TCRAP_Public/181010.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 10, 2018, Vol. 21, No. 201

                            Headlines


A U S T R A L I A

BUILDARK CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 17
BYRNES. M.: First Creditors' Meeting Set for Oct. 17
COOKME (SPICE): Insolvency Resolution Process Case Summary
DYNAMIC SHELLS: Insolvency Resolution Process Case Summary
FUN UP: First Creditors' Meeting Set for Oct. 17

GLOCAL HEALTHCARE: Insolvency Resolution Process Case Summary
LIBERTY PRIME 2016-1: Moody's Ups Rating on Cl. F Notes to Ba2
P & S CONCEPTS: First Creditors' Meeting Set for Oct. 17
PLANT HIRE: First Creditors' Meeting Set for Oct. 16
SUMMIT FINANCIAL: Second Creditors' Meeting Set for Oct. 17

WINBROCK PTY: Second Creditors' Meeting Set for Oct. 17


C H I N A

LAI FUNG: Fitch Affirms BB- LT FC & LC IDR, Outlook Stable
XINYUAN REAL: Fitch Affirms B LT FC IDR; Alters Outlook to Neg.


I N D I A

AARVEE COLD: Ind-Ra Lowers LT Issuer Rating to BB, Outlook Stable
AASMA FOOD: CARE Assigns B+ Rating to INR8cr LT Loan
AGRAWAL WOVEN: CARE Assigns B+ Rating to INR7.14cr LT Loan
ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
AUTOTEC SYSTEMS: CRISIL Lowers Rating on INR6.5cr Loan to 'B'

BIRMI INT'L: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating
COSMO FERRITES: CRISIL Lowers Rating on INR9.79cr Loan to 'B'
DUARS UNION: CRISIL Reaffirms B+ Rating on INR7.5cr Cash Loan
DURGA RICE: CRISIL Withdraws B Rating on INR7cr Cash Credit
DURGASHREE CASHEWS: CARE Assigns B+ Rating to INR6cr LT Loan

EVEREST KANTO: CRISIL Maintains 'C' Rating in Not Cooperating
G.M. RAVINDRA: CRISIL Withdraws B+ Rating on INR6.5cr Overdraft
HINDUSTAN FLUOROCARBONS: CRISIL Moves C Rating to Not Cooperating
HOTEL CHANDRADEEP: CRISIL Assigns B Rating to INR6cr Term Loan
INDO SPONGE: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating

ISIRI AGRO: CARE Migrates B Rating to Not Cooperating Category
JINDAL RICE: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
KAMAL TEXTILE: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
KAURSAIN EXPORTS: Ind-Ra Maintains BB+ Rating in Non-Cooperating
KEDIA PIPES: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating

L R N FINANCE: CRISIL Maintains D Rating in Not Cooperating
MERIT ORGANICS: CRISIL Migrates B+ Rating to Not Cooperating
NOESIS INDUSTRIES: Insolvency Resolution Process Case Summary
ONEWORLD CREATIONS: Insolvency Resolution Process Case Summary
R. K. RICE: CRISIL Assigns B+ Rating to INR8cr Cash Loan

R. S. CHAUHAN: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
REINO PREFAB: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
RUDHRAYAN POLYESTERS: CRISIL Withdraws B Rating on INR4.9cr Loan
SECUNDERABAD HOTELS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
SHIVSHANTI HOSPITALITY: CARE Assigns B Rating to INR10cr LT Loan

SHRI RAGHUNATH: CRISIL Assigns B+ Rating to INR5cr Cash Loan
SHUBH SANDESH: CRISIL Moves B+ Rating to Issuer Not Cooperating
SIDDHI VINAYAK: CARE Assigns B+ Rating to INR5.45cr LT Loan
SNEH QUALITY: CRISIL Migrates B+ Rating to Not Cooperating
SRI SPINNERS: CARE Assigns 'B+' Rating to INR5.57cr LT Loan

SUGARCANE PRODUCERS: CARE Assigns B+ Rating to INR9cr Loan
TECHOPS INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
VARDHMAN KNIT: CRISIL Migrates B+ Rating to Not Cooperating
VISHWAS TUBES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
VTL (INDIA): Insolvency Resolution Process Case Summary

WALFS INFRA: CRISIL Migrates B Rating to Not Cooperating Category


N E W  Z E A L A N D

MAINZEAL PROPERTY: Directors' Delay Cost Creditors Up to NZ$75MM


S I N G A P O R E

HYFLUX LTD: In Talks with at Least Two Potential Investors
RYOBI KISO: Gets Nod to Postpone Annual General Meeting
SINGAPORE: Gives Bondholders a New Way to Chase Default Losses


S O U T H  K O R E A

SKINFOOD: Files for Court Receivership
* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Up in August


                            - - - - -


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A U S T R A L I A
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BUILDARK CONSTRUCTIONS: First Creditors' Meeting Set for Oct. 17
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Buildark
Constructions Pty Ltd will be held at the offices of Hamilton
Murphy, Level 1, 255 Mary Street, in Richmond, Victoria, on
Oct. 17, 2018, at 11:00 A.M.

Richard Rohrt of Hamilton Murphy was appointed as administrator
of Buildark Constructions on Oct. 5, 2018.


BYRNES. M.: First Creditors' Meeting Set for Oct. 17
----------------------------------------------------
A first meeting of the creditors in the proceedings of Byrnes. M.
J. Pty Ltd will be held at the offices of Chifley Advisory,
Suite 1903, Level 19, 31 Market Street, in Sydney, NSW, on
Oct. 17, 2018, at 10:00 A.M.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrators of Byrnes. M. on Oct. 5, 2018.


COOKME (SPICE): Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Cookme (Spice) Private Limited

        Registered Office:
        38, K K Tagore Street, Kolkata 700007

Insolvency Commencement Date: September 27, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Rajesh Chhaparia

Interim Resolution
Professional:            Rajesh Chhaparia
                         103/3, Narkeldanga Main Road
                         Kolkata 700054
                         E-mail: rchhaparia@gmail.com

                            - and -

                         C/o, S A P D & Associates
                         Chartered Accountants
                         Kankaria Estates, 4th Floor
                         6, Little Russel Street, Kolkata 700071
                         E-mail: rchhaparia@gmail.com

Last date for
submission of claims:    October 14, 2018


DYNAMIC SHELLS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Dynamic Shells (India) Private Limited
        R-122 Greater Kailash-1, New Delhi 110048

Insolvency Commencement Date: September 27, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 26, 2019

Insolvency professional: Nilesh Sharma

Interim Resolution
Professional:            Nilesh Sharma
                         D-55, Defence Colony
                         New Delhi 1100224
                         E-mail: nilesh.sharma@dhirassociates.com

                            - and -

                         C-124, Ground Floor, Lajpat Nagar-1
                         New Delhi 110024
                         E-mail: ip.dynamicshells@gmail.com

Last date for
submission of claims:    October 12, 2018


FUN UP: First Creditors' Meeting Set for Oct. 17
------------------------------------------------
A first meeting of the creditors in the proceedings of Fun Up
Moorabbin Holdings Pty. Ltd. and Up Unlimited Pty. Ltd. will be
held at the offices of PKF Melbourne, Level 12, 440 Collins
Street, in Melbourne on Oct. 17, 2018, at 9:30 a.m.

Jason Glenn Stone and Petr Vrsecky of PKF Melbourne were
appointed as administrators of Fun Up on Oct. 5, 2018.


GLOCAL HEALTHCARE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Glocal Healthcare Systems Private Limited
        Ecospace Business Park, Action Area-II, Block No. 3B-207
        New Town, Kolkata 700156, West Bengal

Insolvency Commencement Date: September 27, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Anil Kumar Saraf

Interim Resolution
Professional:            Anil Kumar Saraf
                         M/s Saraf & Associates, Saha Court
                         8 Ganesh Chandra Avenue, 3rd Floor
                         Room No. 12, Kolkata 700013, WB
                         E-mail: anilsaraf.ip@gmail.com

Last date for
submission of claims:    October 12, 2018


LIBERTY PRIME 2016-1: Moody's Ups Rating on Cl. F Notes to Ba2
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five
classes of notes issued by Liberty PRIME Series 2016-1.

The affected ratings are as follows:

Class B Notes, Upgraded to Aa1 (sf); previously on Jun 30, 2016
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Jun 30, 2016
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jun 30, 2016
Definitive Rating Assigned Baa1 (sf)

Class E Notes, Upgraded to Baa3 (sf); previously on Jun 30, 2016
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Jun 30, 2016
Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement (from note subordination and the Guarantee Fee
Reserve Account) available for the affected notes.

Since closing, Class A1 to Class F Notes have been paid down on a
pro rata and pari passu basis, while the unrated Class G1 and
Class G2 will not be repaid until all the classes senior to them
have been fully repaid. As such, the note subordination available
for the Class B, Class C, Class D, Class E and Class F Notes has
increased to 9.0%, 6.6%, 4.6%, 2.9% and 2.3% from 8.0%, 5.5%,
3.5%, 1.8% and 1.2%, respectively.

Furthermore, the Guarantee Fee Reserve Account is currently fully
funded at AUD800,000 (0.5% of current total note balance) from
excess spread. This reserve is non-amortizing, and can be used to
cover charge-offs against the notes and liquidity shortfalls that
remain uncovered after drawing on the liquidity facility and
principal.

In addition, the performance of the underlying portfolio has been
within expectations since closing. As of August 2018, 1.9% of the
outstanding pool was 30-plus day delinquent, and 0.8% was 90-plus
day delinquent. The deal has incurred no losses to date.

In the outstanding pool in August 2018, both scheduled and
indexed loan to value (LTV) ratios have decreased from the
closing pool, but the extent of improvement is only around 1%-3%.
Moody's notes that 33% of the outstanding pool show LTV ratios
greater than 90%, based on the original property value.

Although the pool has 681 loans as at August 2018, the note
subordination and Guarantee Fee Reserve available for Class E and
Class F Notes cover only top 4 and top 3 borrowers, respectively.
Nonetheless, the current LTV ratios of these top borrowers is
relatively low at an average of around 60%.

Based on the observed performance, borrower concentration,
proportion of loans with high LTV ratios, and Moody's outlook on
the mortgage market, Moody's maintained its expected loss
assumption at 1.2% as a percentage of the pool balance, after the
completion of the pre-funding period in August 2016.

Moody's decreased its MILAN CE assumption to 10.1% from 12.8%
since closing, based on the current portfolio characteristics.
This reduction was primarily driven by indexation of house
prices, thereby reducing Moody's loss severity assumptions, as
well as higher seasoning benefit.

The MILAN CE and expected loss assumption are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash flow model.

The transaction is an Australian prime RMBS originated and
serviced by Liberty Financial Pty Ltd, a large Australian non-
bank lender.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include:
(1) performance of the underlying collateral that is worse than
Moody's expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.


P & S CONCEPTS: First Creditors' Meeting Set for Oct. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of P & S
Concepts Pty Ltd will be held at the offices of Worrells Solvency
& Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Oct. 17, 2018, at 3:00 p.m.

Matthew Kucianski and Con Kokkinos of Worrells Solvency &
Forensic Accountants were appointed as administrators of P & S
Concepts on Oct. 5, 2018.


PLANT HIRE: First Creditors' Meeting Set for Oct. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Plant Hire
Direct Pty Ltd will be held at the offices of Morton's Solvency
Accountants, Level 11, 410 Queen Street, in Brisbane, Queensland,
on Oct. 16, 2018, at 10:00 A.M.

Gavin Charles Morton of Morton's Solvency Accountants were
appointed as administrators of Plant Hire on Oct. 5, 2018.


SUMMIT FINANCIAL: Second Creditors' Meeting Set for Oct. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Summit
Financial Group Pty Ltd has been set for Oct. 17, 2018, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 8, 102 Adelaide Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 16, 2018, at 5:00 p.m.

Christopher Richard Cook of Worrells Solvency & Forensic
Accountants was appointed as administrator of Summit Financial on
Sept. 12, 2018.


WINBROCK PTY: Second Creditors' Meeting Set for Oct. 17
-------------------------------------------------------
A second meeting of creditors in the proceedings of Winbrock Pty.
Ltd. has been set for Oct. 17, 2018, at:

     Qantas Meeting Room
     Townsville Airport
     Cnr Halifax Street
     Time: 3:00 p.m.

        - and -

     Stinson Avenue
     Garbutt Queensland
     Time: 2:00 p.m.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 16, 2018, at 4:00 p.m.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Winbrock Pty on Sept. 18, 2018.



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C H I N A
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LAI FUNG: Fitch Affirms BB- LT FC & LC IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Lai Fung Holdings Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'BB-' with
Stable Outlook. Fitch has also affirmed the Hong Kong property
company's senior unsecured ratings and the rating on its USD350
million senior notes due 2023 at 'BB-'.

The affirmation is supported by Lai Fung's stable financial
profile with investment-property EBITDA/gross interest ratio of
1.4x and total debt-to-total property assets at 27% at July 31,
2017, both similar to levels a year earlier. Fitch expects Lai
Fung's IP EBITDA interest cover to remain above 1.2x due to the
stable demand for office buildings in Tier 1 cities in China,
mainly Shanghai and Guangzhou. Lai Fung is likely to start
leasing out Hengqin Novotown Phase I in the financial year ending
July 31, 2019 (FY19), and has plans to redevelop an investment
property in Shanghai, which may improve its IP EBITDA interest
cover.

