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

                      A S I A   P A C I F I C

          Thursday, October 4, 2018, Vol. 21, No. 197

                            Headlines


A U S T R A L I A

ALL PRO AUSTRALIA: Second Creditors' Meeting Set for Oct. 11
BATHROOM INSPIRATIONS: Second Creditors' Meeting Set for Oct. 9
CONNECT POWER: Second Creditors' Meeting Set for Oct. 10
GENESIS CARE: Moody's Assigns 'B1' Corporate Family Rating
GENESIS CARE: S&P Assigns B+ Issuer Credit Rating, Outlook Stable

MAX BRENNER: Goes Into Voluntary Administration
PEPPER I-PRIME 2018-2: S&P Assigns B(sf) Rating to Cl. F Notes
RAXIGI PTY: First Creditors' Meeting Set for Oct. 11
REDZED TRUST 2017-1: S&P Affirms B (sf) Rating on Class F Notes
RETEP TRADING: Second Creditors' Meeting Set for Oct. 10

SPORTELUXE PTY: First Creditors' Meeting Set for Oct. 11
TIAC PTY: First Creditors' Meeting Set for Oct. 12


I N D I A

AUTOCREATES SERVICES: CRISIL Moves D Rating From Not Cooperating
BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr LT Loan
BHARAT CONSTRUCTION: Ind-Ra Keeps 'BB-' LT Rating in Non-Coop.
BHARATH WIND: CARE Reaffirms D Rating on INR5.86cr LT Loan
EMBEE AGRO: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

FUSO GLASS: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
GEETA EDUCATIONAL: CARE Lowers Rating on INR7.75cr Loan to D
HANUMAN IMPEX: CRISIL Migrates B+ Rating from Not Cooperating
HEAVY ENGINEERING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
HIBZA FOODS: CARE Rates INR15.45cr Loan B, Not Cooperating

HPCL-MITTAL ENERGY: Moody's Affirms Ba1 CFR, Outlook Stable
INFRASTRUCTURE LEASING: Contagion's No Longer the Biggest Problem
J.R. AGROTECH: Ind-Ra Affirms 'D' LT Issuer Rating, Not Coop.
KAILASH GINNING: CRISIL Migrates D Rating to Not Cooperating
KGP GOLD: CARE Assigns B Rating to INR8.0cr LT Loan

MAA CHINNAMASTA: Ind-Ra Withdraws BB- Long Term Issuer Rating
MITHRA YARNS: CARE Assigns B+ Rating to INR5.50cr LT Loan
NAVAYUGA JAHNAVI: CARE Lowers Rating on INR720cr Loan to D
NRU SPINNING: CRISIL Migrates D Rating to Not Cooperating
PARAMESHWAR WEAVES: CRISIL Assigns 'B' Rating to INR13cr Loan

PATCO POLYPACK: CARE Migrates B+ Rating to Not Cooperating
RADHEY GOVIND: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
RATNAGIRI GAS: Canara Bank Files Insolvency Bid vs. Firm
SAI CARTON: CRISIL Reaffirms 'B' Rating on INR4.5cr Cash Loan
SHAKTI MINES: CRISIL Moves B+ Rating from Not Cooperating Cat.

SHIVAM ISPAT: CRISIL Removes INR12cr D Loan Rating From Non-Coop.
SHREE KRISHNA: CARE Assigns 'D' Rating to INR4.34cr LT Loan
SHRI RAMSWAROOP: Ind-Ra Migrates BB- Rating to Non-Cooperating
SPENZZER CERAMIC: CRISIL Hikes Rating on INR4.96cr Loan to B
SRI LAKSHMI: CARE Assigns B+ Rating to INR5.30cr LT Loan

UMMED EDUCATIONAL: Ind-Ra Migrates 'B' Rating to Non-Cooperating
VELAVAN HYPER: CRISIL Migrates B Rating to Not Cooperating
VELAVAN STORES: CRISIL Migrates B Rating to Not Cooperating
VILTANS POLYPLAST: CRISIL Reaffirms B- Rating on INR4.5cr Loan
VIJAYASRI ORGANICS: CRISIL Hikes Rating on INR32.65cr Loan to B+

WOMENS NATIONAL: CARE Reaffirms B Rating on INR5.76cr LT Loan


J A P A N

SURUGA BANK: Faces Partial Lending Ban Over Loan Scandal


S I N G A P O R E

HYFLUX LTD: Sembcorp Only Bidder for Tuaspring Plant, Sources Say


                            - - - - -


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


ALL PRO AUSTRALIA: Second Creditors' Meeting Set for Oct. 11
------------------------------------------------------------
A second meeting of creditors in the proceedings of All Pro
Australia Engineering & Construction Pty Ltd and All Pro
Australia Industrial Pty Ltd has been set for Oct. 11, 2018, at
2:00 p.m. at Level 54, 111 Eagle 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 3:00 p.m.

Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of All Pro Australia on Sept. 3, 2018.


BATHROOM INSPIRATIONS: Second Creditors' Meeting Set for Oct. 9
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Bathroom
Inspirations Pty Ltd, trading as ABL Tile Centre, has been set
for Oct. 9, 2018, at 2:30 p.m. at the offices of
PricewaterhouseCoopers (PwC), Level 17, One International Towers
Sydney, Watermans Quay, Barangaroo, 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. 8, 2018, at 4:00 p.m.

William Anthony Honner and Andrew John Scott of
PricewaterhouseCoopers were appointed as administrators of
Bathroom Inspirations on Sept. 3, 2018.


CONNECT POWER: Second Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of Connect Power
& Communication Electrical Contractors Pty Ltd has been set for
Oct. 10, 2018, at 10:30 a.m. at Level 4, 240 Queen 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. 9, 2018, at 4:00 p.m.

Richard Albarran, Kathleen Vouris and Shahin Hussain of Hall
Chadwick were appointed as administrators of Connect Power on
Sept. 4, 2018.


GENESIS CARE: Moody's Assigns 'B1' Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Genesis Care Finance Pty Ltd.

At the same time, Moody's has assigned a provisional (P)B1 senior
secured rating to the proposed AUD875 million equivalent senior
secured term loan B facility entered into by Genesis Specialist
Care Finance UK Limited, a 100%-owned and guaranteed subsidiary
of GenesisCare.

The proceeds of the borrowing will be used towards refinancing
AUD749 million equivalent in drawn debt under GenesisCare's
existing syndicated bank loan, while GenesisCare will retain
AUD126 million in excess cash to fund growth capital expenditures
and to pay for fees and expenses.

This is the first time that Moody's has assigned ratings to
GenesisCare.

RATINGS RATIONALE

"GenesisCare's B1 corporate family rating reflects its market
leading position as a cancer and cardiac care treatment provider
in Australia," says Shawn Xiong, a Moody's Analyst.

"The company has a track record of successfully expanding both in
Australia and overseas. Its Service of Future model and operating
know-how have enabled it to greatly improve efficiency, provide a
high quality of care, and better access to patients at its
facilities," adds Xiong.

GenesisCare's rating recognises demographic trends that are
expected to drive increased demand for oncology services in
Australia as well as in the UK, Spain and China.

Moody's expects China Resources Holdings Co. Ltd -- a large
state-owned conglomerate in China that controls the company's
majority shareholder, Asia Pacific Healthcare Investments -- will
provide operational and financial support as it expands into
China.

Notwithstanding GenesisCare's overseas expansion, Australia
remains the largest source of revenue and earnings generation, a
situation that Moody's expects to continue over the next 18-24
months. Moody's views the stable reimbursement regime for
oncology services in Australia as an important factor
underpinning the stability of GenesisCare's earnings profile.

The rating is constrained by the company's relatively high level
of gross debt, with its financial leverage -- as measured by
Moody's adjusted debt-to-EBITDA -- at around 6.0x for the fiscal
year ended June 30, 2018.

The company's gross debt will increase moderately following the
proposed issuance of the term loan facility, with the additional
cash retained for growth capital expenditures.

As a result, Moody's expects GenesisCare's Moody's adjusted debt-
to-EBITDA to remain around 6.0x over the next 12-18 months, as
the company continues its expansion into the UK, Spain and China.

Due to the ramp up period required between investment and full
maturation of new clinics, Moody's also expects GenesisCare to
remain free cash flow negative over the next 12-18 months based
on Moody's calculations.

Furthermore, GenesisCare remains exposed to the potential for
adverse changes in government reimbursement arrangements in
Australia and Spain, and to the potential for declines in private
health insurance membership in the UK -- although Moody's views
this as relatively unlikely in the near term.

Rating Outlook

The stable outlook reflects Moody's expectation that the company
will pursue its expansion in a manner that will keep its credit
profile in line with the expectations for its rating.

Factors that Could Lead to an Upgrade

In view of the company's high leverage, upward pressure on the
rating is unlikely in the near future.

Positive rating pressure could nonetheless arise if GenesisCare
succeeds in bringing down its adjusted debt-to-EBITDA to below
5.0x on a sustained basis.

Factors that Could Lead to a Downgrade

The rating could come under pressure if GenesisCare fails to
maintain its adjusted debt-to-EBITDA below 6.0x on a sustained
basis.

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

Genesis Care Finance Pty Ltd is an Australian healthcare company
primarily focused on cancer and cardiac care via the provision of
radiation therapy oncology and cardiology services. It currently
operates around 64 cancer centres and 98 cardiology locations
across Australia and Europe.


GENESIS CARE: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B+' long-term issuer
credit rating to Genesis Care Pty Ltd. The outlook on the rating
is stable.

At the same time, S&P assigned its 'B+' issue rating and recovery
rating of '3' to the proposed A$875 million term loan B (TLB) and
A$100 million revolving credit facility (RCF) to be issued by
Genesis Specialist Care Finance UK Ltd. The '3' recovery rating
indicates our expectation for meaningful recovery of 50% in the
event of a payment default. The issue ratings are subject to our
review of the final issuance documentation.

Genesis Care is a leading, privately owned, healthcare provider
based in Australia that specializes in radiation oncology and
cardiology.

The ratings on Genesis Care reflect our assessment of the
company's strong niche healthcare offering, high barriers to
entry, favorable payment sources, and limited competition from
private operators. Outweighing these factors are the company's
relatively small scale with limited product diversity compared
with that of peers, substantial debt load, and aggressive growth
appetite. We expect Genesis Care to likely benefit from
extraordinary support from its majority shareholder, China
Resources Holdings Co. Ltd. (CRH).

Genesis Care's expansion into British and Spanish oncology
operations should increase its revenue growth rates outside
Australia. Founded in 2004, Genesis Care is a leading private
healthcare provider in radiation oncology and cardiology services
in Australia, with oncology operations in the U.K. and Spain. The
company currently derives approximately 80% of its EBITDA from
Australia, a mix that we expect to move toward 70% by 2022 as its
European and China operations continue to grow. It acquired
Cancer Partners UK in 2015 and IMOncology and Oncosur in Spain in
2016. As of the year ending June 30, 2018, the group generated
revenues of about A$540 million and S&P adjusted EBITDA of A$130
million.

Genesis Care's revenue has been growing by double digits over the
past five years, significantly outperforming the underlying
market. Driving the growth was a combination of new public-
private partnerships, volume and price increases via higher
utilization of existing facilities, and increased public
outsourcing.

S&P said, "We anticipate the group to continue growing strongly
over the next two to three years as it opens new sites, in
addition to continued solid growth from its existing sites. Long-
term demographic trends will continue to stimulate strong demand
for cancer care in each of Genesis Care's markets, supporting the
company's revenue growth. In our opinion, the use of radiotherapy
for cancer treatment has good potential, given its efficacy.
Medical practitioners increasingly view radiotherapy as the
preferred treatment, and substitution risk is limited over the
medium term."

Genesis Care benefits from a strong value proposition and the
establishment of enduring partnerships with government and
private medical insurance providers. Although public health
facilities are Genesis Care's largest competitor in each of its
markets, public health systems are increasingly stretched and lag
in terms of efficiency and innovation.

S&P said, "In our view, the company will have to smoothly
integrate its acquisitions and increase utilization, while
keeping control over operating costs. The company's rapid
expansion into new markets is not without risks given different
regulatory and operating environments.

"We view the Australian healthcare services market as supportive
of Genesis Care's operations, given that the country has a long
stable history of a favorable legislative and reimbursement
regime." In Australia, Genesis Care is reimbursed through
Medicare and other state sources, covering the majority of
treatment costs for oncology.

In addition, the Spanish reimbursement environment is stable and
broadly similar with the national healthcare system (SNS),
providing free healthcare services to all Spanish citizens,
covering the majority of oncology costs. Genesis Care's centers
in Spain are contracted directly by the SNS and reimbursed
directly by the government.

In the U.K., Genesis faces relatively higher reimbursement risk
given that the National Health Service provides limited
reimbursements to private radiation oncology providers. U.K.
patients are faced with high private health insurance costs, and
the cost of treatment is mostly paid directly by patients or
private healthcare insurance.

Constraining the rating is Genesis Care's highly leveraged
financial risk profile and growth-oriented strategy. In S&P's
view, Genesis Care will continue to focus on organic
opportunities to capitalize on favorable demographic trends and
the nascent levels of radiotherapy penetration in its markets
rather than debt reduction.

S&P said, "We anticipate Genesis Care's entry into the China
market to be more gradual and measured than previous
acquisitions. Over the next 12 to 18 months, Genesis Care is
looking to enter the China market through partnerships with China
Resources Health and CR Phoenix. We do not expect material
revenue contribution from these partnerships over the next three
years. As a first step, we understand that Genesis Care is
working on two key projects in China, to develop the business
model for the country and build demonstration bases before
looking to establish a regional radiotherapy service network.
That said, its China operations could significantly ramp up if
take-up rates exceed our base-case expectations.

"We view a substantial debt-funded acquisition to be unlikely.
Nevertheless, the company's management has expressed aspirations
to expand operations in other countries in Europe and Asia, which
we don't expect to occur over the next two years. Management is
likely to be occupied fulfilling new contract wins and new builds
across the local, U.K., and Spanish operations, alongside its
China venture.

