/raid1/www/Hosts/bankrupt/TCRAP_Public/181003.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 3, 2018, Vol. 21, No. 196

                            Headlines


A U S T R A L I A

A1 AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 11
BRIGHTON AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 9
ENDEAVOUR INDUSTRIES: Second Creditors' Meeting Set for Oct. 10
REC3 PTY: First Creditors' Meeting Set for Oct. 10
SHROOGAL PTY: First Creditors' Meeting Set for Oct. 10

VALIDUS ADVISORY: Second Creditors' Meeting Set for Oct. 10


I N D I A

B. P. FOOD: ICRA Maintains D Rating in Not Cooperating Category
CHENANI NASHRI: Ind-Ra Cuts Bank Loans Rating to 'BB', Put on RWN
COCHIN BRIDGE: ICRA Maintains D Rating in Not Cooperating
ENERGETIC GLOBETEX: CRISIL Migrates D Rating to Not Cooperating
FRATELLI WINES: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

GAGAN POLYCOT: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
GOLD PLUS: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
GUPTA GLOBAL: CRISIL Moves D Rating to Not Cooperating Category
GURULAXMI COTTEX: Ind-Ra Migrates BB+ Rating to Non-Cooperating
HOTEL VAKRATUNDA: CRISIL Migrates B- Rating to Not Cooperating

IL&FS FINANCIAL: ICRA Lowers Rating on INR4,000cr Loan to D
IL&FS TRANSPORTATION: Ind-Ra Cuts LT Issuer Rating to D, Off RWN
INFRASTRUCTURE LEASING: India Government Takes Over Board
INFRASTRUCTURE LEASING: ICRA Cuts Rating on INR8,075cr Loan to D
JAI HARI: Ind-Ra Maintains B LT Issuer Rating in Non-Cooperating

JAY CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating
KARAVALI FREEZERS: Ind-Ra Maintains BB- Rating in Non-Cooperating
KOHINOOR EXIMTEX: CRISIL Migrates D Rating to Not Cooperating
KUSHAL FOODS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
MAA SHEETLA: ICRA Moves B+ Rating to Not Cooperating Category

MAP COTTON: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
MAURYA MOTORS: CRISIL Maintains B Rating in Not Cooperating
MN BIO-TECHNOLOGY: Ind-Ra Hikes Rating on INR521.MM NCDs to BB
MOHTA PLYWOOD: CRISIL Lowers Rating on INR23.5cr Loan to D
N. J. ECO-BUILD: ICRA Withdraws B Rating on INR23.78cr Loan

NETWORK INDUSTRIES: Insolvency Resolution Process Case Summary
NIRMALA INFRA: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
OMEGGA POWER: ICRA Maintains B- Rating in Not Cooperating
PAGRO FROZEN: ICRA Maintains B Rating in Not Cooperating
PRASANNA EDUCATION: Ind-Ra Assigns 'B-' Rating to INR100MM Loan

PURVI BHARAT: CRISIL Maintains B Rating in Not Cooperating
R S PAPER: CRISIL Maintains B Rating in Not Cooperating Category
RADHA RUKMANI: CRISIL Maintains 'D' Rating on INR10cr Loans
RADHEY NARAYAN: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
RADIANT TEXTILES: CRISIL Maintains B+ Rating in Not Cooperating

RAAJ INTERNET: Insolvency Resolution Process Case Summary
RAMKRISHNA COTSPIN: Ind-Ra Migrates BB Rating to Non-Cooperating
REGENT BEERS: ICRA Maintains B+ Rating in Not Cooperating
RIDCOR INFRA: Ind-Ra Cuts Sr. Poject Bank Loans Rating to 'B+'
ROHIT FABTEX: ICRA Moves B+ Rating to Not Cooperating Category

RUNGTA IRRIGATION: Ind-Ra Migrates BB- Rating to Non-Cooperating
SIDDHI SALES: CRISIL Reaffirms B+ Rating on INR10cr Loans
SINHA COLD: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
SOLEX ENERGY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
SRI MANJUNATHA: ICRA Assigns B+ Rating to INR11.69cr LT Loan

TAKSHILA INDUSTRIES: Ind-Ra Ups Rating on INR1.611BB NCDs to BB
TECHMECH ENGINEERS: CRISIL Reaffirms B+ Rating on INR12cr Loan
VIDEOCON INDUSTRIES: RP Invites Bids for Videocon Business
VIRCHAND NARSI: CRISIL Migrates B Rating to Not Cooperating
WHITE LOTUS: CRISIL Migrates 'D' Rating to Not Cooperating


N E W  Z E A L A N D

CBL INSURANCE: Court Rejects Proposed Deal to Pay Elite Insurance
EBERT CONSTRUCTION: Tradies and Subcontractors set to Lose NZ$30M


                            - - - - -


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


A1 AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 11
--------------------------------------------------------
A second meeting of creditors in the proceedings of A1 Automotive
Blasting Pty Ltd has been set for Oct. 11, 2018, at 10:00 a.m. at
the offices of McLeod & Partners, Level 9, 300 Adelaide Street,
in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 10, 2018, at 5:00 p.m.

Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of A1 Automotive on Sept. 5, 2018.


BRIGHTON AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 9
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Brighton
Automotive Investments Pty. Ltd. has been set for Oct. 9, 2018,
at 10:30 a.m. at the offices of Hamilton Murphy, Level 1, 255
Mary Street, in Richmond, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2018, at 4:00 p.m.

Richard Rohrt and Alexander Hugh Milne of Hamilton Murphy were
appointed as administrators of Brighton Automotive on Sept. 3,
2018.


ENDEAVOUR INDUSTRIES: Second Creditors' Meeting Set for Oct. 10
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Endeavour
Industries Ltd, trading as EGA, has been set for Oct. 10, 2018,
at 11:00 a.m. at Club Maitland City, 14 Arthur Street,
Rutherford, in 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 Oct. 9, 2018, at 4:00 p.m.

Mitchell Griffiths of Rapsey Griffiths were appointed as
administrators of Endeavour Industries on June 4, 2018.


REC3 PTY: First Creditors' Meeting Set for Oct. 10
--------------------------------------------------
A first meeting of the creditors in the proceedings of REC3 Pty
Ltd, trading as Alpha112 Pty Ltd, will be held at the offices of
SMB, Level 8, 22 William Street, in Melbourne, Victoria, on
Oct. 10, 2018, at 11:00 a.m.

Kristen Beadle of Sellers Muldoon Benton was appointed as
administrator of REC3 Pty on Sept. 27, 2018.


SHROOGAL PTY: First Creditors' Meeting Set for Oct. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Shroogal
Pty Ltd will be held at the offices of Cor Cordis, Level 29,
360 Collins Street, in Melbourne, Victoria, on Oct. 10, 2018, at
12:00 p.m.

Sam Kaso and Bruno A Secatore of Cor Cordis were appointed as
administrators of Shroogal Pty on Sept. 27, 2018.


VALIDUS ADVISORY: Second Creditors' Meeting Set for Oct. 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Validus
Advisory Group Pty Ltd has been set for Oct. 10, 2018, at
12:00 p.m. at the offices of Balance Insolvency, 6.05, 50
Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 9, 2018, at 4:00 p.m.

Timothy Cook of Balance Insolvency was appointed as administrator
of Validus Advisory on Aug. 20, 2018.



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


B. P. FOOD: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the rating for INR200-crore bank facilities of B. P.
Food Products Pvt Ltd continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term: Fund-     75.0       [ICRA]D; ISSUER NOT
   based limits                    COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long-term: Term      61.29      [ICRA]D; ISSUER NOT
   loan                            COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short-term: Non-     45.00      [ICRA]D; ISSUER NOT
   fund-based limits               COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long-term/Short-     18.71      [ICRA]D; ISSUER NOT
   term: Unallocated               COOPERATING; Rating continues
   limits                          to remain in the 'Issuer Not
                                   Cooperating' category

As part of its process and in accordance with its rating
agreement with BPFP, 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 rating is based on lender's feedback and
dated information on the issuers' performance since the time it
was last rated in August 2017. The entity's credit profile may
have changed since the time it was last reviewed by ICRA;
however, ICRA is unable to take a definitive rating action. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

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.

B. P. Food Products Pvt Ltd, incorporated in December 1994, is
engaged in the milling of wheat and manufacturing of food
products like whole wheat flour, refined flour, semolina, bran
for cattle feed and broken wheat. The company's promoters include
Mr. Ravi Prakash Bansal and Ms. Rekha Bansal, who also serve as
directors.

BPFP has followed an inorganic growth strategy by acquiring
unsuccessful plants and turning them around into profitable
units, while expanding capacity. Currently, the company has five
plants, one each at Sanchi, Gotegaon, Jabalpur, Pithampur and
Malanpur (all in Madhya Pradesh). As per feedback received from
lenders, all the plants have been inoperative since July-
September 2017.


CHENANI NASHRI: Ind-Ra Cuts Bank Loans Rating to 'BB', Put on RWN
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Chenani Nashri
Tunnelway Limited's (CNTL) bank loans and places the ratings on
Rating Watch Negative (RWN) as follows:

-- INR29.760 bil. (INR28,074.3 bil. outstanding on August 31,
    2018) Senior long-term bank loans* downgraded; placed on RWN
     with IND BB/RWN rating; and

-- INR3.720 bil. (INR3,391.20 bil. outstanding on August 31,
    2018) Subordinate long-term bank loans downgraded; placed on
    RWN with IND BB/RWN rating.

* including USD43 million external commercial borrowings

The downgrade reflects CNTL's burgeoning external borrowings from
financial institutions other than the rated debt lenders.
Subsequent to Ind-Ra's rating review in March 2018, CNTL availed
additional unsecured loans of INR2,000 million from external
financial institutions, which was not expected and therefore not
factored into the earlier ratings. Furthermore, CNTL availed
additional assignment loans of INR2,500 million with the primary
obligation resting on the sponsor, IL&FS Transportation Networks
Limited (ITNL), to repay them; according to management. These
external loans from banks and non-banking financial companies
substituted the existing group company loans which were treated
as a subordinated debt in accordance to those agreements.

Moreover, Ind-Ra has not received a copy of the approvals of the
senior debt lenders to avail these additional loans. These
unsecured lenders have the right to demand immediate repayment
from CNTL in case of any event of default by ITNL to repay them.
That being said, the senior lenders have the first charge over
the project cash flows and waterfall mechanism that disallows
transfer of funds other than to the rated senior debt lenders.

Aditya Birla Finance Limited (ABFL; 'IND AAA'/Stable), one of the
unsecured lenders, has filed an application for interim
injunction under Section 9 of the Arbitration and Conciliation
Act, 1996 in connection with its outstanding against CNTL for
INR550.0 million, which was due for repayment on September 21,
2018. The management has asserted that the same will be paid off
by ITNL without recourse to the project assets. Moreover, the
project cash flows are secured and ring-fenced by restricted
payment covenants of the rated debt facilities. The management
has confirmed that the cash balance in CNTL as on date is
INR3,876.0 million. Ind-Ra is monitoring the developments and
implications thereof with regards to these unsecured loans.
Resolution of the above is critical to resolve the RWN.

Also, the short-term unsecured loans of around INR8,192.10
million were outstanding from group companies as on August 31,
2018. The RWN reflects uncertainty in meeting the increased debt
obligations for the assignment loan and added unsecured loans
(which are not rated), given substantial deterioration in the
financial health of the sponsor.