The company's ratings continue to be constrained by its small IP
EBITDA of around USD60 million, and the large amount of IP under
development amounting to gross floor area of 3.3 million square
feet (sq ft) compared with the 3.3 million sq ft of completed
investment property in operation.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung maintained neutral to
positive funds flow from operations in FY15-FY17 as it focused on
healthy profit margins in the development business to support
development of new IP. Lai Fung's leverage, measured by total
debt/total property assets, remained under 30% in FY15-FY17,
although it rose to 35% in 1HFY18 as it raised debt for
refinancing and maintained stable cash inflow from property
sales. Lai Fung's GFA of development property available for sale
fell to around 2 million sq ft (excluding joint-venture projects)
in FY17 from 5.9 million sq ft in FY15, as it has not acquired
any land for property development.

Hengqin Project a Long-Term Positive: The Hengqin Novotown
project will become an important source of recurring income after
completion in 1HFY19 and is likely to push total IP EBITDA above
HKD600 million when the project matures after FY20. The sale of
its planned serviced apartment units may generate around HKD1
billion to support the development of this project in FY18-19.
Fitch expects the investments to develop this project to raise
Lai Fung's leverage to about 30% in the short to medium term,
though this would still below the threshold where Fitch could
consider negative rating action.

More Diversified Rental Income: Fitch expects Shanghai Hong Kong
Plaza, Lai Fung's flagship investment property, to account for
less than 50% of the company's rental revenue by FY19, from about
60% currently. The decline will result from the addition of new
investment properties. Fitch expects Lai Fung's mature investment
properties to have rental growth in the mid- to low-single digits
and achieve a stable EBITDA margin of around 62%. Its already-
high occupancy of above 95% for most of its key office and retail
properties means that further rental revenue upside will mainly
be driven by positive rental reversion.

Residential Profitability to Recover: Lai Fung's contracted sales
from development properties will be mainly driven by the Palm
Spring project in Zhongshan and the sale of serviced apartment
units in Hengqin Novotown in FY18 and FY19. Lai Fung's gross
profit margin for the property development business has been
above 40% since FY12, except for FY17 as profit recognition was
mainly from the Zhongshan project that had lower profit margin
than other projects.

Fitch expects gross profit margin to recover to above 30% in the
next two to three years, underpinned by better margins for
Hengqin Novotown the Wuliqiao project in Shanghai. Lai Fung's 3
million sq ft of GFA of development property available for sale
at January 31, 2018 will last until FY21 or FY22, based on the
current construction schedule.

DERIVATION SUMMARY

Lai Fung's shopping malls and offices enjoyed healthy occupancy
of over 90% and rental growth in the high single digits. Its IP
EBITDA/gross interest cover has been above 1.2x; setting it apart
from most Chinese homebuilders that rely on more risky
development property sales to service their debt. Its small IP
EBITDA of around USD60 million and significant exposure to
property-development risks constrain its ratings.

Lai Fung has significantly stronger financial profile compared
with similar companies focused on investment properties, such as
Golden Wheel Tiandi Holdings Company Limited (GWTH, B/Stable) and
Nanjing Jinsheng International Household Market Operating and
Management Co., Ltd. (Jinsheng, B+/Stable). GWTH's IP
EBITDA/gross interest coverage is only 0.5x. Jinsheng's IP
EBITDA/gross interest coverage is 1.2x and it has higher leverage
of 50%. Lai Fung's leverage is also lower than 'BB' rating
category peers' leverage of between 30% and 40%, as measured by
net debt/adjusted inventory.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Mid-to-low single-digit rental growth

  - IP GFA growth of about 30% in FY19 and 25% in FY20

  - Capex and dividend for FY18 and FY19 similar to FY17 level

  - Hong Kong Dollar (HKD) at 1.15 to Chinese yuan (CNY) over
    2018-2020

RATING SENSITIVITIES

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

  - IP EBITDA above HKD600 million (1HFY18: HKD257 million) and
    IP EBITDA /interest expense exceeding 1.5x (1HFY18: 1.7x) for
    a sustained period

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

  - IP EBITDA /interest expense sustained below 1.0x, or

  - Total debt/property assets exceeding 40% for a sustained
    period (1HFY18: 35%)

LIQUIDITY

Sufficient Liquidity: Lai Fung has consistently maintained enough
cash to cover its short-term debt. It had HKD4.0 billion of cash
on hand, which is sufficient to cover its short-term bank loans
of HKD2.5 billion as of January 31, 2018. In January 2018, Lai
Fung issued USD350 million of 5.65% guaranteed notes due 2023 to
refinance its CNY1.8 billion offshore Chinese yuan senior notes
due April 2018. Lai Fung's growing recurring EBITDA of over
HKD400 million will also provide steady cash flow to support its
debt servicing.

FULL LIST OF RATING ACTIONS

Lai Fung Holdings Limited

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

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

  - Foreign-currency senior unsecured ratings affirmed at 'BB-';

  - Local-currency senior unsecured ratings affirmed at 'BB-';

  - USD350 million 5.65% senior notes due 2023 affirmed at 'BB-'.


XINYUAN REAL: Fitch Affirms B LT FC IDR; Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised the Outlook on Chinese homebuilder
Xinyuan Real Estate Co., Ltd.'s Long-Term Foreign-Currency Issuer
Default Rating to Negative from Stable and affirmed the rating at
'B'. The agency has also affirmed Xinyuan's senior unsecured
rating at 'B' with a Recovery Rating of 'RR4'.

The Negative Outlook reflects Xinyuan's leverage, denoted by net
debt/adjusted inventory, which spiked to 58% in 1H18, from 45% in
2016, as the company significantly increased land acquisitions to
sustain its operations, including expanding outside of its
established market of Zhengzhou city in Henan province to
mitigate regional economic and policy risk. Fitch believes
Xinyuan will slow its acquisition pace, but that there is
inherent execution risk in launching projects outside of
established cities amid weakening market sentiment, which may
reduce its deleveraging. In addition, Xinyuan's margins are lower
than those of similarly sized peers in the 'B' rating category
and the company's ratings are constrained by its smaller
contracted sales scale.

KEY RATING DRIVERS

Rapid Land Replenishment: Xinyuan's small land bank and short
land bank life have been insufficient to sustain the fast growth
of its contracted sales, leading the company to increase its
leverage to significantly accelerate land replenishment and
double its land bank yoy to 4.9 million square metres (sq m) in
2017. The ratio of land acquisitions/contracted sales, as
measured by gross floor area (GFA), increased to 1.5x in 2017,
from 1.0x in 2016. Fitch estimates Xinyuan's land reserve life
was more than 3.5 years as at end-June 2018, which is comparable
with 'B' rated peers and improves the sustainability of its
business profile.

Xinyuan has begun to diversify into areas outside of Zhengzhou,
such as Jiangsu, Sanya and Wuhan, helping lower regional economic
and policy risks.

Leverage Spike: Xinyuan's leverage spiked to 58% in 1H18, from
45% in 2016, to support its landbank acquisitions. The company
does not plan to acquire land in 2H18 or 1H19 and expects the
large batch of new land acquired in 4Q17 to turn into contracted
sales in 4Q18. This is partially negated by a lower cash
collection rate in 2018, as most of Xinyuan's project launches
will be in late-2018. Fitch expects leverage to gradually fall,
but to stay at above 50% in the medium term.

Strong Contracted Sales: Xinyuan's attributable contracted sales
increased by 40% to CNY15 billion in 2017, following a 38%
increase in 2016, beating the company's 36% growth guidance. The
strong growth was driven by robust market sentiment in its core
tier-2 cities and satellite cities close to tier-1 cities, namely
Zhengzhou, Jinan, Changsha and Kunshan. Xinyuan's land bank is
well located, with tier-2 cities accounting for around 80% of
contracted sales. Xinyuan's sales growth was driven by GFA sold,
which was up by 22% yoy, and average selling price (ASP) growth
of 15% yoy to CNY12,143 per sq m in 2017. Fitch expects
contracted sales growth to slow to 16% in 2018.

Xinyuan diversified contracted sales to other regions, including
Jiangsu province, in 1H18, away from Zhengzhou, where it made
more than half of its sales in 2017, to lower policy risk arising
from regional concentration. However, Fitch believes there is
inherent execution risk in expanding sales outside its core city,
in light of its small operating scale and weakening market
sentiment. Any delay in project launches is likely to slow the
company's deleveraging trend.

Lower-than-Peer Margin: Fitch does not expect a significant
improvement in Xinyuan's EBITDA margin, which is likely to remain
below that of 'B' rated peers due to the company's limited
operating scale. However, the EBITDA margin should edge up
slightly in 2018, with a rising ASP trend for most of Xinyuan's
top-10 projects on sale in 2017 and 2H18, following an
improvement to 20.2% in 2017, from 18.7% in 2016, due to higher
ASPs in core cities and recognition of US projects.

Foreign-Exchange Risk: Xinyuan is more exposed to foreign-
exchange fluctuation risk than other Chinese developers, as its
revenue is mostly denominated in Chinese yuan, while its
reporting currency is in US dollars. Depreciation of the US
dollar against the Chinese yuan brought exchange gains of USD11.6
million in 1Q18, but this turned into a USD21.3 million exchange
loss in 2Q18 when the US dollar appreciated against the Chinese
yuan, causing a volatile reported net profit. Xinyuan has a few
residential projects located in the US, UK and other countries
where revenue is not denominated in Chinese yuan, but these
projects will contribute less than 10% of Xinyuan's sales, which
is inadequate to mitigate the negative effect of further
potential Chinese yuan devaluation against the US dollar.

DERIVATION SUMMARY

Xinyuan's business profile is comparable with other 'B' category
peers. Its rating is supported by solid sales and constrained by
a smaller contracted sales scale and low EBITDA margin.

In terms of financial profile, Xinyuan's contracted sales scale
is slightly larger than that of Beijing Hongkun Weiye Real Estate
Development Co., Ltd. (B/Stable). However, Xinyuan's leverage is
set to be significantly higher than that of Hongkun. In addition,
Xinyuan has a lower EBITDA margin, while sales churn is similar.

Xinyuan has slightly larger contracted sales but lower leverage
than Xinhu Zhongbao Co., Ltd. (B/Stable). Xinyuan's churn rate is
faster than that of Xinhu, but at the expense of a significantly
lower EBITDA margin. Xinyuan's land bank is focused on tier-2
cities, while Xinhu's land bank is focused in Shanghai.

Compared with 'B-' rated peers, Xinyuan's contracted sales and
EBITDA scale is a few times larger than that of Hydoo
International Holding Limited (B-/Stable). Xinyuan's contracted
sales scale is larger than that of Oceanwide Holdings Co. Ltd.
(B-/Stable), while its leverage is lower. Xinyuan's churn rate is
also faster than that of Oceanwide.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Contracted sales ASP to increase by 16% in 2018 and stay
    flat in 2019-2021

  - 5% contracted sales GFA sold on average in 2018-2021 (2017:
    22%)

  - Ratio of land acquisitions/contracted sales, as measured by
    GFA, increasing to 1.5x in 2018, then gradually falling to
    1.0x by 2021

  - Construction cost inflation of 2% in 2019-2021 (2017: -2%)

  - Land cost per sq m dropping by 25% in 2018 and then by 5% in
    2019-2021

RATING SENSITIVITIES

Fitch does not anticipate developments that would lead to a
rating upgrade. However, developments that may, individually or
collectively, lead to the Outlook being changed to Stable include
the negative guidelines below not being met in the next 18
months.

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

- Net debt/adjusted inventory rising above 50% for a sustained
  period

- Contracted sales/total debt falling below 0.6x for a sustained
  period

- EBITDA margin falling below 15% for a sustained period

LIQUIDITY

Adequate Liquidity: Xinyuan had cash and cash equivalents of
USD1.1 billion as of end-1H18 and restricted cash of USD384
million. Together with undrawn credit facilities of USD1.2
billion, this was more than enough to cover short-term borrowings
of USD1.9 billion. Of the USD1.9 billion in short-term debt,
USD1.7 billion does not mature in 2018, even though it is
classified as current debt because some of the debt has loan
terms allow lenders to request early repayment. The company
indicates that there have not been requests for early repayment
of these types of loans in the past.

Some of the debt comprises bonds that are puttable in 2018. All
holders of two corporate bonds worth USD387 million that were
puttable in April 2018 and August 2018 continue to hold the bonds
without asking for a step-up of the coupon rate. Management
expects holders of USD147 million in bonds to be puttable in
December 2018 to also continue holding the bonds without
requesting a coupon step-up.



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


AARVEE COLD: Ind-Ra Lowers LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aarvee Cold
Chain Logistics Private Limited's (ACCL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR90 mil. (reduced from INR120 mil.) Term loan due on
     November 2024 downgraded with IND BB/Stable rating; and

-- INR80 mil. Proposed term loan* assigned with Provisional IND
     BB/Stable rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan/transaction documents for the
above instrument to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects a fall in ACCL's revenue due to a change
in lessee in July 2017. Its revenue declined to INR33.8 million
in FY18 from INR40 million in FY17 (FY16: INR4 million). FY18
financials are provisional. The scale of operations is small.
Ind-Ra expects revenue to continue to decline in FY19 in view of
renegotiated rental income.

ACCL is undertaking the phase two of its cold storage unit,
involving a cost of about INR190 million, which is being 56%
funded by own funding and the remaining by a term loan.

The ratings factor in ACCL's modest debt service coverage ratio
(minimum 1.01x over the term of the lease), indicating modest
cash flows to service debt service obligations.

The ratings, however, are supported by a strong escrow
arrangement with a bank for the repayment of term loans, a lock-
in period of 10 years with the lessee, a strong termination
clause that protects debt service and interest earned on a fixed
deposit. ACCL has about INR42.5 million as interest-free security
deposits from the lessee that has been kept as the fixed deposit.

RATING SENSITIVITIES

Negative: Any further debt-led capex that stresses the debt
servicing will be negative for the ratings.

