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

                      A S I A   P A C I F I C

          Thursday, October 11, 2018, Vol. 21, No. 202

                            Headlines


A U S T R A L I A

131 MVR: First Creditors' Meeting Set for Oct. 18
B.A.E.C. ELECTRICAL: Second Creditors' Meeting Set for Oct. 15
CADEX PTY: First Creditors' Meeting Set for Oct. 17
CLIP N CLIMB: First Creditors' Meeting Set for Oct. 17
LIBERTY SERIES 2018-3: Moody's Assigns B2 Rating to Class F Notes

OFF ROAD: First Creditors' Meeting Set for Oct. 22
SHORTLAND WATERS: Second Creditors' Meeting Set for Oct. 12
SYDNEY MECHANICAL: First Creditors' Meeting Set for Oct. 22
VEROMO PTY: First Creditors' Meeting Set for Oct. 19


C H I N A

CHINA WANDA: Moody's Puts B1 Corp. Family Rating, Outlook Stable
CIFI HOLDINGS: Fitch Affirms BB LT FC IDR, Outlook Stable
HNA GROUP: HNA Puts Property Assets Worth $11 Billion Up for Sale
WANDA GROUP: S&P Assigns B+ Issuer Credit Rating, Outlook Stable


H O N G  K O N G

NOBLE GROUP: Yancoal to Object Over Terms of Restructuring Plan


I N D I A

ACUITY INDIA: CARE Migrates D Rating to Not Cooperating Category
AMITEX AGRO: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
ANIL LIFE: Insolvency Resolution Process Case Summary
APPLICOMP (INDIA): Insolvency Resolution Process Case Summary
B. T. FISHERIES: CARE Assigns B+ Rating to INR2.82cr LT Loan

BIMBAN INDUSTRIES: CARE Assigns B+ Rating to INR5cr LT Loan
DURGA HARDWARE: CRISIL Migrates B+ Rating to Not Cooperating
ESS DEE ALUMINIUM: CARE Migrates 'D' Rating to Not Cooperating
FUSION BUILDING: CARE Assigns B+ Rating to INR17cr LT Loan
GAYATRI SATYA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable

H.N. PROFILES: CARE Assigns B+/A4 Rating to INR8cr Loan
HONEST POLYMERS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
HYDERABAD RING: CARE Reaffirms D Rating on INR185.11cr Loan
INTERIOR TODAY: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
KAPOOR GLASS: CRISIL Assigns B+ Rating to INR11.95cr Loan

MEP INFRA: CRISIL Withdraws 'B' Rating on INR2525.49cr Term Loan
NANU RAM: Ind-Ra Retains BB- LT Issuer Rating in Non-Cooperating
R K ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
RAFFLES GREEN: CRISIL Migrates B- Rating to Not Cooperating
RAJA AGRO: CARE Migrates B+ Rating to Not Cooperating Category

SATYAM MINERAL: CARE Assigns B+ Rating to INR6cr LT Loan
SHREE NATHJI: CARE Lowers Rating on INR7.66cr LT Loan to B
SOUTHERN ONLINE: Insolvency Resolution Process Case Summary
SOMA NETWORKS: Insolvency Resolution Process Case Summary
SPICE INFRA-TRADING: Insolvency Resolution Process Case Summary

SPRUCE TRADING: Insolvency Resolution Process Case Summary
ST. GEORGE ELECTRONICA: CRISIL Moves B Rating to Not Cooperating
T K ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
T K ROADWAYS: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
TOLARAM SURENDRA: CARE Moves B+ Rating to Not Cooperating

VAHINI POULTRIES: CARE Assigns D Rating to INR13.47cr LT Loan
VASHU YARN: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
VEE DEE: Ind-Ra Maintains 'B+' Issuer Rating in Non-Cooperating
VETRIVEL FORGINGS: CARE Lowers Rating on INR8.91cr Loan to D
VISTACORE INFRAPROJECTS: CARE Cuts Rating on INR30cr Loan to D

VNS ACCESSORIES: Ind-Ra Maintains BB LT Rating in Non-Cooperating
VRC MARINE: CRISIL Assigns B+ Rating to INR4cr Cash Loan
YADAV TRACTOR: CARE Lowers Rating on INR3.43cr LT Loan to B


J A P A N

KAWASAKI KISEN: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC


P H I L I P P I N E S

RURAL BANK OF MAIGO: Creditors' Claims Deadline Set for Nov. 23


S I N G A P O R E

IPCO INTERNATIONAL: Auditors Include Disclaimer of Opinion


S O U T H  K O R E A

KOREA: To Provide Liquidity Support to Struggling Shipping Firms


S R I  L A N K A

SRI LANKA: To Sell Stakes in Hotel Within Next Six Months


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


131 MVR: First Creditors' Meeting Set for Oct. 18
-------------------------------------------------
A first meeting of the creditors in the proceedings of 131 MVR
Pty Limited will be held at the offices of Deloitte Financial
Advisory Pty Ltd, Level 9, Grosvenor Place, 225 George Street, in
Sydney, NSW, on Oct. 18, 2018, at 10:00 A.M.

Jason Tracy of Deloitte was appointed as administrator of 131 MVR
on Oct. 8, 2018.


B.A.E.C. ELECTRICAL: Second Creditors' Meeting Set for Oct. 15
--------------------------------------------------------------
A second meeting of creditors in the proceedings of B.A.E.C.
Electrical Pty Ltd has been set for Oct. 15, 2018, at 11:00 a.m.
at the offices of Morton's Solvency Accountants, Level 11, 410
Queen Street, in 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. 12, 2018, at 4:00 p.m.

Gavin Charles Morton and Leon Lee of Morton's Solvency
Accountants were appointed as administrators of B.A.E.C.
Electrical on Sept. 7, 2018.


CADEX PTY: First Creditors' Meeting Set for Oct. 17
---------------------------------------------------
A first meeting of the creditors in the proceedings of Cadex Pty
Limited will be held at the offices of Mackay Goodwin, Level 2,
10 Bridge Street, in Sydney, NSW, on Oct. 17, 2018, at 11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Cadex Pty on Oct. 5,
2018.


CLIP N CLIMB: First Creditors' Meeting Set for Oct. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of Clip N
Climb Richmond Pty. Ltd and Clip N Climb (Vic) Pty Ltd will be
held at the offices of PKF Melbourne, Level 12, 440 Collins
Street, in Melbourne, on Oct. 17, 2018, at 10:30 a.m.

Jason Glenn Stone and Petr Vrsecky of PKF Melbourne were
appointed as administrators of Clip N Climb on Oct. 5, 2018.


LIBERTY SERIES 2018-3: Moody's Assigns B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Liberty Funding Pty Ltd in respect
of Liberty Series 2018-3.

Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2018-3

AUD127.5 million Class A1a Notes, Assigned Aaa (sf)

AUD262.0 million Class A1b Notes, Assigned Aaa (sf)

EUR60.3 million Class A1c Notes, Assigned Aaa (sf)

AUD187.5 million Class A2 Notes, Assigned Aaa (sf)

AUD27.75 million Class B Notes, Assigned Aa2 (sf)

AUD14.25 million Class C Notes, Assigned A2 (sf)

AUD9.0 million Class D Notes, Assigned Baa2 (sf)

AUD8.25 million Class E Notes, Assigned Ba2 (sf)

AUD3.0 million Class F Notes, Assigned B2 (sf)

The AUD12.75 million Class G Notes are not rated by Moody's.

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

The transaction is a securitisation of a portfolio of Australian
prime and non-conforming residential mortgages. All mortgages
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated).

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes,
the availability of excess spread over the life of the
transaction, the liquidity reserve in the amount of 2.00% of the
notes balance, the legal structure, and the credit strength and
experience of Liberty as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral
pool is 9.3%, while the expected loss is 1.50%. MILAN CE
represents the loss Moody's expects the portfolio to suffer in a
severe recessionary scenario, and does not take into account
structural features of the transaction. or lenders mortgage
insurance (LMI) benefit. The expected loss represents a stressed,
through-the-cycle loss relative to Australian historical data.

After lenders mortgage insurance (LMI) benefit, MILAN CE is 9.0%.

The key transactional features are as follows:

  - Class A1a, Class A1b and Class A1c Notes benefit from 35.0%
credit enhancement (CE) and Class A2 Notes benefit from 10.0%
credit enhancement.

  - The Class A1a Notes will receive principal prior to any other
notes at all times, unless there is an event of default. Once
Class A1a Notes are paid off Class A1b and Class A1c Notes will
be paid pro-rata until they are repaid in full following which,
with the Class B to Class F Notes receive sequential principal
payments. Upon satisfaction of all stepdown conditions which
include - the payment date falling on or after the payment date
in September 2020, absence of charge offs on any notes and
average arrears greater than or equal to 60 days (as calculated
over the prior three periods plus the current period) do not
exceed 4% - Class A1b, Class A1c, Class A2, Class B, Class C,
Class D, Class E, and Class F Notes will receive a pro-rata share
of principal payments (subject to additional conditions). The
Class G Notes do not step down and will only receive principal
payments once all other notes have been repaid. The principal
pay-down switches back to sequential pay across all notes, once
the aggregate loan amount falls below 20.0% of the aggregate loan
amount at closing, or on or following the payment date in October
2022.

  - A liquidity facility provided by the National Australia Bank
Limited (NAB, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required limit
equal to 2.0% of the aggregate invested amount of the notes less
the redemption fund balance. The facility is subject to a floor
of AUD600,000.

  - The guarantee fee reserve account, which is unfunded at
closing and will build up to a limit of 0.30% of the issued
notional from proceeds paid to Liberty Credit Enhancement Company
Pty Ltd as Guarantor, from the bottom of the interest waterfall
prior to interest paid to the Class G noteholders. The reserve
account will firstly be available to meet losses on the loans and
charge-offs against the notes. Secondly, it can be used to cover
any liquidity shortfalls that remain uncovered after drawing on
the liquidity facility and principal. Any reserve account balance
used can be reimbursed to its limit from future excess income.

  - A currency swap, which mitigates the cross-currency risk
associated with the EUR-denominated Class A1c Notes.

The key pool features are as follows:

  - The portfolio has a relatively high scheduled loan to value
ratio of 70.7%, with relatively high proportion of loans with
scheduled LTV above 80.0% (11.1%) and above 90% (7.8%).