"In our view, Genesis Care is a moderately strategic holding to
CRH. CRH controls the consortium that owns 54% of Genesis Care,
which is CRH's largest overseas healthcare investment when it
bought interests in Genesis Care in 2016. We believe Genesis Care
forms an important part of CRH's healthcare strategy, in line
with China's healthcare reform. As such, we view CRH's investment
in the company as strategic rather than financial, and expect CRH
to maintain majority ownership over Genesis Care and its three
board seats out of nine for at least five years. In our opinion,
with the partnership in China and the potential to leverage
Genesis Care's innovative models and IT system, CRH is highly
likely to provide extraordinary support to Genesis Care if the
company were to face unexpected stress."

That said, the shareholder agreement includes a conditional
obligation to buy back 10% of ordinary shares in October 2021
should the company not achieve a public listing. If the company
cannot reasonably pay the buyback amount in cash, it can issue
interest-bearing subordinated debt in lieu. As of June 30, 2018,
the conditional obligation represents a A$150.5 million long-term
liability on the balance sheet. While this is the case at
present, S&P understands that the Genesis Care Board has resolved
to modify the terms of the shareholder agreement, which could
result in the obligation no longer being recognized on the
balance sheet in the future.

S&P said, "At present, we do not account for the obligation in
our adjusted credit metrics given that it is a sufficiently
distant, contingent obligation, and is unlikely to create a
liquidity event. Its largest shareholder is Asia Pacific
Healthcare Investments, an entity that is majority controlled by
China Resources Holdings Co. Ltd. (CRH). We also note that the
subordinated debt, if issued, would have a set maturity six
months after the maturity date of the senior debt facilities in
place at the time of issuance, and interest could accrue if not
paid. The presence of the obligation solidifies our view of the
company's bias to shareholder interests and the highly leveraged
financial profile.

"The stable outlook reflects our view that Genesis Care's leading
niche position, particularly in Australia, will enable it to
continue growing at double digits over the next 12 months with
stable EBITDA margins.

"We believe that it's unlikely that CRH will sell down its
majority interest in Genesis Care over the medium term, and that
it will provide some financial support should Genesis Care
encounter financial difficulty.

"We could lower the rating if Genesis Care generated negative
free operating cash flows (FOCF) for a prolonged period without
prospects of a swift recovery. An EBITDA interest coverage
materially below 2x or debt to EBITDA exceeding 7x will indicate
such significant deterioration from our base-case forecasts.
We could also lower the rating if Genesis Care's liquidity were
to materially worsen, the company were to make a large debt-
funded acquisition or significant dividend payment, which would
signal a change to the financial policy.

"Although unlikely, a downgrade could also occur if we no longer
view Genesis Care as moderately strategic to CRH." This could
occur if CRH significantly sold its holdings in Genesis Care or
CRH's credit quality were to unlikely worsen substantially.

Upside potential for the rating is limited over the next few
years. This is due to Genesis Care's high adjusted leverage and
relatively aggressive business expansion. However, S&P could
consider raising the rating if Genesis Care outperformed its
forecasts, such that its debt to EBITDA falls sustainably below
5x and FFO to debt remains consistently above 12%, with a
commitment from management to maintain these levels. Upward
rating action would also require greater clarity over the status
of the conditional obligation to buy back 10% of ordinary shares
contingent upon IPO, such that it believes it is not a potential
call on cash or future debt obligation.

While less likely, a higher rating may occur (assuming no
dilution of CRH's existing ownership) if Genesis Care were to
enlarge its scale, enhance its market position, and sustainably
increase its margins such that the company's business profile
materially improves. A higher rating could also occur if we
consider the likelihood of extraordinary support from CRH has
significantly increased.


MAX BRENNER: Goes Into Voluntary Administration
-----------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that upmarket
chocolate and cafe chain Max Brenner's Australian business has
gone into voluntary administration, citing rising costs and
sluggish retail trade.

SMH relates that McGrathNicol, which was appointed administrator
on Sept. 30 by company directors, said Max Brenner's 37 stores
would continue to trade as usual while it completed an urgent
review.

According to SMH, McGrathNicol said it was assessing the prospect
of selling Max Brenner as a going concern or recapitalising the
business, which has about 600 staff and is headquartered in
Alexandria, Sydney.

The Australian business is owned and run by husband and wife team
Tom and Lilly Haikin, who hit BRW's Young Rich list in 2013 with
a fortune of AUD40 million, the report discloses.

SMH notes that the Max Brenner brand was created by Max Fichtman
and Oded Brenner in 1996 and initially consisted of a small chain
of chocolate shops in Israel. It was Mr. Haikin who reportedly
encouraged the pair to branch out into "chocolate bar" cafes and
then secured the Australian franchise rights, opening its first
cafe in Sydney's Paddington in 1999.

There are currently 15 stores across NSW, 12 in Queensland, five
in Melbourne, two in the ACT and Western Australia, and one each
in South Australia and the Northern Territory.

Israeli food company the Stauss Group bought the global brand in
2001 and continues to operate stores in Israel, the US, Japan,
Singapore, Russia and China, according to SMH.

SMH notes that as recently as January, the company told Inside
Retail Australia it was looking to open as many as seven new
local stores this year.

But documents lodged with the corporate regulator show that a
Queensland business called Sunstate Ceilings filed a wind-up
notice against Max Brenner on June 29, the report says.

According to the report, there were rumblings that all was not
well in August 2017, when The Australian Financial Review
reported that Glenn Wein, the former head of the Packer family's
Consolidated Press Holdings, was putting together a package to
"rescue" the business, which owed about AUD50 million at the
time.

SMH relates that McGrathNicol administrators Barry Kogan, Kathy
Sozou and Jason Preston said it was too early to say what debts
the business had now or otherwise comment on its financial
position.


PEPPER I-PRIME 2018-2: S&P Assigns B(sf) Rating to Cl. F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper I-
Prime 2018-2 Trust. Pepper I-Prime 2018-2 Trust is a
securitization of prime residential mortgages originated by
Pepper Homeloans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies. The credit
    support for the rated notes comprises note subordination.

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

-- The availability of a yield-enhancement reserve, amortization
    reserve, and overcollateralization amount, which will all be
    funded by excess spread to cover potential yield shortfalls a
    and loss reimbursements and to repay principal on the notes
    at various stages of the transaction's term.

-- The extraordinary expense reserve of AUD250,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.2% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1-u1 notes.

  PRELIMINARY RATINGS ASSIGNED

  Pepper I-Prime 2018-2 Trust

  Class       Rating         Amount (mil.)
  A1-u1       A-1+ (sf)      US$253.0
  A1-a        AAA (sf)        A$130.0
  A2          AAA (sf)         A$72.0
  B           AA (sf)          A$14.7
  C           A (sf)           A$12.5
  D           BBB (sf)          A$8.5
  E           BB (sf)           A$5.4
  F           B (sf)            A$3.6
  G           NR                A$3.3
  NR--Not rated.


RAXIGI PTY: First Creditors' Meeting Set for Oct. 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of Raxigi Pty
Ltd will be held at the offices of Hall Chadwick, Level 40, 2
Park Street, in Sydney, NSW, on Oct. 11, 2018, at 11:30 a.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Raxigi Pty on Sept. 28, 2018.


REDZED TRUST 2017-1: S&P Affirms B (sf) Rating on Class F Notes
---------------------------------------------------------------
S&P Global Ratings raised its ratings on two classes of notes
issued by Perpetual Trustee Co. Ltd. as trustee of RedZed Trust
Series 2017-1. At the same time, S&P affirmed its ratings on the
five classes of notes.

The rating actions reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, which consists of loans to nonconforming borrowers
    originated by RedZed Lending Solutions Pty Ltd. The pool has
    a current balance of A$173 million and a pool factor of 58%
    as of July 31, 2018. The assets are seasoned by 29.5 months
    with a current weighted-average loan-to-value ratio of 69.9%.
    Interest-only loans make up 39.7% of the pool balance, with
    most loans reverting to fully amortizing by 2022. S&P's view
    is that the interest-only feature can create payment shock
    when the payments revert to fully amortizing during the
    remaining term of the loan.

-- That asset performance has been stable since transaction
    close and there has been no losses to date. As of July 2018,
    4.8% of the asset pool is in arrears, with 1.5% in arrears by
    more than 90 days.

-- That due to the sequential payment structure for the majority
    of the transaction's life to date, credit support has built
    up for each class of notes. The amount of credit support
    provided to each class of notes exceeds the minimum amount we
    assess as being commensurate with each respective rating
    level and is thereby currently sufficient to withstand the
    stresses commensurate with the ratings.

-- S&P's view on the class D, class E, and class F notes and
    their sensitivity to tail-end risk, including yield strain
    and back-ended defaults. With the pool closing less than 17
    months ago, the buildup of credit support to the notes
    provides less buffer for liquidity and losses under S&P's
    cash-flow analysis. However, S&P expects that credit support
    available will continue to build due to the transaction's
    structural features, whereby the class G notes do not receive
    any principal until all rated notes are fully repaid.

-- The availability of a retention amount built from excess
    spread up to the call date, which is applied to reduce the
    balance outstanding of the most senior rated note at that
    time and serves to create overcollateralization in the
    transaction. Approximately A$1.73 million has been used to
    forward turbo the class A1 notes to date.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to the floor of A$3.9 million, and principal
    draws are sufficient under our stress assumptions to ensure
    timely payment of interest.

  RATINGS RAISED

  RedZed Trust Series 2017-1

                        Rating
  Class            To          From
  B                AAA (sf)    AA (sf)
  C                AA (sf)     A (sf)

  RATINGS AFFIRMED

  RedZed Trust Series 2017-1

  Class            Rating
  A-1              AAA (sf)
  A-2              AAA (sf)
  D                BBB (sf)
  E                BB (sf)
  F                B (sf)


RETEP TRADING: Second Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A second meeting of creditors in the proceedings of Retep Trading
(NT) Pty Ltd, trading as Skyline Precast, has been set for
Oct. 10, 2018, at 10:00 a.m. at the offices of Mantra Pandanas
Conference Room, 43 Knuckey Street, in Darwin, NT.

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 5:00 p.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick were appointed
as administrators of Retep Trading on Sept. 5, 2018.


SPORTELUXE PTY: First Creditors' Meeting Set for Oct. 11
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sporteluxe
Pty Ltd and Sporteluxe Group Pty Ltd will be held at the offices
of Lowe Lippmann, Level 7, 616 St Kilda Road, in Melbourne,
Victoria, on Oct. 11, 2018, at 2:30 p.m.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann
were appointed as administrators of Sporteluxe Pty on Oct. 2,
2018.


TIAC PTY: First Creditors' Meeting Set for Oct. 12
--------------------------------------------------
A first meeting of the creditors in the proceedings of Tiac Pty
Ltd will be held at the offices of Crouch Amirbeaggi, Suite 403,
55 Lime Street, in Sydney, NSW, on Oct. 12, 2018, at 11:00 a.m.

Shabnam Amirbeaggi of Crouch Amirbeaggi was appointed as
administrator of Tiac Pty on Oct. 2, 2018.



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


AUTOCREATES SERVICES: CRISIL Moves D Rating From Not Cooperating
----------------------------------------------------------------
CRISIL has migrated its rating on the long-term bank facility of
Autocreates Services Private Limited (ASPL) to 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Lease Rental            15        CRISIL D (Migrated from
   Discounting Loan                  'CRISIL D ISSUER NOT
                                     COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated its rating
on the long-term bank facility of ASPL to 'CRISIL D Issuer Not
Cooperating'. However, management has subsequently started
sharing requisite information necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating its rating from 'CRISIL D Issuer Not Co-operating' to
'CRISIL D'.

The rating reflects delays in servicing debt obligation. ASPL
also has a modest scale of operations, geographical concentration
in revenue, and below-average financial risk profile. However,
the company benefits from its established client relationship.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing: The Company has delayed servicing its
lease rental discounting loan owing to stretched liquidity.

* Modest scale of operations and geographical concentration in
revenue: Scale is small as the company has a single property to
rent. This is reflected in revenue of INR4 crore for fiscal 2018.
The company is also exposed to geographical concentration risk.

* Below-average financial risk profile: Gearing was high at 3.91
times and total outside liabilities to tangible networth ratio
4.33 times on account of a modest networth of INR4.81 crore, as
on March 31, 2018, and ongoing term loan availed for capital
expenditure. Debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios of 1.41 times
and 0.04 time, respectively, for fiscal 2018.

Strength:

* Established relationships with clients: ASPL has been
associated with key client, Tata Motors Limited., for more than
25 years through group company, Autocreates (India) Pvt Ltd
(AIPL). This has resulted in repeat business from dealers of TML
and Unitech Automobiles Private Limited (UAPL) in the past eight
years.

Incorporated in 2006, ASPL is a subsidiary of AIPL, which has 90%
stake in ASPL; while the remaining is equally owned by promoters
of AIPL, Mr Gurinder Singh Arora and Ms Tarvinder Kaur Arora.
ASPL has a dedicated parking yard in Panvel (Maharashtra), on the
Mumbai-Pune highway.


BALAJI INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balaji
Industries (BI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BI are tempered by
limited track record and small scale of operations, leverage
capital structure and weak debt coverage indicators, working
capital intensive nature of operations, highly fragmented
industry with intense competition from large number of player and
constitution as a proprietary firm with inherent risk of
withdrawal of capital. However, the ratings derive comfort from
experience of proprietor for more than one decade in processing
of pulses, increasing total operating income and satisfactory
profitability margins during review period, and stable demand
outlook for pulses.

Going forward, the ability of the firm to increase its scale of
operations, ability to improve its profitability margins in
competitive environment, ability to improve its capital structure
and ability to manage its working capital requirement
efficiently will remain key rating sensitivities.