Positive: Timely collection of lease rental, leading to timely
debt servicing, and rent escalation, leading to an improvement in
the debt service coverage ratio, will be positive for the
ratings.

COMPANY PROFILE

ACCL has a cold chain building in Pune that it has leased to
Coldman Logistics Private Limited.


AASMA FOOD: CARE Assigns B+ Rating to INR8cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aasma
Food & Beverages Private Limited (AFBPL), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of AFBPL is
constrained by its small scale of operations with low
profitability margins, exposure to volatility in input prices and
working capital intensive nature of business, leveraged capital
structure with moderate debt coverage indicators, highly
fragmented and competitive industry due to low entry barriers.
However, the aforesaid constraints are partially offset by
experienced promoters with long track record of operations.  The
ability of the company to increase its scale of operation along
with improvement in profit margins and ability to manage its
working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
scale of operation of the company remained small as reflected by
its operating income of INR32.64 crore (Rs.32.90 crore in FY17)
with PAT of INR0.19 crore (Net loss INR3.33 crore in FY17) in
FY18, provisional. The company has reported net loss during FY17
due to waste of milk owing to some technical issue of milk not
processed. Furthermore, the profitability margins also remained
low marked by PBILDT margin of 6.38% and PAT margin of 0.58% in
FY18, provisional. The tangible net worth and total capital
employed stood low at INR1.35 crore and INR8.30 crore,
respectively, as on March 31, 2018, provisional. The small size
restricts the financial flexibility of the company and hinders
its growth prospects.

Exposure to volatility in input prices and working capital
intensive nature of business: The major input materials required
for the company are milk, sugar. The prices of which are volatile
in nature. Thus the entity is exposed to volatility in prices of
input materials. Furthermore, AFBPL being engaged in producing
milk products requires working capital intensively. Accordingly,
the average utilization of working capital was around 90% during
last 12 months ended August 31, 2018.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure was leveraged marked by
debt equity and overall gearing ratios of 3.36x and 5.15x
respectively as on March 31, 2018. The debt coverage indicators
of the company remained moderate marked by interest coverage of
2.67x and total debt to GCA of 5.31x in FY18, provisional. The
interest coverage was below unity during FY17; however, the
company has served it debt servicing obligations through cash
credit account.

Highly fragmented and competitive industry due to low entry
barriers: The milk processing industry is highly fragmented
and competitive due to presence of huge small players owing to
low entry barriers, low capital and technology requirement. In
such a competitive scenario smaller entities like AFBPL in
general are more vulnerable on account of its small scale of
operations. The company has to bid for the contracts based on
tenders opened by OMFED. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The
company generally receives the job work from OMFED however there
is uncertainty due to growing competition.

Key Rating Strengths

Experienced promoters with long track record of operations: AFBPL
is into milk processing industry since 2009 and thus has around a
decade of track record of operations. Mr. Ved Prakash Pandey, Mr.
Kishan Pandey, Mr. Chandra Prakash Pandey and Mrs. Payal Modi
have around a decade long experience in the similar line of
business. Mr. Ved Prakash looks after the day to day operations
of the company.

Aasma Food & Beverages Private Limited (AFBPL) was incorporated
in August 2009 by M.K. Singh, R.P. Singh and Devendra Prasad.
Since its inception, the company is into processing of milk
products. However, the company was taken over by the current
promoters Mr. Ved Prakash Pandey, Mr. Kishan Pandey, Mr. Chandra
Prakash Pandey and Mrs. Payal Modi with effect from July 11,
2017. The company has been engaged in milk processing and
production of milk products like cheese, paneer, butter, ghee,
milk pouch, dahi, lassi, milk powder and cream. The processing
plant of the company is located at EPIP Industrial Area, Hajipur,
Bihar with a processing capacity of 1 lakh tons per annum. The
company sells its product under its registered brand i.e. 'Milk
Magic' through distributors in the state of Bihar and West
Bengal. The company also does job work for Orissa State
Cooperative Milk Producers' Federation Limited (OMFED) and earns
commission charges from it.


AGRAWAL WOVEN: CARE Assigns B+ Rating to INR7.14cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Agrawal Woven Polymers (AWP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.14       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AWP are primarily
constrained on account of its modest scale of operations with net
loss, moderate solvency and liquidity position. The rating
further remain constrained on account of profitability vulnerable
to volatile raw material prices, presence in highly competitive
and fragmented woven sack industry and constitution as a
partnership concern.  The ratings, however, derive strength from
the experienced management.

The ability of the firm to increase in the scale of operations
with improvement in profitability, along with capital structure
and efficient management of working capital are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with net loss: Total Operating Income
(TOI) of the firm stood modest though has improved by 31.35% in
FY18 over FY17 owing to increase in demand of its products. With
increase in TOI along with low operating cost, PBILDT margin of
the firm has improved by 254 bps in FY18 over FY17 on account of
decline in operational costs.  However, it has continued
registered net loss of INR0.39 crore in FY18 on account of higher
interest and depreciation cost.  GCA has also improved and
remained at INR 1.16 crore in FY18 as compared to cash loss sof
INR0.32 crore in FY17.

Moderate solvency and liquidity position:Capital structure of the
firm has improved with improvement in overall gearing from 4.45
times as on March 31, 2017 to 1.42 times as on March 31, 2018
owing to considering of unsecured loans of INR4.81 crore as
quasi-equity which are subordinate to bank borrowings.
Debt service coverage indicators of the firm remained weak with
total Debt to Gross Cash Accruals stood at 9.23 times as on
March 31, 2018 and interest coverage at 2.45 times in FY18.
The operating cycle remained at 69 days on account of higher
inventory and receivables.

Profitability vulnerable to volatile raw material prices: The
primary raw material required for manufacturing of woven bags is
PP/HDPE which is a crude oil derivative. Over the years, prices
of crude oil have been volatile and so are the prices of
polymers. Considering the volatility associated with raw material
prices and the limited ability of the firm to pass on the
increase in raw material prices to end customers, exposes the
firm's operating margins to fluctuations in raw material prices.
The firm procures its primary raw material (PP) from Reliance
Industries Limited (RIL), Indian Oil Corporation Limited (IOCL)
and Oil & Natural Gas Corporation of India (ONGC).

Presence in highly competitive and fragmented woven sack
industry:
The plastic woven sack bags industry is dominated by players
operating in the small and medium-scale sector, resulting in
high fragmentation and intense competition. These players mainly
cater to regional demand and enjoy the benefits of lower cost in
terms of proximity to customers and raw material suppliers.
Further, due to low product differentiation and value addition,
the industry is highly competitive with price being the key
differentiating factor.

Constitution as a partnership concern: Further, its constitution
as a partnership concern with moderate net worth base restricts
its overall financial flexibility in terms of limited access to
external fund for any future expansion plans. Furthermore, there
is an inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of
proprietor.

Key Rating Strengths

Experienced management: The partners of the firm, Mr Kailash
Chand Agrawal, Mr Yogesh Agrawal, Mr Tarun Agarwal and Mr. Amit
Agarwal have wide experience of more than a decade in the
electronic trading industry through its group concerns, Agrawal
Agencies, Sound & Vision, Channel Master and Agrawal Associates.
Although, the partners have experience of three years in the
packaging industry, they are well acquainted with the movements
in the prices of woven bags as they were using woven bags for
packaging in the group concerns. Further, the firm has a team of
qualified professionals who have relevant experience in the woven
sack bags industry to look after the overall activities of the
firm. Mr. Prashant Bairagi, General Manager, has more than 20
years of experience; Mr. Somani, sales head, has more than 35
years of experience and Mr. Dhirendra Vishwakarma, production
manager, has more than 5 years of experience in the woven
polymers industry.

Udaipur based Agrawal Woven Polymers (AWP) was formed in
September 2014 as a partnership concern by Mr. Kailash Chand
Agrawal, Mr. Yogesh Agrawal, Mr. Tarun Agarwal and Mr. Amit
Agarwal in a profit & loss sharing ratio of 10:10:40:40
respectively. The company is engaged in the manufacturing of
woven sack bags at Udaipur (Rajasthan).

Woven sack bags are manufactured from Polypropylene (PP)/High
Density Polyethylene (HDPE) granules and find their applications
in storing and transporting free flowing dry products like flour,
salt, cotton, cement, rice, seeds, cattle feeds and sugar, etc.
The firm commenced its commercial operations from January 2016.


ALCHEMIST LIMITED: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated its ratings on bank facilities of Alchemist
Limited (AL; a part of the Alchemist group) from 'CRISIL D Issuer
Not Cooperating' to 'CRISIL D'

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3.50      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    21.82      CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING')

   Term Loan              7.18      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated its ratings
on the bank facilities of AL to 'CRISIL D Issuer Not
Cooperating'. However, AL has subsequently shared the requisite
information necessary for carrying out a comprehensive review of
the ratings. Consequently, CRISIL is migrating its ratings from
'CRISIL D Issuer Not Cooperating' to 'CRISIL D'

The rating reflects delays in servicing the interest and
repayment obligation were reported due to weak liquidity, high
total outside liabilities to tangible networth ratio and weak
operating profitability. These rating weaknesses are partially
offset by long track record and diversified operations.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries Alchemist
Infrastructures Pvt Ltd (AIPL), and Alchemist Hospitality Group
Ltd (AHGL). This is because these subsidiaries, collectively
referred to as the Alchemist group, are wholly owned by AL, and
all the companies are under a common management.

ROC Foods Limited (ROC; formerly known as Alchemist Foods Ltd)
has been deconsolidated as currently AL holds only 25% of ROC's
share as compared to the previous 85%.

Alchemist Enterprise(S) Pte Ltd is non-operational and has been
wound up.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity: Delays in servicing the interest and repayment
obligation were reported due to weak liquidity.

* High total outside liabilities to tangible networth ratio:
Leverage is negative due to negative networth of INR-110.8 crore
as on March 31, 2018.

* Weak profitability: Operating margin was negative at -35.5 % in
fiscal 2018.

Strengths

* Long track record and diversified operations: Founded in 1981
by Dr K D Singh, the Alchemist group has presence in diverse
industries such as food processing, restaurants, pharmaceuticals,
steel mesh, and floriculture. The group is also one of the few
Indian players undertaking integrated poultry farming with a
vertically integrated poultry-processing plant at Banmajra
(Punjab).

AL was initially established in 1988 at as Toubro Infotech &
Industries Ltd, a private-limited company by Dr K D Singh; it got
reconstituted as AL when it came out with its initial public
offering in 1994. AL has grown into a diversified corporation
with operations in chemical trading, pharmaceuticals, food-
processing, floriculture, and steel.


AUTOTEC SYSTEMS: CRISIL Lowers Rating on INR6.5cr Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of AutoTEC Systems Private Limited (AutoTEC) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' while reaffirming its short term rating
at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         6.75       CRISIL A4 (Reaffirmed)

   Cash Credit            2.00       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       2.00       CRISIL A4 (Reaffirmed)

   Proposed Cash          6.50       CRISIL B/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the business and
financial risk profile, particularly liquidity, due to stretched
working capital cycle. Owing to stretched debtors and a longer
inventory holding period, reliance on the working capital bank
line is high. At the same time business risk profile has
deteriorated which is reflected from negative operating margins
as on March 31, 2018. While operations are expected to remain
working capital intensive, improvement in the receivable cycle
and better realization from the customers along with high margins
orders from the customers would be a key rating driver over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks pertaining to customer concentration in
revenue, and volatility in raw material prices and foreign
exchange (forex) rates: AutoTEC is exposed to customer
concentration risks. It derives a significant portion of its
revenue from a few customers including Bharat Dynamic Limited
(BDL), Hindustan Aeronautical Limited (HAL) and divisions of
Defence Research and Development Organisation (DRDO). AutoTEC
imports almost half of its raw materials, and sources the
remainder from the domestic market. However, the company does not
hedge its forex exposure. This exposes it to risks related to
fluctuations in forex rates. CRISIL believes that AutoTEC's
operating margin will continue to be susceptible to fluctuations
in raw material prices and forex rates over the medium term.
CRISIL believes that AutoTEC's may remain exposed to risks
pertaining to customer concentration in revenue and fluctuations
in raw material prices and forex rates over the medium term.

* Working-capital-intensive nature of operations: The working
capital cycle is large with GCAs of 360 days, largely contributed
by debtors of 185 days and inventory holding of 72 days as on
March 31, 2018. The cycle has elongated significantly during last
year due to few contracts getting executed towards the end of
year. Accordingly, the same was partially funded by creditors to
the tune of 47 days. CRISIL believes that AutoTEC's operation may
remain working capital intensive over the medium term.

Strength

* Established position in defense hardware industry: AutoTEC
manufactures, assembles, and trades in defense hardware. Around
95 per cent of its revenue comes from manufacturing and
assembling, and the remainder from product support and
maintenance services (for products after expiry of warranty
period). AutoTEC is one of the preferred vendors for major
customers such as Bharat Dynamics Ltd (BDL) and Hindustan
Aeronautics Ltd (HAL). CRISIL believes that AutoTEC will continue
to benefit from its established position in the defense hardware
industry over the medium term.

* Acquisition of share by Adani defence systems and technologies
ltd: In fiscal 2018, Adani defence systems and technologies ltd
has acquired 26% shares in the company. This is expected to
support the liquidity profile of the company to certain extent by
the funds brought in by Adani defence systems and technologies
ltd.

Outlook: Stable

CRISIL believes that AutoTEC will continue to benefit over the
medium term from its established position in the defence hardware
industry and its comfortable order book. The outlook may be
revised to 'Positive' if the company books significantly higher-
than-expected cash accruals, driven by improvement in its scale
of operations, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
substantial increase in AutoTEC's working capital requirements,
or large capital expenditure, or low cash accruals.