KEY RATING DRIVERS

Substantial Increase in External Borrowings: The project's credit
profile is constrained by the substantial increase in external
borrowings to fund the cost overruns. Apart from the senior and
subordinated debt rated by Ind-Ra, CNTL has availed short-term
debt from sponsors and group companies, and assignment loans and
short-term loans from other financial institutions. Ind-Ra has
not received evidence from CNTL regarding the secured debt
lenders' approval for availing additional debt. According to
management, ITNL is the primary obligor for the assignment loans.
Since the financial health of ITNL has deteriorated, the
certainty of meeting these obligations remains questionable. Ind-
Ra will monitor the movement of borrowings in CNTL.

Deteriorating Credit Profile of Sponsor: ITNL's liquidity
position is stretched on account of delays in the realization of
pending claims from various government authorities and delays in
its deleveraging initiatives. The concession stipulates that
performance deductions for reasons including lane non-
availability in annuity payments can be passed to the operations
and maintenance contractor, ITNL. Although ITNL has a reasonably
sound operating track record in receiving annuities without any
deductions in other operating availability-based projects, the
current liquidity crunch in ITNL constrains its ability to fund
any such deductions.

Stable Revenue Profile: Since the commencement of commercial
operation of the project on March 8, 2017, the project has so far
received three semi-annual annuities from the National Highways
Authority of India (NHAI; 'IND AAA'/Stable). While it received
68% of the first annuity amount after deduction due to delayed
completion, it has received second and third annuities in full on
a timely basis. The project faces limited revenue risk as revenue
will be derived from availability-based semi-annual annuity
payments from the strong counterparty NHAI. These payments are
subject to deductions for underperformance and lane
unavailability, which are partially offset by the track record of
ITNL in operating and maintaining road projects. Although INTL
has undertaken to fund any such deductions, it does not provide
much comfort given its stretched liquidity profile.

Minimal Refinancing Risk: The repayment of bank loan had
commenced initially in September 2016 before the commercial
operations of the project began, but was later rescheduled to
December 2017. The rated debt has to be repaid in structured
quarterly installments up to 2026. Financing risks include
annually varying interest rate, tight coverage ratios owing to
the substantial cost overrun being funded by external debt and a
refinancing risk in the form of a 27% bullet repayment in 2026.
The latter is, however, moderated by a five-year tail in the
concession that provides enough cash flow to service the
refinanced loan according to the agency's base case.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or
downgraded upon resolution. Ind-Ra will monitor the borrowing
position, terms of the additional loans availed and maintenance
of adequate liquidity over the next two quarters. A further
increase in borrowings adversely affecting the company's cash
flows would be negative for the ratings.

COMPANY PROFILE

CNTL is a special purpose vehicle, sponsored by ITNL (100%) to
implement the four laning of the Chenani-to-Nashri section of the
National Highway 1A (including a two-lane, 9km tunnel in the
Udhampur district near Jammu) on a design, build, finance,
operate and transfer basis under a 20-year concession (expiring
in May 2031) from the NHAI. The project's cost is being funded by
a senior term loan of INR29,760, subordinated debt of INR3,720
million, sponsor equity of INR3,720 million and the remainder by
sponsor infused unsecured loan and other subordinated borrowings.


COCHIN BRIDGE: ICRA Maintains D Rating in Not Cooperating
---------------------------------------------------------
The rating for the long-term bank facility of Cochin Bridge
Infrastructure Company Limited (CBICL) continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-       9.11       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to be in 'Issuer
                                Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/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.

CBICL is a Special Purpose Vehicle (SPV) incorporated in October
1999 to construct and operate a new bridge over the Matancherry
channel on BOT basis in Kochi connecting Fort Kochi and
Mattancherry with Willingdon Island. CBICL is a 97.66% subsidiary
of Gammon Infrastructure Projects Limited (GIPL, the
infrastructure holding company of the Gammon group), with the
balance held by Cochin Port Trust. Construction of the bridge was
completed ten months ahead of schedule. The company has no
operational cash flows as the toll collection was suspended from
April 2014.


ENERGETIC GLOBETEX: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Energetic
Globetex Private Limited (EGPL, part of the Kohinoor group) to
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            10       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with EGPL for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of EGPL to 'CRISIL D Issuer not cooperating'.

CRISIL has consolidated the business and financial risk profiles
of EGPL, Enigma Ventures Pvt Ltd (EVPL), Kohinoor Eximtex Pvt Ltd
(KEPL), and Kapadia Textiles (KT), collectively referred to as
the Kohinoor group, as these entities are engaged in similar line
of business and have operational linkages.

                           About the Group

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress
materials. The manufacturing facility in Surat is managed by Mr
Sanjay Juneja and Mr Jitendra Shukla.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


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

The instrument-wise rating actions are:

-- INR249.2 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR36.00 mil. Non-fund-based working capital limits migrated
    to Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating;

-- INR24.00 mil. Term loan due on March 20, 2021 migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR55.80 mil. Proposed fund-based working capital limits
    migrated to Non-Cooperating Category with Provisional IND BB-
    (ISSUER NOT COOPERATING) / Provisional IND A4+(ISSUER NOT
    COOPERATING) rating; and

-- INR35.00 mil. Proposed term loan migrated to Non-Cooperating
    Category with Provisional IND BB- (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 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 2007, Fratelli Wines commenced commercial
operations in 2011. Its promoters are Andrea and Alesso Secci,
Kapil and Gaurav Sekhri, and Ranjitsinh and Arjunsinh Mohite-
Patil. The firm undertakes the processing and trading of premium
wines in the domestic market. It also produces customized wines
for army canteens and established hotels. Its production unit is
in Akluj, Maharashtra.


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

The instrument-wise rating actions are:

-- INR0.6 mil. Term loan maintained in Non-Cooperating Category
    with IND BB (ISSUER NOT COOPERATING) rating;

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

-- INR 5 mil. Non-fund-based working capital limit maintained in
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gagan Polycot India has a plastic manufacturing unit in Vasai,
Maharashtra.


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

The instrument-wise rating actions are:

-- INR4,114.1 bil. Term loan due on March 2022 migrated to non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR811.4 mil. Non-convertible debentures issued on
    December 22, 2016 ISIN INE920Q07014 coupon rate 9.65 due on
    March 2024 migrated to non-cooperating category with IND BB+
    (ISSUER NOT COOPERATING) rating;

-- INR540.9 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR345 mil. Non-fund-based working capital limits 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
September 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gold Plus Glass Industry, incorporated in 2009, produces float,
mirror reflective, frosted, toughened, insulated and laminated
glasses for automotive, architectural and industrial
applications.


GUPTA GLOBAL: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Gupta Global
Resources Private Limited (GGRPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         21.3      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            14.8      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Funded Interest        22.04     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Letter of Credit       53.86     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    141.52     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Working Capital       100.40     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GGRPL for
obtaining information through letters and emails dated June 18,
2018 and July 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Gupta Global Resources Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

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

Incorporated in 2001, GGRPL is engaged in the business of coal
washing and coal trading. It is a closely held company promoted
by Mr. Padmesh Gupta. Presently, this Company has 8 state-of-the-
art Coal Washeries, located in the State of Maharashtra & Madhya
Pradesh, Chhattisgarh, Jharkhand and Andhra Pradesh. It has a
capacity of 38.75 million per annum.


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

The instrument-wise rating actions are:

-- INR409.62 mil. Term loan due on March 2025 migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating;

-- INR150 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based working capital limits migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 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 2010, Gurulaxmi Cottex manufactures cotton yarn
at its site in Yavatmal, Maharashtra.


HOTEL VAKRATUNDA: CRISIL Migrates B- Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Hotel
Vakratunda - Naddi (HVN) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             6.25       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HVN for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

A proprietorship firm of Ms Sucheta Thakur, HVN operates a hotel
at Naddi, Himachal Pradesh. Commercial operations began partially
in November 2015.


IL&FS FINANCIAL: ICRA Lowers Rating on INR4,000cr Loan to D
-----------------------------------------------------------
ICRA has revised the short term rating for the INR4,000 crore
commercial paper programme of IL&FS Financial Services Limited
(IFIN) to [ICRA]D from [ICRA]A4. The rating has been removed from
rating watch with developing implications.

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Commercial paper   4,000.00      [ICRA]D; downgraded from
   Programme                        [ICRA]A4& and removed from
                                    watch with developing
                                    implications

Rationale

The rating revision takes into account the recent irregularities
in debt servicing by the company driven by the material weakening
of the company's liquidity profile and the lack of funding
support from its parent, Infrastructure Leasing and Financial
Services Limited (IL&FS, rated ICRA[D]). IL&FS had planned to
raise INR4,500 crore equity (through rights issue) and INR3,500
crore long-term line of credit from its shareholders. These
plans, however, are yet to be finalised.

Key rating drivers

Credit strengths: Not applicable

Credit challenges

Weak liquidity profile resulting in delays in debt servicing: On
September 15, 2018 the issuing and paying agent (IPA) informed
ICRA about a delay by IFIN in meeting its commercial paper (CP)
obligations. IFIN had a CP redemption of INR105 crore scheduled
on September 14, 2018, which partly repaid (to the extent of
INR80 crore) owing to in sufficient funds in the CP redemption
account. The balance amount was credited to the IPA account post
NEFT cut off time, thus received by the IPA and in-turn remitted
to the beneficiary account on the next day. Prior to this, the
company had witnessed a delay in redemption of CPs due on August
28, 2018 and August 30, 2018 on account of technical reason which
following which the company was barred from accessing CP markets
till February 28, 2019 in compliance with the Reserve Bank
Commercial Paper Directions, 2017. The multiple instances of
technical delays in meeting the CP requirements highlight the
increased liquidity pressure.

Deterioration in the credit profile of the parent: The ratings of
IL&FS have been revised from [ICRA]BB&/[ICRA]A4& to [ICRA]D
following the delays in debt servicing.

Relatively risky wholesale lending model with high concentration
in loan-book: The company largely caters to corporates (including
Group companies) operating in the infrastructure and real estate
space in its lending business. IFIN's loan-portfolio increased
24% YoY to INR15,398 crore as on March 31, 2018, from INR12,415
crore as of March 31, 2017, driven by disbursements in the
infrastructure segment. The infrastructure, promoter funding,
real-estate and other segments attributed to 41%, 13% 16% and 30%
respectively (share of 39%, 20%, 17% and 23% respectively as on
March 31, 2017). The client concentration in the loan-book
remains high with the top 10 Group exposures (excluding related
party lending) attributing to 26% of the loan-book as of March
31, 2018 (28% as of March 31, 2017 and 25% of loan book as of
March 31, 2016). The company had hitherto followed its board
approved policy in respect of the definition of 'companies in the
same group'. As per this policy, each business vertical of IL&FS
and its respective SPVs were considered as on individual group;
thus the various verticals were not treated as companies of the
same group. The company, however, has been directed by the
Reserve Bank of India (RBI) to follow section 370 (1B) of the
Companies Act, 1956 for determining 'companies in the same group'
and allowed time till March 31, 2019 to adhere to these
guidelines. As per these guidelines, the entire loans to IL&FS
group companies would be classified as exposures to companies in
the same group, and thus would impact the company's net owned
funds and capital adequacy calculations.

Deterioration in asset quality of the portfolio: The company's
gross non-performing assets (NPAs) increased to INR816 crore as
on March 31, 2018 (5.3% of gross advances) from INR410 crore as
on March 31, 2017 (3.30% of gross advances) driven by certain
large-sized slippages. The NPAs, after adjusting for write-off
and restructured assets, however, remained largely stable assets,
at 8.1% as of March 31, 2018 as compared to 7.8% as of March 31,
2017. ICRA notes that the company has created a provision for
general contingency (INR275 crore as on March 31, 2018 after
utilizing INR175 crore of the general contingency provision for
making specific provisions during FY2018) in addition to the
specific provision and standard asset provisions as required
under RBI regulations. Given the high-risk profile of these
segments, the large ticket size nature of advances and the high
concentration in the portfolio, the company is more vulnerable to
a lumpy deterioration in asset quality in case of any slippages.