Key Rating Weaknesses

Limited track record with small scale of operations: The firm has
a limited track record of around six years along with competitive
intensity of pulses industry which resulted in small scale of
operations marked by the total operating income (TOI) of INR21.57
crore in FY18 (Prov.) with low net worth base of INR1.03 crore as
on March 31, 2018 as compared to other peers in the industry.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the BI stood leveraged marked by overall
gearing of 8.26x respectively as on March 31, 2018. However, the
overall gearing has improved year-on-year from 24.32x as on March
31, 2016 due to accretion of profits to reserves and repayment to
term loan leading to decrease in total debt. Total debt/GCA of
the firm also stood weak at 13.07x in FY18 (Prov.), though it has
improved year-on-year, due to low gross cash accruals backed by
higher employee cost, power & fuel cost and other manufacturing
expenses and higher outstanding balance of working capital
facilities as on March 31, 2018. The PBILDT interest coverage
ratio deteriorated from 2.08x in FY17 to 1.69x in FY17 on account
of increased interest cost.

Working capital intensive nature of operations: The firm is
operating in working capital intensive nature of operations. The
operating cycle of the firm stood high at 103 days in FY18 due to
the fact that the firm maintains an average inventory 60-90 days
as the BI has to under goes various stages of polishing gram as
well as required to keep sufficient stock of finished gram to
meet customers' requirement on time. The firm makes the payment
to its suppliers within 60-90 days due to long term relationship.
Furthermore, the firm receives the payment from its customers
within 60-90 days. To meet the above working capital gap, the
reliance on working capital bank borrowings is high. The average
utilization of working capital of the firm remained about 90%-95%
for the last 12 month ended August 31, 2018.

Highly fragmented industry with intense competition from large
number of players: There is competitive nature of agro-product
processing industry due to low entry barriers, high fragmentation
and the presence of a large number of players in the organized
and unorganized sector. Further being an agriculture commodity,
the pricing and distribution of pulses are exposed to climatic
and agriculture related risk as well as government policies.

Constitution as proprietary firm with inherent risk of withdrawal
of capital: Constitution as a proprietary firm has the inherent
risk of possibility of withdrawal of the proprietor's capital at
the time of personal contingency which can adversely affect its
capital structure. Furthermore, proprietary firms have restricted
access to external borrowings as credit worthiness of the
proprietor would be key factors affecting credit decision for the
lenders. The proprietor has withdrawn capital of INR0.06 crore in
FY18.

Key Rating Strengths

Experience of the proprietor for more than one decade in
processing of pulses: The management team of BI led by Mr. D. V.
Narayana (Proprietor) has more than one decade of experience in
processing of pulses business. Proprietor is a qualified ITI
Diploma. The operations of the firm are also supported by
experienced executive team. Through their experience in this
industry, they have established healthy relationship with large
number of clients.

Increasing total operating income and satisfactory profitability
margins during review period: The total operating income of the
entity has shown an increasing trend during review period. The
total operating income of the entity has grown at a CAGR of more
than 100% to INR21.57 crore in FY18 as compared to INR5.07 crore
in FY16 due to increase in demand for product from existing
customers as well as addition of new customers.

BI has satisfactory PBILDT margins although fluctuated in the
range of 5%-8% during review period due to movement in prices of
Bengal gram based upon demand and supply factors along with
fluctuation in power and fuel cost, employee cost and other
operating overheads. Furthermore, the PAT margin of the firm
improved and stood satisfactory in the range of 2%-2.5% during
FY17 and FY18 (Prov.) with increase in operating profit resulting
in absorption of financial expenses.

Stable demand outlook of Pulses: Pulses are consumed in large
quantity in India which provides favorable opportunity for the
demand outlook of pulses and thus the demand is expected to
remain healthy over medium to long term. Based on the estimated
population in 2020 and 2030, and based on the last 10-year trend
growth in global consumption, the demand for pulses for these two
years would increase to 75.9 million tonnes in 2020, and 81.9 in
2030, from the current level of a little over 70 million.

Maysore (Karnataka) based, Balaji Industries (BI) was established
on May 10, 2012 and promoted by Mr. D. V. Narayana. The firm is
mainly engaged in processing of bengal fried gram and polishing
gram.


BHARAT CONSTRUCTION: Ind-Ra Keeps 'BB-' LT Rating in Non-Coop.
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bharat
Construction'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 now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based facilities maintained in Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR230 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bharat Construction, set up in 1999, is a partnership firm and
constructs roads and hydroelectric power plants in Uttarakhand
and Himachal Pradesh. Mr. Rajeev Garg and Mr. RS Panwar are equal
partners in the firm.


BHARATH WIND: CARE Reaffirms D Rating on INR5.86cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bharath Wind Farm Limited (BWFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.86       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BWFL takes into
account instances of delays in servicing debt obligation.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing: During FY18 (refers to the
period April 1 to March 31), BWFL reported PAT of INR0.21 crore
and GCA of INR10.9 crore. Delays in realization of trade
receivables leading to cash flow mismatches have resulted in
instances of delays in servicing of debt obligations. The
company's average trade receivables days deteriorated to 288 days
in FY18 from 87 days in FY17, with majority of trade receivables
overdue for more than 90 days. The trade receivables due past 90
days increased to INR4.86 crore in FY18 from INR2.06 crore in
FY17.

Seasonality associated with wind generation and relatively low
PLFs: Wind farms are exposed to inherent risk of climate
fluctuations leading to variations in the wind patterns which
affects the PLF. Generally, the wind farms enjoy high PLF
during May-September period (Monsoon period) whereas the PLF is
relatively low during the other seasons. The average PLF of the
BWFL has been continuously below 10% during the period FY15-FY18,
except in FY17, when it moderately increased to 11.36%.

Key Rating Strengths

Part of non-financial vertical of Shriram group: Chennai-based
Shriram group came into existence in 1974 and has significant
presence in financial services industry including Commercial
Vehicle Finance, Consumer & Enterprise Finance, Life & General
Insurance and Financial product distribution. In addition the
group has ventured into generation of power through renewable
sources of energy.

BWFL has been supported by the group companies in terms of
funding requirements. As on March 31, 2018, the total loans and
advances from the group companies stood at INR84.7 crore.

Bharath Wind Farm Ltd (BWFL), a wholly owned subsidiary of Orient
Green Power Company Limited (OGPL), was incorporated in December
2006 for the purpose of generating electricity through wind
mills. BWFL has a total installed capacity of 25 MW located in
Andhra Pradesh. BWFL had entered into power purchase agreement
(PPA) with Southern Power Distribution Company of Andhra Pradesh
Limited (APSPDCL) to supply 24.25 MW of power at INR2.70 per kWh.
The
PPA for 20MW of capacity is till March 31, 2019 and the PPA for
remaining 4.25MW capacity is till March 30, 2020.

BWFL's subsidiary Clarion Wind Farm Pvt. Ltd. (CWFL) has a total
installed capacity of 91.53 MW located in Tamil Nadu and Kerala.
During FY18 (refers to the period April 1 to March 31), BWFL
registered net profit of INR0.21 crore on a total income of INR21
crore.


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

The instrument-wise rating actions are:

-- INR86 mil. Term loans due on June 2020 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR140 mil. 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 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2001 in Yadgiri District, Karnataka, Embee Agro
Food Industries has 8 tons per hour rice processing mill.


FUSO GLASS: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Fuso Glass
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 the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR33.7 mil. Term loan facilities maintained in Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR260 mil. Fund-based facilities maintained in  Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR155 mil. Non-fund-based facilities maintained in  Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 1, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Fuso Glass India is a Chennai-headquartered glass processor. It
caters to the architecture and auto industries, and has three
processing facilities in Hyderabad, Murbad and Chennai.


GEETA EDUCATIONAL: CARE Lowers Rating on INR7.75cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Geeta Educational Trust (GET), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       7.75      CARE D Revised from CARE B+;
   Facilities                     Stable

Detailed Rationale and key rating drivers

The revision in the rating takes into consideration delays in
debt servicing. The society has presence in highly competitive &
regulated industry. Going forward, the ability of the society to
improve its liquidity position shall remain key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There are instances of over utilization
in the overdraft limit. The delays are on account of weak
liquidity as the society is unable to generate sufficient funds
on timely manner.

Highly competitive and regulated nature of industry: The
educational institutes are regulated by respective state
governments with respect to the number of management seats,
amount of the tuition fees charged for the government quota and
management quota. The factors have a significant impact on the
revenue and profitability of the institutions. The state and
central government have provided thrust to demand for colleges by
introducing policy changes like abolition of entrance exams for
admission in professional course. However, the education industry
remains highly regulated industry with constant intervention from
the central state government and other regulatory bodies.

Geeta Educational Trust (GET) got registered under the Society
Registration Act-1860 in 2007 and is currently being managed by
Mr. Rakesh Goel, Mr. Neeraj Garg, Mr. Vinod Goel, Mr. Rajat Garg
and Mr. Ramesh Goel as the trustees. The society was formed with
an objective to provide higher education in the field of
engineering, computer science and management. The society has
established a college, namely, Geeta Institute of Management and
Technology (GIMT) in Kurukshetra, Haryana in the year 2007. GIMT
offers B.Tech, BCA, BBA, M. Tech, MCA and MBA. The different
courses offered are duly approved by AICTE (All India Council of
Technical Education). GIMT is also affiliated to Kurukshetra
University, Kurukshetra (KUK).


HANUMAN IMPEX: CRISIL Migrates B+ Rating from Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hanuman
Impex (HI) from 'CRISIL B+/Stable Issuer Not Cooperating' to
'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             9.9      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term       .1      CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facilities of HI to 'CRISIL
B+/Stable Issuer Not Cooperating'. However, HI's management has
shared the information necessary for a comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of HI from 'CRISIL B+/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

The rating reflects modest scale of HI's operations in the
intensely competitive and fragmented agricultural products
industry, and an average financial risk profile. These weaknesses
are partially offset by the experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Intense competition and low value
addition of products may continue to constrain scalability,
pricing power, and profitability. Revenue and operating margin
were INR81.6 crore and 6.53%, respectively, in fiscal 2018.

* Average financial risk profile: Networth was modest at INR5.32
crore as on March 31, 2018, while total outside liabilities to
tangible networth ratio was moderate at 2.37 times. Interest
coverage and net cash accrual to adjusted debt ratios were 2.69
times and 0.05 time, respectively, in fiscal 2018.

Strength

* Experience of proprietor: Mr Rajeev Gupta is a third-generation
entrepreneur who trades in soybean de-oiled cakes and maize.
Benefits from the proprietor's extensive experience, his strong
understanding of local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business.

Outlook: Stable

CRISIL believes HI will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial increase in revenue, profitability, and cash accrual,
sizeable equity infusion, and prudent working capital management
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual,
stretched working capital cycle, or any large, debt-funded
capital expenditure weakens financial risk profile.

HI was set up in 2005 at Raxual (Bihar) by the proprietor, Mr
Rajeev Gupta. The firm trades in animal feed products such as
soybean de-oiled cakes and maize. It purchases products from
Ruchi Soya Industries Ltd and Adani Wilmar Ltd and sells to
poultry farmers across India.


HEAVY ENGINEERING: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Heavy
Engineering Corporation Limited's (HECL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR2.0 bil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR1.88 bil. Non-fund based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects HECL's sustained EBITDA losses over
FY13-FY18 (FY18: INR971 million; FY17: INR721 million) due to
high operating expenses and capacity underutilization. The high
operating expenses were on account of obsolete technology, which
led to operational inefficiency and under absorption of fixed
costs. However, HECL is undertaking initiatives such as
modernization and technology upgrade of its existing facilities,
in collaboration with a Russian partner, and business
restructuring to achieve operational efficiency, cost saving and
improved competitiveness.

The management expects to incur a modernization capex of about
INR12.5 billion in a phased manner over FY18-FY21. The capex will
be funded by about INR10.6 billion of proceeds from the proceeds
of a land sale and the remainder through bank debt. These
initiatives will help HECL in manufacturing specialized equipment
for companies in the defense, railways, power and nuclear
sectors, thus diversifying its customer base. As per the
management, these initiatives are likely to result in operating
profit from FY20.

The ratings are also constrained by HECL's tight liquidity,
indicated by an average peak fund-based working capital limit
utilization of 82% for the 12 months ended July 2018. HECL has a
high receivable period (FY18: 235 days; FY17: 167 days), which
resulted in high working capital requirements.

The ratings, however, are supported by HECL's strong parentage as
it is wholly owned by the government of India (GoI). HECL is of
strategic importance to the GoI due to the company's presence in
the defense and nuclear sectors. The GoI has infused funds in
HECL by way of loans and grants to ensure continuity of
operations despite sustained losses. In addition, the GoI has
provided guarantee for working capital limits of INR2,530 million
for a period of three years. The guarantee, on expiry, will be
renewed for three years with a time lag of seven-eight months.
The guarantee stands due for renewal since March 31, 2017.

RATING SENSITIVITIES

Negative: Weakening of linkages with the GoI will be negative for
the ratings.

Positive: A positive rating action will stem from an improvement
in the HECL's credit profile on the back of a significant
increase in revenue and operating profit or the strengthening of
linkages with the GoI on account of the renewal of sovereign
guarantee.

COMPANY PROFILE

HECL was set up in 1958 in Ranchi under the Ministry of Heavy
Industries and Public Enterprises. The company manufactures
capital goods/spare parts for companies from the steel, mining,
engineering, defense, railways and other sectors. It also
executes turn-key projects, from concept to commissioning.


HIBZA FOODS: CARE Rates INR15.45cr Loan B, Not Cooperating
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hibza Foods Private Limited (HFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      15.45       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HFPL to monitor the
ratings vide e-mail communications/letters dated July 5, 2018,
September 3, 2018, September 11, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on HFPL's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. The banker also could not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating in August 23, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Project implementation risk: HFPL is setting up a rice milling
and processing unit at Madhubani, Bihar with an aggregate project
cost of INR18.22 crore, which is to be financed by way of
promoter's contribution of INR8.27 crore and term loan of INR9.95
crore, at a debt equity mix of 1.20:1. The term loan of INR9.95
crore and cash credit limit of INR5.50 crore has already been
sanctioned. Therefore the project funding risk is mitigated.
However, the company has expended only INR2.77 crore funded by
promoters' fund till August 1, 2017. Since the project is in
initial stage of implementation, the project implementation risk
exists. Going forward, the ability of the company to complete the
ongoing project without any cost and time overrun will be crucial
for the company. The project is expected to be operational from
December, 2018.

Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: HFPL is implementing a rice milling unit at
Madhubani district of Bihar and paddy is its major raw material.
Paddy is mainly a 'kharif' crop and is cultivated from June-July
to September-October and the peak arrival of crop at major
trading centers begins in October. The cultivation of paddy is
highly dependent on the monsoon. Unpredictable weather conditions
could affect the output of paddy and result in volatility in
price of paddy. In view of seasonal availability of paddy,
working capital requirements remain high at season time owing to
the requirement for stocking of paddy in large quantity.

Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central government for the central pool. Given the
market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Madhubani and nearby
districts of Bihar are a major paddy growing area with many rice
mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths:

Long experience of the promoters: HFPL is promoted by Mr. Ali
Ahmad and his son Mr. Imteyaz Ahmad of Bihar. Mr. Ali Ahmad, has
around three decades of experience in civil construction industry
and around 6 years in rice milling industry through his associate
company 'Hibza Rice Mills Private Ltd'. He will look after the
day to day operations of the company supported by co-director Mr.
Imteyaz Ahmad who has more than four years of experience in rice
milling industry. Proximity to raw material sources and favorable
industry scenario: HFPL's plant is located at Madhubani District
of Bihar which is a paddy growing region in eastern India
resulting in lower logistic costs (both on transportation and
storage), easy availability and procurement of raw materials at
effective prices. Furthermore rice, being one of the primary food
articles in India, demand is high throughout the country and with
the change in life style and health consciousness; byproducts of
the same like rice bran oil etc. are in huge demand.

HFPL was incorporated in May 2017 by Mr. Ali Ahmad and Mr.
Imteyaz Ahmad for setting up a rice milling and processing unit.
The company is currently setting up a rice milling unit with
aggregate installed capacity of 30,720 metric ton per annum at
Madhubani, Bihar. The total project cost for setting of rice
milling unit is estimated to be of INR18.22 crore which will be
financed at a debt equity of 1.20:1. The commercial operation is
estimated to commence from December, 2018.


HPCL-MITTAL ENERGY: Moody's Affirms Ba1 CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating of HPCL-Mittal Energy Limited.

At the same time, Moody's has affirmed HMEL's Ba2 senior
unsecured bond rating.

The outlook on the ratings is stable.

RATINGS RATIONALE

"The ratings affirmation for HMEL reflects our expectation that
the company's earnings will improve during the fiscal year ending
March 2019, because of the improvement in plant utilization
levels, healthy refining margins and the weaker Indian rupee,"
says Vikas Halan, a Moody's Senior Vice President.

"The higher earnings will compensate for the increase in the
company's borrowings, which will in turn be because of HMEL's
ongoing petrochemical capacity expansion," adds Halan. "Overall,
we expect the credit metrics of the company to continue to
support its ratings."

HMEL reported a 20% decline in EBITDA for the fiscal year ended
March 31, 2018 (fiscal 2018) as compared to fiscal 2017,
following an extended shutdown in the first quarter of the same
year. The 86-day shutdown was almost double the company's
original expectation of 45 days. The delay was caused by
complications relating to the integration of the company's
incremental refinery capacity. The refinery has since been
operating at above 100% utilization level for the past 15 months.

During fiscal 2018, HMEL increased its refining capacity to 11.3
million tons per annum (mtpa) from 9 mtpa.

Despite downward pressure on refining margins following the
increase in crude oil prices to more than USD80 per barrel,
Moody's expects refining margins to stay healthy because of
resilient middle distillate margins, driven by regulations that
restrict the use of heavy fuel oil in the shipping industry from
2020.

Moody's expects HMEL's EBITDA for fiscal 2019 to reach INR58-
INR60 billion as compared to INR45 billion for fiscal 2018.

About 76% of HMEL's borrowings as of March 2018 were denominated
in USD, and will increase because of the depreciation in the INR.
Nevertheless, the company's planned capital spending for its
petrochemical capacity expansion is largely denominated in INR.
Consequently, the INR depreciation is positive for HMEL on a net
basis.

Moreover, the increase in HMEL's earnings will result in the
company being able to fund a larger proportion of its capital
spending, as against Moody's earlier expectations. However, this
capital spending will result in company generative negative free
cash flows such that its credit metrics will weaken.

HMEL's debt/ EBITDA for fiscal 2018 was 4.3x and will stay at a
similar level in fiscal 2019 despite the increase in borrowings.
This is because of improvement in its EBITDA in fiscal 2019.
Beyond this, Moody's expects HMEL's debt/ EBITDA to increase to
about 4.6x-4.8x until the completion of the petrochemical
capacity expansion. This leverage level can be tolerated within
the standalone profile of HMEL.

HMEL's CFR is supported by the company's high complexity refinery
that generates high refining margins, and a 15-year offtake
agreement with HPCL that provides high visibility on sale
volumes.

The rating, however, is constrained by the company's moderate
scale of operations, with a single refinery, single crude
distillation unit and exposure to the cyclical nature of the
refining industry. HMEL's CFR also takes into account Moody's
expectation that the company's credit metrics will remain
pressured until at least 2021, because of its planned expansion
into petrochemicals at a cost of INR200 billion.

HMEL's Ba1 CFR incorporates a two-notch uplift, based on Moody's
expectation that the company will receive extraordinary support
from its shareholder and key offtaker, Hindustan Petroleum
Corporation Limited (HPCL, Baa2 stable). This reflects HMEL's
strategic importance to HPCL, HMEL's 49% ownership by HPCL, as
well as HPCL's management oversight and track record of providing
financial and operational assistance to HMEL.

At March 31, 2018, 76% (91% at March 31, 2017) of the total debt
in HMEL's capital structure was secured. As such, the claims of
bondholders are subordinated to those of secured lenders.
Consequently, Moody's rates the company's senior unsecured bonds
one notch below its CFR.

The stable ratings outlook reflects Moody's view that the company
will continue to maintain high utilization levels at its
refinery, resulting in healthy margins and strong operating cash
flow, which will be sufficient to partly fund the ongoing
expansion of HMEL's petrochemical production capacity, such that
the company's credit metrics will continue to support its
standalone credit profile.

Moody's will unlikely upgrade the ratings over the next 2-3
years, given HMELs expansion of its petrochemical segment, which
will keep its leverage elevated until at least fiscal 2021.

Downward pressure on the ratings could build, if there is a
sustained decline in either refining margins or operational
efficiency, resulting in lower cash flow generation, such that
the borrowings needed for the expansion project are substantially
higher than Moody's projections. This situation could result in
the deterioration of HMEL's credit metrics beyond Moody's
expectations.

Specifics metrics that would indicate downward ratings pressure
during the project construction phase include adjusted
debt/EBITDA above 5.0x and EBIT/Interest below 2.5x.

Moody's could downgrade the ratings, if HMELs credit metrics fail
to recover after project completion and stabilization, such that
debt/EBITDA stays above 4.0x and EBIT/interest stays below 3x.

HMELs ratings could also face downward pressure if: (1) Moody's
downgrades HPCL's ratings, or (2) there is any change in the
relationship between HPCL and HMEL that lowers Moody's assessment
of the level of support incorporated into HMEL's ratings.

The principal methodology used in these ratings was Refining and
Marketing Industry published in November 2016.

HPCL-Mittal Energy Limited, which commenced operations in 2011,
owns an 11.3 million metric tons per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making
it one of the highest complexity refineries in Asia.

The company is a joint venture between Hindustan Petroleum
Corporation Ltd. and Mittal Energy Investment Pte Ltd, with each
holding a 49% shareholding. The remaining 2% is held by Indian
financial institutions.


INFRASTRUCTURE LEASING: Contagion's No Longer the Biggest Problem
-----------------------------------------------------------------
Ameya Karve and Denise Wee at Bloomberg News report that India's
shock seizure of a troubled shadow bank on Oct. 1 means
contagion's off the table. It doesn't mean the saga's over.

That's the verdict of strategists and investors after Prime
Minister Narendra Modi's government took control of
Infrastructure Leasing & Financial Services Ltd., promising to
end the group's string of defaults, according to Bloomberg.

But the giant IL&FS group still owns long-term infrastructure
financed with short-term funding, and its new board will need to
make progress selling assets to pare $12.6 billion of debt,
Bloomberg says. Getting it right is key for India to avoid
further financial sector angst, which the nation hardly needs as
it grapples with surging bond yields and a record-low rupee.

The government's move on IL&FS is "a step in the right direction
and will calm investor nerves to some extent," said Lakshmi Iyer,
chief investment officer of debt at Mumbai-based Kotak Mahindra
Asset Management Co., Bloomberg relays. In terms of ending the
contagion risk for good, "a lot of that will depend on the new
management's plans to turn the company around."

According to Bloomberg, the company's new leaders face a
whirlwind month ahead, after inheriting a restructuring process
that just saw IL&FS shareholders sign off on a non-convertible
debt sale, a higher borrowing limit and a rights offering. To add
to that, an investigation by the federal Serious Fraud
Investigation Office has been ordered, the report says.

The new board will meet before Oct. 8, the National Company Law
Tribunal said on Oct. 1. It must devise a plan and file a
response to NCLT by Oct. 15. The tribunal will next hear the
matter on Oct. 31, Bloomberg notes.

Bloomberg says the fallout from IL&FS's saga means that the
central bank, which meets later this week, must also strike the
right balance after the conglomerate's shock defaults stirred
unease. It needs to supply enough liquidity to turn around the
worst cash crunch in a couple years, while also keeping interest
rates high enough to fight inflation amid a tumble in the rupee.

For sure, initial market reactions indicated optimism, Bloomberg
states. The government put in place a new board that included
India's richest banker Uday Kotak, which brought instant name
recognition. The pledge to avoid more nonpayments also now allows
creditors to posit that IL&FS's debt is as unlikely to default as
the government's own borrowings.

Support from the government and key shareholders will "help tide"
IL&FS through and allow an organized sale of its infrastructure
assets, according to Siddharth Bhargava, CIO India Credit at
investment firm Samena Capital Hong Kong Ltd, Bloomberg reports.

                         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.


J.R. AGROTECH: Ind-Ra Affirms 'D' LT Issuer Rating, Not Coop.
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed J.R. Agrotech
Pvt. Ltd.'s Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR2.80 bil. Fund-based limit (long- and short-term) affirmed
     with IND D (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Term loan (long-term) affirmed with IND D (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information

KEY RATING DRIVERS

The affirmation reflects the admittance of the petition filed by
Oriental Bank of Commerce for the corporate insolvency resolution
process in National Company Law Tribunal.

COMPANY PROFILE

Formed in 1998, J.R. Agrotech is a rice milling company. The
company has plants in Dinanagar, Gurdaspur, for the purpose of
drying, parboiling, sorting, milling and grading paddy. The
company sells basmati and non-basmati rice varieties under the
brand names of Mother Cook, Sacha Sauda and Adaab. JR Agro also
has an established distribution network, mainly in northern
India.


KAILASH GINNING: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kailash
Ginning and Pressing Private Limited (KGPL) to 'CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             15       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       2       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

Set up in 2006, KGPL is promoted by Mr Dinesh Patel, who is based
in Rajkot, Gujarat. He has experience of more than two decades in
the cotton ginning industry. The company has a capacity of 240
bales per day.


KGP GOLD: CARE Assigns B Rating to INR8.0cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of KGP
Gold 916 (KGPG), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          8.00        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KGP Gold are
tempered by the partnership nature of constitution where inherent
to withdrawal of capital, susceptibility of operating
profitability to volatile gold prices, presence in a highly
competitive and fragmented Gems & Jewellery (G&J) industry and
risk towards stabilization of operations. The rating, however,
derives strength from experienced promoters in gems and jewellery
industry and increasing demand for gold and other precious
stones.

Going forward, ability of the firm to stabilize its operations
with increase in scale of operations coupled with better
management of working capital are the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Financial closure yet to be achieved: The firm was started the
project in May 2018 and the commercial operations are expected
to begin by October, 2018. The total proposed cost of project was
INR3.80 crore, which was completely incurred by the partners
towards purchase of Plant & Machinery, Furniture & fixtures and
other expenses related to the business. The firm has approached
Vijaya Bank (Boardway Branch, Hubli) for working capital facility
of INR9.50 crore. However, stabilization of business operations
shall remain critical from credit perspective.

Partnership nature of constitution: KGPG, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon his death. Moreover, partnership firm business has
restricted avenues to raise capital which could prove a hindrance
to its growth.

Susceptibility of operating profitability to volatile gold
prices: Gold prices have exhibited sharp volatility depending up
on the demand & supply scenario and volatility in the foreign
currency exchange rates. Supply of gold is also being
continuously regulated by the Government of India (GOI) and
Reserve Bank of India (RBI) interventions. The volatility in the
gold prices and the regulatory controls has an impact on the
margins of players in the gems & jewellery industry. The changes
in the gold prices could also impact the profitability to the
extent of KGPG's inventory holding which is very long.

Presence in a highly competitive and fragmented Gems & Jewellery
(G&J) industry: The G&J industry is highly unorganized with
organized market accounting for a mere 5-6% of the jewellery
retail market. This is because of the buyers' preference and
trust in their neighborhood goldsmith. Even the standardization
of designs is not possible due to varying local tastes. Presence
of large number of small and big players in the retail jewellery
market leads to pressure on profitability. With many regional and
national jewellery retailers as well as hitherto jewellery
manufacturers and exporters lining up aggressive expansion plans,
the competition is expected to further intensify.