AutoTEC, set up in 2000, provides hardware, software, and related
support services to the defence sector. The company, based in
Bengaluru, is managed by Mr. Satish Kumar.


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

The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limit maintained in
    non-cooperating category IND BB+ (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR13 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR94 mil. Term loan maintained in non-cooperating category
    with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Birmi International manufactures polyester
fiber for home furnishing and ready-made garments and sells its
products to dealers and traders across India.


COSMO FERRITES: CRISIL Lowers Rating on INR9.79cr Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Cosmo Ferrites Limited (CFL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', while reaffirming the short-term rating at 'CRISIL
A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         0.5        CRISIL A4 (Reaffirmed)

   Cash Credit            6.62       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Export Packing Credit  5.00       CRISIL A4 (Reaffirmed)

   Letter of Credit       8.00       CRISIL A4 (Reaffirmed)

   Proposed Bank
   Guarantee              0.50       CRISIL A4 (Reaffirmed)

   Proposed Cash          9.79       CRISIL B/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Proposed Term Loan     6.75       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Standby Line of        1.0        CRISIL B/Stable (Downgraded
   Credit                            from 'CRISIL B+/Stable')

   Term Loan             11.84       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects CFL's below-average financial risk profile
and liquidity, driven by weaker performance in fiscal 2018, and
first quarter of fiscal 2019, due to decline in operating margin
and profit after by (PAT) margin to 2.7% and -3.0%, respectively,
in fiscal 2018 from 8.6% and -1.2% in the previous year. Large
maturing debt against insufficient cash accrual in fiscal 2018,
and subdued profitability along with instances of cash losses,
weakened liquidity. This is, however, mitigated by continuous and
strong support via inter-corporate deposits from promoter-owned
companies.

The ratings continue to consider small scale of CFL's operations
and weak financial risk profile. These weakness are partially
offset by established presence in the soft ferrites industry and
longstanding client associations.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Revenue of INR81 crore reported in
fiscal 2018 reflects small scale of operations, mainly
constrained by competition from China. Establishment of the coils
unit and ramp up of the light-emitting diode (LED) unit will
enable forward integration and support revenue growth, going
forward. Ramp-up of the coil and LED verticals, along with
renewed focus of the government through Energy Efficiency
Services Ltd on LED lighting, will also be a key growth driver.

* Weak financial risk profile: Financial risk profile is marked
by weak debt protection metrics, stemming from subdued
profitability to 2.7% in fiscal 2018 from 8.6% in the previous
year. Interest coverage and net cash accrual to total debt ratios
were 0.4 time and 0.04 times, respectively, in fiscal 2018.
Gearing was 2.5 times as on March 31. 2018.

Strengths

* Established market presence and longstanding client
associations
Benefits from the promoters' three decade-long experience in the
soft ferrite industry and established position in the overseas
markets, will continue to support the business risk profile.
Export market is dominated by reputed players such as EPCOS AG
and TDK Ferrites Corporation, besides Chinese manufacturers. The
company has strategically chosen to manufacture soft ferrites,
which are used by manufacturers of low-volume, high-value
products such as transformers, bulbs, mobile phones, and solar
equipment. Strong clientele, comprising over 200 customers, and
diversification into exports and other end-user industries,
partially offset risk of downturn in any particular industry.

Outlook: Stable

CRISIL believes CFL will continue to benefit from an established
market position and healthy client relationship. The outlook may
be revised to 'Positive,' if substantial cash accrual strengthens
liquidity and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if significantly low profitability or
any large, debt-funded capital expenditure weakens financial risk
profile and liquidity.

CFL, set up by Mr Ashok Jaipuria in 1986, manufactures soft
ferrites and coils at its facility near Shimla, and caters to a
wide customer base, comprising distributors manufacturers of
transformers, compact fluorescent lights, mobile phones, wireless
chargers, and inductive heaters. Mr Jaipuria is also the founder-
promoter of Cosmo Films Ltd, which manufactures bi-axially-
oriented polypropylene films.


DUARS UNION: CRISIL Reaffirms B+ Rating on INR7.5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Duars
Union Tea Co. Limited (DUTCL) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        0.6       CRISIL A4 (Reaffirmed)
   Cash Credit           7.5       CRISIL B+/Stable (Reaffirmed)
   Term Loan             0.4       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations,
exposure to seasonality in tea production, and high operating
leverage. These weaknesses are partially offset by the extensive
industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The fragmented nature of the
industry and the presence of established players constrain growth
prospects for smaller tea manufacturers such as DUTCL. The
operating income was modest at around INR12.74 crore in fiscal
2018, resulting in limited bargaining power. The company is
likely to remain susceptible to intense competition in the tea
industry due to its small scale of operations.

* Exposure to seasonality in tea production and high operating
leverage: Tea is a seasonal product, and its production depends
on weather conditions. Labour alone accounts for nearly 40% of
total cost. In case of lower production or reduction in
realisations, there may be a significant drop in profitability or
even an operating loss. The operating margin is also constrained
by limited pricing power.

Strengths:

* Extensive industry experience of the promoters: The promoters,
Mr Sushil Agarwala and his family members, have around five
decades of experience in the tea industry. The company operates a
tea estate, Ord Tea Estate Factory, in Darjeeling, which provides
around 80% of the annual raw material to process tea. It also has
an established relationship with key auctioneers and customers in
the Siliguri, West Bengal, auction house. This has helped sustain
operations across various cycles in the tea industry.

Outlook: Stable

CRISIL believes DUTCL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of a sustained and substantial increase in
operating income and cash accrual along with improved working
capital management. The outlook may be revised to 'Negative' in
case of low operating income or cash accrual, or significant
deterioration in the financial risk profile, most likely because
of large, debt-funded capital expenditure or a stretched working
capital cycle.

Headquartered in Kolkata, DUTCL was incorporated in 1914 and was
taken over by the current promoters, Mr B P Agarwala and his son,
Mr Sushil Kumar Agarwala, in 1968. The company is engaged in tea
estate management and processing of CTC (cut, tear, and curl) tea
in Darjeeling, West Bengal.


DURGA RICE: CRISIL Withdraws B Rating on INR7cr Cash Credit
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Durga
Rice Mills (DRM) on the request of the company and receipt of a
no objection from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

   Term Loan              1.8      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DRM. This restricts CRISIL's
ability to take a forward DRM is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of DRM
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

DRM, set up in 1982 as a partnership firm by Mr. Lala Ram and his
family members, mills, processes, and sells basmati and non-
basmati rice and its by-products.


DURGASHREE CASHEWS: CARE Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Durgashree Cashews (DC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.00       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of DC are tempered by
small scale of operations with low networth, declining PBILDT
margins during the review period, leveraged capital structure and
weak debt coverage indicators, working capital intensive as well
as labour intensive nature of business, highly fragmented and
competitive industry, exposure to foreign exchange fluctuation
risk and constitution of the entity as partnership firm with
inherent risk of withdrawal of capital. The ratings, however,
derives strength from reasonable track record and experience of
the promoters for more than a decade in cashew industry, growth
in total operating income during the review period and stable
outlook of cashew industry.

Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, manage working capital requirements efficiently and
improve the capital structure and debt coverage indicators would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low networth: The firm has a track
record of nine years, however, the total operating income (TOI)
of the firm remained low at INR8.95 crore in FY17 with a low net
worth base of INR1.49 crore as on March 31, 2017 as compared to
other peers in the industry.

Declining PBILDT margins: The PBILDT margins of the firm are seen
declining during the review period. The PBILDT margin of the firm
has decreased from 11.05% in FY15 to 8.41% in FY17, as although
sales realizations increased, the firm could not pass on the
increase in raw material cost to its customers. The firm follows
the strategy of purchasing high quantities of stocks of raw
cashew when the price is relatively low which could cause
fluctuations in the profitability margins in the future.
Furthermore, PAT margin of the firm stood in the range of 1.57%-
2.06% due to y-o-y increase in interest and financial expenses.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged as on March 31,
2017. The debt equity ratio has improved from 1.06x as on
March 31, 2015 to 0.38x as on March 31, 2017 due to repayment of
term loans and vehicle loans. However, the overall gearing ratio
of the firm deteriorated from 1.67x as on March 31, 2015 to 3.12x
as on March 31, 2017 due to high utilization of working capital
limits.  The debt coverage indicators of the firm stood weak
during the review period. The total debt/GCA though deteriorated
from 7.03x in FY15 to 15.36x in FY17 due to increase in debt
levels at the back of high utilization of working capital limits.
The PBILDT interest coverage ratio improved marginally from 2.09x
in FY15 to 2.30x in FY17 due to increase in PBILDT levels.
However, it deteriorated to 2.04x in FY17 due to increase in
interest cost at the back of high utilization of working capital
limits.

Working Capital intensive as well as labour intensive nature of
operations: The operating cycle of the firm stood between 60-161
days due to high average inventory period during review period.
The firm imports 3-4 times in a year from the foreign countries
in the months of April or May and December or January. The
average inventory period stood high during the review period as
the firm purchases high quantities of stocks of raw cashew when
the price is relatively low and also seasonal availability of raw
cashews. The firm also purchases raw cashews locally from
farmers. The firm receives the payment from its customers within
30 days from the date of invoice. The firm makes payment to the
foreign suppliers within 7 days once the raw material reaches at
the customs port. Further, the firm makes purchases from the
local farmers and traders on cash basis. The average utilization
of CC facility was 80% for the last 12 months ended August 31,
2018. The processing of raw cashew into graded cashew involves
both working capital and labour requirements. The First three
processes of roasting shelling and drying involves machines and
the next levels of peeling, grading and packing involve labour.
Hence, DC's operations are not only working capital intensive but
it is also labour intensive.

Exposure to foreign exchange fluctuation risk: As imports
constitute around 90% of the total purchases of the firm, the
firm is exposed to foreign exchange fluctuation risk. The imports
exports raw cashew nuts from Dubai, Singapore, Indonesia, African
countries like Benin, Togo, Ivory Coast, and Tanzania etc. The
firm enters into contract with the supplier for purchase of raw
material and the firm receives them at the customs port within 45
days from the date of contract. The firm makes payment in foreign
currency (USD) within 7 days once the raw material reaches the
port The firm has no hedging policy there by exposing the
payables to foreign exchange fluctuation risk.

Highly fragmented and competitive industry: The cashew processing
business is highly fragmented with presence of large number of
organized and unorganized players in India as well abroad. There
is a high competition within the industry due to low entry
barriers and low product differentiation, thus limiting the
pricing flexibility. Raw cashew being an agro-commodity, the
availability of the same depends upon the climatic conditions.

Constitution of the entity as partnership firm: Constitution as a
partnership has the inherent risk of possibility of withdrawal of
the capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnership
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders. The partners of the firm have withdrawn
capital to the tune of INR0.33 crore in FY17.

Key Rating Strengths

Reasonable track record and experience of the promoters for more
than a decade in cashew industry: Durgashree Cashews (DC) was
established in 2009 as a partnership firm by Mr.B. Satish Shetty
and Mrs.Suhasini S Shetty. Mr.B. Satish Shetty has around 25
years of experience in cashew processing business. Further,
Mrs.Suhasini S Shetty has experience of more than 10 years of
experience in cashew processing business. Due to long experience
of the partners, they were able to establish long term
relationship with clientele. The same is expected to help the
partners in developing
their business in near future.

Growth in total operating income: The total operating income of
the firm increased y-o-y at a CAGR of 28.27% i.e., from INR5.44
crore in FY15 to INR8.95 crore in FY17, at back of increase in
sales volume and sale price per tin coupled with repetitive
orders from existing customers. Furthermore the firm has achieved
turnover of INR9.95 crore in FY18 (Provisional).

Stable outlook of cashew industry: India is the major cashew
growing country in the Asia-Pacific, positioned as the largest
producer of raw cashew nut (RCN) globally with 5.5 lakh metric
tons per annum. In India, cashew is grown in the peninsular areas
of Kerala, Karnataka, Goa and Maharashtra, Tamil Nadu, Andhra
Pradesh, Orissa and West Bengal. The country is the single
largest producer and exporter of cashews, accounting for 40% of
the global share. It is also the largest importer of RCN
globally, with around 8 lakh metric tons of average annual
imports, followed by Vietnam. The cashew crop is traded in
several forms including cashew kernels, broken and whole; raw
cashew nuts; roasted cashew nuts and cashew nut shell liquid.
However, due to an ongoing supply crunch, Indian cashew price
will continue to escalate in the near future. Shippers of raw
cashew nuts (RCN) have defaulted or negotiated new prices with
sellers in India. In India, fluctuating climatic conditions are
affecting the overall harvest; however, an unprecedented 40% rise
in prices is helping cashew farmers.

Durgashree Cashews (DC) was established in 2009 as a partnership
firm by Mr.B. Satish Shetty and Mrs.Suhasini S Shetty. The firm
is engaged in processing of raw cashew nut into cashew kernels,
the process involves steam roasting, shell cutting, peeling and
grading. The firm majorly procures raw material (raw cashew nuts)
through imports from Dubai, Singapore, Indonesia, African
countries like Benin, Togo, Ivory Coast, and Tanzania etc. The
firm also purchases raw cashews locally from farmers. Imports
constitute 90% of the total purchases. The firm sells the cashew
kernels throughout India through agents. Goa, Karnataka,
Maharashtra, Punjab and Rajasthan are the major states covered by
the firm. The firm also generates income from sale of by-products
cashew shells, cashew husk and rejections.