Modest financial profile: The company's profitability, which has
been reeling under pressure given the high credit costs and other
provision, reported a further contraction in FY2018. The credit
costs continued to remain high in FY2018 given the higher
provisioning requirement due to further slippages (provision on
NPA increased to INR169 crore in FY2018 from INR41 crore in
FY2017) as well as write-off (INR107 crore in FY2018). IFIN,
however, utilized a part of the general contingency provision
towards specific provisions during the year (of INR450 crore of
provision reserve as of Mar-17, INR175 crore was used for making
specific provisions during FY2018); should this be excluded the
credit cost would have stood at 2.88% of ATA. IFIN's profit after
tax (PAT) dipped to 0.48% of ATA in FY2018 from 1.1% of ATA in
FY2017. On an absolute basis, IFIN reported profit after tax of
INR100 crore in FY2018 (4.63% of Return on equity or RoE) as
against INR209 crore in FY2017 (RoE of 9.91%).

Elevated debt Levels: IFIN's gearing remained elevated at 8.42
times as on March 31, 2018, (7.56 times as of March 31, 2017);
the risks are aggravated considering the wholesale loan-book
coupled with exposure to infrastructure sector. While the company
had maintained a capital adequacy ratio of about 20% over the
past few years, it declined to 17.25% as of March 31, 2018 owing
to the increase in loan-book.

                        About IL&FS Financial

IL&FS Financial Services Ltd. (IFIN) is a wholly owned subsidiary
of Infrastructure Leasing and Financial Services Limited (IL&FS)
(rated [ICRA]D). IFIN was initially incorporated as IL&FS Asset
Management Company (AMC) in 1997. After IL&FS sold the AMC
business to UTI in 2004, the company obtained a NBFC license in
2005 and was renamed as IL&FS Finvest Ltd. In line with the
overall strategy of the group to create distinct verticals for
each business, the banking team from IL&FS and the syndication
team from IL&FS Investsmart Ltd. were integrated under IL&FS
Finvest Limited and subsequently the name of the integrated
entity was changed to IL&FS Financial Services Ltd. IFIN
commenced its new business activities in October 2006, in the
various business lines like asset and structured finance
business, syndication business, and corporate and project
advisory business.


IL&FS TRANSPORTATION: Ind-Ra Cuts LT Issuer Rating to D, Off RWN
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS
Transportation Networks Limited's (ITNL) Long-Term Issuer Rating
to 'IND D' from 'IND BB'; while resolving the Rating Watch
Negative (RWN).

The instrument-wise rating actions are:

-- INR1.19 mil. Long-term loan due on December 31, 2018
    downgraded; Off RWN with IND D rating;

-- INR8 mil. Non-convertible debentures (NCDs)* downgraded; Off
    RWN with IND C rating;

-- INR3.1 mil. Commercial papers (CPs)# downgraded; Off RWN;
    withdrawn (the issuer did not proceed with the instrument as
    envisaged) and the rating is withdrawn;

-- INR7 mil. Proposed NCDs** downgraded; Off RWN with
    Provisional IND C rating; and

-- INR4.31 mil. Proposed term loans** downgraded; Off RWN with
    Provisional IND C rating.

*Details in annexure

** The rating is provisional and shall be confirmed upon the
execution of the loan documents for the above facility by ITNL to
the satisfaction of Ind-Ra
#The rating was downgraded to 'IND A4' from 'IND A4+' and was
simultaneously withdrawn

KEY RATING DRIVERS

The downgrade reflects ITNL's delays in meeting its term loan
obligations due to deterioration in its liquidity profile,
resulting from delays in realization of pending claims from
various government authorities and deleveraging initiatives, such
as significant equity infusion and divestments, as against the
timelines indicated during February 2018. These initiatives were
likely to alleviate near-term refinancing requirements. As per
management, at end-1QFY19, the company had around INR30 billion
of debt, due for repayment in the next 12 months at the
standalone level.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

ITNL is a surface transportation infrastructure company and the
largest private sector road operator in India under the build-
operate-transfer model.


INFRASTRUCTURE LEASING: India Government Takes Over Board
---------------------------------------------------------
The Indian Express reports that the government on Oct. 1 stepped
in to take control of crisis-ridden Infrastructure Leasing &
Financial Services Ltd (IL&FS) by moving the National Company Law
Tribunal (NCLT) to supersede and reconstitute the board of the
firm which has defaulted on a series of its debt payments over
the last one month. This was said to be an attempt to restore the
confidence of financial markets in the credibility and solvency
of the infrastructure financing and development group.

The report says the move is reminiscent of the decision of the
government nine years ago to supersede the board of a private
firm, Satyam Computers, after a major accounting scam.

According to Indian Express, NCLT's Mumbai bench of judges M K
Shrawat and Ravikumar Duraisamy, who approved the takeover of
IL&FS board by government nominees said, "it's judicious to
invoke Article 241(2) of the Companies Act, 2013" for the
supersession of the board.

Indian Express relates that the tribunal approved the
government's proposal to bring in a new six-member board to run
the affairs at IL&FS. Its members are: Uday Kotak, Vice Chairman
and MD of Kotak Mahindra Bank; retired IAS officer Vineet Nayyar;
former Sebi and LIC Chairman G N Bajpai; former IAS officer and
ICICI's non-executive chairperson G C Chaturvedi; Director
General of Shipping and Maharashtra cadre IAS officer Malini
Shankar and former Deputy Comptroller and Auditor General (CAG)
Nand Kishore.

The report says the NCLT bench has told the new board members to
unanimously elect a chairman from among themselves and directed
them to hold the first board meeting before October 8. It also
told the new board to submit a report on its findings and a road-
map for the debt-laden company before the next date of hearing.
The bench issued a notice to IL&FS directing it to respond to all
points raised by the Union Government by October 15 this year,
the report relays.

According to the report, the new board will review the operations
and funding plan of the IL&FS group and work out a restructuring
proposal. It is also likely to revamp the boards of subsidiaries
and associate companies. The total liabilities of the IL&FS group
stand at INR91,000 crore with most of its operating assets owned
by its subsidiaries, the report discloses.

"The government, after analysing the emerging situation of the
IL&FS group, has come to the conclusion that the governance and
management change in IL&FS group is very necessary for saving the
group from financial collapse, which required an immediate change
in the existing board and management and appointment of a new
management," the Ministry of Corporate Affairs said after moving
the NCLT, according to Indian Express.

The decision, it said, was taken after revelations of serious
corporate-related deficiencies in the IL&FS holding company and
its subsidiaries.  According to Indian Express, the Department of
Economic Affairs, Ministry of Finance, in an office memorandum,
said, "governance and management change is required to bring back
IL&FS group from a financial collapse . . . the continuance of
the present board board is prejudicial to the interests of
company."

Nine years ago, Satyam Computer's board was dissolved by the
government after its chairman and founder Ramalinga Raju revealed
that the company's profits had been overstated for years and
assets falsified in a fraud allegedly worth over INR14,000 crore,
Indian Express recalls. The government appointed a new set of
directors to the board to stabilise business at the software
services company which was later sold to Tech Mahindra.

Indian Express relates that the government said the confidence of
the financial market in the credibility of the IL&FS management
and the company needs to be restored. This would require, it
said, a combination of measures including asset sales,
restructuring of liabilities and fresh infusion of funds.

Citing the "significant liquidity gap in the company," the
government said the fact that is continued to pay "dividends and
huge managerial pay-outs" shows that the management had lost
credibility. "There have also been serious complaints on some of
the companies for which an SFIO investigation has been ordered
into the affairs of IL&FS and its subsidiaries," it said, Indian
Express relays.

According to Indian Express, IL&FS Financial Services had last
week defaulted on bank loans, including interest of INR284.5
crore to five banks. The company also said it defaulted on
repayments of INR103.53 crore of term deposit and INR52.43 crore
of short term deposit.

On September 24 and 26, IL&FS Financial Services had defaulted on
repayment of commercial papers. Over INR5,700-crore worth of debt
is due for repayment over the next one year, the report
discloses.

IL&FS on Sept. 29 unveiled a three-part strategy involving a
rights offering, a short-term bridge loan, and asset monetisation
to get the group back on track. The board agreed to appoint
specialist agency Alvarez and Marsal to take this plan forward.

However, the IL&FS management did not make any concrete
announcement about the fund infusion plan before shareholders at
its annual general meeting, says Indian Express.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2018, India Ratings and Research (Ind-Ra) has
downgraded Infrastructure Leasing & Financial Services Limited's
(IL&FS) Long-Term Issuer Rating to 'IND D' from 'IND BB' and
Short-term Issuer Rating to 'IND D' from 'IND A4+' while
resolving the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR93,600.8 bil. Long-term debt (Long-term) downgraded, off
    RWN with IND D rating;

-- INR1.0 bil. Subordinated debt (Long-term) downgraded, off
    RWN with IND D rating;

-- INR12.25 bil. Short-term debt (Short-term) downgraded, off
    RWN with IND D rating; and

-- INR3.0 bil. Bank loans (Long-term) downgraded, off RWN with
    IND D rating.

The downgrade reflects IL&FS's delays in meeting its debt
servicing obligations due to sharp deterioration in the liquidity
profile of the group. The company is planning to raise INR45
billion of equity through a rights issue and INR35 billion of
long-term debt from its shareholders. However, the emergency
shareholders meeting remained inconclusive on providing liquidity
support to IL&FS, which aggravated the liquidity situation. In
absence of immediate support from the shareholders, IL&FS's
ability to timely honor its forthcoming repayments commitments is
highly susceptible.


INFRASTRUCTURE LEASING: ICRA Cuts Rating on INR8,075cr Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating for the INR5,225 crore non-
convertible debenture programme and the INR350 crore term loans
of Infrastructure Leasing & Financial Services Limited (IL&FS) to
[ICRA]D from [ICRA]BB. ICRA has revised the short-term rating for
the INR2,500 crore commercial paper programme of IL&FS to [ICRA]D
from [ICRA]A4. The ratings have been removed from watch with
developing implications.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible    5,225.00     [ICRA]D; downgraded from
   Debenture                       [ICRA]BB and removed from
   Programme                       watch with developing
                                   implications

   Commercial paper   2,500.00     [ICRA]D; downgraded from
   Programme                       [ICRA]A4 and removed from
                                   watch with developing
                                   implications

   Long Term-Term      350.00      [ICRA]D; downgraded from
   Loans                           [ICRA]BB and removed from
                                   watch with developing
                                   implications

Rationale

The rating revision takes into account the recent irregularities
in debt servicing by the company. The liquidity position at a
group levels remains under challenge given the delays in raising
funds from the promoters in accordance with the earlier stated
plans, deterioration in the credit profile of key investee
companies and sizeable debt repayment obligations. The company
had planned to raise INR4,500 crore equity (through rights issue)
and INR3,500 crore long-term line of credit from its
shareholders. These plans, however, are yet to be finalised.