Key Rating Strengths

Experienced promoters in Gems and Jewellery industry: Mr Ganesh D
Shet, the Managing Partner of the firm has more than two decades
of experience in the jewellery business.

Due to his long presence in the market, the promoter enjoys long
association and good relations with the suppliers and customers.

Increasing demand for gold and other precious stones: In 2017,
India's gold demand grew by 9.1 percent to 727 tonnes from 666
tonnes in 2016. The total jewellery demand in India for the year
was up by 12 percent at 562.7 tonnes, as compared to 504.5 tonnes
in 2016. Further, the demand for gold and other precious stones
rises during the festivals and other auspicious occasions round
the year.

Looking ahead, the 2018 Budget confirmed various positive
initiatives for gold including the development of a comprehensive
policy and the creation of a gold exchange. Thus, with the
increasing demand for gold jewellery, KGPG stands to gain growth
in the business in the coming years.

Hubli based KGP Gold 916 (KGPG) is a partnership firm established
in 2018 by Mr. Ganesh B Shet and Ms. Surekha G Shet. The firm is
proposed to engaged in manufacturing and trading of precious
metal ornaments (like gold, platinum and silver). The firm has
proposed to employ 45 employees to manage the daily operations.
Mr. Ganesh B Shet, the Managing Partner holds an industry
experience of more than two decades in Gems and Jewellery
industry. Mr. Ganesh B Shet and Ms. Surekha G Shet are also
partners in their associate concerns, K.G.P Gold Palace
(reaffirmed CARE B; Stable on March 5, 2018) and K.G.P. Jewellers
(reaffirmed CARE B, Stable on March 5, 2018) which are involved
in retailing of jewellery.


MAA CHINNAMASTA: Ind-Ra Withdraws BB- Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Maa Chinnamasta
Food Processor Private Limited's Long-Term Issuer Rating of 'IND
BB-'. The Outlook was Stable.

The instrument-wise rating actions are:

  -- The IND BB- rating on INR20 mil. Term loan March 2021 is
     withdrawn; and

  -- The IND BB- rating on INR130 mil. Fund-based working capital
     limit is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in July 2013 by Mr. Rahul Kumar and Mr. Raju Kumar
Singh, Maa Chinnamasta Food Processor operates a rice milling
unit with a production capacity of 32,659 metric tons per annum
in the Rohtas district of Bihar. In addition, it has a wheat
flour production site with a capacity of 34,200 metric tons per
annum.


MITHRA YARNS: CARE Assigns B+ Rating to INR5.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mithra
Yarns rivate Limited (MYPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.50       CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MYPL are tempered
by risk towards project implementation risk and stabilization of
operations, seasonal nature of availability of cotton resulting
in working capital intensive nature of operations. However, the
rating is underpinned by the experience of the promoters for more
than a decade in cotton industry, location advantage, financial
closure of the project has been achieved and stable outlook of
cotton industry.

Going forward, ability of the company to complete the project
without any cost and time overrun and stabilize the operations
and generate the revenue and profit levels as envisaged are key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Risk towards project implementation and stabilization of
operations: MYPL is establishing a yarn manufacturing unit with a
proposed total capacity of 4.5 tons per day. The company is
likely to start its commercial operations from November, 2018.
The total project cost of INR9.53 crore. For the establishment of
unit, the company has already availed bank facilities from the
Andhra Bank i.e., (Term loan and Cash credit) of INR4.50 crore &
INR1.00 crore and INR5.03 crore is being invested by promoters.
Therefore, the ability of the company to complete the project
without any cost or time over run will remain critical from
credit perspective.

Seasonal nature of availability of cotton resulting in working
capital intensive nature of operations: The cotton industry is
highly fragmented in nature with several organized and
unorganized players. Prices of raw cotton are highly volatile in
nature and depend upon the factors like area under cultivation,
crop yield, and demand-supply scenario. The cotton processing
operators procure raw materials in bulk quantities to avail
discount from suppliers to mitigate the seasonality associated
with availability of cotton resulting in higher inventory holding
period. Further, the profitability margins of the firm are
susceptible due to fluctuation in raw material prices.

Key Rating Strengths

Experience of the promoters for more than a decade in cotton
industry: MYPL is promoted by Mr. Sandeep Kumar and by Mrs.
Jyothi. Mr. Sandeep Kumar, Managing Director of the company, is
a graduate and has experience of more than one decade in cotton
industry. Prior to MYPL, Mr. Sandeep was engaged in
the business of trading of yarn and fiber products. The company
is likely to be benefited by its qualified and experienced
promoter.

Location advantage: The manufacturing unit of MYP is located at
Thangallapally, Rajanna Sircilla which is well known for textiles
in Karimnagar District. The manufacturing unit is located in
close proximity to cotton spinning units which ensures the easy
availability of raw material access i.e. cotton waste and smooth
supply of raw materials at competitive prices and lower logistic
expenditure.

Financial closure of the project has been achieved: The promoters
of the company are establishing a yarn manufacturing unit at
Thangalapally, Karimnagar Dist. With estimated total cost of
INR9.53 crore which is to be funded through bank term loan of
INR4.50 crore and remaining cost of INR5.03 crore from promoter's
fund. Furthermore, the financial closure of the total project has
been achieved.

Stable outlook of cotton industry: Cotton plays an important role
in the Indian economy as the country's textile industry is
predominantly cotton based.

India is one of the largest producers as well as exporters of
cotton yarn. The Indian textile industry contributes around 5 per
cent to country's gross domestic product (GDP), 14 per cent to
industrial production and 11 per cent to total exports earnings.
The industry is also the second-largest employer in the country
after agriculture, providing employment to over 51 million people
directly and 68 million people indirectly, including unskilled
women. The textile industry is also expected to reach US$ 223
billion by the year 2021. The states of Gujarat, Maharashtra,
Telangana, Andhra Pradesh, Karnataka, Madhya Pradesh, Haryana,
Rajasthan, and Punjab are the major cotton producers in India.

Mithra Yarns Private Limited (MYPL) was incorporated in the year
2017 as a private limited company by Mr. Sandeep Kumar (Managing
Director) and Mrs. Jyothi (Director) having its registered office
at Secunderabad, Telangana with an object to carry on the
manufacturing of cotton yarns, threads and fiber related
products. The promoters of the company have experience of more
than a decade in textile Industry.

Presently, the company has planned to setup a manufacturing unit
of cotton spinning mill with the proposed installed capacity of
4.5 tons per day with a total project cost of INR9.53 crore. For
establishment of unit, the company has already availed bank
facilities from Andhra Bank i.e. Term Loan and cash credit of
INR4.50 & INR1.00 crore. The project is to be financed through
term loan of INR4.50 crore and the remaining INR5.03 crore will
be invested by promoters. Company is expecting to start its
commercial operations from November 2018. The company is
expecting to sell its products in the states of Telangana and
Maharashtra. Till date the company has incurred INR3.24 crore for
civil construction works and advance payment to vendor for
purchase of plant and machinery.


NAVAYUGA JAHNAVI: CARE Lowers Rating on INR720cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navayuga Jahnavi Toll Bridge Private Limited (NJTB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      720.00      CARE D Revised from
   Facilities                      CARE BB+;Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to bank facilities of NJTB is on
account of delays in interest servicing at the back of delay in
achievement of commercial operation date owing to delay in
handover of Right of Way (RoW).

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There are delays in interest servicing
on account of delay in achievement of commercial operation date
owing to delay in handover of Right of Way (RoW).

Key Rating Strengths

Experienced promoter group: NJTB is promoted by Navayuga
Engineering Company Limited (NECL) which is the flagship
company of the Hyderabad based Navayuga group. NECL is into all
types of core infrastructure development with focus on foundation
technology. Having gained requisite experience over the years and
possessing the financial capabilities, the company has presence
in infrastructure development segment on Public Private
Partnership (PPP) basis.

Navayuga Jahnavi Toll bridge Pvt. Ltd. (NJTB) is a Special
Purpose Vehicle (SPV) floated by Navayuga Engineering Company
Ltd. (NECL) , to develop a greenfield alignment connecting NH-31
(proposed bypass) near Bakhtiyarpur and NH-28 at Tajpur with a
bridge across river Ganges in the state of Bihar by four laning
on Design, Build, Finance, Operate and Transfer (DBFOT) Toll
Basis. The project has been awarded by Bihar State Road
Development Corporation Ltd. (BSRDCL). The project involves
construction of Four-Lane Greenfield bridge across river Ganges
(5.55 km long) and 45.393 km long approach road. Project
comprises construction of three major bridges (including main
bridge), one minor bridge, three grade separators, 16 underpasses
(vehicular/pedestrian/cattle) and two Rail over Bridge (ROB)
along-with construction of bus bays, toll plazas, truck lay byes
etc. The initial project cost was INR1599.57 crore which was
proposed to be funded by way of equity of INR294.57 crore grant
of INR585.00 crore and debt of INR720.00 crore. The project is
being funded at a debt equity ratio of 0.95x (taking grant as
equity). With the grant forming substantial part of the project
cost, timely receipt of the same is critical for scheduled
completion of the project. Owing to delay in project completion,
the total project cost has been revised to INR1874.37 crore excl.
forex loss of 95.33 which has been funded by promoters, which is
proposed to be funded through the promoters' contribution
(INR374.37 crore), BSRDCL Grant (INR.585.00 crore) and term loans
(INR915.00 crore).

Financial closure for the additional funds has not been achieved
and the company is in process of tying up the same in the
existing project debt-equity ratio. The competent authority has
approved extension of time for completion of the project up to
July 31, 2019, duly shifting the Milestone II & Milestone III,
merged together for achievement up to December 31, 2018
owing to further delay on account of handing over of complete
Right of Way (RoW) by authority and collapsing of stressed
segment.

The sponsors have continued to demonstrate support towards the
project with unsecured loan from NECL of INR165.25 crore as on
August 23, 2017. As per the Lenders Engineers report for the
month ended July 2017, the company has achieved cumulative
financial progress of 50.19% for project cost of INR727.73 crore
against target of 75.80% for INRRs.1099.12 crore. Target progress
captures completion by July 2019. The cumulative physical
progress achieved by the EPC contractor as on July 31, 2017 is
41.60% as against scheduled target of 71.40%.


NRU SPINNING: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of NRU
Spinning Mills Limited (NRU) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.85      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)


   Letter of Credit        .85      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         3.69      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .19      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Set up in 1995 by Mr. Devadass and family, NRU manufactures
cotton yarn.


PARAMESHWAR WEAVES: CRISIL Assigns 'B' Rating to INR13cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Parameshwar Weaves (PW).

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Loan Against
   Property                13         CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       5         CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale of operations,
exposure to intense competition in the polyester fabric business,
and weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Business risk profile is
constrained by modest scale of operations, as reflected in the
modest operating income of around INR29.84 crore in fiscal 2018.
The operating income declined from INR32.8 crore in fiscal 2017
on account of implementation of the goods and services tax (GST).

* Intense competition in the polyester fabric business: The
polyester yarn and fabric industry is intensely competitive.
Also, PW is based in Surat, a hub for polyester fabric
manufacturers. The competitive pressure will likely, continue to
constrain scalability and profitability.

* Weak financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) was high at 33.4 times as on March 31,
2018 due to a small networth and moderate working capital debt.
Debt protection metrics were subdued too, with interest coverage
ratio and net cash accrual to adjusted debt (NCATD) at around 1.4
times and 0.01 time, respectively, in fiscal 2018.

Strength

* Extensive industry experience of the partners: PW benefits from
the three-decade-long entrepreneurial experience of the partners,
Mr Kirti Patel, Mr. Arvind Patel and Mr Mohan Patel.

Outlook: Stable

CRISIL believes that PW will continue to benefit from the
extensive experience of the partners. The outlook may be revised
to 'Positive' if ramp-up in revenue and cash accrual, or a
sizable capital infusion strengthens financial metrics, including
capital structure. Conversely, the outlook may be revised to
'Negative', if the financial risk profile and liquidity
deteriorate due to low ash accrual, stretch in working capital
cycle, or intake of additional debt to funded any new capex.

PW, a partnership firm, set up in 2002, by Mr Kirti Patel, Mr.
Arvind Patel and Mr Mohan Patel, manufactures polyester fabric.
The firm has an installed capacity of around 22000 metres per day
in Surat (Gujarat).


PATCO POLYPACK: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Patco
Polypack Private Limited (PPPL) to Issuer Not Cooperating
category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term Bank     8.60      CARE B+; Issuer not cooperating;
   Facilities                   Based on best available
                                information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PPPL to monitor the
ratings vide e-mail communications/letters dated April 4, 2018,
May 14, 2018, June 27, 2018, July 3, 2018, July 10, 2018,
July 17, 2018, July 18, 2018, July 24, 2018, July 15, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines,
CARE's rating on PPPL' bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 21, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Stabilization risk associated with recently completed project:
The project is completed and the company has commenced its
operations from June 21, 2017. However, the company faces risk of
achieving envisaged level of sales and profitability in case
overall operations does not stabilize as envisaged.

Increasing competitive pressure and susceptibility of profit
margins to volatility in raw material prices: Pricing power
remains limited owing to significant cost pressures from the end-
user segment coupled with considerable competitive intensity. The
main raw material for the company is virgin HDPE (High Density
Poly-Ethylene) and PP (Polypropylene) whose prices are governed
by international prices which will have direct impact on the raw
material prices for PPPL.

Key Rating Strengths

Diversified experienced of promoters: Key promoters of PPPL hold
more than a decade of experience into diversified field. Mr
Nareshkumar Purshottamdas Patel holds experience of more than
three decades through his association with M/s Sabar Cotton Pvt.
Ltd. and M/s Prime Insulators Pvt. Ltd. as a director.
Furthermore, he is also associated as a partner with M/s Paras
Insulators. Vishnubhai Motibhai Patel, director, has total
experience of 15 years through his association with M/s Kedar
Tiles as a proprietor. Mr Chimanbhai Manubhai Patel, director,
having total experience of 18 years through his association with
M/s Sterling Ceramics and M/s Space Enterprise as a partner. Mr
Pravinbhai Amrutbhai Patel, director, having 16 years of business
experience is also associated with M/s Tirupati Tiles as a
proprietor.