EVEREST KANTO: CRISIL Maintains 'C' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL had classified Everest Kanto Cylinder Ltd (EKC) as 'non-
cooperative vide its release dated February 16th 2017. CRISIL has
been consistently seeking information and a discussion with the
group's management since October 2016. Despite several emails and
calls, the company has not submitted any information. CRISIL had,
through letter dated 28 February 2018, and 31 August 2018
informed the group of the extant guidelines and requested for
corporation. The issuer, however, remains non-cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              368.2      CRISIL C (ISSUER NOT
                                     COOPERATING)

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 EKC. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
EKC is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB'
category or lower. Based on latest available information, CRISIL
has continues its rating on the term loan of EKC to 'CRISIL C
(Issuer Not Cooperating)'

The rating action reflects companies improving operating
profitability coupled with reduction in debt obligations from
sale of land assets. Operating profitability improved from ~1.1%
in fiscal 2016 to 15.4% in fiscal 2018 aided by recovery in
business from cyclicality and impact of geopolitical tensions in
middle east. Debt reduced from INR578 crores to Rs377 crores in
same period aided by sales of assets in Gandhidham, Gujarat.
Improvement was witnessed in debt protection metrices due to
lower interest expense and improvement in net cash accruals.

The rating also reflects the Everest Kanto group's working-
capital-intensive operations, susceptibility of revenues to
macroeconomic conditions and the suboptimal utilisation of its
large manufacturing capacities, resulting in pressure on cash
accruals. The group, however, has an established market position
in the high-pressure seamless cylinder segment.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of EKC and its wholly owned subsidiaries,
including step-down entities, EKC International FZE, Dubai; EKC
Industries (Tianjin) Co Ltd, China; EKC Industries (Thailand) Co
Ltd, Thailand; EKC Hungary Kft, Hungary; Calcutta Compressions &
Liquefaction Engineering Ltd, India; EKC-Europe GmbH and CP
Industries Holdings Inc, USA. This is because all these
companies, collectively referred to as the Everest Kanto group,
have common promoters, are in the same line of business, and have
intra-group operational synergies, including fungible cash flows.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of revenue to macro-economic conditions
The Everest Kanto group's operating performance is affected by
cyclicality in the end-user industry.Subdued growth in the
industrial sector adversely affected demand for the company's
product. The group's operating performance was also impacted by
the geopolitical situation in the Middle East which was one of
major contributor to revenue and profitability.

* Working capital-intensive operations: The group's working
capital requirements are large, with gross current assets (GCAs)
at over a year of sales, which impairs cash flow from operations.
The working cycle is stretched mainly on account of high
inventory, at around 212 days in fiscal 2018

* Sub-optimal capacity utilisation resulting in weak cash accrual
The Everest Kanto group has aggressively expanded its production
capacities and introduced new technologies in the manufacture of
high-pressure seamless gas cylinders. Large interest cost and
higher overhead expenses, coupled with revenue de-growth severely
constrained the cash accrual and debt protection metrics.

Strengths

* Established market position in the high-pressure seamless
cylinders segment: The Everest Kanto group is the market leader
in the compressed natural gas (CNG) cylinders segment in India.
EKC has a widespread geographic presence, and exports to over 20
countries. International operations contributed to 46% of
revenues in fiscal 2018.

The group pioneered the manufacture of high pressure seamless
cylinders in India in 1978, and currently has a global presence
with manufacturing facilities in India, Dubai, the US, and China
and marketing offices in Thailand and Germany.

Promoted by Mr. P K Khurana in 1978, the Everest Kanto group
manufactures high-pressure seamless compressed natural gas and
industrial cylinders. The gas cylinders are used by automobile
original equipment manufacturers, retrofitters, and gas
distribution companies; the industrial cylinders are used in the
healthcare, fire-fighting, and food and beverages segments. The
group has manufacturing units in India, Dubai, the US, and China,
with a total capacity of ~1 million cylinders per annum, and
marketing offices in Thailand and Germany.


G.M. RAVINDRA: CRISIL Withdraws B+ Rating on INR6.5cr Overdraft
---------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of G.M.
Ravindra (GMR) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating' from 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          3.5       CRISIL A4 (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL A4'; Rating
                                      Withdrawn)

   Overdraft               6.5       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B+/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with GMR for obtaining
information through letters and emails dated September 14,2018,
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 GMR. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
GMR is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of GMR to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating' from 'CRISIL
B+/Stable/CRISIL A4'.

CRISIL has withdrawn its rating on the bank facilities of GMR on
the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

GMR was set up in 2004 as a sole proprietorship concern by Mr. G
M Ravindra in Bengaluru. The firm is engaged in civil
construction works, primary construction of Reinforced Concrete
(RCC) culverts and storm water drains, in Bengaluru. GMR is a
registered contractor with Bruhat Bengaluru Mahanagara Palike
(BBMP).


HINDUSTAN FLUOROCARBONS: CRISIL Moves C Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hindustan
Fluorocarbons Limited (HFL) to 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            5.15      CRISIL C (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       0.38      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     5.97      CRISIL C (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HFL for obtaining
information through letters and emails dated September 14, 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 HFL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HFL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HFL to 'CRISIL C/CRISIL A4 Issuer not cooperating'.

HFL is a Hyderabad-based company manufacturing poly tetra fluoro
ethylene (PTFE), an engineering plastic in India. HFL was
incorporated in 1983 as a subsidiary of Hindustan Organic
Chemicals Limited (HOCL).


HOTEL CHANDRADEEP: CRISIL Assigns B Rating to INR6cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Hotel Chandradeep Regency (HCR).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan               6         CRISIL B/Stable (Assigned)

The rating reflects exposure to off take risk related to its
recently started hotel and modest scale of operations in
intensely competitive hospitality sector and the below average
financial risk profile of the firm. These rating weakness are
partially by the extensive entrepreneurial experience of HCR's
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to off take risk of its hotel: HCR commenced its
project in January 2019.  Demand risk is moderate as the industry
is highly fragmented marked by low entry barriers with small
capital and technological requirements. HCR will be exposed to
competition from others in Dhule.

* Below average financial risk profile and dependence on the
promoters for funding support: HCR's financial risk profile is
constrained by aggressive gearing, small networth, and subdued
debt protection metrics. The gearing is expected to be in the
range of 3-4 times over the medium term, due to substantial term
loan contracted to fund the construction of the hotel.
Additionally, the firm is dependent on the promoters to fund its
repayment obligations until the operations stabilize fully and a
significant ramp up is reached adding to the gearing of the firm.
The networth is expected to be low, between INR1.4-INR1.6 cr over
the medium term. The financial risk profile is likely to remain
below average due to continued large debt.

* Exposure to risks related to cyclicality in the hospitality
sector: The hotel industry is vulnerable to changes in the
domestic and international economies. Typically the industry
follows a six-year cycle. Costs remain high for premium
properties even during downward shifts in demand; cash flows from
these properties are therefore more susceptible to downturns.

Strength:

* Entrepreneurial experience of promoters: The proprietor of the
firm, Mr Dinesh Jagtap has been in the real estate sector for the
past five years through his group concern, Chandradeep
Developers.

Outlook: Stable

CRISIL believes HCR will benefit over the medium term from the
favorable location of its hotel and the promoters' extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if the company completes its ongoing project on time
and ramps up operations earlier than expected. Conversely, the
outlook may be revised to 'Negative' in case of cost or time
overrun in the project or if ramp-up in operations is not as
expected.

Dhule-based HCR is owned by Mr Dinesh Jagtap. The firm is setting
up a hotel which will have facility of total 22 rooms including 2
suite rooms along with restaurant, gym, swimming pool, banquet
hall, marriage hall and bar.


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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limit migrated to Non
     Cooperating Category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR50 mil. Long-term loan due on March 2023 migrated to Non
     Cooperating Category with IND B- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008 by Mr. Asutosh Sharma, Indo Sponge Power and
Steel was taken over by Mr. Ankit Agarwal, Mr. Manas Agarwal and
Mr. Rahul Agarwal in FY16.


ISIRI AGRO: CARE Migrates B Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of ISIRI
Agro Private Limited (IAPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       16.00      CARE B; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE has been seeking information from IAPL to monitor the rating
vide e-mail communications/ letters dated May 8, 2018, May 31,
2018, June 12, 2018 and September 3, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the rating.
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 opinion is not sufficient
to arrive at fair rating. The rating on ISIRI Agro Private
Limited's bank facilities will now be denoted as CARE B; Stable;
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 rating.

Detailed description of the key rating drivers

At the time of last rating on June 23, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Nascent stages of business operations with tender based nature of
operations: IAPL has been into operations since 2016 and has low
Net worth of INR0.01 crore as on March 31, 2016 and further
eroded in FY17 (Provisional) due to net loss resulting in
negative networth as on March 31, 2017 (Provisional). The company
is dependent on debt funds for completion of polyhouse
construction. The company achieved total operating income of
INR0.07 crore and INR0.01 crore in FY16 and FY17 (Provisional)
respectively. Going forward, its operations are dependent on
competitive pricing it quotes to the farmers with agreeable
terms.

Financial performance marked by net loss, leveraged capital
structure and weal debt coverage indicators: The financial
performance of the company was weak in the last two financial
years ended March 31, 2017 (Provisional).

Weak financial performance was mainly due to nascent stage of
operations resulting in total operating income of INR0.07 crore
in its limited period of operations of 3 months in FY16 and
receipt of only nominal amount from farmers as advances and
unable to avoid operational costs associated with running of
business along with depreciation costs. In FY17 (Provisional)
also, IAPL neither received any advances nor made any substantial
progress in constructing poly houses and incurred net loss of
INR0.08 crore with total operating income of INR0.01 crore.

Interest coverage ratio though remained comfortable at 21x for
FY16 as it has no interest obligations and bank facilities, Total
debt to Gross cash accruals remained weak at 8.98x as at the end
of FY16 owing to unsecured loans from related parties of INR 0.26
crore which was high as compared to its low cash accruals. With
low Net worth of INR0.01 crore, the capital structure remained
leveraged marked by overall gearing of 45.18x as on March 31,
2016. The capital structure further deteriorated with negative
networth as on March 31, 2017 (Provisional).

Highly fragmented & competitive industry: The Indian Poly houses
construction sector is fragmented with presence of many mid and
large-sized players. Given the volatile economic environment,
there has been a slowdown in release of new contracts. However
the long term outlook appears satisfactory on the back of major
investment expected from the government sector. Furthermore the
total income earned and profit margins of the firm depend upon
the bargaining power of IAPL to receive work orders with better
margins.

Geographical concentration risk with projects confined to
Telangana & Karnataka only: The projects undertaken and in
progress by IAPL are confined only to Karnataka & Telangana
states. It is empanelled with Telangana and Karnataka state
government horticulture departments for undertaking polyhouse
constructions for farmers.

Dependence on Government for funds: IAPL gets its revenue of
nearly 75% as subsidies from respective Govt. department at
various stages of completion of poly houses and only balance 25%
from the farmers. The subsidies are received at stages as 10% of
revenue from construction on laying foundation and material
delivered to site, 50% of revenue on installation and inspection
of greenhouses and balance 15% after 3rdparty verification.
Therefore, timely realizations of funds become important for IAPL
to run the business operations smoothly.

Key Rating Strengths

Experienced promoters: The Promoters of IAPL are Mr. Gowrishankar
Uday kumar. Mr. S Devananda, Mr. Annaiah, Mrs. K Lalitha & Mrs.
Vimala Uday kumar who are having a reasonable experience of over
5 years in Agri industry.

Satisfactory order book size position: Current order book
contains work orders from over 150+ farmers from regions of
Telangana and Karnataka that have choosen IAPL as their
empanelled company for carrying out the polyhouses construction
with total value of INR 80 crore including government subsidies.
For few of these farmers land, foundation has been laid and IAPL
is seeking for bank
funds for completion of these orders.

IAPL was incorporated in the year December 23, 2015 by Mr.
Gowrishankar Uday Kumar, Mrs. Vimala Uday Kumar, Mr. Annaiah,
Mr.S Devanand and Ms. K. Lalitha as its Directors. IAPL started
its commercial operations in January 2016. The company was
started with the objective of assisting farmers in protected
cultivation in polyhouses/ greenhouses by undertaking polyhouses
construction and providing help in cultivation activities that
includes Research and Development for farming activities,
Irrigation Support solutions such as water usage management
techniques, Soil test and land management, Quality control,
Advisory Services in farming and managing crop yield etc. and
then creating a market for such grown products through buy back
arrangements. It also provides agronomic/agricultural engineering
support invariably to farmer for a period of 3 years. For FY17
(Provisional) IAPL neither received any advances nor made any
substantial progress in constructing poly houses and incurred net
loss of INR0.08 crore with total operating income of INR0.01
crore.


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

The instrument-wise rating actions are:

-- INR210 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR36.55 mil. Term loan maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jindal Rice & Gen. Mills was established in 1996 as a partnership
firm. The firm undertakes the processing and trading of Basmati
and non-Basmati rice in the domestic market. It also undertakes
custom milling operations for the Haryana government.


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

The instrument-wise rating actions are:

-- INR56.92 mil. Term loans due on March 2023 migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)
    rating;

-- IN20.0 mil. Fund-based working capital migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR4.0 mil. Non-fund-based working capital migrated to Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Formed in September 2015, Kamal Textile Industries manufactures
grey fabrics through the weaving process.


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

The instrument-wise rating actions are:

-- INR80.00 mil. Non-fund based working capital limit maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating;

-- INR28.85 mil. Term loan maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR16.15 mil. Proposed non-fund-based working capital limit
     maintained in non-cooperating category with Provisional IND
     A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001 and promoted by Mr. Amneesh Mittal and Mr.
Rajneesh Mittal, Kaursain Exports manufactures readymade and
hosiery garments and exports them mainly to the US, the UAE and
Saudi Arabia.