Key rating drivers

Credit challenges

Weak liquidity profile resulting in delays in debt servicing: The
company was unable to meet the commercial paper (CP) redemption
obligations due on September 14, 2018. Furthermore, on
September 15, 2018, the company reported that it had received
notices for delays and defaults in servicing some of the inter
corporate deposits (ICD) accepted by it. The liquidity profile of
the group has been under pressure given the delays in fund
raising as initially envisaged, deterioration in credit profile
of key investee companies and the sizeable repayment obligations
at group level in the near term. The company is in the process of
raising INR8,000 crore of funds from the promoter group (through
a mix of rights issue and long-term line of credit). ICRA notes
that timely receipt of the same remains important to improve the
overall liquidity profile of the company.

High leverage resulting from the sizeable capital requirement
across subsidiaries: IL&FS is a core investment company (CIC) and
serves as the holding company of the IL&FS Group, with most
business operations domiciled in separate companies. Over the
years, the increase in funding requirement across Group ventures,
owing to cost over-run and liquidity support, exacerbated by
delay in settlement of claims of INR9,000 crores has resulted in
an increase in the company's debt and consequently leverage
levels, though it continues to remain below the regulatory
levels. As on March 31, 2018, the company had a reported gearing
of 3.04 times (on a stand-alone basis) and regulatory gearing of
2.30 times (reported gearing of 2.60 times and regulatory gearing
of 2.23 times as on March 31, 2017 respectively). Additionally,
the company has provided credit enhancement towards debt availed
by various Group companies.

Ability to achieve material progress on strategic initiatives
remains critical for deleveraging: The company's investment
portfolio includes Group ventures, in line with the CIC
guidelines. IL&FS' investment portfolio remains relatively
illiquid with large investments in Group companies engaged in
long-gestation and capital-intensive projects. With a portfolio
of mature/operational assets, IL&FS has strategically followed an
opportunistic divestment business model to monetize its
investment portfolio, though the progress on the same has been
relatively slow owing to limited investor interest in the sector.
The company plans to raise INR4,500 crore through a rights issue
and avail a INR3,500 crore line of credit from the promoter group
in H1 FY2019. Other initiatives being pursued by the company
include debt refinance at the project execution entity which
would help in up-streaming of cash flows, partnering with
strategic investors at a project level and monetisation of
assets.

Modest profitability and return indicators: With the
reorganization of the company's operations as a holding company
the company's revenue profile has shifted in favour of fund-based
income, including dividend and interest income. In addition to
this, the income from lease rental provides a stable revenue
source. The total income increased to INR1,899 crore in FY2018, a
modest growth of 6% over the previous fiscal, supported by the
increase in interest income. The operating profitability
continued its downward slide to 1.52% of average total assets
(ATA) in FY2018 from 1.81% in FY2017 owing to contraction in the
investment income, despite moderating in operating expense. The
net profitability was however supported by income tax write-back
(Rs. 361 crore) in FY2018 which led to an improvement the return
on asset (RoA) to 2.67% from 1.93% in FY2017, though it continues
to remain low.

IL&FS Limited was incorporated in 1987 with the objective of
promoting infrastructure projects in the country. IL&FS was
promoted by the Central Bank of India (CBI), Housing Development
Finance Corporation Limited (HDFC) and Unit Trust of India (now,
Specified Undertaking of Unit Trust of India - SUUTI). While
SUUTI has largely exited (stake of 0.82% as on March 31, 2018),
the shareholding has broadened over the years with the
participation of many institutional shareholders. As on March 31,
2018, Life Insurance Corporation of India (LIC) and ORIX
Corporation Japan were the largest shareholders in IL&FS with
their stake holding at 25.34% and 23.54% respectively, while Abu
Dhabi Investment Authority (ADIA), HDFC, CBI and SBI stake
holding are at 12.56%, 9.02%, 7.67% and 6.42% respectively. Over
the years IL&FS' focus has steadily shifted from project
sponsorship to that of project advisory and project facilitator
for development and implementation of projects. IL&FS acts as the
main holding company of the IL&FS Group with most business
operations domiciled in separate companies. IL&FS's Group
companies are currently involved in infrastructure related
project sponsorship, development & advisory, investment banking,
corporate advisory, asset management and advisory services in
environmental and social management, with presence across sectors
like surface transportation, urban infrastructure, energy
(thermal and renewable), education, maritime & ports etc.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND B (ISSUER NOT
    COOPERATING) rating;

-- INR27.5 mil. Long-term loan maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jai Hari Industries started operations in 2012 and has a
registered office in Borivali, Mumbai. It manufactures building
materials such as thermo-mechanically treated bars, mild steel
(MS) angles, MS channels, MS flats, MS round and other ancillary
products required in the construction industry. Its director is
Harish D Chandarana. It has an annual production capacity of
12,000Metric Ton.


JAY CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jay
Construction India (AI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             18       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash            2       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

AI was established in 2012 by the Sorthaiya family based in
Rajkot (Gujarat). The firm trades in agri-based commodities such
as soyabean meal, rapeseed and groundnut extraction meal, and
wheat.


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

The instrument-wise rating action is:

-- INR50.5 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010 as a partnership entity, Karavali Freezers &
Exporters processes seafood at its plant in Udupi Taluk in
Karnataka.


KOHINOOR EXIMTEX: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kohinoor
Eximtex Private Limited (KEPL: art of the Kohinoor group) to
'CRISIL D Issuer not cooperating'.

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

   Proposed Cash           9        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KEPL for obtaining
information through letters and emails dated June 18, 2018 and
July 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

                          About the Group

Incorporated in 2012, KEPL manufactures fabrics and readymade
garments in Surat. Mr Sanjay Juneja and Mr Hiren Kapadia are the
promoters.

Incorporated in 2010, EVPL manufactures sarees and dress
materials. The manufacturing facility in Surat is managed by Mr
Sanjay Juneja and Mr Jitendra Shukla.

EGPL, incorporated in 2015, manufactures sarees and ladies' dress
material in Surat and is promoted by Mr Juneja and Mr Nikunj
Kapadia.

Registered in 2012, KT manufactures sarees and ladies' dress
material. The firm is based in Surat. Its partners are Mr. Sanjay
Juneja and Mr. Hiren Kapadia.


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

The instrument-wise rating actions are:

-- INR95 mil. Fund based working capital limit maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR33.8 mil. Proposed fund-based working capital limit
    maintained in non-cooperating category with Provisional IND
    BB+ (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER
    NOT COOPERATING) rating; and

-- INR21.2 mil. Term loan maintained in non-cooperating category
    with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kushal Foods, incorporated in 2000, is a part of Mayur group
based out of Uttar Pradesh. It has two business segments - bakery
and flour.


MAA SHEETLA: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA said the rating for the INR6.50 crore bank facilities of Maa
Sheetla Industries Private Limited (MSIPL) has been moved to the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B+ (Stable) ISSUER NOT COOPERATING.

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Fund       6.50       [ICRA]B+ (Stable) ISSUER NOT
   Based                           COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis 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.

MSIPL was incorporated in March 2014 and is engaged in the
distribution of IMFL and beer in Uttarakhand. The company has two
warehouses in Uttarakhand, in Haldwani and Rudrapur. MSIPL has
two other group companies, Maa Sheetla Autowheels Private Limited
(having dealership of Volkswagen) and BTC Industries Limited
(engaged in manufacturing of Thermo Mechanically Treated bars).


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

The instrument-wise rating actions are:

-- INR460 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR18.9 mil. Term loan due on March 2020 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 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 2014, MAP Cotton is an Ahmedabad-based company,
engaged in cotton ginning and pressing at its plant located in
Kadi (equipped with 58 ginning machines and one pressing machine)
with a daily installed capacity of 750 bales.


MAURYA MOTORS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Maurya Motors
Limited (MML) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

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

   Cash Credit            10         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Inventory Funding      40         CRISIL B/Stable (ISSUER NOT
   Facility                          COOPERATING)

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 MML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MML 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 MML continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

MML, promoted by Mr. Mohan Himatsinghka, was established in Bihar
in 1990. It is an authorised dealer of TML's small, light,
medium, and heavy commercial vehicles in Bihar.


MN BIO-TECHNOLOGY: Ind-Ra Hikes Rating on INR521.MM NCDs to BB
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on MN
Bio-Technology Private Limited's (MNBTPL) non-convertible
debentures (NCDs) as follows:

-- INR521.0 mil. NCDs* issued on October 4, 2016 ISIN
    INE781V07010 due on September 2021 has a coupon rate of 11.00
    p. a. upgraded with IND BB (SO)/Stable rating.

* Outstanding as on June 30, 2018

The upgrade reflect a healthy rise in the total lease rental
income and the occupancy rate of the rent-generating asset of
MNBTPL that led to an improved debt servicing ability on the
NCDs' debt obligations in the agency's stabilized scenario, as
indicated by a slightly higher average debt service coverage
ratio (DSCR) of 1.13x for the remaining tenor of the NCDs
outstanding (excluding bullet repayment at scheduled maturity)
compared with an average DSCR of 1.05x for the same period during
the last review conducted on September 2017. In addition, the
loan-to-value (LTV) ratio of the asset calculated using Ind-Ra's
estimated property value (using the capitalization rate-based
valuation) has improved to 43.8% from a relatively higher
leverage of 47.7% during the last review. Furthermore, the
maximum debt that can be refinanced at the upgraded rating level
is significantly higher than the outstanding NCDs.

The rating addresses the timely payment of interest and principal
on each payment due date until the scheduled maturity, in
accordance with transaction documentation. The NCDs are backed by
investors' pari passu charge on receivables from existing
commercial leases at the rent-generating properties in
Turkapally, Telangana; these are held in four different
companies: Genome Valley Tech Parks & Incubators Private Limited
(Genome), Takshila Tech Parks & Incubators (India) Private
Limited (Takshila), MN Life Science Centre (Pragnapur) Private
Limited (Pragnapur) and MN Science & Technology Park Private
Limited (MN Science). The charge of the NCDs outstanding of
MNBTPL on the receivables of the aforementioned companies is pari
passu, with INR1,611 million NCDs outstanding of its group
company: MN Takshila Industries Private Limited (MNTIPL).

KEY RATING DRIVERS

Robust Security Package: The outstanding NCDs issued by MNTIPL
and MNBTPL are backed by pari passu charge on the securities
created in favor of a common security trustee as mentioned below:

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of MNBTPL and MNTIPL

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of Genome, Takshila, Pragnapur, MN Science, MN
Gachibowli Tech Park Pvt. Ltd. (Gachibowli I), MN Gachibowli II
Tech Park Pvt. Ltd. (Gachibowli II) and Deccan Bio Ventures Pvt.
Ltd. (Deccan Bio); these companies houses buildings with a total
leasable area of 0.534 million square feet, in addition to land
parcels admeasuring 107 acres

  - Pledge of 93.05% shareholding of MN Science, 97.96%
shareholding of Takshila, 66.82% shareholding of Genome and 100%
shareholding of Pragnapur

The NCDs are guaranteed by MNTIPL, MN Science, Genome, Takshila,
Pragnapur, Gachibowli I, Gachibowli II and Deccan Bio.

Adequate Debt Service Coverage and LTV: At the current level of
operating income, the issuer would be able to service interest
and principal obligations. According to transaction documents,
the DSCR for any financial quarter shall not be less than 1.3x.
In the agency's stabilized scenario, the average DSCR is 1.13x
over the remaining tenor of the NCDs outstanding (excluding
bullet repayment at scheduled maturity).

In addition, the LTV ratio of the outstanding NCDs is 43.1% of
the consolidated property's estimated value (value of rent-
generating properties plus value of common land parcels) by
Cushman & Wakefield, a real estate valuer. The level is below the
covenanted level for the upgraded rating. However, in Ind-Ra's
stabilized scenario, the LTV ratio for the transaction is about
43.8%.  Moreover, the agency estimates the LTV ratio on the basis
of the value of the rental assets, only which is approximately
52.88%. These credit metrics are commensurate with the upgraded
rating level.