Eligibility of different fiscal benefits: PPPL is eligible for
various interest, capital and VAT subsidy from government as per
Gujarat Textile Policy- 2012. The company is also eligible for
capital investment subsidy on eligible plant & machineries under
Amended Technology Up gradation fund scheme.

Prantij-based (Gujarat) PPPL was incorporated in June 20, 2016,
by four directors, namely, Mr Nareshkumar Purshottamdas Patel, Mr
Vishnubhai Motibhai Patel, Mr Chimanbhai Manibhai Patel and Mr
Pravinbhai Amrutbhai Patel. The company has set up a
manufacturing unit for laminated HDPE/PP woven fabric. The
company will operate with an installed capacity of Laminated
HDPE/PP woven fabrics: 2592 Metric tonne per annum and Lamination
(Job work): 1068 Metric tonne per annum. Total project cost was
INR9.95 crore which was funded through debt/equity mix of 1.01
times.

PPPL commenced operations from June 21, 2017.


RADHEY GOVIND: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Radhey Govind
Steel & Alloys Private Limited (RGSAPL) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR50 mil. Fund-based working capital limit assigned with IND
     BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect RGSAPL's small scale of operations as
indicated by revenue of INR394.45 million in FY18 (FY17:
INR383.13 million). The increase in the revenue was account of
higher orders.

The ratings are also constrained by the company's modest EBITDA
margin and weak credit metrics. RGSAPL's return on capital
employed was 7% in FY18 (FY17: 6%), EBITDA margin was 1.7%
(1.7%), interest coverage (operating EBITDA/gross interest
expense) was 1.7x (1.3x) and net leverage (adjusted net
debt/operating EBITDAR) was 4.9x (6.9x). The improvement in the
credit metrics was on account of a decline in total debt and the
consequent decrease in interest expense.

However, the ratings are supported by RGSAPL's comfortable
liquidity position as reflected by around 84.47% utilization of
the working capital limits during the 12 months ended August
2018.

The ratings also benefit from the company's promoters' a decade-
long experience in the steel trading business.

RATING SENSITIVITIES

Negative: Deterioration in the operating profitability leading to
deterioration in the overall credit metrics on a sustained basis
will lead to a negative rating action.

Positive: A substantial improvement in the revenue and operating
profitability leading to an improvement in the credit metrics
will lead to a positive rating action.

COMPANY PROFILE

Established in October 2014 by Raigarh-based Agarwal family,
RGSAPL manufactures mild steel ingots. The company's
manufacturing unit, located in Raigarh, Chattisgarh, has an
annual production capacity of 15,750 metric tons.


RATNAGIRI GAS: Canara Bank Files Insolvency Bid vs. Firm
--------------------------------------------------------
Livemint.com reports that Canara Bank, a minority shareholder in
Ratnagiri Gas and Power Pvt. Ltd (RGPPL), has moved the New Delhi
bankruptcy court months after a debt recast plan and demerger was
approved, in a move that has taken lenders such as the State Bank
of India (SBI), IDBI Bank and ICICI Bank by surprise, said two
senior bankers.

According to Livemint.com, the bankers said that Canara Bank's
application under the Insolvency and Bankruptcy Code (IBC) could
derail the resolution plan, involving demerger and a deep
restructuring of debt. RGPPL's liquefied natural gas (LNG)
regasification plant has been demerged into a subsidiary company,
Konkan LNG Pvt. Ltd (KLPL), while loans of the power plant were
restructured by lenders.

Livemint.com relates that the demerger of the LNG business of
RGPPL into a new company, KLPL, was filed for approval with the
National Company Law Tribunal (NCLT) in December 2016 and NCLT
adjourned the petition in August 2017. The company filed an
appeal in August 2017 with the National Company Law Appellate
Tribunal (NCLAT), which approved the demerger proposal in March
2018.

Canara Bank has filed two separate cases against RGPPL and KLPL
under Section 7 of the IBC, Livemint.com says. One of the bankers
cited above said that Canara Bank has been advised by its auditor
to seek resolution under IBC and to classify these companies as
non-performing in the September quarter of FY19, Livemint.com
relates.

"Canara Bank, which owns only 5% of the total loans of INR9,000
crore and a little over 2% of the equity in RGPPL, could
potentially affect more than four years of revival efforts," one
of the bankers mentioned above said, Livemint.com relays. Even
the Prime Minister's Office (PMO) was involved in the resolution
discussions to expedite the process, he said.

According to Livemint.com, the other banker said that Canara Bank
had already issued sanction letters for fresh loans to KLPL for
construction of a breakwater facility. The breakwater facility
will help ships carrying LNG to dock near the plant during choppy
weather during May and October.

RGPPL ran into trouble in 2013 after insufficient natural gas
output from Reliance Industries' (RIL) KG D6 basin hit production
at the gas-based power plant, Livemint.com recalls.

Shareholders in RGPPL include NTPC Ltd (25.51%), GAIL (India) Ltd
(25.51%), MSEB Holding Co. Ltd (13.51%), IDBI Bank Ltd (12.61%),
SBI (10.03%), ICICI Bank Ltd (8.91%) and Canara Bank (2.15%). The
holding in KLPL is same as that in RGPPL.

RGPPL, which was originally owned by Enron Corp., was earlier the
Dabhol Power Co. It was bought by a consortium of lenders and
MSEB, GAIL and NTPC in 2005 after Enron filed for bankruptcy in
the US, according to Livemint.com.

Livemint.com says the debt restructuring proposal included
bifurcation of existing loans of INR9,000 crore into RGPPL and
its subsidiary KLPL. Around INR5,200 crore of loans to the power
plant was then divided into sustainable (INR2,000 crore) and
unsustainable debt (INR3,200 crore) with the latter being
converted into cumulative redeemable preference shares (CRPS).
The sustainable loan was given a very long repayment schedule and
interest rates were reduced from 13% to 9%. Meanwhile, KLPL was
given additional loans of INR1,200 crore to build the breakwater
facility, Livemint.com adds.

GPPL owns an integrated gas-based power generation plant having a
capacity of approximately 1,967 MW and a Re-Gasified LNG (R-LNG)
terminal with a capacity of approximately 3 MMTPA (Million Metric
Tonnes Per Annum) at Dabhol, Maharashtra.

As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2018, CARE Ratings reaffirmed ratings on certain bank
facilities of Ratnagiri Gas and Power Private Limited (RGPPL),
as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities         7,773.68      CARE D Reaffirmed

The rating for the bank facilities of RGPPL continues to take
into account ongoing delays in servicing of company's debt
obligations.


SAI CARTON: CRISIL Reaffirms 'B' Rating on INR4.5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Sai Carton Manufacturing Company Private
Limited (SCMPL). The rating reflects its modest scale of
operations, weak financial risk profile because of small networth
and high gearing, and large, debt-funded capital expenditure
(capex). These weaknesses are partially offset by the extensive
experience of promoters and diversified customer profile.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan     2.5       CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan        1.0       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Despite 15% revenue growth year-on-
year to an INR38.65 crore for fiscal 2018 from INR34.54 cr, scale
remains small due to limited capacities.

* Weak financial risk profile: Networth was small at INR3.56
crore as on March 31, 2018, due to modest accretion to reserves.
Also, capital structure is moderately leveraged, reflected in
gearing of 1.46 times. Going forward, due to the debt funded
expansion plan, the gearing is expected to increase sharply to
range between 4.5 ' 5 times over the medium term.

* Exposure to risks associated with implementation of proposed
capex: Estimated capex of INR15 crore in fiscal 2019 to increase
production capacity is expected to be funded in a debt-equity
ratio of 3:1. The company remains exposed to risks related to
timely completion of capex within budgeted cost, and subsequent
ramp up of operations.

Strengths:

* Extensive experience of promoters: Presence of over two decades
in the packaging industry has enabled the promoters to gain sound
understanding of market dynamics and establish strong
relationship with customers and suppliers.

* Diversified customer profile: Clientele is spread across the
fast-moving customer goods, automobiles, home appliance, and
liquor industries; and includes reputed names such as Ikea India,
TVS Motors, the UB group, MTR Foods Pvt Ltd, and Adani Willmar
Ltd. Established customer relationship has led to repeat orders.

Outlook: Stable

CRISIL believes SCMPL will benefit over the medium term from the
extensive experience of its promoters and established
relationship with customers. The outlook may be revised to
'Positive' if earlier-than-expected stabilization of capex
improves business and financial risk profiles. The outlook may be
revised to 'Negative' if time and cost overruns in capex or
decline in profitability margins further weaken capital
structure.

Established as proprietorship firm in 1996 and reconstituted as a
private limited company in 2002, SCMPL is promoted by Mr. H T
Krishna and Ms. B S Ramapriya and manufactures corrugated boxes
and wooden pallets that are used as packaging material.


SHAKTI MINES: CRISIL Moves B+ Rating from Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has migrated the ratings on the long term bank facilities
of Shakti Mines and Minerals (A Unit of Shakti Agencies Private
Limited) (SMM).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

   Proposed Long Term      5         CRISIL B+/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B+/Stable
                                     ISSUER NOT COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the ratings
on the long term bank facilities of SMM to 'CRISIL
B+/Stable/Issuer not cooperating'. However, management has
subsequently started sharing requisite information necessary for
carrying out a comprehensive review of the ratings. Consequently,
CRISIL is migrating the ratings from 'CRISIL B+/Stable /Issuer
not cooperating' to 'CRISIL B+/Stable'.

The rating reflects the company's modest scale of operations in
the intensely competitive iron ore trading business, stretched
receivables, and vulnerability of business to cyclicality in the
end-user steel industry. These weaknesses are partially offset by
the extensive experience of its promoters and comfortable capital
structure.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition in the iron ore
trading business, keeps the scale of operations modest, as
reflected in operating income of INR36.65 crore for fiscal 2018.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 175
days as on March 31, 2018, on account of stretched receivables
cycle of 148 days; however, the company maintains a prudent
inventory of 2 days.

* Vulnerability to cyclicality in end-user industry: Though the
company's operating profit margins have been moderate in the past
three years due to favorable pricing policy and back-to-back
purchase arrangements, they remain susceptible to volatility in
iron ore prices that are largely driven by cyclicality in the
steel industry.

Strengths

* Extensive experience of the promoter: Around two decade-long
experience of the promoters, Mr. Manish Kumar Mandal and Mr.
Sriprakash Mandal, in trading business, will continue to support
the business risk profile.

* Comfortable capital structure: Despite modest networth of INR15
crore as on March 31, 2018, the company's capital structure has
remain comfortable, marked by total outside liabilities to
adjusted networth of 0.62 times .  The financial risk profile is
likely to remain comfortable over the medium term, on account of
company's limited reliance of debt fund for its working capital
requirement.

Outlook: Stable

CRISIL believes SMM will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of a significant ramp-up in
operations, while maintaining profitability and capital
structure. The outlook may be revised to 'Negative' if financial
risk profile weakens because of sizeable working capital debt or
low revenue and profitability.

MM, a unit of SAPL, trades in iron ore and was set up in 2005 as
a partnership company by Mr. Manish Mandal and his brother, Mr.
Sriprakash Mandal. In April 2006, it was acquired by SAPL, which
was set up by the Mandal brothers in 1989. SAPL currently has
only one unit, SMM, and no other business operations.


SHIVAM ISPAT: CRISIL Removes INR12cr D Loan Rating From Non-Coop.
-----------------------------------------------------------------
CRISIL is downgrading the ratings of Shivam Ispat Private Limited
(SIPL) from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'
to 'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER
                                     NOT COOPERATING')

   Cash Credit             3.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER
                                     NOT COOPERATING')

   Letter of Credit       12         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan               2.5       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable ISSUER
                                     NOT COOPERATING')

Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated the
ratings on the bank facilities of SIPL to 'CRISIL
B+/Stable/CRISIL A4' issuer not cooperating' on February 27,
2018. However, SIPL's management subsequently shared information
necessary for a comprehensive review of the ratings.
Consequently, CRISIL is downgrading the ratings from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL D/CRISIL
D'.

The ratings have been downgraded on account of delays in interest
and principal servicing in term loan and working capital facility
due to stretched liquidity owing to low cash accrual in fiscal
2018 against high debt obligation. Further, SIPL's account has
been classified as non-performing asset.

The ratings also reflect SIPL's average financial risk profile on
account of weak capital structure and debt protection metrics.
However, the company benefits from the extensive experience of
its promoters in the mild steel (MS) ingot industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: There have been delays by the firm in
meeting repayment obligation on its term loan. Further the
working capital facility was continuously overdrawn and there is
irregularly in non-fund base limits.

* Weak financial risk profile: Networth was modest and gearing
high at INR2.4 crore and 10.29 times (estimated), respectively,
as on March 31, 2018. Debt protection metrics is weak with
interest coverage ratio of 1 time (estimated) for fiscal 2018.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over two decades should continue to
support the business.

Incorporated in 1997, SIPL manufactures MS ingots, which are used
in steel rolling mills. Mr Vijendra Kumar Singla, whose family
has been in the steel business for over five decades, manages the
operations.


SHREE KRISHNA: CARE Assigns 'D' Rating to INR4.34cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Krishna Educational and Charitable Society (SKE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           4.34       CARE D Assigned

   Short-term Bank
   Facilities           1.96       CARE D Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SKE are
constrained by its tight liquidity position. The society has
small and declining scale of operations, limited reach and
presence in highly competitive and regulated nature of industry.
However, the ratings take account of experienced trustees,
moderate solvency position and comfortable profitability margins.

Going forward, the ability of the society to increase its scale
of operations while maintaining its profitability margins and
solvency position would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced trustees with competent teaching staff: The trust is
managed by Mr. R.K. Gupta, Mr. Vicky Singhal and Mr. Inderpal
Goyal as Chairman, General Secretary and Joint Secretary
respectively. The members have work experiences of more than 2
decades in education industry which they have gained through SKE
and other institutes. Further, SKE has employed a highly
experienced and qualified teaching staff to support the academic
requirements of the trust. Apart from the key faculty members,
SKE has employed a competent administrative staff to run day to
day operations.