  - The portfolio has a low weighted average seasoning of 3.4
months, with 88.9% of the portfolio originated in the past six
months.

  - 5.9% of the loans in the portfolio were extended on an alt
doc basis.

  - The portfolio contains 3.5% exposure with respect to
borrowers with prior credit impairment (default, judgment or
bankruptcy). Moody's assesses these borrowers as having a
significantly higher default probability.

  - Investment and IO loans represent 30.1% and 8.7% of the pool,
respectively.

Methodology Underlying the Rating Action:

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:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans. The Australian job market and the housing market
are primary drivers of performance.

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


OFF ROAD: First Creditors' Meeting Set for Oct. 22
--------------------------------------------------
A first meeting of the creditors in the proceedings of Off Road
Camping Accessories Pty Limited, trading as The Ultimate Trailers
and The Ultimate Off Road Campers, will be held at History House
133 Macquarie Street, in Sydney, NSW, on Oct. 22, 2018, at
11:00 A.M.

Tim Heesh of TPH Insolvency was appointed as administrator of Off
Road on Oct. 10, 2018.


SHORTLAND WATERS: Second Creditors' Meeting Set for Oct. 12
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Shortland
Waters Golf Club Limited, trading as "Club Shortland", has been
set for Oct. 12, 2018, at 2:00 p.m. at Shortland Waters Golf Club
Off Vale Street, in Shortland, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 11, 2018, at 4:00 p.m.

Chad Rapsey of Rapsey Griffiths was appointed as administrator of
Shortland Waters on July 4, 2018.


SYDNEY MECHANICAL: First Creditors' Meeting Set for Oct. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sydney
Mechanical & Air Conditioning Services Pty Ltd will be held at
the offices of Veritas Advisory, Shop 3, 629 Kingsway, in
Miranda, NSW, on Oct. 22, 2018, at 11:30 a.m.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Sydney Mechanical on Oct. 10,
2018.


VEROMO PTY: First Creditors' Meeting Set for Oct. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of Veromo Pty
Ltd will be held at the offices of Level 3, 95 Macquarie Street,
in Parramatta, NSW, on Oct. 19, 2018, at 10:00 a.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Veromo Pty on Oct. 9, 2018.



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C H I N A
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CHINA WANDA: Moody's Puts B1 Corp. Family Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to China Wanda Group Co., Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"China Wanda's B1 CFR reflects the company's improved
profitability, underpinned by the annual crude oil import quotas
it receives from the Chinese government," says Chenyi Lu, a
Moody's Vice President and Senior Credit Officer.

The refining segment is the company's largest business segment,
accounting for 56% and 58% of total revenue and gross profits,
respectively, in 2017. Moody's projects the segment will increase
its contributions to around 60% of revenue and 61%-62% of gross
profits over the next two years.

China Wanda's annual import quota for 4.4 million tons of crude
oil has helped lower its refining costs and improve the segment's
gross margin. The company first received this annual import quota
in December 2015 and has received the quota every year since. It
processed around 4 million tons of crude oil as feedstock in
2017. As a result, the segment's gross margin increased
significantly to 18.6% in 2017 and 17.5% in 2016 from 6.3% in
2015.

Moody's expects the company's revenue to grow by 17% in 2018 and
be flat in 2019. The strong growth in 2018 will be driven by 25%
growth in the refining segment, in turn underpinned by improved
oil prices and higher sales volumes.

Moody's also expects the company's adjusted EBITDA margin to
soften slightly to around 16% over the next 12-18 months from a
high of 16.4% in 2017. This level remains above the 12.0%-13.5%
recorded in 2014-2015 before the company received the import
quota.

"China Wanda's CFR also factors in its growing track record of
expanding its operations and building a strong customer base, as
well as its diversified business portfolio which supports margin
stability," says Lu, who is also Moody's Lead Analyst for China
Wanda.

China Wanda started with the cable business in 1988 and gradually
expanded into the electronics business in 1990, the chemical
business in 1995, and the tire business in 2004.

The company further grew its business scale and increased its
revenue year-on-year by 71% to RMB32.7 billion in 2014, driven by
the ramp-up of the refining business, which commenced operations
in 2013.

China Wanda's diversified business portfolio features different
business cycles and demand characteristics, thus supporting its
margin stability.

On the other hand, China Wanda's CFR is constrained by its small
refining scale with concentration risk in a single site, its
exposure to China's evolving policies and regulations, and
execution risks associated with its large debt-funded expansion.

The company has a small refining scale with an annual crude
distillation capacity of around 5 million tons and narrow
commodity type product slate when compared with global refining
peers. The refining business is also exposed to a high level of
geographic concentration and operating risks, given its
dependence on a single refining complex located in Dongying,
Shandong.

The company is exposed to fluctuating structural demand and
regulatory risks, stemming from China's evolving government
policies and regulations. These risks could raise its operating
costs and capital spending to comply with changes in
environmental and safety standards, and increase uncertainty
around its future profitability and refining margins.

Moody's expects the company to construct a large-scale
petrochemical capacity between 2019 and 2022. This major
expansion plan will raise the risk of cost overruns, schedule
delays and other complications.

China Wanda's B1 CFR is also constrained by its limited financial
disclosure due to its privately owned company status and evidence
of major inter-company lending to its parent. In 2015, China
Wanda provided a loan to Wanda Holdings Group Co., Ltd. to
support the parent's capital spending. The outstanding loan
balance was RMB3.9 billion at the end of 2017, accounting for 23%
of China Wanda's reported debt. Wanda Holdings is also a
privately owned company and does not publicly disclose its
financials, leading to low transparency. China Wanda accounted
for around 85% of Wanda Holdings' adjusted EBITDA and 83% of
total assets on a consolidated basis in 2017.

Moody's expects the company's adjusted debt/EBITDA will trend to
2.5x-3.0x over the next 12-18 months from 3.3x in 2017, driven by
higher earnings and lower debt levels supported by positive free
cash flow generation for debt repayment in 2018. This level of
leverage is strong for its B1 rating, and provides some buffer
against industry cyclicality, regulatory risks and related-
company transactions.

The company's liquidity position is adequate. At the end of June
2018, its cash, including restricted cash, of RMB6.6 billion and
expected operating cash flow of around RMB4 billion were
sufficient to cover its short-term debt of RMB6.4 billion and
estimated capital expenditure of RMB2.2 billion over the next 12
months.

The company's liquidity position is strengthened by its good
access to domestic bank facilities and capital market funding.
The company has raised onshore bonds, including private
placements, of around RMB10.6 billion since 2015.

The stable outlook reflects Moody's expectation that China Wanda
will: (1) generate steady revenue and earnings growth; (2)
maintain proper corporate governance standards; and (3) preserve
its adequate liquidity over the next 1-2 years.

A rating upgrade is unlikely in the near term, given the
company's small scale in the refining segment and exposure to
China's evolving government policies and regulations. However,
over the medium term, the rating could be upgraded if China Wanda
(1) meaningfully improves its production scale and vertical
integration through upgrades and capacity expansion of its
refinery business; (2) establishes a track record of prudent
financial policy and management; and (3) strengthens its credit
metrics, such that adjusted debt/EBITDA falls below 2.0x and
cash/short-term debt above 1.3x, on a sustained basis.

On the other hand, the rating could be downgraded if (1) China
Wanda shows weaker revenue growth and deteriorating profitability
as a result of an industry downturn, intense competition or
regulatory changes; (2) it fails to adhere to prudent financial
management and sound corporate governance standards; (3) it
pursues aggressive debt-funded investments or/and increased
funding requirements associated with its capacity expansion
program; (4) it shows weakened credit metrics such that adjusted
debt/EBITDA above 4.0x-4.5x on a sustained basis; or (5) its
liquidity profile significantly deteriorates.

The principal methodology used in this rating was Refining and
Marking Industry published in November 2016.

Founded in 1988 and headquartered in Dongying, Shandong, China
Wanda Group Co., Ltd is a privately-owned company operating
multiple business segments including (1) refining, mainly
refineries of diesel and gasoline; (2) tire production; (3) the
manufacture of electric cables; (4) the manufacture of chemical
products including methacrylate butadiene styrene and
polyacrylamide; and (5) electronics including the production of
polyimide film.

At the end of 2017, Shang Jiyong, the company's chairman,
indirectly owned 26% of the company via Wanda Holdings Group Co.,
Ltd.

Wanda Holdings, which owns 50.24% of the company, is a privately-
owned company engaged in other businesses such as ports
operations, trading, real estate development and construction.


CIFI HOLDINGS: Fitch Affirms BB LT FC IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed China-based property developer CIFI
Holdings Co. Ltd.'s Long-Term Foreign-Currency Issuer Default
Rating and senior unsecured rating at 'BB'. The Outlook is
Stable.

At the same time, Fitch has assigned CIFI's CNY1 billion 7.75%
yuan-denominated offshore senior notes due 2020 a final rating of
'BB'. The notes are rated at the same level as CIFI's senior
unsecured debt as they represent its direct, unconditional,
unsecured and unsubordinated obligations. The final rating on the
notes follows the receipt of final documents conforming to
information already received and is in line with the expected
rating assigned on September 12, 2018.

The rating affirmation reflects CIFI's continued record of
increasing scale, supported by its fast-churn strategy and stable
operating efficiency. CIFI has a proven land acquisition strategy
and consistently maintains a healthy financial profile. Fitch
expects CIFI's credit profile to remain stable in the next 12 to
18 months.

KEY RATING DRIVERS

Stable Leverage on Strong Performance: Leverage, as measured by
net debt/adjusted inventory with proportionate consolidation of
joint ventures (JV) and associates, was at 42.6% in 1H18 (2017:
39.0%), which is appropriate for CIFI's rating. CIFI expanded its
land acquisition activity in 2017 and Fitch expects leverage to
fall slightly in the next 12-18 months as CIFI moderates its land
acquisition pace. Total land bank was 40 million square metres
(sq m) in 1H18, with an average cost of CNY6,500/sq m, sufficient
for three to four years of development.