Ind-Ra takes comfort from the increase in rental income, while
the occupancy of the underlying asset, on a consolidated basis,
has increased to 91.3% from 50.8% at the time of initial rating.

Partial Amortization Reduces Refinance Risk: Ind-Ra views the
amortizing nature of the NCDs as less risky than those that pay
only interest, as amortization reduces the size of the balloon
payment and the potential refinancing risk. While the NCDs have
amortized by 4.4% as of June 2018, refinancing will be required
at the time of the final maturity. The refinancing amount is
significantly lower than the maximum debt that can be refinanced
at the upgraded rating level.

DSRA: Debt holders benefit from the presence of a pre-funded debt
service reserve account (DSRA) equivalent to the following three
months of interest service and principal repayments at the
transaction closing. The DSRA shall be available throughout the
tenor of the transaction.

Concentrated Tenant Mix: There are 18 tenants occupying the
underlying asset. The top two tenants account for nearly 45% of
the rental income, excluding maintenance income. However, the
weighted average lease tenor (weighted on rental income) from
August 31, 2018 is 5.97 years, indicating stable rental revenue
through the tenor of the transaction.

RATING SENSITIVITIES

Negative: A decline of over 10% from the stabilized net operating
income assumed by the agency for the asset for the entire tenor
of the transaction, without accompanied amortization of the NCDs
and without a significant likelihood of improvement, could result
in a one-notch rating downgrade.

COMPANY PROFILE

MNBTPL is a wholly owned subsidiary of LC Cerestra, which owns
two buildings with a total leasable area of 0.147 million square
feet in a biotech cluster located 45km from Hyderabad. It
commenced operations in October 2016.

LC Cerestra is a private limited company incorporated in
Singapore on March 24, 2016 as an exempt private company limited
by shares. The registered office of the fund is in Singapore.

Lighthouse Canton Pte. Ltd. (LCPL) is the fund manager of LC
Cerestra, while Cerestra is asset adviser to Lighthouse Canton.
Lighthouse Canton is a private limited company incorporated in
Singapore on July 29, 2014 and has been appointed by the fund to
manage, supervise, select and evaluate investments. It will
perform fund management, capital raising, investor relations and
other fund-related functions.

Cerestra was incorporated in 2007 as Religare Finance Limited.
Cerestra is an affiliate of The Capital Partnership and is an
investment adviser to real estate private equity funds targeting
investments in India. It is driven by professionals with a
cumulative real estate exposure of over 40 years.


MOHTA PLYWOOD: CRISIL Lowers Rating on INR23.5cr Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mohta
Plywood Industries Private Limited (MPIPL) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       13       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit             0.5     CRISIL D (Downgraded from
                                   'CRISIL C')

   Letter of Credit        4       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit          6       CRISIL D (Downgraded from
                                   'CRISIL A4')

The downgrade reflects instances of delay by MPIPL in servicing
debt obligation. The rating also reflects weak financial risk
profile and intensive working capital operations. However company
also benefits from extensive experience of promoters in the
ready-made garment manufacturing industry.

Key Rating Drivers & Detailed Description

* Delays in repayment of debt obligations: Term loan repayment
has been delayed owing to temporary stretch in liquidity led by
fully utilised bank limit.

Weakness:

* Weak financial risk profile: Modest networth and moderate
gearing (Rs 7.55 crore and 5.26 times estimated as on March 2018)
represent weak financial risk profile. Debt protection metrics is
weak marked by interest coverage ratio of around 0.96 times
estimated for fiscal 2018.

* Intensive working capital operations: Working capital-intensive
operations on account of delay in receipt of payment from
customers (280 days estimated as on March 31, 2016) have resulted
in high reliance on external debt and stretched liquidity leading
to full utilization of bank limits. Gross current assets were
estimated at 340 days as on March 31, 2018.

Strengths

* Extensive experience of promoters: Business risk profile is
strengthened by extensive industry experience of promoters in the
ready-made garment manufacturing industry.

Incorporated in 1981 and promoted by Mr. Pawandeep Sachdeva and
family, MPIPL is engaged in manufacturing and exports of the
ready-made garments. Company is also engaged in manufacturing and
trading of plywood.


N. J. ECO-BUILD: ICRA Withdraws B Rating on INR23.78cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with stable
outlook from the INR23.78-crore term loan facility and the
INR7.00-crore cash credit facility of N. J. Eco-Build Pvt. Ltd.
ICRA has also withdrawn the short-term rating of [ICRA]A4 from
the INR0.22-crore non-fund based credit exposure limit of NJEBPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         23.78       [ICRA]B (Stable); Withdrawn
   Term Loan

   Fund-based-          7.00       [ICRA]B (Stable); Withdrawn
   Cash Credit

   Non-fund Based-      0.22       [ICRA]A4; Withdrawn
   Credit Exposure
   Limit

Rationale

The ratings assigned to NJEBPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.

N.J. Eco-Build Private Limited was established on October 31,
2012 as a private limited company. The promoters of the company
were perviously associated with the real estate industry and the
textile industry though its group concerns. The company
manufactures autoclaved aerated concrete (AAC) blocks that find
application in the real estate and the government construction
projects. Its manufacturing facility is located at Gangad in
Bavla Taluka near Ahmedabad, Gujarat with an installed capacity
of 3,00,000 cubic metre per annum. The company commenced
commercial production from July 2014.


NETWORK INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Network Industries Limited

        Registered Office:
        171/1 Mahatma Gandhi Road
        Kolkata 700007

Insolvency Commencement Date: September 26, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 25, 2019
                               (180 days from commencement)

Insolvency professional: Samir Kumar Bhattacharyya

Interim Resolution
Professional:            Samir Kumar Bhattacharyya
                         C/o. LSI Resolution Pvt. Ltd.
                         Sagar Trade Cube
                         104, S.P. Mukherjee Road
                         Kolkata 700026
                         E-mail: skbhatt54@gmail.com
                                 lsi.networkind@gmail.com

Last date for
submission of claims:    October 10, 2018


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based limits (long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR12 mil. Term loan (long-term) due on March 2018 maintained
    in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR83 mil. Non-fund-based limits (short-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Nirmala Infra Projects India undertakes
civil construction works.


OMEGGA POWER: ICRA Maintains B- Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR6.00 crore bank facilities of
Omegga Power Industry Private Limited (OMIPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA] B- (Stable)/A4 ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)      Ratings
   ----------     -----------      -------
   Cash credit         3.50        [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Term loan           1.25        [ICRA]B- (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short term Non      1.25        [ICRA]A4 ISSUER NOT
   Fund Based                      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 by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis 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.

OPIPL was incorporated in 2011 by Mr. Ajay Agarwal and Mrs. Monia
Agarwal. OPIPL manufactures various types of transmission and
stringing tools, clamps and equipment. The company also
manufactures customized products as per the requirements of its
customers. OPIPL has also set up plant and machinery for
manufacturing steel wire ropes. The major customers of the
company are reputed players such as Power Grid Corporation of
India Limited, L&T Ltd, Tata Projects Ltd, EMC Ltd etc.


PAGRO FROZEN: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR30.75 crore bank facilities of
Pagro Frozen Foods Private Limited (PFFPL) continues to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B (Stable)/A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash credit         15.00      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Term loan            7.26      [ICRA]B (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Unallocated          7.74      [ICRA]B (Stable) ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short term           0.75      [ICRA]A4 ISSUER NOT
   Corporate Loan                 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 by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis 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.

Pagro Frozen Foods Private Limited (PFFL) was incorporated in
2007 for setting up an integrated vegetables processing plant in
Punjab. The proposed project, at full capacity, involves contract
growing of vegetables across 10,000 acres of land and processing
around 15,000 MT of vegetables to annually produce 12,000 MT of
frozen vegetables and 3000 MT of French fries. The commercial
operations of the company started in March 2012. In 2013-14, PFFL
processed 8159 metric tons of vegetables including peas. These
processed food products are supplied by the company to clients in
domestic and export markets. PFFL is promoted by Mr. N.S. Brar
and Mr. Pawaninder Singh Dhillon, who have over two decades of
experience in food processing and contract farming.


PRASANNA EDUCATION: Ind-Ra Assigns 'B-' Rating to INR100MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Prasanna Education
Trust's (PET) bank facilities as follows:

-- INR100 mil. Bank loans assigned with IND B-/Stable rating;
    and

-- INR20 mil. Fund-based working capital facility assigned with
    IND B-/Stable rating.

KEY RATING DRIVERS

The ratings reflect PET's high debt burden and weak coverage
ratios as indicated by debt/ current balance before interest and
depreciation (CBBID) of 6.41x in FY18 (FY17: 3.62 and debt/income
of 159.02% (186.22%). Debt service coverage deteriorated to 0.88x
in FY18 (FY17: 1.87x) and interest service coverage to 1.30x
(2.88x) due to a 44.30% yoy decline in CBBID to INR23.50 million.
FY18 financials are provisional in nature.

The ratings are further constrained by PET's small scale of
operations. Total income grew at a CAGR of 17.18% to INR94.75
million during FY14-FY18 (FY17: INR82.09 million). Tuition fee
income was the dominant source of total income and contributed
average 83.48% during FY14-FY18. Other income, which majorly
emanates from hostel receipts, and books and uniform fee,
contributed 15.32% to the total income during the same period.

The ratings also factor in PET's modest operating margins, which
declined to 24.52% in FY18 (FY17: 51.07%), due to a 78.61% yoy
increase in key expenditures to INR71.25 million, resulting from
an increase in administrative expenditure from Ayurveda college
and hospital. However, the trust maintained operating margin
above 37% during FY14-FY17.

The ratings are also constrained by the trust's tight liquidity
position during FY14-FY18. The available fund cover to meet its
total debt was 5.61% in FY18 (FY17: 10.66%). However, available
funds to cover operating expenditure were moderate at 11.86% in
FY18 (FY17: 40.84%). The collection days were nil during FY14-
FY18. However, PET's average utilization of the working capital
limit was high at 98.63% during the 12 months ended July 2018.

However, the ratings are supported by a growth in student
headcount to 1,558 in FY18 (FY15: 1,218). As of July 2018, the
student strength for the academic year 2018-19 was 1,624.

The ratings also benefit from the financial support from trustees
in the form of unsecured loans (FY18: INR24.93 million, FY17:
INR17.27 million). Ind-Ra expects the support from the trustees
to continue, if required.

RATING SENSITIVITIES

Positive: A significant increase in the revenue, leading to an
improvement in the operating performance, and leverage and
coverage ratios on a sustained basis could lead to a positive
rating action.

Negative: Any unexpected fall in the student strength leading to
weak operating profitability and a further increase in debt
burden and stress on the coverage ratios on a sustained basis
would lead to a negative rating action.

COMPANY PROFILE

PET is a public charitable trust established in 2003 and managed
by Mr. K. Gangadhara Gowda, former Minister, Government of
Karnataka and his family. The trust runs six institutions,
including a residential school and offers primary-to-higher
education in Dhankshina Kannada, Karnataka.


PURVI BHARAT: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Purvi Bharat Steels
Limited (PBSL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 PBSL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PBSL 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 PBSL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 1995, PBSL manufactures and trades in thermo-
mechanically treated (TMT) bars. The company is currently managed
by Mr. Ganesh Prasad Kandoi, Mr. Navin Kumar Kandoi, and their
family members.