Moderate solvency position and comfortable profitability margins:
The capital structure of the society stood moderate with overall
gearing ratio of 1.53x as on March 31, 2018, due to limited
dependence of the society on external debt. Furthermore, the debt
coverage indicators remained comfortable marked by interest
coverage ratio of 2.27x in FY18 and total debt to GCA of 6.17x
for FY18 as compared to interest coverage ratio of 2.04x in FY17
and total debt to GCA of 7.61x for FY17. Further, the
profitability margins also stood comfortable marked by SBID
margin and Surplus Margin of 47.25% and 6.72% respectively in
FY18.

Key Rating Weaknesses

Tight Liquidity position: There were recent delays in repayment
of term loan obligation. Also, there are instances of over
utilization of overdraft limit. The delays are on account of weak
liquidity position as the society is unable to generate funds on
timely manner leading to cash flow mismatches.

Small and declining scale of operations: The scale of operations
witnessed a declining trend during FY16-FY18 period. The TOI
declined from INR5.62 crore in FY16 to INR4.91 crore in FY18
owing to decline in number of students enrolled due to stiff
competition from other educational institutes operating in the
region. The small scale of operations limits the society's
financial flexibility in times of stress and deprives it of scale
benefits.

Increasing competition and limited reach of the society: Both the
institutes of the SKE are in Barnala, i.e., single location of
Punjab which limits the penetration level for the trust to tap
opportunities. Further, due to increasing focus on technical
education in India, a number of colleges have been opened up in
the close proximity. This exposes the revenue of SKE to
competition from other colleges.

High Regulation in educational sector in India: The educational
institutes are regulated by respective state governments with
respect to the number of management seats, amount of the tuition
fees charged for the government quota and management quota. The
factors have a significant impact on the revenue and
profitability of the institutions. However, the state and central
government have provided thrust to demand for engineering
colleges by introducing policy changes like abolition of entrance
exams for admission in professional course. However, the
education industry remains highly regulated industry with
constant intervention from the central state government and other
regulatory bodies.

Shree Krishna Educational and Charitable Society (SKE) got
registered under the Society Registration Act - 1860 in 2008
and is currently being managed by Mr. R.K. Gupta, Mr. Vicky
Singhal and Mr. Inderpal Goyal. The society was formed with
an objective to provide higher education in the field of
engineering, computer science, management, agriculture etc. The
society has established two separate colleges, namely, Aryabhatta
Engineering College and Aryabhatta Group of Colleges.
Both the colleges of SKE are in Barnala, Punjab. SKE offers
graduate and post graduate courses like B.A., B.Com, B.C.A.,
B.B.A., B.Sc. (Non-Medical), B.Sc. (Agriculture), B.Tech
(Computer Science and Engineering, Mechanical Engineering,
Electronics and Communications and Electricals), M.B.A., M.Com,
M.Sc. (Mathematics), M.A. (English), M.A. (Economics),
M.Sc. (IT), PGDCA (+1 & +2). The different courses offered are
duly approved by AICTE (All India Council of Technical
Education) and UGC (University Grants Commission). SKE is also
affiliated to Maharaja Ranjit Singh Punjab Technical
University, Bathinda (MRSPTU).


SHRI RAMSWAROOP: Ind-Ra Migrates BB- Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Ramswaroop
Memorial Charitable Trust's bank facilities 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:

-- INR466.3 mil. Term loan due on February 2022 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR368.0 mil. Fund-based working capital facilities migrated
     to non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Ramswaroop Memorial Charitable Trust was established by Shri
Ramswaroop Memorial Group in May 2010. Under its aegis, Shri
Ramswaroop Memorial University was established under UP State
Government Act 1 of 2012. The university, located in Uttar
Pradesh, imparts education in the field of science, engineering
and technology, bio and medical sciences, dental science,
pharmacy, management, hotel and hospitality management, law and
other professional courses, and history, culture, commerce,
economics, humanities, philosophy and art.


SPENZZER CERAMIC: CRISIL Hikes Rating on INR4.96cr Loan to B
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Spenzzer Ceramic Private Limited (SCPL) to 'CRISIL B/Stable'
from 'CRISIL B-/Stable' while reaffirming the short term rating
at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          1          CRISIL A4 (Reaffirmed)

   Cash Credit             3          CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      3.54       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan               4.96       CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade in the rating reflects improved liquidity profile
owing to improvement in net cash accrual from INR0.57 crore in FY
16-17 to INR1.07 crore in FY 17-18. The ratings also reflect
SCPL's modest scale of operations in the intensely competitive
ceramics industry, large working capital requirement and below-
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters, and
proximity of the manufacturing facilities to raw material and
labour sources.

Analytical Approach

Unsecured loans from the promoters (0.89 crore as on March 31,
2018) have been treated as neither debt nor equity as they are
expected to be retained in the business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition keeps scale of
operation modest with sales of INR14.23 crore in fiscal 2018.

* Weak liquidity: Modest accrual, working capital-intensive
operations, and high debt obligation constrain liquidity.

* Large working capital requirement: Operations are working
capital intensive, with gross current assets of 145 days as on
March 31, 2018 driven by debtors of 90 days and inventory of 25
days.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the ceramic industry through
other entities, their in-depth understanding of the local market
dynamics and established relationships with suppliers and
customers, should continue to support the business.

* Proximity to raw material and labour sources: The manufacturing
unit in Morbi, Gujarat derives significant benefits such as easy
access to clay (key raw material), and availability of
contractors and skilled labourers, and gas and power. Also,
transportation cost is low as the unit is close to Kandla and
Mundra ports.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increased sales leading to large cash accrual,
strengthens liquidity. The outlook may be revised to 'Negative'
if low cash accrual, or stretch in working capital cycle or any
large, debt-funded capital expenditure weakens financial risk
profile.

Incorporated in 2014, SCPL manufactures ceramic wall-glazed tiles
at its facility in Morbi. The unit with capacity of 30,000 tonne
per month commenced commercial operations in July 2015.


SRI LAKSHMI: CARE Assigns B+ Rating to INR5.30cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Lakshmi agro farms (SLAF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.30       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SLAF are tempered
by small scale of operations with fluctuating PBILDT and thin PAT
margins, leveraged capital structure and Weak debt coverage
indicators, working capital intensive nature of operations
resulted in elongated working capital cycle, Inherent risks of
withdrawal of capital by the partners, dissolution of firm and
limited financial flexibility on account of its constitution as a
partnership firm, highly fragmented industry with intense
competition from large number of players and cyclical nature of
poultry industry and risk associated to any outbreaks of bird flu
and other diseases. The rating, however, derives its strengths
from experience of the promoter in the poultry industry for more
than a decade and stable demand outlook of poultry products.

Going forward, the ability of the firm to increase its revenue
and profit margins amidst competition and ability of the firm to
improve its capital structure and debt coverage indicators with
proper management of working capital utilization would be key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating PBILDT and thin PAT
margins: Despite long track record of the firm for more than a
decade, the scale of operations of thefirm marked by Total
operating income (TOI) remained small at INR8.57 crore in FY17
coupled with moderate net worth base of INR0.99 crore as on
March 31, 2017 as compared to other peers in the industry. The
TOI in FY18 has marginally increased to INR9 crore on account of
increase in egg prices.

The PBILDT margin of the firm has been fluctuating during the
review period within the range of 12%-9% due to increase
in cost of raw materials (maize for feeding chicks). Due to the
above said factors the margins in FY17 declined. The PAT
margin of the firm remained in line with minimal amount of tax.
However, the margins remained thin when compared to other peers
in the industry.

Working capital intensive nature of operations: The firm's
operating in working capital intensive nature of operations. The
operating cycle of the firm remained elongated during review
period. The firm receives the payment from its customers within a
month and accordingly makes the payment to its suppliers within a
month from the date of receipt of invoice depending upon the
relationship. The average inventory period remained high during
review period, due to its nature of business where in the firm is
required to keep high inventory level of parent bird and raw
material stock to feed the birds in different growing stages and
to mitigate fluctuation in raw material prices. The operating
cycle stood at 215 days in FY17. The average utilization of
working capital facility of the entity was 100% for the last 12
months ended June 30, 2018.

Leveraged capital structure and weak debt coverage indicators:
SLAF has leveraged capital structure during review period. The
overall gearing ratio of the firm has improved from 6.98x as on
March 31, 2015 to 5.71x as on March 31, 2017 due to repayment of
term loan, albeit increase in working capital facility on account
of enhancement in the working capital from INR1.19 crore in FY16
to INR2.60 crore in FY17. The debt to equity ratio improved from
6.28x as on March 31, 2015 to 3.14x as on March 31, 2017 on
account of accretion of profits made to networth, however still
remained leveraged. The debt coverage indicators of SLAF remained
weak during review period. Total debt/GCA of SLAF deteriorated
from 26.00x in FY15 to 26.77x in FY17 due to lower cash accruals.
The interest coverage ratio of the firm marginally deteriorated
and stood moderate at 1.37x in FY17 due to increase in interest
cost on account of enhancement of cash credit facility.

Highly fragmented industry with intense competition from large
number of players: SLAF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Cyclical nature of poultry industry and risk associated to any
outbreaks of bird flu and other diseases: SLAF operates in a
cyclical industry on account of outbreaks of bird flu and other
diseases which van affect demand and cause prolonged impact on
margins and turnover. The firm margins are also susceptible to
volatility in feed prices in the poultry business.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, a partnership firm has
restricted access to external borrowings.

Key Rating Strengths

Experience of the promoter in Poultry business: Sri Lakshmi Agro
farm was promoted by Mr. Devireddy Siva Seshi Reddy is the
Managing Partner of the firm and has more two decades of
experience in poultry industry. The promoter's decade long
presence in the market has helped the firm in establishing good
relationships with customers.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Andhra Pradesh based, Sri Lakshmi Ago Farm (SLAF) was established
in the year 2005, as a proprietorship concern. Later in the year
2008, it was reconstituted to Partnership firm. The firm was
promoted by Mr. Devireddy Siva Seshi Reddy and his wife Mrs.
Devireddy Krishna Kumari. The firm is engaged in farming of egg,
laying poultry birds (chickens), cull birds and their Manure. The
firm sells its products like eggs and cull birds in Andhra
Pradesh to retailers through own sales personnel. The firm mainly
buys chicks (small chickens) from Srinivasa Hatcheries Private
Limited and purchases the raw materials for feeding of birds like
maize, rice bran from local markets and farmers within the Andhra
Pradesh and other raw materials like soya & sunflower from
Maharashtra. The firm has two units for three different stages of
production.

The first unit is located at Vadlamanu with plant size of 6.5
acres and other unit is located at Ravicherla with plant size of
5 acres which are all owned. The firm has set one unit for
chicks, second unit for grower and third for layers.


UMMED EDUCATIONAL: Ind-Ra Migrates 'B' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ummed
Educational Foundation's term loan's 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 instrument-wise rating action is:

-- INR96 mil. Term loan due on March 2025 migrated to Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
September 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Ummed Educational Foundation was incorporated under Section 25 of
the Companies Act, 2013, in February 2014. Its school will
provide education from pre-primary level to the senior secondary
level.


VELAVAN HYPER: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Velavan
Hyper Market (VHM; a part of the Velavan group) to 'CRISIL
B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VHM for obtaining
information through letters and emails dated August 23, 2018,
September 11, 2018 and September 17, 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 VHM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VHM 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 VHM 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.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of VHM, Velavan Stores Jewellers (VSJ),
and Velavan Stores (VS). This is because the entities,
collectively referred to as the Velavan group, are in similar
lines of business and under the same management, and have
significant fungible funds.

VHM was established in 2014 and operates a supermarket. VS,
established in 1998, is engaged in apparel retail. Set up in
2007, VSJ is engaged in jewellery retail. The group is located in
Tuticorin and the operations are managed by Mr. T Maharajan.


VELAVAN STORES: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Velavan
Stores Jewellers (VSJ; a part of the Velavan group) to 'CRISIL
B/Stable Issuer not cooperating'.

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

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

CRISIL has been consistently following up with VSJ for obtaining
information through letters and emails dated May 31, 2018 and
June 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 Velavan Stores Jewellers.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Velavan Stores Jewellers 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 Velavan Stores Jewellers 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.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Velavan Stores Jewellers (VSJ),
Velavan Stores (VS), and Velavan Hyper Market (VHM). This is
because the entities, collectively referred to as the Velavan
group, are in similar lines of business and under the same
management, and have significant fungible funds.

Set up in 2007, VSJ is engaged in jewellery retail. VS,
established in 1998, is engaged in apparel retail. VH was
established in 2014 and operates a supermarket. The group is
located in Tuticorin and the operations are managed by Mr. T
Maharajan.


VILTANS POLYPLAST: CRISIL Reaffirms B- Rating on INR4.5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
the bank facilities of Viltans Polyplast (VP).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            4.5       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       3.0       CRISIL A4 (Reaffirmed)

The ratings reflect the firm's average financial risk profile,
and small scale and working capital intensity in operations.
These weaknesses are partially offset by the extensive experience
of the partners in the packaging industry, and established
relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
below-average, with small networth and high gearing estimated at
INR3.02 crore and 3.34 times, respectively, as on March 31, 2018.
Debt protection metrics are average: interest coverage ratio was
around 1.1 times in fiscal 2018.

* Small scale and working capital intensity in operations:
Intense competition continues to constrain scalability, with
revenue modest at INR11.5 crore in fiscal 2018. Moreover,
operations are working capital intensive, as reflected in
sizeable gross current assets and inventory of around 300 and 235
days, respectively, as of March 2018.