CIFI's attributable contracted sales increased by 88% to CNY55
billion in 2017, while total contracted sales, including
contracted sales by JVs and associated companies, rose by 40% to
CNY 66 billion in 1H18. Fitch believes the company is on track to
achieve its target total contracted sales of CNY140 billion by
the end of 2018.

Healthy Margin: CIFI's EBITDA margin was 20.1% in 1H18, compared
with 26.2% in 2017. In 2017 the company began to reclassify
certain project companies from non-consolidated JVs and
associates into subsidiaries and revaluate the fair value of the
cost of delivered properties. The accounting effect of the
acquisition revaluation resulted in higher cost of goods sold and
lower margins; EBITDA margins for 2017 and 1H18 would be 28.8%
and 30.2%, respectively, if adjusted for the acquisition
revaluation.

The acquisition revaluations are likely to continue given CIFI
has a significant number of JVs and associates and will make
margins appear more volatile. Nevertheless, Fitch expects CIFI's
EBITDA margin to remain above 25.0%, despite its average selling
price falling to CNY15,300/sq m in 1H18, from CNY16,500/sq m in
2017, due to the company's strategy to increase sales in lower-
tier cities. Fitch believes CIFI's diversified project portfolio
across different tier-cities allows it to maintain its fast-churn
strategy without sacrificing margins.

Diversified Geographic Presence: CIFI's diverse presence in the
Yangtze River Delta, Pan Bohai Rim, the central western region
and Guangdong and Fujian provinces provides room for further
expansion. CIFI entered 14 new cities in 7M18, with projects now
spread over 53 cities, helping mitigate risks from local policy
intervention and economies. CIFI boosted land acquisition in
tier-3 cities in 1H18, which are oversupplied, but focused
contracted sales on second-tier and robust third-tier cities,
which have more first-time buyers and upgraders. CIFI's saleable
resources remain well-diversified between different tier cities,
providing flexibility to adjust the sales mix for different
market conditions.

Low Funding Costs: CIFI has diversified funding channels,
including onshore bonds and offshore bank loans. The company
issued USD1.4 billion and CNY1.0 billion in senior notes and
HKD2.8 billion in zero-coupon convertible bonds during 2018, with
proceeds used to refinance borrowings. It also signed a 3.5-year
club loan of up to USD0.5 billion in March 2018. Its average
funding cost remained stable at 5.3% in 1H18 (2017: 5.2%), which
should stay low due to CIFI's active capital structure
management, despite tighter liquidity and an unfavourable funding
environment in 2018.

DERIVATION SUMMARY

CIFI's closest peer is Sino-Ocean Group Holding Limited (BBB-
/Stable, standalone: BB+) in terms of contracted sales and land
bank size. Sino-Ocean has continued its geographic focus on tier-
1 and affluent tier-2 cities, while CIFI has increased its focus
on tier-2 and 3 cities. CIFI's leverage of around 40% is similar
to the leverage Fitch expects for Sino-Ocean in 2018. CIFI's
EBITDA margin is higher than Sino-Ocean's 23%-25%, but Fitch
expects Sino-Ocean's attributable recurring EBITDA interest
coverage from investment properties to be at 0.4x, while CIFI's
recurring income is negligible. The one notch difference between
Sino-Ocean's standalone rating and CIFI's IDR is based on Sino-
Ocean's higher investment property income.

CIFI's leverage is significantly lower than that of several 'BB'
range peers, including Guangzhou R&F Properties Co. Ltd. (BB-
/Negative) and Beijing Capital Development Holding (Group) Co.,
Ltd. (BBB-/Negative, standalone: BB). CIFI's EBITDA margin is in
line with that of Guangzhou R&F and Beijing Capital Development.
However, its recurring EBITDA interest coverage is lower than
Guangzhou R&F's 0.2x.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY80 billion in 2018,
    followed by a growth rate of 21% in 2019 and 12% in 2020

  - Attributable land purchase at around 45%-55% of contracted
    sales from 2018-2020

  - Average land acquisition cost of CNY6,000-6,250 per sq m from
    2018-2020

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - Leverage, measured by net debt/adjusted inventory, sustained
    at below 30.0% (1H18: 42.6%)

  - Maintaining high cash flow turnover despite the JV business
    model and consolidated contracted sales/debt at over 1.2x
    (1H18: 1.1x)

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

  - Substantial decrease in contracted sales

  - EBITDA margin, not adjusting for the effect of acquisition
    revaluation, sustained at below 25% (1H18: 20%)

  - Net debt/adjusted inventory sustained above 45%

LIQUIDITY

Ample Liquidity: CIFI had unrestricted cash of CNY39.1 billion at
1H18, enough to cover short-term debt of CNY15.0 billion. The
company issued several tranches of senior perpetual, senior and
convertible bonds in the past several months and had approved but
unutilised facilities of CNY5.4 billion at 1H18. This is
sufficient to fund development costs, land premium payments and
debt obligations for the next 18 months.


HNA GROUP: HNA Puts Property Assets Worth $11 Billion Up for Sale
-----------------------------------------------------------------
According to documents seen by Reuters, HNA Group has put up for
sale property assets worth at least $11 billion, accelerating a
push to cut its large debt and restructure.

Two sets of documents reviewed by Reuters listed more than 80
assets that HNA has either put up for sale or intends to sell,
including hotels, commercial and residential buildings. They are
mostly within China, with the bulk of them located in Hainan
Island, where HNA is headquartered.

The documents were sent to prospective investors in August, said
sources, Reuters relates.

Under pressure from Beijing, the aviation-to-hotels conglomerate
has in 2018 sold real estate, stakes in overseas companies and
aviation-related assets after a $50 billion acquisition spree in
recent years, according to Reuters.

Since January, HNA has sold or agreed to sell over $20 billion
worth of assets, including real estate in Sydney, New York and
Hong Kong, according to Reuters calculations and media reports.

"We are strategically exiting some areas but it's not a fire
sale," Reuters quotes a company source familiar with the group's
plans as saying.

It was not immediately clear if some of the assets listed in the
two sets of documents have been already sold, Reuters states.

HNA's total debt stood at CNY657.41 billion ($94.96 billion) at
the end of the first half, down 10.7 percent from end-2017,
Reuters discloses. Despite the decrease, the group's total debt
to EBITDA stood at 21.36 times at the end of the first half.

In one set of the documents, HNA listed 24 assets in China and 11
overseas, including HNA International Plaza, a commercial-to-
residential landmark complex in Haikou, and 850 Third Avenue in
New York, which came under scrutiny by the U.S. government
because of its proximity to the Trump Tower, Reuters discloses
citing a media report.

It estimated the total value of 26 assets listed in this set of
documents as $10.5 billion but didn't give the estimated
valuations of the remaining assets, Reuters says.

In a separate set of documents sent to another potential
investor, HNA listed 57 domestic property assets as "planned for
sale", 10 of which also appear in the first set of documents.

Reuters relates that the assets listed in the second set of
documents include hotels in Hainan, Beijing and Shanghai, as well
as residential buildings in Hainan, Tianjin and Tangshan in
northern China's Hebei province.

The second set of documents did not give the estimated
valuations, Reuters says. It, however, set a time frame for sales
of most of the assets, with 18 targeted to be sold in the second
half of 2018 and 23 in 2019.

Earlier this year, HNA sold a 25 percent stake in Hilton Grand
Vacations Inc, trimmed shares held in Deutsche Bank and sold
three land parcels in Hong Kong, among other sales, Reuters
discloses.

The group is also exploring the sale of its newly acquired CWT
logistics unit, people familiar with the situation told Reuters
last month.

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2018, the Financial Times said that the Chinese
aviation-to-finance conglomerate defaulted on a CNY300 million
(US$44 million) loan raised through a trust company, the lender
said on Sept. 13 as it sought to freeze HNA assets.

The FT said the announcement by Hunan Trust is a sign that HNA's
liquidity woes are beginning to have a broader impact outside
China's formal banking sector.  According to the FT, the company
is already under strict supervision by a group of bank creditors,
led by China Development Bank, following a liquidity crunch in
the final quarter of last year. The default came despite an
estimated $18 billion in asset sales by HNA this year that have
done little to address its ability to meet its domestic debts,
the FT noted.


WANDA GROUP: S&P Assigns B+ Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said that it assigned its 'B+' long-term
issuer credit rating to Wanda Group Co. Ltd. (Wanda Group). The
outlook is stable.

Wanda Group is the key operating subsidiary of Wanda Holdings
Group Co. Ltd. (Wanda Holdings), which is a privately owned
company based in Shandong, China, with businesses in refinery,
chemicals, tires, cables, and electronics.

S&P said, "Our rating reflects our view that Wanda Group is a
core subsidiary of Wanda Holdings. We expect Wanda Holdings'
geographical diversity and refinery scale to remain limited over
the next two years. We also anticipate that the company's
leverage will increase during this time due to its debt-funded
capacity expansion.

"We base our assessment of Wanda Group on the overall
consolidated credit profile of 50.24% owner Wanda Holdings. We
expect Wanda Group to remain the key driver of Wanda Holdings'
credit profile, and account for the majority of the parent's
assets, debt, and profits. Therefore, we believe both companies
face similar business and financial risks."

Wanda Holdings faces geographic concentration risks. S&P expects
the refinery business to continue to account for a majority of
the company's profits. However, all of Wanda Holdings' refinery
revenue is generated domestically, representing little market
diversification. In addition, the company's production assets are
concentrated in Shandong, China.

A smaller scale than global refiners' limits Wanda Holdings'
overall operational flexibility and efficiency. The company has a
total refining capacity of 15 million metric tons per annum. S&P
said, "Because the national oil companies dominate the domestic
refinery market, we expect Wanda Holdings to have limited
influence and bargaining power like other small scale refineries
in the domestic and regional market. We also see potential
downside risks to the company's utilization rates and sales
volume as the industry is oversupplied in China." Wanda Holdings
has obtained a quota to import and process 4.4 million tons of
crude oil each year.

The volatility of Wanda Holdings' overall profitability is likely
to heighten in the coming years. The refining business became the
company's main profit contributor in 2016, three years after it
began. The cyclical nature of the refinery industry increases
Wanda Holdings' exposure to the volatility in oil prices,
refining margins, and exchange rates, as well as surplus capacity
in the domestic market. However, the company has satisfactory
refinery complexity and moderate integration between its
refinery, chemicals, tires, and cables operations. We believe
both these factors will temper the profit volatility.