R S PAPER: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of R S Paper (RSP)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.6       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Packing Credit in      3.0       CRISIL A4 (ISSUER NOT
   Foreign Currency                 COOPERATING)

   Term Loan              4.4       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 RSP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RSP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

RSP, established in 2009 as a partnership firm, is based in
Greater Noida (Uttar Pradesh). The firm manufactures textbooks,
diaries, notebooks, envelopes, calendars, and other stationery
items, which it sells in both domestic and global markets. Mr.
Rishi Chawla and his mother Mrs. Sharda Chawla are the partners
of the firm.


RADHA RUKMANI: CRISIL Maintains 'D' Rating on INR10cr Loans
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Radha Rukmani
Spinners Private Limited (RRSPL) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

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

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 RRSPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on RRSPL 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 RRSPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 2007, RRSPL trades in yarn and textiles. The
company, based in Mumbai, is promoted by Mr. Pradeep Kumar Goyal.


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

The instrument-wise rating actions are:

-- INR45.00 mil. Term loans due on January 2024 migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating;

-- INR4.00 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR10.00 mil. Proposed fund-based working capital limits
    migrated to Non-Cooperating Category with Provisional IND B
    (ISSUER NOT COOPERATING) / Provisional IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Radhey Narayan Industries was incorporated on September 3, 2015
to set up a manufacturing unit for fabricated items used as
intermediate products for the manufacturing or building of
rolling stocks such as railway coaches. It is managed by Gopal
Swaroop, Vivek Prakash Singh and Udit Singh.


RADIANT TEXTILES: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Radiant Textiles
Limited (RTL) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            50        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Corporate Loan          6        CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     20.26     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              24.74     CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

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

The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as 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 RTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RTL 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 RTL continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

RTL was set up in October 2005 by Mr. Ramesh Kumar, Mr. Mohan
Lal, Mr. Gian Chand, Mr. Rajesh Goyal, and Mr. Varun Kumar. It
commenced commercial production in January 2008. The company
manufactures cotton yarn at its plant in Samana (Punjab).


RAAJ INTERNET: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Raaj Internet (I) Private Limited
        Old No. 12 New No. 27 Singannna Chetty Street
        Chintradripet Chennai 600002

Insolvency Commencement Date: September 19, 2018

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: March 18, 2019
                               (180 days from commencement)

Insolvency professional: Vasudevan Gopu

Interim Resolution
Professional:            Vasudevan Gopu
                         G.V. and Associates
                         11A, Collector Sivakumar Street
                         K.K. Pudur, Coimbatore
                         Tamil Nadu 641038
                         E-mail: vasudevanacs@gmail.com

Last date for
submission of claims:    October 3, 2018


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

The instrument-wise rating actions are:

-- INR610 mil. Long-term loans due on March 2026 migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR75 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in August 2015, Ramkrishna Cotspin manufactures
cotton yarn of different sizes at its 5,688.14-metric-ton-per-
annum facility in Soladi Village, Dhrangadhra Taluka,
Surendranagar District, Gujarat.

Its promoters are Mr. Hasmukhbhai Trikambhai Patel, Mr.
Jayeshbhai Ghanshyambhai Patel, Mr. Rajesh Labhubhai Kotecha and
Mr. Dilip Haribhai Gadhiya.


REGENT BEERS: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA said the rating for the INR17.00 crore bank facilities of
Regent Beers and Wines Limited (RBWL) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B+ (Stable)/A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash credit          8.50       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Term loan            8.12       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Unallocated          0.15       [ICRA]B+ (Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short term Non       0.23       [ICRA]A4 ISSUER NOT
   Fund Based                      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 by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis 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.

Regent Beers & Wines Limited was incorporated in 1997 and is
engaged in the manufacturing of beer. The brewery of RBWL is
located at Maksi which is at a distance of 70 km from Indore and
currently has a capacity of 3.0 lakh hector liters per annum. The
bottles/cans are available in the sizes of 650ml and 330ml.Major
ingredients required for the production of beer are-barley malt
and rice flakes.


RIDCOR INFRA: Ind-Ra Cuts Sr. Poject Bank Loans Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
RIDCOR Infra Projects Limited's (RIPL) senior project bank loans
to 'IND B+' from 'IND BBB-' while placing the rating on Rating
Watch Negative (RWN) as follows:

-- INR2,977.2 bil. Senior project bank loans due on December 31,
    2029 downgraded and placed on RWN with IND B+/RWN rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in the credit profiles of
the sponsors, Infrastructure Leasing & Financial Services (IL&FS:
'IND D'), which is the parent sponsor, and Road Infrastructure
Development Company of Rajasthan Limited (RIDCOR). In addition,
the credit profile of the project's operation and maintenance
(O&M) contractor, IL&FS Transportation Networks Limited (ITNL:
'IND BB'/RWN), has deteriorated. Both sponsors have provided
undertakings to meet any shortfall in RIPL's debt servicing.

The RWN reflects uncertainty over meeting the shortfall by the
sponsors in the near term and the absence of revenue visibility.

The rating reflects the heightened project risk profile, given
the sponsors' weakened credit profiles. According to the sponsor
undertakings, funds provided for debt servicing shall be repaid
in the subsequent year, provided adequate cash surplus is
available to maintain a debt service coverage ratio of 1.10x.

According to Ind-Ra's base case estimates, the debt service
coverage ratio will be stressed in FY19 and FY20, necessitating
timely sponsor support for debt servicing. In its base case
analysis, Ind-Ra has estimated 4% traffic growth from FY20,
assuming 10% toll growth every alternate year. The project's toll
revenue is dependent on the development of new connecting
linkages for project stretches which, according to RIPL, will be
completed by FYE20.

The rating also reflects a heightened O&M risk due to the
deterioration in the credit profile of ITNL.

Although RIPL incurred higher O&M expenses in FY18 than base case
estimates, they were in line with those of Ind-Ra-rated peers.
The O&M base case estimates are based on the costs incurred by
RIDCOR on its project stretches. According to RIPL, the use of a
new technology by RIPL for overlay has increased the life of the
top surface of the roads by over three years.

The rating further reflects the presence of weak counterparties
(toll operators). Toll operators, however, have provided bank
guarantees equivalent to 10% of the auction amount. Any delay in
payments to RIPL by toll operators will attract penal interest.

The rating, however, is supported by a limited price risk faced
by RIPL because of a pre-fixed 10% increase in toll rates for
each category of vehicle every two years, as stipulated in the
concession agreement. RIPL has been auctioning its toll
collections. The bid amounts will be revised in case of any
revision in toll rates by the government of Rajasthan during the
duration of the contract agreement with toll operators.

The rating is also supported by a limited refinancing risk in
view of the 15-year tail period. The current debt is partially
amortizing with a bullet risk of 15%.

The rating benefits from a debt service reserve account covering
three months of debt servicing obligations (INR78.8 million) and
a cash balance of INR12 million as on September 24, 2018, as both
facilities can provide cushion to cash flows to some extent in
the near term, if sponsor support is not forthcoming. The current
interest for the senior long-term loans is floating, which
increases the interest risk.

RATING SENSITIVITIES

The RWN indicates that the rating may be affirmed or downgraded.
The RWN will be resolved after receiving clarity on the
availability of funds from the sponsors, certainty of toll
revenues and toll revenue bids from FY20.

COMPANY PROFILE

RIPL, a wholly owned subsidiary of RIDCOR (a 50:50 joint venture
between IL&FS and the government of Rajasthan), was incorporated
to develop, design, finance, construct, operate and maintain
Phase-III project stretches under the mega highways project. The
Phase-III projects comprise the 65.5km Mathura-Bharatpur-
Gangapur-Bhadoti stretch starting from the Uttar Pradesh border
and running up to the 117.32km Rawatsar-Nohar-Bhadra at the
Haryana border. As on 31 March 2018, the total project cost
incurred by RIPL was INR4,260.6 million, funded by an INR400
million equity, an INR1,115.5 million soft loan from the
government of Rajasthan and an INR2,745.1 million senior debt.

RIPL drew down INR2,745.1 million as on June 30, 2018 against the
sanctioned INR2,977.2 million. Debt repayments started from
June 30, 2018.


ROHIT FABTEX: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA said the rating for the INR9.70 crore bank facilities of
Rohit Fabtex (RF) has been moved to the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA] B+ (Stable) ISSUER NOT
COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Fund       9.70      [ICRA]B+ (Stable) ISSUER NOT
   Based                          COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis 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.

Rohit Fabtex was established as a proprietorship firm in 2010 by
Mr. Kishorilal Singhvi to carry out processing of fabric. The
unit of the firm at Balotra , has an installed capacity
of ~40,000 meters per day, to produce poplin fabric.


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

The instrument-wise rating actions are:

-- INR140 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rungta Irrigation manufactures, designs, assembles and markets
pipe-based sprinkler irrigation systems. It has manufacturing
facilities in Ghaziabad (Uttar Pradesh), Puducherry and
Jamshedpur (Jharkhand).


SIDDHI SALES: CRISIL Reaffirms B+ Rating on INR10cr Loans
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Siddhi Sales Corporation (SSC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         9         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect SSC's below average financial
risk profile marked by modest net worth and low operating
profitability. These weaknesses are partially offset by the
benefits the firm derives from the extensive industry experience
of partners.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Modest net worth and high
total outstanding liabilities to adjusted net worth ratio (Rs
4.11 crore and 4.34 times respectively as on March 31, 2018)
represent below average financial risk profile. Debt protection
metrics is subdued with interest coverage ratio and net cash
accruals to adjusted net worth at 1.13 and 0.004 times,
respectively, for fiscal 2018.

* Low operating profitability: Firm's operating profitability has
remained low in the range of 1.8-2.1% over last three years
through fiscal 2018, on account of low value addition due to
trading nature of business. Operating profitability was 1.9% for
fiscal 2018.

Strengths

* Extensive experience of Partners: The partners' extensive
experience of more than three decades in the industry has helped
SSC develop strong relations with its customers and suppliers.

Outlook: Stable

CRISIL believes SSC will benefit from extensive industry
experience of promoters in trading industry. The outlook may be
revised to positive in case of higher than expected increase in
scale of operations or profitability leading to higher than
expected cash accruals and or improvement in capital structure on
account of capital infusion. The outlook may be revised to
negative in case of lower than expected profitability or stretch
in working capital cycle leading to deterioration in liquidity
and capital withdrawal from promoters leading to deterioration in
financial risk profile.

Established in 1985 as partnership firm by Mr. Rintu Pandya and
his father, Mr. Kanubhai Pandya, SSC is engaged in exports of
cotton yarn.


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

The instrument-wise rating actions are:

-- INR12 mil. Term loans (Long-term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR45.1 mil. Fund-based working capital limit (Long-
    term/Short-term) maintained in non-cooperating category with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.5 mil. Non-fund-based working capital limit (Short-term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated by G.P. Sinha in 1978 in West Bengal, Sinha Cold
Storage & Warehouse Company  operates a warehousing unit and
108,074-quintal cold storage unit for the preservation of
agricultural produces mainly seeds, table potatoes and other
horticultural commodities on a rental basis.


SOLEX ENERGY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Solex Energy
Limited (SEL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR61.0 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating;

-- INR65.0 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating; and

-- INR4.8 mil. Term loan due on December 2020 assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect SEL's improved-yet-modest scale of
operations. Its revenue raised 196.7% yoy to INR1,012.5 million
in FY18,  driven by favorable solar module demand owing to the
government of India's focus on solar power project development.
Ind-Ra expects SEL's revenue growth to sustain at the same level
in FY19, given it had an outstanding order book of INR850 million
(0.84x of FY18 revenue) as of mid-August 2018 that will be
executed during FY19. As of mid-August 2018, it had achieved
INR430 million in revenue.