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

The instrument-wise rating action is:

-- INR210 mil. Fund-based limits maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 22, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1975, Kedia Pipes is a three-decade old Kolkata-
based distributor of Tata GI pipes and Tata Structura (square and
rectangular hollow sections) in the seven districts of West
Bengal namely Kolkata, Howrah, north 24 parganas, south 24
parganas, Nadia, Hoogly and East Midnapore.


L R N FINANCE: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has followed up with L R N Finance Limited (LRN Finance)
for obtaining information through letters and emails dated
March 31, 2018, and August 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained 'non
cooperative'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        10        CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

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

On September 4, 2017, CRISIL had assigned 'CRISIL D' rating based
on an email communication received from the debenture trustee
stating that one of the debenture holders has not received the
redemption amount, indicating delay in debt servicing by the
issuer.

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

Based on the last available information and no updated
information that debt is now being serviced, the ratings on the
bank facilities and debt instruments of LRN Finance continues to
be 'CRISIL D Issuer Not Cooperating'.

LRN Finance was registered as a non-banking financial company.
The Reserve Bank of India cancelled the certificate of
registration of LRN Finance via an order dated September 27, 2016
prohibiting the company to transact the business of a non-banking
financial institution, as defined in clause (a) of Section 45-IA
of the RBI Act, 1934. Adequate information about the company is
also not available in public domain as the company has last filed
returns with the Ministry of Corporate Affairs (MCA) on
October 13, 2014.


MERIT ORGANICS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Merit
Organics Limited (MOL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          0.8        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      .95       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit in    4.00       CRISIL A4 (ISSUER NOT
   Foreign Currency                COOPERATING; Rating Migrated)

   Rupee Term Loan      5.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MOL for obtaining
information through letters and emails dated August 28, 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 Merit Organics Limited, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Merit Organics Limited is consistent with 'Scenario 2' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BBB' category or lower.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Merit Organics Limited to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

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

Incorporated in 1992 and promoted by Mr. Purshottam Kejirwal, MOL
is based in Mumbai and manufactures pharmaceutical formulations.
The company has recently modernised its facilities and received
WHO-GMP status. The company undertakes contract manufacturing,
exports and domestic distribution of various formulations:
tablets, capsules, ointments, and injectables.


NOESIS INDUSTRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Noesis Indsutries Limited
        1201 B, 12th Floor, Hemkunt Chambers
        89 Nehru Place, New Delhi 110019

Insolvency Commencement Date: September 28, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March  27, 2019

Insolvency professional: Yogesh Kumar Gupta

Interim Resolution
Professional:            Yogesh Kumar Gupta
                         C-17-B, LGF, Kalkaji, New Delhi 110019
                         E-mail: ykgupta64@yahoo.co.in

                            - and -

                         Yogesh Gupta & Associates
                         Cost Accountants
                         C-17-B, Basement, Kalkaji
                         New Delhi 110019
                         E-mail: irp.noesis@gmail.com

Last date for
submission of claims:    October 12, 2018


ONEWORLD CREATIONS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Oneworld Creations Private Limited

        Registered Office:
        Second Floor, Todi Industrial Estate
        Above Post Office, Sun Mill Compound
        Lower Parel Mumbai, Mumbai City
        MH 400013 IN

Insolvency Commencement Date: Septemer 7, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019

Insolvency professional: Ajay Gupta

Interim Resolution
Professional:            Ajay Gupta
                         A-701, La Chappelle CHS, Evershine Nagar
                         Near Ryan International School
                         Malad (West), Mumbai 400064
                         E-mail: fca.ajaygupta@gmail.com
                                 ajay.ipowc@gmail.com

Last date for
submission of claims:    September 21, 2018


R. K. RICE: CRISIL Assigns B+ Rating to INR8cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R. K. Rice Tech Private Limited (RKRTPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1        CRISIL A4 (Assigned)
   Cash Credit             8        CRISIL B+/Stable (Assigned)

The ratings reflect the company's small scale and working
capital-intensive operations, and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The small scale of operations with
estimated operating income of INR45.94 crore in fiscal 2018,
constrains business risk profile.

* Below-average financial risk profile: Networth was small and
gearing high at INR2.34 crore and 3.65 times, respectively, as on
March 31, 2018. Debt protection metrics were moderate with
interest coverage and net cash accrual to total debt ratios of
1.9 times and 0.07 time, respectively, in fiscal 2018.

* Moderate working capital requirement: Gross current assets were
sizeable at 110 days as on March 31, 2018, driven by inventory of
57 days and debtors of 22 days, leading to dependence on bank
borrowing and creditors of 27 days.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience and established relationships
with customers and suppliers should support the business.

Outlook: Stable

CRISIL believes RKRTPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if increase in revenue and profitability, leading
to high cash accrual strengthens financial risk profile. The
outlook may be revised to 'Negative' if large, debt-funded
expansion, decline in revenue and profitability, weakens
financial risk profile.

Incorporated in 2008, Raipur-Chhattisgarh based RKRTPL, promoted
by Mr Lalit Agarwal and Mrs Reena Agarwal, processes and sells
parboiled non-basmati rice.


R. S. CHAUHAN: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the long-term bank facilities of R. S. Chauhan (RSC). The ratings
reflect modest scale of operations in highly fragmented industry
with presence in single location and working capital intensive
nature of operations. These rating weakness are partially offset
by the extensive experience of the promoters in the civil
construction industry.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit             3        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry:
SC's scale of operations is modest, as reflected in its revenues
of INR8.4 crore in FY 18. This is due to tender-based nature of
operations. This also results in volatility in revenue profile
and also makes the firm susceptible to volatility in operating
margins as the same vary across various tenders. Furthermore, the
firm undertakes all of its projects in Raisen near Bhopal,
limiting the scale of operations to new projects in this district
only. CRISIL believes that tender-based process of obtaining
projects from government departments and intense competition will
significantly affects the firm's business and financial risk
profiles.

* Working capital intensive nature of operations: The
construction industry is inherently working capital intensive.
RSC's operations are working capital intensive as seen in GCA
days of 221 for fiscal 2018. This is on account of various
deposits the firm has to maintain with the government agencies
and blockage of funds as retention money and margin money for
bank guarantee. CRISIL believes that RSC's operations will remain
working capital intensive over the medium term.

Strength

* Promoter's long standing experience in the civil construction
industry: Mr. Atul Chauhan has over a 10 years of experience in
the civil construction industry. The promoter's extensive
industry experience has helped RSC to bag projects frequently
from government authorities. RSC currently has a healthy order
book of around INR12 crore to be executed over the next 18
months. The healthy order book provides the firm with healthy
revenue visibility over the medium term. CRISIL believes that RSC
will continue to benefit over the medium term from its promoter's
extensive industry experience and its strong revenue visibility.

Outlook: Stable

CRISIL expects RSC to maintain a stable business risk profile on
the back of its established presence in the civil construction
industry. The outlook may be revised to 'Positive' if the firm
reports substantial growth in its scale of operations and
profitability while improving its working capital cycle and
timely execution of projects. The outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates due
to lengthening of its operating cycle or if the firm suffers a
decline in its revenues or profitability.

RSC, established in 2007, by Mr. Atul Chauhan in Raisen near
Bhopal, Madhya Pradesh. The firm is engaged in executing external
electrification, transformation installation and internal
electrification contracts awarded by different state government,
semi government agencies and private companies in Raisen (MP).
The firm has mainly executed contracts for PWD (Bhopal), however
it has executed some contracts for Bharti Infratel, Vodafone and
other private agencies.


REINO PREFAB: CRISIL Assigns B+ Rating to INR5.5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Reino prefab Private Limited (RPPL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5.5       CRISIL B+/Stable (Assigned)

The rating reflects RPPL's weak capital structure and large
working capital requirement. These weaknesses are partially
offset by the experience of the promoters in manufacturing of
electrical goods coupled with moderately healthy order flow.

Key Rating Drivers & Detailed Description

Weakness:

* Weak capital structure: Networth was small and gearing high
estimated to be around INR82 lakh crore and 3.2 times,
respectively, as on March 31, 2018. With increase in scale of
operation and revenue visibility over the medium term, accretion
to reserves is expected to enhance networth and gearing.

* Large working capital requirement: Gross current assets were
around 170 days as on March 31, 2018, driven by large debtors
estimated of around 100 days and sizeable inventory of around 80
days. The company mainly does work for Government entities from
where the company receives the payment on a delayed basis.
Moreover, as the company is in initial stage of operations, the
company has to sell on an extended open credit period to capture
the market.

Strengths:

* Experience of promoters and moderately healthy order book
Benefits from one of the promoters' experience of about four
decades (through his family business in related field), his
strong understanding of the local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business. The company has orders worth INR20 crore as on
September 2018, to be executed over the 8 months, which provides
revenue visibility over the medium term.

Outlook: Stable

CRISIL believes RPPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if
substantial increase in scale of operations, sizeable capital
infusion, and prudent working capital management strengthen
financial risk profile and liquidity. Conversely, the outlook may
be revised to 'Negative' if significantly low cash accrual,
stretched working capital cycle, or any large, debt-funded
capital expenditure weakens financial risk profile and liquidity.

RPPL, established in 2015 at West Bengal, manufactures pre-
stretched concrete poles, overhead line material, and hardware
material used for distribution of electricity especially for
Jharkhand State Electricity Board. The company has recently
started manufacturing of fly-ash brick and paver block from
fiscal 2019.


RUDHRAYAN POLYESTERS: CRISIL Withdraws B Rating on INR4.9cr Loan
----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of
Rudhrayan Polyesters (RP) on the request of the company and after
receiving no objection certificate from the bank. The rating
action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4.9       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B/Stable'; Rating
                                     Withdrawn)

   Term Loan               1.25      CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Migrated from
                                     'CRISIL B/Stable'; Rating
                                     Withdrawn)

CRISIL has been consistently following up with RP for obtaining
information through letters and emails dated August 28,2018,
September 17,2018, and September 21,2018 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 RP. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for RP
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of RP to
'CRISIL B/Stable Issuer not cooperating' from 'CRISIL B/Stable'.


RP, set up in 2010 as a partnership firm, manufactures texturised
and twisted polyester partially oriented yarn in the denier range
of 70-90.


SECUNDERABAD HOTELS: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Secunderabad
Hotels Pvt Ltd.'s Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR226.4 mil. Term loan are
    withdrawn;

-- The IND BB+ rating on the INR107.5 mil. Fund-based working
    capital limit are withdrawn; and

-- The IND BB+ rating on the INR11.5 mil. Non-fund based working
    capital limit are 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 rated
facilities' 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 2005, Secunderabad Hotels operates five three-
star hotels under the brand name Minerva Grand and six multi-
cuisine restaurants and bars under the name of Blue Fox
Restaurant in Andhra Pradesh and Telangana.


SHIVSHANTI HOSPITALITY: CARE Assigns B Rating to INR10cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shivshanti Hospitality Private Limited (SHPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           10.00      CARE B; Stable Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of SHPL are primarily
constrained on account of project implementation risk associated
with debt funded project, cyclical and competitive nature of the
industry with dependence on tourist arrivals.  The ratings,
however, derive strength from experienced management in the hotel
industry and location advantage. The ability to of the company to
successfully complete its project without time and cost over run
along with achieving the projected occupancy rate and average
room rent will be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation risk: In July, 2017, the company has
undertaken project to construct a hotel with total cost of INR 15
crore which is to be funded through proposed term loan of INR 10
crore, share capital of INR 2.50 crore and remaining through
unsecured loans. Till July 31, 2018, the company has constructed
two floors and incurred INR1.74 crore which was funded through
unsecured loan from promoters and relatives. The project is
expected to start its operations from January, 2020.

Cyclical and Competitive nature of the industry with dependence
on tourist arrivals: The hospitality industry is highly sensitive
to the untoward events such as slowdown in the economy. Ajmer
hotel industry is primarily dependent on Foreign Tourist Arrivals
(FTA) which in turn is dependent on the global economy. These
factors combine to form a very uncertain scenario. The muted
growth was attributed to continuing slowdown in source countries.

Ajmer registered double digit growth in ARR and OR primarily due
annual events which sees a regular inflow of tourists in
the prime season. The city is also becoming a destination for
theme weddings. These factors ensure a consistent inflow of
tourists in the city and thereby catering to the supply of the
hotel industry.

Key Rating Strengths

Experienced management in the hotel industry: Mr. Suresh Sharma,
Director, has more than two decades of experience in the hotel
industry and looks after overall affairs of the company and Mr.
Prashant Bhardwaj, Director, has more than a decade of experience
in the hotel industry.  The management also promotes two firms
i.e. M/s Sharma Brothers (formed in 1992) under which the hotel
"The Ambassador" is operated and M/s Ambrosia (formed in 2010)
under which Roof top restaurant "Ambrosia" is operated
and both are located at Ajmer.

Location advantage: The hotel property is located nearby Ajmer
and Pushkar which is the major tourist destination in Rajasthan.
In recent times, it has also become a key MICE (Meetings,
Incentives, Conferences and Exhibitions) destination catering to
large
incentive tours, corporate residential meetings and weddings.

Ajmer (Rajasthan) based Shivshanti Hospitality Private Limited
(SHPL) was incorporated in 2015 by Mr. Suresh Sharma along with
his family members as private limited company. The company was
formed with an objective to establish a hotel at Ajmer
(Rajasthan) with brand name "Trisara". The hotel facility is
constructed at 6898.05 square meter area with total 40 rooms
having two categories viz. executive and suites room. Further,
the hotel property has a cafeteria, one family restaurant and one
roof top bar cum restaurant, two banquet halls one at basement
with capacity of 250 persons and one at first floor with capacity
of 500 persons, one conference room with capacity of 25 persons,
two marriage gardens and two shops.