S&P said, "We expect Wanda Holdings' expansion to moderately
enhance its scale and increase its EBITDA. The company plans to
expand the production capacity of its petrochemical products. We
do not anticipate the increase in EBITDA from these projects to
materially lower Wanda Holding's leverage because these projects
are likely to be predominantly debt-funded. The company is
seeking approval for these projects, and we do not expect them to
generate revenue before 2021. Wanda Group has a history of
expansion. The company commenced its cable business in 1988, and
expanded into electronics, chemicals, and tires between 1990 and
2004. Refining is its most recent addition.

"In our view, Wanda Holdings' consolidated financial ratios
reflect the financial risk profile of Wanda Group because the
subsidiary is integral to the parent. We anticipate that Wanda
Holdings' leverage will increase, with the debt-to-EBITDA ratio
rising to 3.7x-4.5x in the next 12-24 months, from 2.5x-2.7x in
2016-2017. That is because the company is likely to largely fund
its capital expenditure plans and working capital requirements
with debt.

"We estimate Wanda Holdings' capital expenditure to be Chinese
renminbi (RMB) 0.2 billion in 2018 and then increase to RMB4.7
billion in 2019 mainly due to its petrochemical expansion
projects. In our view, the company will continue to have high
working capital requirements to fuel its expansion. We forecast a
working capital cash outflow of RMB2.1 billion per year for 2018-
2019. We also anticipate that EBITDA margin will contract
slightly in 2018-2019 as refinery margins moderate from the 2017
levels." The gross margin of Wanda Group's refinery segment was
17.5% in 2016 and 18.6% in 2017.

Wanda Group is a core subsidiary and the key driver of Wanda
Holdings' group credit profile, which is also 'b+'. As a result,
we equalize the issuer credit rating on Wanda Group with the
group credit profile of Wanda Holdings.

S&P's assessment of Wanda Group's core subsidiary status is based
on the following characteristics:

Wanda Group is the key profit contributor of Wanda Holdings. It
accounted for over 85% of Wanda Holdings' gross profit in 2017.

Wanda Group is integral to the overall group strategy. Wanda
Group's refinery and chemicals segment is aligned with Wanda
Holdings' future plan to be a vertically integrated company.
Both Wanda Holdings and Wanda Group share the same management.
S&P expects Wanda Group to receive strong, long-term commitment
of support from senior group management.

S&P views Wanda Group as the key subsidiary holding all of the
parent's main businesses and highly unlikely to be sold.
Wanda Group is closely linked with Wanda Holdings' reputation
because they share the same brand name.

The stable outlook reflects our view that the business
performance of both Wanda Group and Wanda Holdings will remain
stable over the next 12 months. The outlook also reflects S&P's
view that Wanda Group shall remain a core subsidiary, and that
the company's financial risk will be stable despite rising
capital expenditure in the next 12-24 months.

S&P said, "We may downgrade Wanda Group if Wanda Holdings' debt-
to-EBITDA ratio rises above 5.0x on a sustained basis. This could
happen if Wanda Holdings' profitability deteriorates or its
capital expenditure is significantly higher than we expect. This
could also happen if the company's relationships with banks
weaken and it faces difficulties in refinancing its debt.

"We may upgrade Wanda Group if Wanda Holdings' liquidity becomes
adequate and its debt-to-EBITDA ratio is below 4.0x on a
sustained basis. This could happen if Wanda Holdings reduces its
debt and exercises discipline in its capital expenditure, or the
company improves its operating cash flows through effective
working capital management."



================
H O N G  K O N G
================


NOBLE GROUP: Yancoal to Object Over Terms of Restructuring Plan
---------------------------------------------------------------
Jamie Lee at The Strait Times reports that Noble Group on
Oct. 10 flagged that Yancoal Australia Ltd and certain of
Yancoal's affiliates intend to file objections to the
constitution of classes and the schemes under the restructuring
plan put out by the commodities firm.

Yancoal, which is labelled as a potential "other scheme
creditor", is also set to challenge the jurisdiction of the
English courts, the Strait Times relates.

"The company's advisers note that objections of the nature raised
by Yancoal are not uncommon in complex international
restructurings," Noble said in its statement, the report relays.
"The board continues to strongly believe that the restructuring
is in the best interest of all stakeholders."

According to The Strait Times, Noble said that it expected to
issue an explanatory statement to scheme creditors on Oct 16. It
has meanwhile applied to both the High Court of Justice of
England and Wales, and the Supreme Court of Bermuda to begin
scheme meetings. The hearing in London is scheduled on Oct. 12,
and that in Bermuda on Oct. 15.

In August, Noble won overwhelming approval from shareholders to
push through with its do-or-die debt-for-equity rescue plan, the
report recalls. Under the controversial restructuring plan, Noble
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders, the Strait Times notes.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores.  Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa.  Energy business includes coal, gas and liquid energy
products.  In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys.  The Company operates
nearly in 140 locations.  It supplies growth demand markets in
Asia and Middle East.  Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 5, 2018, Moody's Investors Service has upgraded Noble Group
Limited's corporate family rating to Caa1 from Caa3.  At the same
time, Moody's has affirmed Noble's senior unsecured ratings at
Ca, and the rating on its senior unsecured medium-term note (MTN)
program at (P)Ca. The company is in default on its existing debt
obligations.  The ratings outlook is stable.

"The upgrade of Noble's CFR reflects its expectation that the
company's capital structure and liquidity will improve, following
its restructuring, which was approved by shareholders earlier
this week," Gloria Tsuen, a Moody's Vice President and
Senior Analyst, said. "Moody's expects that the restructuring
will be completed by the end of this year," added Tsuen.



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


ACUITY INDIA: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Acuity
India Resorts Private Limited (AIRPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      8.37       CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from AIRPL to monitor the
ratings vide e-mail communications/letters dated April 16, 2018,
June 5, 2018, June 8, 2018, July 5, 2018, August 1, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Acuity India Resorts Private Limited bank
facilities will now be denoted as CARE D; 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.

The rating takes into account delays in debt repayment owing to
weak liquidity position.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: AIRPL has been irregular in
servicing its debt obligation owing to weak liquidity position of
the company.

Incorporated in August, 2012, Acuity India Resorts Private
Limited (AIRPL) is engaged into hospitality business in the name
of '7 Seasons Resorts & Spa' which is operating a Resort,
banquet, restaurant and Spa. It is located at Khambhaliya-Dwarka
highway, Lakhabawal, Jamnagar, Gujarat.


AMITEX AGRO: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amitex Agro
Product Private Limited (AAPPL) a Long-Term Issuer Rating 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Term loan due on July 2023 assigned with
    IND BB/Stable rating; and

-- INR110 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect AAPPL's medium scale of operations and
moderate credit metrics. In FY18, revenue rose to INR410.91
million (FY17: INR97.02 million), on account of an improvement in
order inflow. Gross interest coverage (operating EBITDA/gross
interest expenses) was 1.9x in FY18 (FY17: 2.4x) and net leverage
(adjusted net debt/operating EBITDA) was 6.1x (10.7x). Interest
coverage declined in FY18 due to increased interest cost; the
decline would have been more if not for the increase of absolute
EBITDA which lead to the improvement in leverage. RoCE was 7% in
FY18 (FY17: 6%) and EBITDA margin was modest at 14.2% (29.2%).
Operating margin declined with a decline in other operating
income.

The company's liquidity position is also modest as reflected by
its around 91.2% use of the working capital limits on average
during the 12 months ended September 2018.

The ratings however are supported by AAPL's promoters over two
decades of experience in the agro-based industry.

RATING SENSITIVITIES

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

Positive: A sustained, substantial improvement in the revenue and
credit metrics will lead to a positive rating action.

COMPANY PROFILE

AAPPL manufactures soya ingredients at its unit in Julwani,
Madhya Pradesh. The company started its operations in October
2016.


ANIL LIFE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Anil Life Sciences Limited
        Anil Starch Premises Anil Road
        Ahmedabad GJ 380025 IN

Insolvency Commencement Date: September 12, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: March 11, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Parthiv Parikh

Interim Resolution
Professional:            Mr. Parthiv Parikh
                         9, Vinanti Apartments
                         Panchwati Second Lane, Ambawadi
                         Ahmedabad 380006
                         E-mail: parthiv.parikh25@gmail.com
                                 ip.anills@rbsa.in

                            - and -

                         RBSA Restructuring Advisors LLP
                         911, Venus Atlantis, Business Park
                         Anand Nagar Road, Prahalad Nagar 380015
                         E-mail: Parthiv.parikh@rbsa-advisors.com

Last date for
submission of claims:    October 19, 2018


APPLICOMP (INDIA): Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Applicomp (India) Limited
        Gangapur Gin Compound Station RD, Station Road
        Ahmednagar, Maharashtra 414001

Insolvency Commencement Date: September 25, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 24, 2019
                               (180 days from commencement)

Insolvency professional: CA. Avil Menezes

Interim Resolution
Professional:            CA. Avil Menezes
                         403, Crescent Business Park
                         Sakinaka Telephone Exchange Lane
                         Sakinaka Andheri East
                         Mumbai 400072, Maharashtra
                         E-mail: avil@caavil.com
                                 irp.applicomp@gmail.com

Last date for
submission of claims:    October 12, 2018


B. T. FISHERIES: CARE Assigns B+ Rating to INR2.82cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of B. T.
Fisheries (BTF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            2.82      CARE B+; Stable Assigned

   Short-term Bank
   Facilities            3.36      CARE A4 Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of BTF are primarily
constrained on account of its small scale of operations with
dependency on single reservoir, weak solvency position and
working capital intensive nature of operations. The ratings,
further, constrained on account of inherent risk associated with
fish farming industry, volatile realization of products and its
presence in a highly fragmented and competitive industry.

The ratings, however, favorably takes into account experienced
management along with group support and healthy profitability
margins.

The ability of the firm to enhance its scale of operations with
achievement of envisaged level of Total Operating Income
while maintaining profitability margins and efficient working
capital management of working capital would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations along with dependency on a single
reservoir: BTF was initially formed in April 2015 and FY17 was
first full year of operation. Further, the scale of operation of
the firm remained modest marked by Total Operating Income (TOI)
of INR10.03 crore and PAT of INR0.15 crore and net worth of
Rs.2.19 crore in FY18. Further, BTF presently operates only
through the Bansagar Dam reservoir which has been obtained
under a limited-period lease and the entire requirement of fishes
is sourced from it.