The ratings also reflect SEL's modest liquidity, indicated by an
average 84.8% peak utilization of its fund-based facilities
during the 12 months ended August 2018. Its net working capital
cycle was modest at 58 days in FY18 (FY17: negative 9 days). The
deterioration in the cycle was due to an increase in the
management's focus to reduce creditor days to avail better
pricing.

The ratings, however, are supported by SEL's healthy EBITDA
margin, which was stable at 5.6% in FY18 (FY17: 5.9%). Its margin
is susceptible to raw material price fluctuations and stiff
competition from large and small players. Its return on capital
employed was 42% in FY18 (FY17: 37%).

The ratings are also supported by SEL's healthy credit metrics.
Its EBITDA interest coverage (operating EBITDA/gross interest
expense) was 7.1x in FY18 (FY17: 3.3x) and net leverage (total
adjusted net debt/operating EBITDAR) was 1.2x (0.1x). The
improvement in the coverage was on account of a proportionately
higher increase in absolute EBITDA than that in interest
expenses. Meanwhile, the deterioration in the leverage was due to
a higher utilization of working capital funds at year-end.

Ind-Ra expects the credit metrics to remain healthy in FY19 in
view of no planned debt-led capex.

The ratings benefit from the promoters' experience of over two
decades in the solar industry that has led to established ties
with customers and suppliers.

RATING SENSITIVITIES

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

Positive:  A substantial increase in the revenue, while
maintaining the EBITDA margin and the credit metrics at the
current levels, on a sustained basis, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2014, SEL manufactures solar products and
undertakes engineering, procurement and construction contracts
for setting up solar power plants, solar water pumps, solar water
heating systems and others. It offers a wide range of solar
products such as mono/multi-crystalline solar photovoltaic
modules, solar lanterns, solar street lights, solar water pumps
and solar invertors. Its facility is in Anand, Gujarat. The
company is listed on NSE Emerge.


SRI MANJUNATHA: ICRA Assigns B+ Rating to INR11.69cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR11.69-
crore long-term fund-based facilities of Sri Manjunatha Silks.
The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-Fund-     11.69       [ICRA]B+ (Stable); Assigned
   Based

Rationale

The assigned rating is constrained by the firm's modest scale of
operations and its moderate financial risk profile characterised
by low net worth position and leveraged capital structure. With
an expected increase in the long-term borrowings towards funding
the new retail showroom being set up in Krishnagiri, the firm's
capital structure is likely to moderate further in the near term.
The assigned rating factors in the inherent risk of cash
withdrawal associated with the firm's partnership nature.

The assigned rating, nonetheless, derives comfort from the
extensive experience of the promoters in the textile retailing
segment for more than two decades. The rating favourably factors
in the firm's established relationship with its suppliers, which
enables it in availing flexible credit terms and thereby results
in a moderately low working capital intensity. The assigned
rating positively takes into consideration the expected healthy
growth in the firm's operating income in the near to medium term,
supported by commencement of the new retail showroom in
Krishnagiri from October 2018.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that the firm will
continue to benefit from the extensive experience of its
promoters in the textile retail industry and its established
relationship with key suppliers. The outlook may be revised to
Positive if the firm achieves significant growth in revenues,
aided by commencement of the new retail showroom and improvement
in its capital structure, supported by an improvement in net
worth position. The outlook may be revised to Negative, in case
the capital structure deteriorates owing to significant cash
withdrawals by the partners or the coverage indicators moderate
due to any significant increase in its debt levels or any
reduction in profitability.

Key rating drivers

Credit strengths

Extensive experience of the key promoters in the textile retail
segment: The firm's key promoters, Mr. N Ravi, Mr. N Govindaraj
and Mr. N Baskar, have extensive experience of over two decades
in the textile retailing industry. They ventured into Tirupattur
market in 1996 by setting up a small retail outlet and have since
then been actively involved in scaling up the business.

Moderately low working capital intensity: The firm's working
capital intensity has been moderately low in the recent past,
primarily aided by the extended credit period received from its
suppliers. Besides, a major portion of sales is carried out on a
cash-and-carry basis, which results in low debtor levels.

Credit challenges

Modest scale of operations: With an OI of INR19.39 crore in
FY2018, as per provisional financials, the firm's scale of
operation is modest, limiting operational flexibility and
economies of scale benefits. Nevertheless, with the expected
commencement of one more large-scale retail showroom in October
2018 at Krishnagiri, spread across an area of nearly 20,000
square feet, the firm's operating income is likely to witness a
healthy growth in the near to medium term.

Leveraged capital structure: The firm's capital structure is
moderately leveraged as characterised by a gearing (total
debt/tangible net-worth) of 2.58 times as on March 31, 2018, as
per provisional financials. This is due to its moderate net
worth, coupled with relatively higher reliance on external
borrowings. With an expected increase in term borrowings towards
funding the construction of a new showroom that is being set up
in Krishnagiri, the capital structure is likely to moderate
further.

Inherent risk of cash withdrawals in a partnership firm: Being a
partnership concern, the firm is exposed to the risk of
withdrawals by the partners. Nevertheless, limited withdrawals by
the partners, as seen in the past, provide comfort to some
extent.

Sri Manjunatha Silks was established as a partnership firm in
2006. The firm's key promoters are Mr. N Ravi, Mr. N Govindaraj
and Mr. N Baskar. The firm primarily involves in retailing of
apparels for women, men and kids, with a major portion of
revenues derived from women clothing including silk sarees,
designer sarees, cotton sarees and other readymade garments. At
present, the firm operates a 14,400-square feet textile retail
showroom in Tirupattur, Tamil Nadu. Besides, it is in the process
of setting up a 20,000-square feet retail showroom in
Krishnagiri, Tamil Nadu at a cost of INR7.2 crore. The new
showroom is likely to commence commercial operations from October
2018.


TAKSHILA INDUSTRIES: Ind-Ra Ups Rating on INR1.611BB NCDs to BB
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded MN Takshila
Industries Private Limited's (MNTIPL's) non-convertible
debentures (NCDs) as follows:

-- INR1.611 bil. NCDs issued on October 4, 2016 ISIN
    INE784V07014 due on September 2021 has a coupon rate of
    11.00 upgraded with IND BB(SO)/Stable rating.

*Outstanding as on June 30, 2018

The upgrade reflects a rise in the total lease rental income and
occupancy rate of MNTIPL's rent generating asset, leading to an
improvement in its ability to service NCDs in Ind-Ra's stabilized
scenario, as indicated by a slightly higher average debt service
coverage ratio (DSCR) of 1.20x for the remaining tenor of the
outstanding NCDs (excluding bullet repayment at scheduled
maturity) than 1.15x during the last review conducted in
September 2017. Additionally, the loan to value (LTV)of the asset
calculated using Ind-Ra's estimated property value
(capitalization rate-based valuation) improved to 39.2% from a
relatively higher leverage of 45.4% during the last review. The
maximum debt that can be refinanced at the upgraded rating level
is also significantly higher than the outstanding NCDs.

The rating also factors in timely interest and principal payments
on each payment date until the scheduled maturity, in accordance
with the transaction documentation. The NCDs are backed by
investors' pari passu charge on receivables from the existing
commercial leases at the rent generating properties in
Turkapally, Telangana. These properties are held by Genome Valley
Tech Parks & Incubators Private Limited (Genome), Takshila Tech
Parks & Incubators (India) Private Limited (Takshila), MN Life
Science Centre (Pragnapur) Private Limited (Pragnapur) and MN
Science & Technology Park Private Limited (MN Science). The
charge of NCDs on the receivables of the aforementioned companies
is pari passu with INR521 million of NCDs outstanding of its
group company, MN Bio-Technology Private Limited (MNBTPL).

KEY RATING DRIVERS

Robust Security Package: The outstanding NCDs of MNTIPL and
MNBTPL are backed by investors' pari passu charge on the
securities created in favor of a common security trustee as
mentioned below:

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of MNBTPL and MNTIPL

  - Fixed assets, receivables, current assets, movable assets and
bank accounts of Genome, Takshila, Pragnapur, MN Science, MN
Gachibowli Tech Park Pvt. Ltd. (Gachibowli I), MN Gachibowli II
Tech Park Pvt. Ltd. (Gachibowli II) and Deccan Bio Ventures Pvt.
Ltd. (Deccan Bio). These companies house buildings with a total
leasable area of 534 million sf, in addition to land parcels
admeasuring 107 acres

  - A pledge of 93.05% shareholding of MN Science, 97.96%
shareholding of Takshila, 66.82% shareholding of Genome and 100%
shareholding of Pragnapur

The NCDs are also guaranteed by MNBTPL, MN Science, Genome,
Takshila, Pragnapur, Gachibowli I, Gachibowli II and Deccan Bio.

Adequate EBITDA, DSCR, LTV: According to the transaction
documents, the maximum net debt/EBITDA will be 6.5x during the
transaction tenor, the maximum LTV will be 60% at transaction
closing and at any time during the transaction tenor, and the
minimum DSCR for any financial quarter will be 1.3x. In the
agency's stabilized scenario, net cash flow will have an average
DSCR of 1.20x over the remaining tenor of NCDs (excluding bullet
repayment at scheduled maturity).

The LTV of the outstanding NCDs is 41.8% of the consolidated
property's estimated value (rent generating properties plus
common land parcels) by Cushman & Wakefield, a real estate
valuer. This is below the covenanted level for the upgraded
ratings. However, in Ind-Ra's stabilized scenario, the LTV for
the transaction is about 39.2%. The agency estimates the LTV on
the basis of the value of the rental assets, which is
approximately 46.3%. These credit metrics commensurate with the
upgraded rating level.

Ind-Ra takes comfort from the increase in rental income and the
occupancy of the underlying asset on a consolidated basis to 90%
from 51% at the time of initial rating.

Partial Amortization Reduces Refinancing Risk: Ind-Ra views the
amortizing nature of the NCDs as less risky than those that pay
only interest, as amortization reduces the size of the balloon
payment and the potential refinancing risk. While the NCDs have
amortized by 3.8% as of June 30, 2018, refinancing will be
required at the time of final maturity. The refinancing amount is
significantly lower than the maximum debt that can be refinanced
at the upgraded rating level.

Concentrated Tenant Mix: Takshila, which contributed about 79% to
the consolidated net operating income of the three special
purpose vehicles (SPVs) (Genome, Pragnapur and Takshila), is
highly concentrated with the top three tenants accounting 70% of
its total rental income, in the agency's stabilized scenario.
However, the weighted average lease tenor (weighted on rental
income) from August 31, 2018 is 4.87 years, indicating stable
rental revenue through the tenor of the transaction.

DSRA: The debt holders benefit from the presence of a pre-funded
DSRA equivalent to the following three months' of debt servicing
at the transaction closing. The DSRA shall be available
throughout the tenor of the transaction.

RATING SENSITIVITIES

Negative: A decline of over 10% from the stabilized net operating
income assumed by the agency for the three assets - Genome,
Takshila and Pragnapur - on a consolidated basis for the entire
tenor of the transaction without accompanied amortization of the
NCDs and without a significant likelihood of improvement could
result in a one-notch rating downgrade.

COMPANY PROFILE

MNTIPL is a wholly-owned subsidiary of LC Cerestra Core
Opportunities Fund (LC Cerestra), which owns three SPVs holding
multiple assets with a total leasable area of 0.422 million sf in
Genome Valley and Pragnapur, a bio-tech cluster located 45km from
Hyderabad. It started operations in October 2016.