Strength

* The partners' extensive experience and healthy relationships
with suppliers and customers: The two decade-long experience of
the partners in the packaging industry, and healthy relationships
with industry stakeholders, continue to lend stability to raw
material supply and inflow of orders, thus supporting the
business risk profile. The partners help gauge market
opportunities, grow the marketing network, and maintain healthy
revenue growth.

Outlook: Stable

CRISIL believes VP will continue to benefit from the extensive
experience of the partners in the packaging industry. The outlook
may be revised to 'Positive' if significant and sustained growth
in revenue and cash accrual, and better working capital
management strengthen credit metrics. The outlook may be revised
to 'Negative' if pressure on profitability, stretch in working
capital cycle, or any large, capital expenditure, weakens the
financial risk profile, especially liquidity.

VP is a partnership firm set up by Mr Parimal Davda, Mrs Neeta
Davda, and Mr Ruchir Davda in 1977. The firm manufactures
mono/multi layer flexible packaging such as polypropylene, low-
density polythene, high-density polythene plain and printed bags
and sheet along with the plastic moulded hangers. The end users
include readymade garments manufacturers/exporters, food,
fertiliser, and pharmaceutical players.


VIJAYASRI ORGANICS: CRISIL Hikes Rating on INR32.65cr Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Vijayasri Organics Limited (VOL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable' while reaffirming its rating on short term
bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          .25        CRISIL A4 (Reaffirmed)

   Cash Credit           14.50        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Letter of Credit       10          CRISIL A4 (Reaffirmed)

   Long Term Loan          2.6        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term     32.65       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

Rating upgrade reflects CRISIL's belief that financial risk
profile will improve with sustainable improvement in business
profile and repayment of term debt. Financial risk profile
improved with repayment of term loan. Interest coverage ratio
improved from 3.1 times in Fiscal 2017 to 5.1 times in Fiscal
2018. Moderate accretion to reserves and repayment of term loan
resulted in reducing of gearing over the past three years.
Gearing decreased from 1 times as on March 31 2015 to 0.5 times
as on March 31 2018. Business performance improved in Fiscal 2018
with Y-o-Y growth of around 7% in revenues while operating
margins also improved to around 14.1% in Fiscal 2018 from around
12.4% in previous Fiscal. Revenue increase with increase in sales
to existing customers and exports, while introduction of new
products like Dpencilamine and Terbinafine improved the operating
margins.

The rating reflect extensive experience of its promoters in the
pharmaceutical industry and moderate financial risk profile
marked by moderate net worth, low gearing and moderate debt
protection metrics. These rating strengths are partially offset
by the large working capital requirements and exposure to intense
competition in the bulk drugs manufacturing industry.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of VOL's promoters in the pharmaceuticals
industry: VOL promoted by Mr. S V J Raju and Mr. K V Rama Rao
manufactures APIs and intermediates. The promoters' have more
than 25 years of industry experience. The company maintains a
healthy track record of supplying quality products in a timely
manner, which helps them to secure regular orders. These regular
orders from its established customers provide revenue visibility
for the company.

* Moderate financial risk profile: VOL's financial risk profile
is marked by moderate net worth (INR52.3 crore as on March 31
2018) and low gearing (0.46 times as on March 31 2018). Debt
protection metrics is moderate marked by interest coverage ratio
and net cash accruals to total debt of 5.05 times and 40% for the
Fiscal 2018.

Weakness

* Large working capital requirements: VOL's operations are
working capital intensive as reflected in GCA of around 183 days
as on March 31 2018. Operations are working capital intensive on
account of large inventory requirement and debtor cycle, however
working capital intensity is partially assuaged by the moderate
credit period that VOL gets from its suppliers.

* Intense competition in bulk drug manufacturing industry: VOL
faces intense competition from other players in the market, which
is reflected in its volatile operating margin. Intense
competition in the bulk drugs manufacturing industry exposes the
company to pricing risk.

Outlook: Stable
CRISIL believes VOL will continue to benefit over the medium term
from the experience of its promoters in the bulk drugs industry.
The outlook may be revised to 'Positive' if the firm reports
higher-than-expected revenue and profitability and the liquidity
improves with infusion of funds by promoters or efficient
management of working capital. Conversely, the outlook may be
revised to 'Negative' in case of a decline in VOL's revenue or
profitability, or if it undertakes a large debt-funded capital
expenditure or working capital cycle stretches resulting in
deterioration in the financial risk profile.

VOL was set up in 2005 by Mr. S V J Raju and Mr. K V Rama Rao.
The company manufactures bulk drugs and drug intermediates. Its
manufacturing unit is in Visakhapatnam (Andhra Pradesh).


WOMENS NATIONAL: CARE Reaffirms B Rating on INR5.76cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Womens National Education Society (WNES), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.76       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of WNES takes into
account growth in gross receipt and operating margins and
financial risk profile marked by improved capital structure. The
rating continues to be tempered by small scale of operations with
net loss, weak debt coverage ratios though improved, uneven cash
flows associated with educational institutes and presence in
highly competitive industry. The rating is, however, underpinned
by established track record and long experience of society
members, satisfactory infrastructure facilities and resources.
Going forward, ability of the society to increase its scale of
operations and turnaround to surplus from deficits would be
the key rating sensitivities

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with cash losses and weak debt
coverage indicator during the review period: Despite of long
track record of the society, gross receipts of the society
remained low at INR6.48 crore in FY18 (CA Certified Prov) coupled
with tangible net worth of INR8.79 crore as on March 31, 2018 (CA
certified Provisional) due the competition from the peers
institutions in the industry. The society has incurred deficit
for the last three years ended FY18 (CA Certified Prov) due to
high employee cost and other maintenance activities to manage
institution expenses and addition of blocks expenses. Due to the
above said factors, the debt coverage indicators of the society
remained weak during review period. However net losses has
reduced upto INR1.33 crore in FY18 (Prov.) and debt coverage
indicators has improved marked 1.44 SBID interest coverage as on
March 31, 2018.

Uneven cash-flow associated with educational Institutes: The
revenue stream of the society is skewed towards the beginning of
the academic year (normally between June-August) when the bulk of
the tuition fees, hostel fees and other related income is
collected whereas the society incurs regular stream of payments
for meeting staff salary, maintenance activities, interest
expenses amongst others.

Presence in a highly competitive industry: The education sector
offers immense potential as there is a growing demand for the
services offered driven by increasing propensity of the middle
class to spend on education and India's increasing population.
Due to new colleges being added every year along with established
college's results in high competition level in the state and
adjoining areas of WNES.  Also, the fees for various courses are
presently fixed by regulatory authority, which limits on the
revenue growth.

Key Rating Strengths

Established track record and long experience of society members
The society has track record of around eight decades. The society
is managed by well qualified personnel i.e., Mr. Kudpi Jagadish
Shenoy (President), Mr. M. Manel Annappa Nayak (Vice President)
and Mr. V. Shyam Sundar Kamath (Secretary) all are qualified
graduates and having more than two decades of experience in the
field of academics. The day to day activities of WNES are managed
by Mr. Satish Kumar Shetty and Mr. Lakshmi Narayana Bhat who are
principals of the schools under the guidance of society members.
The policy decisions such as starting new college under the
society, new courses, and investment in infrastructure are
decided by the society members.

Satisfactory infrastructure facilities and resources: The campus,
which is spread over 6 acres of land, is divided into four
floors. It has libraries including digital library with vast and
comprehensive collections on various topics and subjects. It is
equipped with e-computerized and bar coded systems with an online
access catalogue for searching books and also study materials for
advanced courses. It has 7 Auditoriums which has a capacity over
2200 audiences. The campus has separate hostel for boys and girls
with health care centre.  The society has been continuously
engaged in upgrading its facilities in order to provide quality
education to its students and also comply with requirements of
statutory bodies like Block Education Officer, Mangalore
University and AICTE for MBA programs.

Increase in total operating income during the review period: The
TOI of the society improved and stood at Rs 6.49 crore in FY18
(CA Certified Prov) as compared to Rs 5.65 crore in FY17 on
account of increase in number of students admissions into school
and college along with increase in annual course fees collected
from the students.

Comfortable capital structure and working capital cycle: The
capital structure of the society improved marginally and stood at
0.87x as on March 31, 2018 (Prov) as compared to Rs 0.89x as on
March 31, 2017 due to decrease in total debt levels marked by
decline in working capital utilizations and repayment of term
loan. The net worth of the society is seen eroding due to net
losses. The working capital cycle of the society remained
comfortable during the review period. The society receives annual
tuition fee on time from its students.  Further, the society
makes the payment to its suppliers (like stationery and computer)
on cash basis.

Womens National Education Society (WNES) is registered under
society's registration act 1860. WNES was found in 1918
by Ms. Besant then joined by society members Mr. Kudpi Jagadish
Shenoy (President), Mr. Manel Annappa Nayak (Vice-President) Mr.
V. Shyam Sundar Kamath (Secretary) and other members in 1943 for
running the society. WNES presently manages seven Schools &
Colleges under the society namely MSNM Besant Institute of PG
Studies (MBA), Besant Higher Primary School (1st to 7th), Besant
National High School (8th to 10th), Besant English School (1st to
10th), Besant National PU College (Science, Commerce and Arts),
Besant Women's College (Degree & PG) and Besant Evening College
(Degree & PG) in the Mangalore, Karnataka state, India.



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


SURUGA BANK: Faces Partial Lending Ban Over Loan Scandal
--------------------------------------------------------
Katsuji Kamei at Nikkei Asian Review reports that Japan's
financial watchdog has decided to require Suruga Bank to halt a
financing operation that served as a hotbed of a massive loan
scandal.

According to the Nikkei, the Financial Services Agency will issue
an order as early as this week temporarily blocking Suruga from
making new loans covering real estate investments. It will also
tell the Shizuoka Prefecture-based bank to implement radical
preventive measures, including overhauls of oversight and
compliance.

The Nikkei says the suspension is expected to run a few months,
with other banking services still available. While Suruga had
already halted real estate investment loans on its own, the FSA
will have it pull relevant employees from their duties and
retrain them.

The bank released a report last month detailing how employees
knowingly accepted phony or doctored lending documents to approve
applicants of questionable creditworthiness, the Nikkei relates.
Clients also had to sign financing packages bundled with
unsecured loans they did not need. All the while, executives
overlooked the problem, the report states.

The Nikkei relates that much of the wrongdoing was tied to a
chain of women-only "share houses" whose construction was
financed in large part by Suruga loans.

But Tokyo-based operator Smart Days had trouble filling vacancies
and stopped paying investors their share of the rent. It
eventually filed for bankruptcy, and the FSA began investigating
Suruga in April, the report relays.

The last time the FSA ordered a Japanese bank to suspend
operations was in 2013, when Mizuho Bank and parent Mizuho
Financial Group were penalized over financing to organized-crime
syndicates, says the Nikkei.



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


HYFLUX LTD: Sembcorp Only Bidder for Tuaspring Plant, Sources Say
-----------------------------------------------------------------
Bloomberg News reports that Sembcorp Industries Ltd was the only
party that submitted a final bid for beleaguered Hyflux Ltd's
Tuaspring project, which includes South-east Asia's biggest
desalination plant, people with knowledge of the matter said.

Sembcorp's offer was below Tuaspring's book value and will not be
enough to fully pay back loans to the project's main creditor,
Malayan Banking Bhd, Bloomberg relates citing sources. Keppel
Corp, which had earlier shown interest in the asset, did not
submit a binding bid by the Oct. 1 deadline, the sources said,
asking not to be identified because the information is private.

According to Bloomberg, the sources said the two Singaporean
companies were the only suitors granted approval by the Public
Utilities Board, which regulates the city-state's water supply,
to study detailed information on the asset.

Bloomberg says Hyflux's sale of Tuaspring, which had a book value
of SGD1.47 billion at the end of March, is an important step for
the cash-strapped firm. Saddled with SGD2.95 billion of
liabilities, the Singapore-based company Hyflux started a court-
supervised reorganisation process in May and obtained a six-month
debt moratorium.

The water treatment firm is led by founder Olivia Lum, who was a
poster child for Singapore entrepreneurs before Hyflux's finances
were strained by an ill-timed entry into the energy business,
Bloomberg discloses. Ms. Lum said in July that there were eight
interested parties for Hyflux and warned that bids should not be
so low that the firm could not pay back its stakeholders.

Bloomberg notes that Hyflux agreed with Maybank to execute a
binding deal with a successful bidder by Oct. 15, in return for
the lender refraining from starting enforcement proceedings.
Maybank had agreed to provide an 18-year SGD720 million financing
facility for Tuaspring in 2013, when the project came online.

With only one bid on the table, Hyflux may seek to negotiate with
Maybank to explore other options, the sources, as cited by
Bloomberg, said. There are overseas investors who remain keen on
Hyflux's entire business and may be willing to refinance
Maybank's Tuaspring loan, though any investment could again hinge
on the Singapore regulator's approval for the Tuaspring
ownership, according to the sources, Bloomberg relays.

According to Bloomberg, Hyflux is considering appealing to the
Public Utilities Board to approve more parties that were
interested in Tuaspring, arguing that the plant's operator would
not be in a position to compromise Singapore's water security,
the sources said.

Bloomberg relates that the sale had earlier drawn interest from
Malaysian tycoon Francis Yeoh's YTL Power International Bhd,
people with knowledge of the matter said in August. Hyflux had
also reached out to billionaire Anthoni Salim's Philippine
company, Metro Pacific Investments Corp, to gauge its interest,
the sources said at the time.

The Tuaspring project combines a desalination plant and a gas
turbine power plant, and operates on a 25-year concession. It has
a designed capacity of 318,500 cu m per day of desalinated water
and 411 MW of power, according to its website.

Bloomberg notes that asset sales are key to Hyflux's efforts to
trim its debt load while it also seeks rescue financing for
working capital. At the end of March, it had SGD500 million of
perpetual securities, SGD400 million of preference shares and
SGD803 million of unsecured loans and bonds among its
liabilities, Bloomberg discloses citing an exchange filing.

                           About Hyflux

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

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

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



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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.



                 *** End of Transmission ***