Weak solvency position and working capital intensive nature of
operation: The capital structure of BTF stood leveraged marked by
overall gearing ratio of 3.77 times as on March 31, 2018.
Further,
debt coverage indicators of BTF stood weak marked by total debt
to GCA of 12.62 times as on March 31, 2018. Liquidity position of
the firm stood stressed with elongated operating cycle of 99 days
in FY18 owing to high inventory days of 101 days.

Exposure to volatile realization along with inherent risk of fish
industry: The final output of the firm are sold under auctioned
based sales, hence the prices of the fishes are completely market
driven. Further, the operations of the firm are exposed to
inherent risk like change in climate, regulatory norms,
perishable nature of the products etc.

Presence in highly competitive industry: The firm operates in a
highly fragmented market with the presence of a large number of
organized and unorganized players due to low entry barriers.
BTF's constitution as a partnership concern restricts its overall
financial flexibility in terms of limited access to external
funds for any future expansion plans.

Key Rating Strength

Experienced management along with group support: The overall
functions of the firm are managed by Mr. Harpal Singh Bhatia, who
has around three decade of experience in poultry farms and five
years of experience in fish farming. He is assisted by other
family member and relatives who are also the promoters of other
sister concerns of Simran Group. The partners of the firm and
other family member are also the promoters of the Simran Group
which is engaged in diversified business.

Healthy profitability margins: The operating profitability margin
of the company stood healthy marked by PBILDT margin of 13.78% in
FY18, improved by 273 bps over FY17 mainly on account of lower
material cost which was further offset by higher employee cost.
However due to high interest cost in initial stage of operation,
PAT margin stood low at 1.54% in FY18.

BTF is a part of Madhya Pradesh based Simran Group which was
formed as a partnership concern in July 2016 by Mr. Ishwaraj
Singh Bhatia and Simran Fisheries Private Limited as partners.
BTF is engaged in the fish farming as well trading of fishes and
supplies in the state of West Bengal, Assam, Delhi in the
auctioned based sale. It has signed a lease agreement in 2016 for
five years with Madhya Pradesh Fisheries Federation (MPFF) for
fishing from the reservoir of Bansagar Dam located in Katni
Madhya Pradesh. Further, the firm has 70-80 small ponds located
near by the Bansagar Dam which are used for fish farming.


BIMBAN INDUSTRIES: CARE Assigns B+ Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bimban
Industries Private Limited (BIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            5.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BIPL are primarily
tempered by small scale of operations, working capital intensive
nature of business along with weak capital structure and debt
coverage indicators However, the rating derives comfort from
qualified and experienced promoters, healthy order book position
providing it with satisfactory revenue visibility for the short
term of 3 months along with satisfactory profitability margins.
Going forward, the company's ability to improve its scale of
operations, capital structure and debt coverage indicators and
efficiently utilize its working capital requirements are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small sale of operations: The scale of operations remained small
marked by a total operating income (TOI) of INR14.50 crore in
FY18 and net worth of INR 1.63 crore as of March 31, 2018. BIPL
has achieved total operating income of INR 14.50 crore in FY18
which dropped marginally from INR 15.61 crore in FY17 on account
of slight delay in execution of orders. However the total
operating
income stood at INR 7.77 crore for 4M FY19 (unaudited).

Working capital intensive nature of operations: The working
capital cycle was found at 124 days in FY18 as against 50 days in
FY17. The company procures the raw material from the suppliers on
advance payment since the suppliers are all overseas, while on
sales the company offers credit period up to 2 months to its
customers, similarly the exports sales are on advance payment or
part payment up to 50%. Furthermore, the average utilization rate
of working capital facilities stood 100% for 12 months ended July
2018.

Weak capital structure and debt coverage indicators: The capital
structure of the company stood leveraged marked by debt equity
and overall gearing at 1.06x and 3.31x respectively as of March
31, 2018. The debt-coverage indicators also stood weak marked by
TD/GCA and Interest coverage at 22.73x and 1.36x in FY18 on
account increase in loans borrowed.

Key Rating Strengths

Experienced and established track of promoter in fabric industry:
Mrs Sujata Ganeriwala, the Managing Director of BIPL has more
than two decades of experience in the fabric industry. She is a
qualified Diploma in Textile Engineering. Prior to BIPL, she was
providing technical expertise for about two decades in a company
manufacturing tyre cord fabrics. Mr. Srinivas, Director of BIPL,
has about two decades of experience in various business
industries in his career who provides administrative and
management expertise in operations of BIPL. The vast experience
of the promoters is to benefit the company at large.

Healthy order book position: The order book of BIPL stood at INR
13.20 crore as of August 2018 which translates to 0.91x of the
total operating income of FY18, providing it with satisfactory
revenue visibility for the short term of 3 months.

Satisfactory profitability margin: In FY18, the PBILDT margin
improved to 6.51% compared to 4.40% the prior year. The company's
PBILDT margin grew despite slight dip in operating income on
account of better pricing policy. The PAT margin decreased to
1.43% on account of increase in finance cost and depreciation
provision.

Bimban Industries Private Limited (BIPL) formerly known as
Hyderabad Polyplast Marketing Private Limited was established in
November 2010 by Mr. Ramesh Agarwal and Mr. Shiv Prasad Sharma.
The company was taken over in the name of BIPL from the year 2014
by Mrs. Sujata Ganeriwala who is the managing director. The
commercial operations commenced in 2015. The other directors
include Mr. Shwetaank Ganeriwala, Mr. N. Srinivas. The registered
office and the factory is located in Kolkata and Bangalore
respectively. BIPL is engaged in manufacture of Tyre cord fabric
which is a raw material for tyre manufacturing.


DURGA HARDWARE: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Durga
Hardware And Mill Store (DHMS) 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     6.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

DHMS is a Delhi-based proprietorship firm formed by Mr Baharat
Khandelwal in 1988. The firm trades in tooling machines, machine
spares and hardware items.


ESS DEE ALUMINIUM: CARE Migrates 'D' Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of ESS DEE
Aluminium Ltd  (EDAL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long Term          180.00      CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Fund based                     information
   Limits

   Short Term         335.00      CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Non Fund                       information
   based limits

   Long Term           30.00      CARE D; Issuer not cooperating;
   Instruments-                   Based on best available
   Non-Convertible                information
   Debenture

Detailed Rationale & Key Rating Drivers:

CARE has been seeking information from EDAL to monitor the
rating(s) vide e-mail communications/letters dated Sept. 12,
2018, June 25, 2018, June 5, 2018, June 4, 2018, June 1, 2018,
Jan. 11, 2018, Dec. 22, 2017, Dec. 11, 2017, Oct. 11, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on ESS DEE Aluminium Ltd.'s bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING, Based on
best possible information.

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

Detailed description of the key rating drivers

The rating has been reaffirmed on account of the ongoing delays
in debt servicing of the company as informed by lenders.

Ess Dee Aluminum Ltd. (EDAL) was established in 2004 and is
promoted by Mr. Sudip Dutta. The company is engaged in
manufacturing of aluminum foil based high-end packaging solutions
for pharmaceuticals, FMCG and confectionery industry. The product
portfolio of company comprises of aluminium strip pack foil, lid
foils for Blister packs, PVC Blister Films, Poly Vinyledene
Chloride (PVDC), coated PVC- based thermoforming solutions.


FUSION BUILDING: CARE Assigns B+ Rating to INR17cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Fusion
Building Materials (Vizag) Private Limited (FBMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           17.00      CARE B+; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of FBMPL (which
belongs to the Fusion Group) is constrained by project
implementation risk, financial closure which has not been
achieved yet, niche
presence in the Indian Brick industry amidst intense competition
and volatility in raw material prices. However, the rating
derives its strength from proficiency of the promoters to ably
commit the funds required for the project and satisfactory
project progress, promoters' long-standing experience in the
industry, favourable location of the manufacturing facility,
benefits derived from eco-friendly and cost competitive nature of
Autoclaved Aerated Concrete (AAC) Blocks backed by increasing
demand and stable industry growth prospects. The ability of the
company to complete the project within envisaged cost and time,
thereby achieving the projected revenue post commencement of
commercial operation are the key rating sensitivity factors.

Detailed description of the key rating drivers

Key Rating Weakness

Project implementation risk: The project bears the risk of cost
and time overrun, since only 27.98% of the total project cost has
been incurred till August, 2018; which could impact the company's
projected sales and profits. The company has not achieved
financial closure yet which could be detrimental for the
performance of the company.

Niche Presence in the Indian Brick Industry amidst intense
competition: The company caters to a very niche segment in the
overall brick industry in India. The industry is characterized by
intense competition and is dominated by a handful of large
players. The industry caters to four types of bricks, i.e., clay
brick, fly ash brick, concrete block and AAC blocks. The market
share of AAC blocks is 3% in the overall brick industry.
Nevertheless, the demand for AAC blocks in India is
increasing gradually.

Volatility in raw material prices: Lime is a major cost component
for manufacturing of AAC blocks which comprises of 62% of the
total raw material cost followed by cement (22% of the total raw
material cost), the prices of which are highly volatile. However,
manufacturing of AAC blocks requires 60-65% of fly ash which can
be procured for free from thermal power plants, with the company
only having to account for the transportation costs. Any
fluctuation in the price of lime or cement would impact the
company's operating margin.

Key Rating Strengths

Experienced and resourceful promoters: The Fusion Group has been
promoted by Dr. Suresh Babu Sadineni, a Mechanical Engineer from
Andhra University College of Engineering. He has completed MS and
PhD in Mechanical Engineering from University of Nevada, Las
Vegas, USA and has experience of over a decade and a half in the
industry. He has also promoted Srikar Enterprises Private Limited
with capacity of 600 Cubic Meter (M3) per day in Nellore for
manufacturing of AAC blocks which were branded as 'Fusion Blocks'
across Andhra Pradesh, Telangana, Tamil Nadu, Karnataka and
Kerala.