SHPL has commenced construction of hotel from July, 2017 and till
July 31, 2018, the company has constructed two floors and
incurred INR1.74 crore which was funded through unsecured loan
from promoters.


SHRI RAGHUNATH: CRISIL Assigns B+ Rating to INR5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities to Shri Raghunath Cold Storage (SRCS).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit/             5        CRISIL B+/Stable (Assigned)
   Overdraft facility

The rating reflects modest scale of operations amid intense
competition and Below average financial risk profile, constrained
by modest net worth. These rating weaknesses are partially offset
by partners' extensive industry experience and established
relations with farmers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: SRCS'
scale of operations is modest as reflected in estimated revenues
of around INR3.5 crore in Fiscal 2018. The same is a result of
rental nature of business. Scale of operations is expected to
remain modest over the medium term.

* Below average financial risk profile: SRCS's financial risk
profile is below average constrained by modest net worth and
below average debt protection metrics, albeit supported by
comfortable capital structure. Debt protection metrics is
characterized by interest coverage ratio and net cash accruals to
total debt of around 1.75 times and 16% respectively, estimated
for the Fiscal 2018.

Strengths

* Partners' extensive industry experience and established
relations with customers and suppliers: Day to day operations of
SRCS is managed by MR. Shalabh Gupta. Over the past 20 years Mr.
Shalabh has gained extensive industry experience along with
established relations with different farmers and other material
suppliers which has resulted in stable demand and hence capacity
utilization of the cold storage facility. Team believes that
extensive experience of promoter will help the company over the
medium term.

Outlook: Stable

CRISIL believes SRCS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if an increase in revenue with steady profitability
leads to substantial cash accrual and hence to an improved
financial risk profile. The outlook may be revised to 'Negative'
if a stretched working capital cycle, or low cash accrual due to
a decline in profitability or revenue, or large debt funded capex
weakens the financial risk profile, particularly liquidity.

SRCS was incorporated in 1989 for providing cold storage
facilities for potatoes in Hapur, Uttar Pradesh. It is promoted
by. Mr. Shalabh Gupta and his family members.


SHUBH SANDESH: CRISIL Moves B+ Rating to Issuer Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shubh
Sandesh Health Care LLP (SSHC) to CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Term Loan               20      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSHC for obtaining
information through letters and emails dated July 30, 2018,
September 11, 2018 & 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 SSHC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSHC is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BBB' category
or lower.

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

Incorporated in November 2014, SSHC is setting up a 125-bed
multi-specialty hospital at Amravati, which is expected to
commence operations from April 2018.


SIDDHI VINAYAK: CARE Assigns B+ Rating to INR5.45cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Siddhi
Vinayak Filling Station (SVFS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.45       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SVFS is primarily
constrained on account of its modest scale of operations with
thin profitability margins due to limited bargaining power with
principal, weak solvency position and project implementation risk
associated with it. The rating is, further, constrained on
account of its presence in a highly competitive industry along
with constitution as a proprietorship concern.

The rating, however, favorable takes into account the experienced
proprietor with authorized dealership of Indian Oil Corporation
Limited (IOCL) and moderate liquidity position.

Improvement in the scale of operations and solvency position
along with timely completion of project undertaken are key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous growth in Total Operating Income (TOI) with thin
profitability due to limited bargaining power with principal: The
firm started its commercial operation from 2015 and in short span
of time, SVFS registered continuous growth in its scale of
operations in last three financial years ended FY18. During FY18,
the scale of operations of SVFS as indicated by TOI grew by 2.47
times over FY17 and stood moderate at INR14.46 crore. Due to
trading nature of the business, the profitability margins stood
thin with PBILDT and PAT margin of 2.35% and 0.64% respectively
in FY18 as against 0.72% and 0.44% respectively in FY17.

Weak solvency position in a highly competitive industry and
constitution as a partnership concern: The capital structure of
the firm stood leveraged with an overall gearing of 9.67 times as
on March 31, 2018, deteriorated significantly from 0.78 times as
on March 31, 2017 owing to availment of term loan during FY18
along with higher utilization of its working capital bank
borrowings. Further, the debt service coverage indicators of the
SVFS stood weak with total debt to GCA of 32.52 times as on
March 31, 2018 and interest coverage ratio stood at 1.43 times as
on March 31, 2018.

Constitution as a proprietorship concern with small net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor.  Further, the petroleum retailing
industry is highly competitive in nature with presence of large
retail outlets of few companies. The products of all retail
outlets are same and available at same rate with marginal
difference.

Project Implementation risk: SVFS has undertaken a project to
construct a restaurant cum guest house in the premises of petrol
pump situated at NH- 75, Gwalior. The firm has envisaged total
project cost of INR1.50 crore towards the project to be funded
through term loan of INR1.00 crore and remaining through
unsecured loans from promoters and related parties. It is
expected to be completed by end of August, 2019.

Key Rating Strengths

Experienced proprietor with authorized dealership of Indian Oil
Corporation Limited (IOCL): Mr Laxman Sharma, proprietor, looks
after the overall affairs of the firm and has 10 years of
experience. Further he is supported by a team of 9 skilled and
experienced employees in smooth functioning of the firm. The firm
is an authorized dealer of IOCL since 2015 where the firm has
established a retails outlet on NH-75, Gwalior. The agreement was
entered for a period of 50 years.

Moderate Liquidity position: The liquidity position of the firm
stood moderate with comfortable operating cycle of 27 days in
FY18. The firm sells petroleum products to retail customers and
gives credit period of 5 to 25 days. It maintains inventory of
around 5 to 10 days. Further, the liquidity ratios stood moderate
with current ratio and quick ratio stood at 1.20 times and 1.10
times respectively as on March 31, 2018. It has utilized around
80-90% of its working capital bank borrowings in last nine month
ended July 2018.

Gwalior (Madhya Pradesh) based SVFS was formed as a
proprietorship concern by Mr Laxman Sharma in 2013, however it
started its operations from 2015. SVFS is engaged in the business
of the retailing of petroleum products of Indian Oil Corporation
Limited. The firm has a retail outlets located at NH-75, Gwalior
(Madhya Pradesh).


SNEH QUALITY: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sneh Quality
Spices Private Limited (SQSPL) to CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               6        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SQSPL for
obtaining information through letters and emails dated August 29,
2018, & September 3, 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 SQSPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SQSPL
is consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BBB' category
or lower.

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

SQSPL, incorporated in 2010, processes and trades in various
spices, mainly cumin and turmeric powder, chilli, black pepper,
and aniseed under the brand name, Jai Pujari. The company is
based out of New Delhi.


SRI SPINNERS: CARE Assigns 'B+' Rating to INR5.57cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Spinners (SS), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities            5.57     CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SS is primarily
tempered by project implementation risk, profitability
susceptible to volatile raw material prices, partnership nature
of constitution and highly fragmented and competitive business
segment due to presence of numerous players. However, the rating
derives comfort from vast experience of the promoters in textile
industry, locational advantage of the unit and achievement of
financial closure and Stable demand outlook for polyester cotton
yarn industry.

Going forward, the firm's ability to complete the project on time
without cost over runs and ability to achieve optimum capacity
utilization and start returning profits as envisaged.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: The manufacturing plant is spread
over 4 acres of land in Dindugal, Tamil Nadu. The construction of
the plant was completed in June 2017. The commercial operations
are expected to commence from September 2018. The total project
cost is estimated at INR12.70 crore and it is financed through
term loan of INR4.60 crore and unsecured loan of INR2.00 crore
from partners and promoter contribution of INR6.10 crore. Of the
total project cost, INR12.67 crore (99.70%) has been incurred as
of August 30, 2018. However during the trail run period SS
executed orders of INR0.33 crore in the month of July 2018.

Profitability susceptible to volatile raw material prices: The
spinning units are exposed to the price risk of raw material.
These units also tend to purchase cotton when the prices
are relatively favourable and build up the stock. Further the
price fluctuation is linked to monsoon, increasing manufacturing
cost and the demand & supply dynamics which cause cotton prices
to fluctuate sharply.

Partnership nature of constitution: SS, 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 the death/retirement/insolvency of the partners.
Moreover, partnership firm business has restricted avenues to
raise capital which could prove a hindrance to its growth.

Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a
fragmented business segment and competitive industry. The market
consists of several small to medium-sized companies that compete
with each other along with several large enterprises.

Key Rating Strengths

Vast experience of the promoters in spinning industry: Mr S
Somasundharam, a graduate, has an experience of about 35 years
and Mr Thiyagarajan has an experience of about 20 years in the
spinning industry. The firm is expected to gain benefit from the
experience of the promoters and establish a good relationship
with customers and suppliers.

Locational advantage and achievement of financial closure: The
firm is located in Dindigul district which has the second largest
textile spindling capacity in the state of Tamil Nadu. Dindigul
is connected by three national highways and the closest
international airport is located 60 kms away, in Madurai. The
manaufacturing unit, is located 15kms away from Dindigul railway
station and is well connected the Chennai and Madurai cities.
The term loan has been sanctioned of INR 4.60 and INR4.57 crore
has been disbursed and utilized as of August 30, 2018.

Stable demand outlook for polyester cotton yarn industry: The
stable cotton outlook is in view of an increase in acreage, a
rise in supply in 1QFY18 (due to demonetisation) and a decline in
global inventory assisting with a balanced supply. Ind-Ra expects
operating profitability levels of Indian cotton ginners and
exporters to moderate in FY18. Liquidity position of small
players was acutely affected due to a surge in cotton prices in
1HFY17, followed by a challenging operating environment in 2HFY17
due to demonetisation. (Source of information: Economic times
market).

Dindugal (Tamil Nadu) based Sri Spinners (SS) was established as
a partnership firm on July 14, 2017. Mr. R. Thiyagarajan and Mr
S. Somasundharam are the partners of the firm. The firm proposes
to establish a spinning mill with installed capacity of 10,000
spindles per month. The estimated project cost is INR 12.70
crore, of which INR 4.60 crore is financed by way of term loan,
INR2.00 crore by way of unsecured loan from partners and the
remaining INR6.10 crore by way of own funds. The firm will be
engaged in manufacturing of polyester cotton yarn of 54' no count
which is used in manufacturing of Polyester cotton fabrics. The
firm procures raw cotton and polyester from local suppliers in
and around Dindugal District in Tamil Nadu. SS started its trail
run on July 14, 2018 and is expected to start its commercial
operations from September, 2018. However during the trail run
period SS executed orders of INR0.33 crore to Maliyan Textiles
(Mumbai) as on August 29, 2018. The expected to targeting the
customers in and around Dindigul, Salem and Tirupur in Tamil
Nadu, Karnataka, Kerala and Maharashtra states.


SUGARCANE PRODUCERS: CARE Assigns B+ Rating to INR9cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sugarcane Producers Vividh Karykari Sahakari Society Ltd (SPVK),
as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long/Short-term
   Bank Facilities       9.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPVK is constrained
on account of small scale of operations with moderate
profitability margins, weak debt coverage indicators, working
capital intensive nature of operations, presence of society in
highly fragmented industry and risk associated with deterioration
in asset quality in financial lending business. The rating
however, is underpinned by the extensive experience of the
promoters with long track record of operations of society of more
than six decades and moderate capital structure. The ability of
the society to increase its scale of operations along with
improvement in profitability and debt coverage indicators while
maintaining its capital structure and efficiently managing its
working capital requirement are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and moderate profitability margins: The
scale of operations of SPVK remained small as reflected by an
operating income of INR6.92 crore in FY17 (refers to the period
from April 01 to March 31) and INR8.33 crore in FY18.
Furthermore, the society's net worth base stood low at INR5.15
crore as on March 31, 2018. The small scale of operations of
society restricts its financial flexibility in times of stress
and deprives it of scale benefits. Further, the profitability
margins stood moderate in range of 10%-14% for last three years
ended FY18, owing to limited value addition nature of business.
Moreover, with moderate PBILDT and high fixed capital charges,
the PAT margin stood low in the range of 1%-3%.

Weak debt coverage indicators: With low profitability and
moderate debt levels, the debt coverage indicators of SVPK can be
classified as weak with total debt to GCA of 38.86x at the end of
FY18 and interest coverage of 1.31x for FY18.

Working capital intensive nature of operations: The operations of
SPVK are working capital intensive with high inventory period of
90 days for FY18. The same is on account of low bargaining power
of SPVK, which resulted in high collection period of 204 days for
FY18. The working capital requirements of the society are met by
cash credit limit, whose utilization levels remained high for
last 12 month ended August 31, 2018.

Presence in highly fragmented and competitive industry: SPVK
operates in highly fragmented and competitive trading industry,
which is marked by presence of large number of small sized
players operating on wafer thin margins on account of low entry
barriers in the industry.

Risk associated with deterioration in asset quality of financial
lending business: With lending business contributing to ~10% of
revenues of SPVK in FY18(Prov.), the society is exposed to risk
associated with deterioration in asset quality.

Key Rating Strengths

Established track record with experienced promoters: The chairman
of SPVK, Mr. Subodh Girme has gained an experience of more than
two decades in trading and service industry. Being in the
industry for such a long period has helped the promoter to gain
an adequate acumen about the industry which aids the society in
running its operations smoothly.

Moderate capital structure: The capital structure of SPVK was
moderate, owing to its reduced reliance on external borrowings,
as reflected by long term to equity ratio and an overall gearing
ratio stood of 0.79x and1.68x respectively, as on March 31, 2018.

SPVK is Malshiras, Solapur based cooperative society established
in the year 1957 under the Societies Registration Act 1860. The
society is promoted by Mr Subodh Girme in his strength as
Chairman. The society generates income from two segments namely
from financial activities and trading activity (fertilizers and
seeds) in 10:90 proportion.


