Rating Action
Commentary of December 4, 2018:

The main factors that, individually or collectively, might lead
to 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 could lead to negative rating action,
individually or collectively, 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.


SRI LANKA TELECOM: S&P Cuts Long-Term ICR to 'B', Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Sri Lanka Telecom PLC (SLT) to 'B' from 'B+'.
The outlook is stable. SLT is Sri Lanka's second-largest
integrated telecom service provider.

S&P siad, "We lowered our rating on SLT following a similar
action on Sri Lanka (B/Stable/B). Sri Lanka's higher sovereign
risk continues to constrain our rating on SLT.

"We believe SLT is exposed to the risk of the Sri Lankan
government restricting access to foreign currency in a sovereign
stress scenario. SLT has single-country operations with only a
small proportion of revenues from international operations.
However, about 40% of the company's debt is in foreign currency.
Given the cross-default clauses in the financing agreements, we
believe any stress on the repayment of the foreign currency debt
could eventually strain SLT's ability to repay its local currency
debt.

"Sri Lanka's political uncertainty is unlikely to immediately
affect our assessment of SLT's stand-alone credit profile (SACP).

"We expect the company's established brand presence, leadership
in the fixed-line telephony business, and network coverage to
support its good market position in Sri Lanka's highly
competitive telecom market. In our view, industry consolidation,
with the proposed merger of Etisalat Lanka (Pvt.) Ltd. and
Hutchison Telecommunications Lanka (Private) Ltd., will somewhat
ease competitive pressures and favor growth prospects of larger
incumbents such as SLT.

"We anticipate that SLT will maintain its stable operating cash
flows over the next two years supported by the growth in its
broadband data business and good market position. This should
help support the company's credit profile through sustained high
capital spending over the period.

"We see low likelihood of negative intervention by the Sri Lankan
government. This is because of the active involvement of Global
Telecommunications Holdings NV (GTH), a Maxis Group Bhd.-
controlled entity, in the business and financial decisions of
SLT, along with the government. GTH owns about 45% of SLT.

"The stable outlook on SLT reflects our outlook on the sovereign
credit rating on Sri Lanka.

"We could lower our rating on SLT if downgrade Sri Lanka.

"We are unlikely to lower the rating on SLT even if the company's
operating and financial performance deteriorates. That's because
the SACP is four notches above the issuer credit rating. However,
we may lower the SACP by one notch if SLT's ratio of FFO to debt
approaches 35% sustainably. This could happen if the company
continues to incur high capital expenditure or if its operating
performance weakens considerably.

"We could upgrade SLT if we raise the sovereign credit rating on
Sri Lanka."


SRILANKAN AIRLINES: Fitch Cuts Rating on US$175MM Bonds to 'B'
--------------------------------------------------------------
Fitch Ratings has downgraded the rating on SriLankan Airlines
Limited's (SLA) US$175 million government-guaranteed bonds due in
June 2019 to 'B' from 'B+'.

This follows the downgrade of Sri Lanka's Long-Term Foreign and
Local-Currency Issuer Default Ratings to 'B' with a Stable
Outlook. The national carrier's bonds are rated at the same level
as SLA's parent, the state of Sri Lanka, due to the unconditional
and irrevocable guarantee provided by the state. The Sri Lankan
government held 99.5% of SLA at end-2017 through direct and
indirect holdings.

Key Rating Drivers

Heightened Refinancing Risk: The downgrade of the sovereign
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. Fitch
believes the ongoing political upheaval, which has disrupted the
normal functioning of parliament, exacerbates the country's
external financing risks, which are already heightened by the
tightening of global monetary conditions amid a heavy external
debt repayment schedule between 2019 and 2022. Fitch also expects
fiscal slippages as the current political climate is likely to
lead to delays in setting policy priorities and to disruption in
progress on future reforms.

Derivation Summary

Fitch has rated SLA's US dollar-denominated bonds at the same
level as the sovereign due to the unconditional and irrevocable
guarantee provided by the government. The rating is not derived
from its issuer's standalone credit profile and thus is not
comparable to its industry peers.

RATING SENSITIVITIES

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

  - An upgrade of the sovereign rating

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

  - A downgrade of the sovereign rating

For the sovereign rating of Sri Lanka, the following
sensitivities were outlined by Fitch in its Rating Action
Commentary of December 3, 2018

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

Criteria Variation

The rating on SLA's bonds is derived from the rating of an entity
covered by a group that does not assign Recovery Ratings. As a
result, no Recovery Rating was assigned to SLA's bond.



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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