Favorable location of the manufacturing facility: The proposed
plant is centrally located at Yerravam Village, near
Visakhapatnam in terms of availability of raw material and
proximity to the market. Visakhapatnam is well connected to
roads, ports (both air and sea) and rail, which would enable the
company to procure raw materials in a time-efficient manner and
facilitate quick dispatch of finished goods. Advantages of using
AAC Blocks: AAC block is a light weight precast building material
which provides both construction economy and speed. It is also
environment-friendly as it is manufactured using 60-65% of fly
ash (by weight) which is an unavoidable waste from coal/lignite-
based thermal power plants.

Use of AAC block in construction activities offers benefits like
cost saving on account of lower labour costs and lower energy
costs for cooling or heating (about 30%), better safety, time-
efficiency, light weight, better thermal insulation, better
durability and strength.

Satisfactory Project Progress: The company has received approvals
and NOC from the respective departments and Pollution Control
Board. The land conversion has been completed and civil work has
commenced and is being funded through a debt equity of 1.66:1,
with promoters infusing INR 9.05 crore as equity and the
remaining INR 15.00 crore would be availed in the form of term
loan. The company expects to complete the project by June 2019
and commence
operations from July 2019.

Stable Industry Outlook: India is the second largest brick
manufacturer in the world after China. In India, AAC blocks are
extensively used as a substitute of the conventional red clay
bricks in residential, commercial and industrial construction
activities. There is a huge demand potential for AAC blocks,
considering the eco-friendly and cost-effective nature of the
substitute product, increasing price parity against conventional
clay bricks and its miniscule market share of 3% in the overall
brick industry, increasing awareness and acceptance for usage of
green building products, construction market expected to reach
USD 1 trillion by 2025 and anticipated growth in the real estate
sector backed by Government support.

Fusion Building Materials (Vizag) Private Limited was
incorporated on November 20, 2017 and is a part of Fusion Group.
The company has been promoted by Dr. Suresh Babu Sadineni
(Managing Director) and Mrs. Ramanamma Sadineni. The company was
incorporated with an objective to manufacture environment-
friendly, sustainable Autoclaved Aerated Concrete (AAC) Blocks.
The company has proposed to install a capacity of 1,00,000 Cubic
Meter (M3); the civil work for which has already commenced. The
plant would be fully automated and located near Visakhapatnam,
Andhra Pradesh. Dr. Suresh Babu Sadineni is also the Managing
Director of all the other companies under Fusion Group which
include Fusion Solar Farms Private Limited, Fusion Solar
Technologies Private Limited and Srikar Enterprises Private
Limited.


GAYATRI SATYA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gayatri Satya
Infraworks India Private Limited (GSIPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR4.0 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GSIPL's medium scale of operations as
indicated by revenue of INR290.4 million in FY18 (FY17: INR98.5
million). The rise in revenue was on account of higher execution
of work orders. As on 31 August 2018, GSIPL had an order book of
INR1,800 million (6.2x of FY18 revenue), to be executed by FY21.

The ratings also factor in the company's modest credit metrics as
reflected by net financial leverage (total adjusted net
debt/operating EBITDAR) of 2.7x in FY18 and gross interest
coverage (operating EBITDAR/gross interest expense + rent) of
2.0x (FY17: 11.6x). The company was net debt negative in FY17.
The deterioration in the credit metrics was on account of a
substantial increase in equipment hiring expenses in FY18.

GSIPL is exposed to revenue concentration risks as its top two
customers contributed 85.4% to the total revenue in FY18 (FY17:
68.3%). The company also has a concentrated order book as a
single project accounted for 67% of the order book.

The ratings, however, are supported by the company's healthy
profitability margins of 10.4% in FY18 (FY17: 5.9%) with a return
on capital employed of 128% (95%).

The ratings also benefit from GSIPL's comfortable liquidity
position as indicated by 80.4% average utilization of its working
capital limit during the 12 months ended September 2018. It had a
negative net working capital cycle of 49 days and 45 days in FY18
and FY17, respectively, on account of long credit period of 112
days and 171 days, respectively.

The ratings also draw support from GSIPL's partners' experience
of around three decades in the construction industry, resulting
in established relationships with its customers and suppliers.

RATING SENSITIVITIES

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

Positive:  A substantial revenue growth along with a rise in the
EBITDA margin, leading to an improvement in the credit metrics on
a sustained basis could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2014, GSIPL is engaged in civil construction work
for oil and gas, power generation and transmission, civil and
infrastructure, and hospitality sectors.


H.N. PROFILES: CARE Assigns B+/A4 Rating to INR8cr Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of H.N.
Profiles and Engineering Private Limited (HNPE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long/Short term
   Bank facilities      8.00       CARE B+; Stable/CARE A4
                                   Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HNPE are
constrained by modest scale of operations with low
capitalization, thin profit margins, weak debt coverage
indicators, working capital intensive nature of operations and
presence in competitive and fragmented industry.  The ratings
however experienced promoters with more than two decades of
experience in the business and comfortable capital structure as
on March 31, 2018.

Ability of HNPE to increase its scale of operations while
improving profitability amidst intense competition and to
maintain
its capital structure along with efficient management of its
working capital requirement remain the key rating sensitivity.

Detailed description of Key rating drivers

Key Rating Weaknesses

Modest scale of operations along with thin profit margins: The
scale of operations of the company remained modest and
fluctuating however it grew at compounded annual growth rate
(CAGR) of 32.37% during FY14-FY18. Further during FY18
(provisional); total operating income (TOI) of the company
increased significantly to INR 48.32 crore (vis-Ö-vis INR 17.11
crore in FY17) as company got a few high value orders from
Swastik furnaces private limited, Pressuse Edutech Private
limited, and others in FY18. Hence, ability of the company to
increase the scale of operations along with healthy accretion of
profits to the capital thereby increasing the net worth base is
critical from the credit prospects. The profit margins of HNPE
have been low and fluctuating from the past four years ended FY18
due to trading nature of business, low value addition in the
product and fluctuation in the prices of yarn and limited ability
to pass on the increase in prices of material in the intense
competition. Further during FY18, PBILDT margin has gone down
drastically to 1.68% in FY18 from 4.59% in FY17 with increasing
focus on high sales volume by keeping low margins. With thin
operating margin, PAT margin of the company also remained low and
in the range of 0.08-0.35% during FY14-FY18. However PAT margin
of the company improved marginally to 0.34% in FY18 from 0.23% in
FY17 on account of lower interest expenses.

Weak debt coverage indicators: The debt coverage indicators also
remained weak with interest coverage ratio remained in the range
of 1.20x to 1.56x during the period FY14-FY18 however it improved
to 1.56x in FY18 from 1.23x in FY17 due to increased PBILDT and
lower interest cost in FY18. Further Total debt/GCA remained high
at 21.97 times in FY18 which improved from 50.78 times in FY17
mainly on account of increase in gross cash accruals in FY18.

Susceptibility of profit margins to volatile material prices: The
material is the major cost driver (constituting about 97% of
total cost of sales in FY18) and the prices of the same are
volatile in nature therefore cost base remains exposed to any
adverse price fluctuations in the prices of the steel being major
cost components amongst all materials are volatile in nature.
Accordingly, the profitability margins of the company are
susceptible to fluctuation in material prices. With limited
ability to pass on the increase in material costs in a
competitive operating spectrum, any substantial increase in
material costs would affect the company's profitability.

Working capital intensive nature of operations: Operations of
HNPE are working capital intensive mainly on account of funds
being blocked in receivables (avg. collection period is 73 days)
as company offers credit period of around two to three months and
inventory holding period is moderate at 24 days as on March 31,
2018. Further on the other hand it makes payment to suppliers
within one month (avg. collection period is 35 days). Therefore,
operations of the company remain working capital intensive leads
to working capital cycle period remained at 62 days and
utilization of its working capital limit (Rs. 6.20 crore) stood
higher for past twelve months ended July, 2018. Further the
liquidity position stood moderate with current ratio of 1.65x as
on March 31, 2018. Net working capital borrowing as % of capital
employed stood at ~92% in FY18. Further free cash and bank
balance remained low at INR 0.67 crore as on March 31, 2018 vis-
Ö-vis INR 0.29 crore as on March 31, 2017.

Presence in competitive and fragmented industry: HNPE operates in
a highly competitive and fragmented steel industry. The company
witnesses intense competition from both the other organized and
unorganized players domestically and globally. This fragmented
and highly competitive industry results into price competition
thereby posing a threat to the profit margins of the companies
operating in the industry.

Key rating Strengths

Experienced promoters: HNPE is currently managed by Mr. Tejas
Shah and Mr. Navin Shah who have more than two decades of
experience in the steel industry. Directors are further assisted
by second line of management. Company has established
relationship with various suppliers and customers over the period
of time which enabling continuous and repeated orders from
client.

Comfortable capital structure: Capital structure of the company
remained highly leveraged during FY14-FY17 and remained in the
range of 5.14 times to 7.59 times on account of higher debt level
due to dependence as the working capital requirement which is
supported by working capital bank borrowings and term loans
availed and also low net worth base. However, during FY18 overall
gearing of the company improved to 1x as on March 31, 2018 from
7.59x as on March 31, 2017 on account of increase in net worth
base due to subordinated of unsecured loan from promoters and
related parties of INR 5.44 crore as on March 31, 2018.

H.N. Profiles and Engineering Private Limited (HNPE) was
incorporated in the year 2010 as a private limited company and
is managed by Mr. Tejas Shah and Navin Shah who are having more
than two decades of experience in the business. HNPE is in the
business of processing (cutting and shaping) and wholesale
trading of steel plates, sheets and structures of different
measurements as per the requirement of clients. Company purchases
steel sheet from distributors and importers and sells it to
infrastructure project companies, real estate players, machine
manufacturers. Company has its registered office and processing
plant in Rabale, Navi Mumbai.


HONEST POLYMERS: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Honest Polymers
(HP) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR85.0 mil. Non-fund-based working capital limits assigned
     with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect HP's modest scale of operations and modest
EBITDA margin. Its revenue declined to INR317 million in FY18
from INR451.6 million in FY17 due to a fall in orders after the
implementation of the goods and services tax. Its EBITDA margin
was 2.2% in FY18 (FY17: 2.4%), with its return on capital
employed standing at 11.0% (21.0%). FY18 financials are
provisional.