TECHOPS INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Techops
Infrastructure Private Limited (TIPL) to 'CRISIL B+/Stable Issuer
not cooperating'.

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

CRISIL has been consistently following up with TIPL for obtaining
information through letters and emails dated August 30, 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 TIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TIPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

TIPL, incorporated in 2007, develops real estate in Nagpur. The
company is currently working on a residential project, Techops
Gardens Phase 2, which comprises of 650 flats across 13 towers.
Phase 1 of the project has already been completed.


VARDHMAN KNIT: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vardhman
Knit (VK) to CRISIL B+/Stable Issuer not cooperating'.

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

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

CRISIL has been consistently following up with VK for obtaining
information through letters and emails dated August 29, 2018, &
September 3, 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 VK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VK is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Set up as a partnership firm by Jain family, VK manufactures
ready-made garments and hosiery products at its facility in
Ludhiana.


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

The instrument-wise rating action is:

-- INR220 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 2, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vishwas Tubes India was incorporated in September 1997. It
manufactures galvanized steel tubes, galvanized steel pipes,
welded black pipes/tubes and mild steel tubes and pipes.


VTL (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: VTL (India) Limited

        Registered Office:
        52/124 Property No. 124, Pocket-52
        EPDP Colony, Chittranjan Park
        Delhi 110019

Insolvency Commencement Date: September 27, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 26, 2019

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghban Apartment
                         Sector-28, Rohini, New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407, Indraprakash Building
                         Barakhamba Road, New Delhi 110001
                         E-mail: vtlindia.ip@gmail.com

Last date for
submission of claims:    October 11, 2018


WALFS INFRA: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Walfs Infra
India Private Limited (Walfs) from 'CRISIL B/Stable; Issuer not
cooperating' to 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     120        CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable;
                                     ISSUER NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Walfs to 'CRISIL B/Stable;
Issuer not cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of the company from
'CRISIL B/Stable; Issuer not cooperating' to 'CRISIL B/Stable'.

The rating reflects the company's exposure to risks related to
implementation of its hospital project. This weakness is
mitigated by its promoters' entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to implementation of project:
Walfs is constructing a 300-bed hospital in Chennai at a cost of
INR216 crore, to be funded through mix of term loan of INR95
crore and rest from promoter's contribution. The hospital should
commence operations by mid of fiscal 2019.

Strength

* Promoters' entrepreneurial experience: Walfs is promoted by a
team of builders with significant experience in the real estate
industry; however this is the first hospital project for the
company. Key shareholders Rajarathnam Construction Pvt Ltd and
Ruby Builders Group have extensive experience in real estate
development in Chennai.

Outlook: Stable

CRISIL believes Walfs will benefit from its promoters' extensive
experience in the construction industry. The outlook may be
revised to 'Positive' if Walfs stabilizes operations at its
hospital earlier than expected, resulting in higher-than-expected
accrual. The outlook may be revised to 'Negative' if there is a
significant cost or time overrun in the project, impacting the
company's financial risk profile.

Walfs was set up in 2014 by a consortium of builders to establish
a 300-bed multi-speciality hospital in Chennai. The construction
of the hospital commenced in January 2017, and it is likely to
start commercial operations by mid of September 2019.



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


MAINZEAL PROPERTY: Directors' Delay Cost Creditors Up to NZ$75MM
----------------------------------------------------------------
Nikki Mandow at BusinessDesk reports that Mainzeal was likely
insolvent for most of the eight years before it collapsed in
February 2013 owing more than NZ$157 million to subcontractors
and other creditors, Staples Rodway director Bill Apps said.

Giving evidence in the High Court case against members of the
Mainzeal board, including former Prime Minister Jenny Shipley and
former Brierley Investments boss Paul Collins, Mr. Apps said he
believed the directors breached their obligations somewhere
between January 2011 and July 2011 -- two years before they put
the company into liquidation, according to the report.

BusinessDesk relates that failing to pull the plug on Mainzeal
Property and Construction in 2011 likely cost creditors between
NZ$30 million and NZ$75 million, depending on the accounting
method used, Mr. Apps said in his statement of evidence.

"I consider MPC was insolvent significantly prior to 2011 and
should have ceased trading from January 2011 if not sooner, and
in any event no later than July 2011," the report quotes Mr. Apps
as saying.

"It should have been evident to the directors by late 2010 or
early 2011 that MPC was not likely to generate significant
profits in the near future and in fact significant losses were
more likely to occur, meaning that the early cessation of trading
would have avoided the further incurrence of significant losses
in the 2010 and 2011 years."

As well as the losses, net assets were negative every year from
2006 onwards, if you take out non-recoverable related party
receivables, he said, BusinessDesk relays.

Defective workmanship claims were also coming in regularly,
particularly for leaky building remedial work, and the company
wasn't able to recover millions of dollars it was owed by related
companies, the report says.

Calculating the damage to creditors during 2011 and 2012 using
the measure of "new debt arising from continued trading" Mr. Apps
said the company racked up more than NZ$75 million of additional
losses after January 2011 and almost NZ$70 million after July
that year, relates BusinessDesk.

BusinessDesk says the defendants strongly dispute any argument
that a reasonable director would have contemplated ceasing
trading in either January or July 2011. They argue that the
creditors benefitted from the delay in appointing administrators
to Mainzeal, not the reverse, and that the company's finances
didn't deteriorate during 2011 and 2012, BusinessDesk adds.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership
and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN disclosed. Subcontractors are among the unsecured
creditors, said NZN.



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


HYFLUX LTD: In Talks with at Least Two Potential Investors
----------------------------------------------------------
David Yong and Joyce Koh at Bloomberg News report that Hyflux
Ltd., the embattled Singapore water-treatment and power company,
is in advanced talks with at least two potential investors about
taking a strategic equity stake in the group as part of a
restructuring plan.

Bloomberg relates that the discussions with these investors are
taking place concurrently with efforts to sell its desalination
plant known as Tuaspring, its legal adviser WongPartnership LLP
said in an update during a case management hearing in court on
Oct. 8. Hyflux has an Oct. 15 deadline to sell the plant, which
is Southeast Asia's biggest, the report notes.

According to Bloomberg, the group is racing against the clock to
put together a scheme of arrangement to reorganize debt as a six-
month debt moratorium expires around mid-December. It has also
opened so-called data rooms to provide more information about its
projects and financial accounts, as it seeks extra funds to help
alleviate its liquidity strain, Bloomberg relates.

At a meeting in court on Oct. 8, Hyflux was asked to further
update the court on Oct. 31 as more creditors started banding
together and hired advisers, Bloomberg discloses. Hyflux also has
been asked to return to the court on Nov. 19 for the judge to
assess if the company would need to extend its debt moratorium.

Hyflux 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. It started a court-
supervised reorganization in June under the weight of SGD2.95
billion of liabilities, Bloomberg notes.

                           About Hyflux

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

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

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


RYOBI KISO: Gets Nod to Postpone Annual General Meeting
-------------------------------------------------------
Annabeth Leow at The Business Times reports that Ryobi Kiso
Holdings on Oct. 8 obtained an extension to push back the
deadline for its annual general meeting for the year to June 30,
the board said on Oct. 9.

The meeting, which had to be held by Oct. 31, 2018, can now be
convened by April 30, 2019, the report discloses.

According to the report, the troubled ground engineering
solutions firm, which is under court-supervised reorganisation,
disclosed -- in line with conditions set out by the Singapore
Exchange -- that it asked for the waiver amid cash-flow and
financial difficulties.

The board said that the group has been focusing on working with
its financial and legal advisers on a proposed scheme of
arrangement for the reorganisation of its liabilities and
business, BT relates.

It added that five staff members from the accounts department
have left amid "the tremendous pressure and stress from trade
creditors, sub-contractors and bank creditors" and the group's
uncertain financial position, while the group financial
controller is away on maternity leave, according to the report.

BT reports that the board meanwhile said that external auditors
from Nexia TS need more time to perform and complete the audit,
so the annual report would not be ready for distribution in time
for an Oct. 31 meeting.

The board added that Ryobi Kiso will seek the Accounting and
Corporate Regulatory Authority's approval for the deadline
extension for its annual general meeting and audited financial
statements, BT relays.

Ryobi Kiso Holdings Ltd. -- http://www.ryobi-kiso.com/-- an
investment holding company, provides ground engineering solutions
in Singapore, Australia, Malaysia, Vietnam, and Indonesia. Its
Bored Piling segment offers piling works to carry heavy vertical
loads from structures, such as buildings and bridges; and
horizontal loads in earth retaining structures for deep
excavation, including MRT tunnels and basements of buildings.


SINGAPORE: Gives Bondholders a New Way to Chase Default Losses
--------------------------------------------------------------
David Yong at Bloomberg News reports that Singapore is giving
liquidators of insolvent companies a new tool to retrieve funds
for bondholders and other creditors.

Bloomberg relates that court-appointed managers will now be able
to seek funding from investors unrelated to the case to pay the
cost of pursuing claims, in exchange for part of the proceeds.
That change came under the Insolvency, Restructuring and
Dissolution Act, which was passed by lawmakers on Oct. 1,
Bloomberg says.

According to Bloomberg, Singapore's corporate debt market has
been shaken in recent years by more than SGD1.5 billion ($1.09
billion) of defaults as oilfield contractors and shipbuilders
stumbled. Many bondholders in these cases are individuals who
lack the means to take legal action themselves, so the ability of
judicial managers and liquidators to tap third-party funding to
chase lost monies should help recoveries, Bloomberg says.

"In insolvency matters, creditors including bondholders can
benefit to the extent that the liquidators are able to claw back
any proceeds for the bankruptcy estate," the report quotes Tom
Glasgow, head of investment in Asia at IMF Bentham Ltd, as
saying.

Having investors funding another's claim for profit has been
around in countries including Australia for more than a decade,
Bloomberg notes. While Singaporean law allows third-party funding
in arbitration and mediation cases, a case ruling in September
involving the local units of Indonesian phone retailer PT
Trikomsel Oke has extended the option to insolvency cases. That
ruling will now be grounded in the new Act, the report states.

According to the report, IMF Bentham is funding the liquidators
of Trikomsel units in their probe into events that led to two
bond defaults in late 2015. A group of noteholders had separately
sued some parties in May this year for misrepresentations.

The legal changes in Singapore, aimed at strengthening the legal
framework for debt workouts, are attracting more litigation-
finance professionals to the city, says Bloomberg.

"We are already seeing a lot of opportunity in the Singapore
market and expect an increase in opportunity as businesses in
Asia continue to grow," Patrick Moloney, chief executive officer
at Sydney-based Litigation Capital Management Ltd., said in
emailed comments, Bloomberg relays. LCM is opening an office in
Singapore in November, Mr. Moloney said.

Peers including U.K.-listed Burford Capital Ltd. and Woodsford
Litigation Funding set up operations in Singapore last year,
Bloomberg notes.

The mechanisms provided by the new law will likely lead to more
efficient administration of bankruptcy estates and give companies
in financial difficulty a better chance of rehabilitation and of
realizing the value of their litigation assets, said Quentin Pak,
a Singapore-based director at Burford, said in email, according
to Bloomberg.

"It does present some opportunities for us with all the changes
in the law, which is why we set up an office in Singapore,"
Bloomberg quotes Charlie Morris, Managing Director for Asia
Pacific at Woodsford, as saying. "Insolvency managers may not
have the appetite or own money for litigating, and that's where
people like us can step up."



====================
S O U T H  K O R E A
====================


SKINFOOD: Files for Court Receivership
--------------------------------------
Yonhap News Agency reports that South Korean cosmetics company
Skinfood said on Oct. 8 it has filed for a court-led
restructuring scheme due to mounting losses.

Launched in 2004, the company enjoyed popularity from the late
2000s and had grown to post annual sales of KRW200 billion
(US$176 million) with operating profits hitting some KRW15
billion by 2012.

Skinfood, however, was hit hard by a Middle East Respiratory
Syndrome (MERS) outbreak in 2015, followed by a diplomatic row
between Seoul and Beijing last year which led to a sharp drop in
the number of tourists coming to South Korea, Yonhap relates.

"We are having temporary difficulty in securing liquidity due to
excessive debt," Yonhap quotes a company official as saying. "We
sought the court restructuring as we thought settling the debt
and promptly normalizing management will benefit everyone,
including the creditors."

The cosmetic brand is currently present in 19 foreign markets,
including the United States, China and Japan.  According to
Yonhap, Skinfood said it is also considering selling some of its
overseas business rights to improve its financial structure.

Yonhap relates that the company said it plans to expand its
online channels to better meet demand from abroad in the long-
term.

Skinfood's sales came to KRW126.9 billion in 2017, down
25 percent from the previous year, with an operating loss of
KRW98 billion, Yonhap discloses citing regulatory filing.


* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Up in August
--------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate for South
Korean banks' won-denominated loans edged up in August due to a
slight rise in the number of firms that failed to repay their
debts, government data showed Oct. 9.

Yonhap, citing the data from the Financial Supervisory Service
(FSS), discloses that the rate for bank loans more than 30 days
overdue stood at 0.61 percent at the end of August, up 0.05
percentage point from a month earlier.

Compared with a year ago, the rate was up 0.11 percentage point,
the FSS said.

The delinquency rate for loans extended to firms rose 0.06
percentage point on-month to 0.87 percent in August, Yonhap
relays.

The delinquency rate for loans to households gained 0.02
percentage point on-month to 0.29 percent at the end of August,
according to the data obtained by Yonhap.

Yonhap adds that the FSS said it will keep close tabs on loan
delinquency trends to prevent rising market interest rates from
leading to more overdue loans.



                             *********

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 ***