LC Cerestra is a private limited company incorporated in
Singapore on March 24, 2016 as an exempt private company limited
by shares. The registered office of the fund is situated in the
Republic of Singapore. The fund shall act as a pooling vehicle
for investments to be made as per the proposed transaction.

Lighthouse Canton Pte. Ltd. is the fund manager of LC Cerestra,
while Cerestra acts as the asset advisor. Lighthouse Canton is a
private limited company incorporated in Singapore on July 29,
2014 and has been appointed by the fund to manage, supervise,
select and evaluate investments; it will perform fund management,
capital raising, investor relations and other fund related
functions.

Cerestra was incorporated in 2007 as Religare Finance Limited.
Cerestra is an affiliate of The Capital Partnership and is an
investment advisor to real estate private equity funds targeting
investments in India. It is driven by professionals with a
cumulative real estate exposure of over 40 years.


TECHMECH ENGINEERS: CRISIL Reaffirms B+ Rating on INR12cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Techmech Engineers (TE).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           12         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of TE's operations
in the intensely competitive the lighting and electrical segment
and a weak financial risk profile. These weaknesses are partially
offset by the experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Intense
competition from several players and from cheaper Chinese imports
may continue to constrain scalability, pricing power, and
profitability. Revenue was modest at INR57 crore in fiscal 2018.

* Weak financial risk profile: Networth has been modest at INR8.6
crore as on March 31, 2018, with high gearing of 2.53 times.
Interest coverage and net cash accrual to total debt ratios were
average at 1.38 times and 0.04 time, respectively, in fiscal
2018. Financial risk profile may remain stable even over the
medium term.

Strength

* Experience of partners: Benefits from the partners' experience
of over three decades, their strong understanding of local market
dynamics, and healthy relations with customers and suppliers
(Schneider Electric and C&S Electric) should continue to support
the business.
Outlook: Stable

CRISIL believes TE will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability strengthens
financial risk profile and liquidity. Conversely, the outlook may
be revised to 'Negative' if a significant decline in revenue or
profitability, stretched working capital cycle, or any larger-
than-expected, debt-funded capital expenditure weakens financial
risk profile and liquidity.

TE was set up in 1985 at Karnataka as a partnership between Mr
Dasarthy and Mr Srivatsa. In 2007, Mr K R Ramesh replaced Mr
Dasarthy and in 2008, Mr K Ananth was also added as a partner.
The firm distributes electrical parts and system integrators that
are used in home and office automations.


VIDEOCON INDUSTRIES: RP Invites Bids for Videocon Business
----------------------------------------------------------
Livemint.com reports that resolution professional of debt-ridden
Videocon Industries on Sept. 25 invited bids from prospective
buyers to take control of the firm, which has interest ranging
from consumer electronics to oil and gas. The corporate
insolvency resolution process (CIRP) of Videocon Industries Ltd
(VIL), which has debt of around INR20,000 crore, was commenced
under the Insolvency and Bankruptcy Code (IBC) following an order
by the NCLT Mumbai on June 6, 2018.

In a public announcement, VIL resolution professional Anuj Jain
said insolvency resolution process in respect of 11 group
companies of VIL has also commenced and for other four other
entities, order is expected to be passed by the NCLT shortly,
Livemint.com relates.

In the beginning of this year, the country's largest lender State
Bank of India (SBI) had filed separate insolvency proceedings
against Videocon Industries and Videocon Telecommunications Ltd,
according to Livemint.com. As per the criteria listed out by the
RP, corporates, individuals or consortium of investors must have
a minimum consolidated net worth of INR2,000 crore at group level
in the immediately preceding financial years, and turnover of
INR1,000 crore at group level during any one of the three
immediately preceding financial years.

Livemint.com says for financial institutions, PE funds, asset
reconstruction companies, NBFCs, other financial investors,
including consortium of investors, minimum asset under management
must be INR2,000 crore in the immediately preceding financial
year or committed funds available for deployment/investment of at
least INR2,000 crore as on March 31, 2018. It would be mandatory
for prospective resolution applicants to submit their bid before
October 5, 2018, Jain said in the announcement.

Livemint.com relates that the RP also said prospective bidders
must have evidence to showcase experience in the running of large
industrial businesses, preferably consumer electronics, and/or
oil and gas during any three of the preceding financial years.
The bidders must also have the ability to turnaround large
industrial business preferably consumer electronics business
either directly or through joint venture, the report adds.

                      About Videocon Industries

Videocon Industries sells consumer products like color
televisions, washing machines, air conditioners, refrigerators,
microwave ovens and many other home appliances in India.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.


VIRCHAND NARSI: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facility of Virchand Narsi
Cotton Private Limited (VNCPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           26.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VNCPL for
obtaining information through letters and emails dated June 18,
2018 and July 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2002, VNCPL is engaged in ginning and pressing of
raw cotton and crushing of cotton seeds. Company is promoted by
Mr. Kumarpal Dand and his family.


WHITE LOTUS: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of White Lotus
Cotyledon Private Limited (WLCPL) to 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.05      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    10.45      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan             2.50       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with WLCPL for
obtaining information through letters and emails dated June 18,
2018 and July 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of White Lotus Cotyledon Private Limited to 'CRISIL D
Issuer not cooperating'.

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

WLCPL, established by Shah family in Aurangabad (Maharashtra), is
engaged in ginning and pressing of raw cotton. The company's
unit, located at Vaijapur in Aurangabad, has a manufacturing
capacity of 1500 quintals per day.



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


CBL INSURANCE: Court Rejects Proposed Deal to Pay Elite Insurance
-----------------------------------------------------------------
Interest.co.nz reports that the Auckland High Court has poured
cold water on a proposed deal that would've seen CBL Insurance
(CBLI) pay its largest creditor, Elite Insurance Company, to
forgo all the reinsurance payments owed to it.

According to the report, CBLI's interim liquidators - Kare
Johnstone and Andrew Grenfell of McGrathNicol - and Elite on
August 1 reached an agreement that aimed to see Elite write off
all of CBLI's liabilities in return for "cash and non-cash
assets".

Yet, the High Court has ruled that the interim liquidators don't
have the power to execute this sort of "commutation agreement"
under the Companies Act, Interest.co.nz says.

Rather this is a job for a liquidator, the report notes. The
Reserve Bank's application to liquidate CBLI will be heard on
November 12.

Interest.co.nz says Justice Patricia Courtney explained: "This is
because, in reaching the agreement the interim liquidator has
made an assessment of the value of Elite's likely claim on CBLI,
whereas it would usually be for Elite to advance its claim in the
context of a liquidation and for the liquidator to admit or
reject it . . . the agreement results in the disposition of a
number of the company's assets, including most of its cash,
whereas it is generally for the liquidator to realise the
company's assets for the benefit of all the creditors."

CBLI's interim liquidators had argued that the agreement would
benefit all of CBLI's creditors, but its second largest creditor,
Alpha Insurance Ltd, as well as two of CBLI's directors and its
shareholder, LBC Holdings Ltd (which is in administration) -
begged to differ, Interest.co.nz says.

They submitted the proposed deal would see some 85% of CBLI's
cash go to Elite, Interest.co.nz relates.

According to Interest.co.nz, Justice Courtney said Elite accounts
for about 68% of CBLI's claims liabilities. Alpha is the next
largest creditor and the "balance of CBLI's exposure is
represented by claims liabilities to CBL Insurance Europe DAC
(under administration) and a number of smaller creditors,
including policy bond and security holders in relation to
unearned premium liability and outstanding claims liability and
trade creditors".

Interest.co.nz relates that Justice Courtney said: "Although the
Interim Liquidators do have the powers of a liquidator, they may
only exercise those powers for the purpose of maintaining the
value of the company's assets and, in my view, that is not the
case here.

"The agreement is not intended to maintain the value of specific
assets but, rather, to crystallise and eliminate CBLI's net
liability to Elite."

She said alternative courses of action could be taken: "An
approach that is the product of consultation with all creditors
would be the more usual solution," Interest.co.nz relays.

Interest.co.nz adds that the Reserve Bank of New Zealand had
supported the proposed agreement between the interim liquidators
and Elite, but said it accepted the Court's finding.

"This outcome reinforces the Reserve Bank's desire for the full
liquidation of CBLI," it said.  "The Reserve Bank is seeking to
have existing confidentiality orders removed for the full
liquidation hearing," Interest.co.nz relays.

                       About CBL Insurance

CBL Insurance Limited provides building and construction related
credit and financial surety insurance, bonding, and reinsurance
products.  CBL Insurance is a subsidiary of NZX-listed CBL
Corporation.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2018, The New Zealand Herald said the High Court has
ordered CBL Insurance be placed into interim liquidation on an
application by the Reserve Bank as the insurer's prudential
supervisor.

In the High Court in Auckland on Feb. 23, Justice Patricia
Courtney ordered the appointment of McGrathNicol's Kare Johnstone
and Andrew Grenfell as interim liquidators of CBL Insurance, the
Herald discloses. The application was made without notice and
determined on Feb. 23, the judgment said.


EBERT CONSTRUCTION: Tradies and Subcontractors set to Lose NZ$30M
-----------------------------------------------------------------
NZ Herald reports that Ebert Construction's receivers expect most
of the NZ$33.8 million owed to tradespeople and subcontractors
won't be repaid.

NZ Herald relates that PwC's Lara Bennett, John Fisk and Richard
Longman said there isn't likely to be any surplus for unsecured
creditors from the administration process, the first significant
insolvency using a new retentions regime intended to improve the
likelihood of payment for sub-contractors.

However, Ebert had banked only NZ$3.7 million of sub-contractor
retentions, which will need to be divided up among claimants by
an order from the High Court, NZ Herald says.

"The receivers are conscious of the importance of this matter.
However, until we are able to confirm a pathway and funding for
addressing the issues with application of the legislation, we are
unable to confirm a timeframe for resolution of this matter,"
they said, NZ Herald relays.

According to NZ Herald, Ebert's directors requested receivers be
appointed on July 31 after deciding actual and expected losses on
some contracts were too large for the business to remain solvent.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover
of NZ$171 million in the year through March 2019.

Some NZ$640,000 was owed to staff as preferential creditors, with
a further NZ$1.3 million owed to employees on an unsecured basis,
NZ Herald relates citing receivers' first report.

NZ Herald says Ebert co-founder and managing director Kevin Hale
is also a secured creditor, owed NZ$3.5 million, which he loaned
to the business on July 24 as a short-term measure before new
capital was raised from other shareholders.

That capital injection didn't go ahead, the report states.

According to NZ Herald, PwC's Bennett, Fisk and Longman expect
the secured creditors will face a "substantial shortfall".

The receivers have confirmed NZ$45.7 million of total debt so far
but said that could rise as creditors submit invoices and claims,
the report notes.

The firm's assets totalled NZ$30.2 million, including the NZ$3.7
million of sub-contractor retentions, NZ$18.6 million of contract
receivables, NZ$4.8 million of client retentions, and NZ$2.4
million of income tax assets, NZ Herald discloses.

Unlocking the value of the contract receivables and client
retentions will likely be a complex and lengthy process, they
said.

NZ Herald says the receivers will engage third parties to
complete remedial work, reach settlements on the basis of agreed
allowances for uncompleted work, and pursue formal action if
needed.

The receivers said plant and equipment used by the construction
company was leased from a related entity that isn't subject to a
receivership, adds NZ Herald.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2018, NZ Herald said Ebert Construction has gone
into receivership with debts of around NZ$40 million, and the
future of its 95 staff is in jeopardy with wages being paid day-
to-day.  The firm's 15 building contracts - as well as work and
payment of dozens of subcontractors - also now hangs in the
balance, the report said.



                             *********

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.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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