The ratings also reflect the partnership nature of the firm.

However, the ratings are supported by HP's healthy credit
metrics, which are on account of the firm's low reliance on
external borrowings to meet working capital requirements. Its
interest coverage (operating EBITDA/gross interest expense) was
2.3x in FY18 (FY17: 1.8x) and net leverage (adjusted net
debt/operating EBITDAR) was 0.4x in FY18 (0.3x). The improvement
in the coverage in FY18 was on account of a decline in interest
cost due to a substantial decline in letter of credit discounting
charges.

The ratings are also supported by HP's comfortable liquidity,
indicated by an average non-fund-based limit utilization of about
47.2% for the 12 months ended September 2018. Moreover, its net
working capital cycle was less than 10 days over FY15-FY18 on
account of the trading nature of operations.

The ratings are further supported by the promoter's experience of
two decades in the trading of plastic granules that has led to
established ties with customers and suppliers.

RATING SENSITIVITIES

Negative: Any decline in the revenue/or operating profitability,
leading to any deterioration in the credit metrics, will be
negative for the ratings.

Positive: Any increase in revenue and operating profitability,
leading to any improvement in the credit metrics, will lead to a
positive rating action.

COMPANY PROFILE

Established in 2005, Surat-based HP is engaged in the trading of
plastic granules.


HYDERABAD RING: CARE Reaffirms D Rating on INR185.11cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hyderabad Ring Road Project Private Limited (HRRP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      185.11      CARE D Reaffirmed and removed
   Facilities                      from issuer not cooperating

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HRRP continues to
factor in delays in debt servicing by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in Debt servicing obligation: The liquidity position of the
company continues to remain weak due to delay in receiving
annuities from Hyderabad Growth Corridor Limited, leading to
ongoing delays in debt servicing.

Hyderabad Ring Road Projects Private Limited (HRRP) is a special
purpose vehicle (SPV) promoted by consortium of Era Infra
Engineering Limited and Induni CIE SA, for executing and
operating a 8-lane expressway (Narsingi to Kollur from km 0.00 to
km 12.00 package) under Phase II of Outer Ring Road project of
Hyderabad Growth Corridor Limited (HGCL, in which 74% stake is
held by Hyderabad Metropolitan Development Authority (HMDA)) on
Build Operate Transfer (BOTAnnuity) basis. The project, which was
secured following competitive bidding process in June 2007,
received provisional COD w.e.f March 30, 2012. The concession
period of the project is of 15 years from the appointed date,
which is December 12, 2007. HGCL/HMDA would pay HRRP 25 semi-
annual annuities of INR30.9 crore each over the entire concession
period from the COD.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based 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
October 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997, Interior Today is a proprietorship concern
engaged in the furniture trading business.


KAPOOR GLASS: CRISIL Assigns B+ Rating to INR11.95cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kapoor Glass (India) Private Limited
(KGIPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Packing Credit in
   Foreign Currency        2.5      CRISIL A4 (Assigned)

   Letter of credit &
   Bank Guarantee          2.35     CRISIL A4 (Assigned)

   Cash Credit              .70     CRISIL B+/Stable (Assigned)

   Foreign Currency
   Term Loan              11.95     CRISIL B+/Stable (Assigned)

The ratings reflect risks related to KGIPL's modest net worth and
average capital structure. This weakness is partially offset by
the experience of promoters and above average debt protection
metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest net worth and average capital structure: KGIPL's net
worth was modest at Rs.2.38 crore as on March 31, 2018, with high
gearing of 2.24 times.

Strengths

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

* Above average debt protection measures: Debt protection metrics
are above average, indicated by interest coverage and net cash
accrual to total debt ratios of 4.3 times and 0.25 time,
respectively, in fiscal 2018.

Outlook: Stable

CRISIL believes KGIPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if there is substantial increase in revenue and
profitability along with prudent working capital management. The
outlook may be revised to 'Negative' in case of deterioration in
operating performance, leading to weakening of financial risk
profile.

KGIPL, established in 1962 at Navi Mumbai, Maharashtra produces
ampoules and vials. It manufactures a wide range of ampoules,
vials, dental cartridges, perfume samples and test tubes. Mr
Sanjeev Kapoor and his two sons, are the promoters and manage day
to day operations at the company.


MEP INFRA: CRISIL Withdraws 'B' Rating on INR2525.49cr Term Loan
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of MEP Infrastructure Private Limited (MEP Infra) to 'CRISIL
B/Stable' from 'CRISIL D' and withdrew the rating at MEP Infra's
request, and after receiving no objection certificate(s) from the
bankers. The rating action is in line with CRISIL's policy on
withdrawal of its rating.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      7.51       CRISIL B (Upgraded from
   Bank Loan Facility                 'CRISIL D' and Rating
                                      Withdrawn)

   Term Loan            2525.49       CRISIL B (Upgraded from
                                      'CRISIL D' and Rating
                                      Withdrawn)

The upgrade reflects regularisation of debt servicing since May
2018. Toll collection increased by 12% in fiscal 2018 due to
higher traffic growth of 8% vis-a-vis about 2% in fiscal 2017.
The rating also factors in improvement in profitability because
of lower operation and maintenance (O&M) expenses in fiscal 2018.
Operating margin rose to 82% in fiscal 2018 from 73% in fiscal
2017 due to lower expenses on O&M expenses. The company had
expended higher amount on O&M in fiscal 2017 for installation of
Electronic Toll Collection lanes and maintenance of the flyovers.

The rating also factors in good traffic potential of the project,
and extensive experience of the promoters in managing toll-based
road projects. These strengths are partially offset by large debt
and high exposure to group companies, and vulnerability of cash
flow to volatility in traffic and changes in government policies.

Key Rating Drivers & Detailed Description

Strengths

* Regularisation of debt servicing: The company has been meeting
the debt obligation on timely manner since May 2018 due to
improved liquidity. The company reported moderate revenue growth
of 12% and improved profitability in fiscal 2018 which has
continued in the first quarter of fiscal 2019. Further, debt
service reserve account of around INR34 crore (equivalent to 1
month of debt service obligation) is being maintained with the
Lead Bank, which supports liquidity.

* Good traffic potential and fixed periodic toll rate revision
Mumbai, being the financial and commercial hub of the country,
attracts a steady stream of traffic. Traffic mainly consists of
passenger vehicles, over 60% of the revenue comes from passenger
cars, which largely comprises commuters staying on the outskirts
of Mumbai and travelling to and fro for work. Furthermore, toll
rates are pre-defined in concession agreement (toll rates are
revised once every three years), thus MEP Infra faces limited
risk of unexpected variation in toll rates. Toll revenue grew by
12% in fiscal 2018 supported by moderate traffic growth of 8%.

* Experience of promoters in managing toll-based road projects
The promoters have extensive experience in managing toll-based
road projects. MEP Infrastructure Developers Ltd (MEPIDL) has
managed 135 projects covering 1393 toll lanes, and has experience
of over 16 years in this business in 15 states across India.

Weakness

* Large debt, and high exposure to group companies: MEP Infra had
debt of INR2,259 crore as on March 31, 2018. The company raised
INR2,121 crore for making upfront payment to Maharashtra State
Roads Development Corporation Ltd (MSRDC) for the grant of
concession. Thus, despite stable revenue, MEP Infra has limited
cash flow protection due to large debt liability. Furthermore,
the exposure to group companies remained high at INR418 crore as
on March 31, 2018.

* Vulnerability of cash flows to volatility in traffic and
changes in government policies: MEP Infra remains exposed to the
risk of volatility in traffic volumes because of any possible
slowdown in economic activity. Furthermore, any change in
government policy such as demonetisation by the government
leading to announcement by Ministry of Road Transport and
Highways exempting tolling on highways had largely impacted
traffic and toll collection in the project stretch and had led to
stress in the project cash flow. Any such policy change or
adverse traffic movement remains a key rating sensitivity factor.

MEP Infra was incorporated in January 2010 as a subsidiary of
MEPIDL. It holds a 16-year concession from MSRDC, beginning in
November 2010, for toll collection at the five Mumbai entry
points (Vashi, Mulund, Lal Bahadur Shastri, Dahisar, and Airoli);
O&M, including periodic and special maintenance of 27 flyovers in
Mumbai; and capacity augmentation of three toll plazas. Before
the awarding of this concession to MEP Infra, MEPIDL was the toll
collector for the Mumbai entry points since 2002.


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

The instrument-wise rating actions are:

-- INR47.5 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2002, New Delhi-based Nanu Ram Goyal & Co. is a
proprietorship firm managed by Dwarka Dass Goyal. The entity is a
Delhi-based contractor for residential projects.


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

The instrument-wise rating actions are:

-- INR15.7 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR45.66 mil. Term Loan due on August 2020 maintained in Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR1 mil. Non-fund-based limits maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

R K Roadlines was incorporated in 2011 and is engaged in
providing liquefied petroleum gas transportation facilities in
the eastern part of India.


RAFFLES GREEN: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raffles
Green Pet India Private Limited (RGP) to 'CRISIL B-/Stable/CRISIL
A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee       .95       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit         4.00       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   .10       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan           4.95       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RGP 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 RGP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RGP 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 RGP 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 2013, Raffles Green Pet India Pvt. Ltd. (RGP) is
Kadi based company. It is setting up a unit to manufacture pet
flakes by recycling used PET bottles. The company is promoted by
Mr. Jerambhai Chhaganbhai Kalathiya and his younger brother, Mr.
Ankitbhai Mansukhbhai Ajani. The year 2015-16 was the first year
for the operations.


RAJA AGRO: CARE Migrates B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Raja
Agro Cold Storage (RACS) to Issuer Not Cooperating category.

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long term Bank
   Facilities         9.76       CARE B+; Stable; Issuer Not
                                 Cooperating; based on best
                                 Available information.

CARE has been seeking information from RACS to monitor the
ratings vide e-mail communications/letters dated July 06, 2018,
September 7, 2018, September 11, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on RACS'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(s).

Detailed description of the key rating drivers

At the time of last rating in September 27, 2017 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

Project risk: The firm is currently setting up a multipurpose
cold storage facility with a storage capacity of 4900 metric tons
in Balasore, Odisha with an aggregate project cost of INR9.30,
crore which is to be funded by partners' contribution of INR3.14
crore and term loan of INR6.16 crore to be financed at a debt-
equity ratio of 1.96x. The cold storage unit will be spread over
an area of 18000 Sq. Ft and the same will be equipped with state
of the art technology. The financial closure for the debt has
already been achieved and thus the project funding risk is
mitigated. The firm has spent around INR3.50 crore (37.63% of
total project cost) till September 20, 2017 funded by term loan
of INR2.21 crore and balance by the partners' funds of INR1.29
crore. Since the project is into initial stage of implementation,
the project implementation risk exists. However, the cold storage
unit is estimated to be operational by April 2018.

Seasonality of business with susceptibility to vagaries of
nature: The cold storage business is seasonal in nature as potato
is a winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. However, the firm will store multi products which will
reduce the aforesaid risk to a certain extent. Moreover, lower
agricultural output may have an adverse impact on the rental
collections as the cold storage units collect rent on the basis
of quantity stored and the production of agro commodities is
highly dependent on vagaries of nature.

Competitive and fragmented nature of industry: In spite of being
capital intensive, the entry barrier for new cold storage is low,
backed by capital subsidy schemes of the government. As a result,
the potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.
RACS will be mainly into storage of vegetables, fruits and eggs
which is highly fragmented and competitive in nature due to
presence of many small players with low entry barriers. In such a
competitive scenario smaller companies like RACS in general are
more vulnerable on account of its limited pricing flexibility.
Furthermore, being new entrant in the industry, the firm will
face intense competition from the established players in the
industry.

Key Rating Strengths

Experienced partners: Key partner, Mr. Raju Gopal Sahu (aged
about 48 years), has two decades of experience in diversified
business. He will look after the overall management of the firm.
He will be supported by Mrs. Sakuntala Sahu (aged about 45 years)
who also has around a decade of business experience. However, the
partners lack experience in cold storage industry.

Proximity to agro commodity growing area: RACS's storage facility
is proposed to be located at Balasore, Odisha which is one of the
major agro commodities growing regions of the state. The
favorable location of the storage unit, in close proximity to the
leading agro commodities growing areas provides it with a wide
catchment and making it suitable for the farmers in terms of
transportation and connectivity.

RACS was established as a partnership firm in 2016 by Mr. Raju
Gopal Sahu and Mrs. Sakuntala Sahu to set up a multipurpose cold
storage facility with a storage capacity of 4900 metric tons in
Balasore, Odisha. The firm is currently setting up a multipurpose
cold storage with an aggregate project cost of INR9.30 crore,
which is to be funded by partners' contribution of INR3.14 crore
and term loan of INR6.16 crore to be financed at a debt-equity
ratio of 1.96x.


SATYAM MINERAL: CARE Assigns B+ Rating to INR6cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Satyam
Mineral (STM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities             6        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of STM is constrained
on account of implementation and stabilization risk associated
with ongoing debt funded capex. The rating is also remained
constrained on account of the dependence of its prospects on the
performance of ceramic tile industry; which in turn is linked to
cyclical real estate sector, susceptibility of margins to
volatile prices of raw material and its partnership nature of
constitution. The rating, however, derives strength from the
experienced partners and location advantage.

STM's ability to achieve the envisaged sales and profitability
after successful completion of ongoing project will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with on-going
debt funded capex: STM is implementing a greenfield project to
establish a manufacturing unit for processed ceramic clay, at an
estimated cost of INR8.05 crore, proposed to be funded through
debt/equity mix of 1.68 times. Till September 05, 2018 STM has
incurred 35% of the project cost and is envisaging commencing
operations from December, 2018 onwards. Thus, risks associated
with pending project implementation as well as consequent
stabilization of the manufacturing facilities, to achieve the
envisaged scale of business, persist.

Partnership nature of its constitution: The constitution as a
partnership firm restricts STM's overall financial flexibility in
terms of limited access to external funds for any future
expansion plans. Further, there is inherent risk of possibility
of withdrawal of capital and dissolution of the firm in case of
death/retirement/insolvency/personal contingency of any of the
partners. Prospects dependent on the performance of ceramic tile
industry; which in turn is linked to cyclical real estate sector
Ceramic clay finds application in tiles industry and hence demand
for the same is dependent on demand of tiles; which in turn is
dependent on real estate sector. Ceramic tiles are mainly used in
the real estate sector in floor, ceiling and walls on indoor as
well as outdoor surfaces. Hence, the fortunes of ceramic clay
industry are linked with the growth and consumption pattern of
real estate sector in the country. The real estate industry is
also highly sensitive to the interest rates and liquidity
position in market. Thus any negative impact on real estate
industry shall adversely affect the prospects of ceramic tiles
industry and consequently the performance of STM.

Margins susceptible to volatility in raw material prices: Prices
of key raw materials i.e. clay, feldspar, dolomite etc. are
market driven and volatile in nature. Hence, any adverse movement
in prices of raw material may adversely affect the profitability
of the firm.

Key Rating Strengths

Experienced Partners: Mr. Prakashbhai Andarpa and Mr. Dharmendra
Andarpa are key partners of the firm and shall look after overall
operations of the firm. They possess around eight years of
experience in ceramic industry. They are also engaged as partners
in Antrix Sanitary Wares which is into manufacturing of sanitary
wares.

Location advantage: The manufacturing unit of STM is located at
Morbi in Gujarat which is one of the largest ceramic clusters in
India. Hence, being located in a cluster provides the firm with
easy access to target market, raw materials, primary fuel and
other utilities. Furthermore, the cluster is well connected by a
good road network, which provides logistical benefits.

Morbi (Gujarat)-based STM, was established in January 2018 as a
partnership firm by total fourteen partners. However, overall
management of STM will be looked after by two key partners named
Mr. Prakashbhai Andarpa and Mr. Dharmendra
Andarpa.

STM has taken up a project for establishing a manufacturing unit
for processed ceramic clay having total project cost of INR8.05
Crore, envisaged to be funded through debt/equity mix of 1.68
times. STM is envisaging to commencing operations by December,
2018. STM shall be operating from its sole manufacturing unit
located in Morbi (Gujarat), having proposed installed capacity of
1,20,000 Metric Tonne per Annum. White Pearl Mineral, Antrix
Sanitary Wares and Shyam Marketing are group entities of STM,
which are into manufacturing of ceramic clay, sanitary wares and
trading of beverages, respectively.


SHREE NATHJI: CARE Lowers Rating on INR7.66cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Nathji Cotton & Oil Industries (SNCOI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       7.66       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information
                                   Revised from CARE B+; Stable

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from SNCOI to monitor the
ratings vide e-mail communications/ letters dated April 16, 2018,
May 14, 2018, July 3, 2018, July 16, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the
ratings.
In line with extant SEBI guidelines, CARE has reviewed the rating
on the basis of publicly available information which however in
CARE's opinion is not sufficient to arrive at a fair rating.  The
rating on Shree Nathji Cotton & Oil Industries' 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 done on August 11, 2017, the following
were the rating strengths and weaknesses (updated for
the information available from client.):

Key Rating Weaknesses

Small scale of operations and thin profitability: During 5MFY17,
total operating income (TOI) of SNCOI stood at INR21.22 crore.
Profit margins stood thin on the back of high depreciation
coupled with low value addition nature of operations.

Leveraged capital structure, moderate debt coverage indicators
and working capital intensive operations: The overall gearing
stood leveraged at 2.76 times as on March 31, 2017 owing to
higher total debt as compared to net worth base. Interest
coverage stood at 1.95 times during FY17 owing to leveraged
capital structure and thin profitability.  The current ratio of
the firm remained low at 0.97 times as on March 31, 2017 due to
the high working capital borrowings as on balance sheet date.

Presence in highly fragmented industry with constitution as a
partnership firm: Many small scale units are operating in the
cotton value chain. This has resulted in the fragmented nature of
the industry and intense competition within the players. In
addition to this; the firm has restricted avenues of raising
external borrowing and inherent risk of withdrawal of capital
owing to its partnership constitution.

Seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government
Volatility in prices of raw material and higher inventory holding
period exposes the firm to price volatility risk.

Furthermore, the cotton prices in India are regulated by
government through MSP (Minimum Support Price) along with
cotton export. Hence, any adverse change in government policy may
negatively impact the prices of raw cotton in domestic market and
could result in lower realizations and profit for SNCOI.

Key Rating Strengths

Experienced partners: The firm was established by three partners-
Mr Girishbhai Likhiya who is having an experience of 15 years in
the field of cotton ginning along with Mr Kamleshbhai Likhiya and
Mr Bharatbhai Charola.

Location advantage resulting in easy access of raw material:
SNCOI presence in the cotton producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices.

Morbi-based (Gujarat) SNCOI is a partnership firm and was
established in July, 2015 by Mr Kamleshbhai Likhiya Mr Girishbhai
Likhiya and Mr Bharatbhai Charola. SNCOI is engaged into cotton
ginning, cleaning and bailing process with an installed capacity
of 7488 tonnes per annum as on March 31, 2017. The firm procures
raw cotton from farmers and sells its products in domestic market
to the states like Maharshtra, Tamilnadu etc.


SOUTHERN ONLINE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Southern Online Bio Technologies Limited

        Registered Office:
        Flat# A3, 3rd Floor, Office Block, Samrat Complex
        Opposite to AG's Office, Saifabad, Hyderabad
        Hyderabad TG 500004 IN

        Plant Location Unit 1:
        Samsthan Narayanapur
        Nalgonda Dist., Telangana

        Plant Location Unit 2:
        Plot No. 45/A, APIIC-SEZ Atchutapuram (V&M)
        Visakhapatnam Dist-531011, AP

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: April 2, 2019

Insolvency professional: Kalpana G.

Interim Resolution
Professional:            Kalpana G.
                         H.No. 16-11-19/4, G-1, Sri Laxmi Nilayam
                         Saleem Nagar Colony Malakpet, Hyderabad
                         Telangana 500036
                         E-mail: kalpanagonugunta1@gmail.com
                                 sbtlip3@gmail.com

Last date for
submission of claims:    October 20, 2018



SOMA NETWORKS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Soma Networks Software Engineering Private Limited
        A-133 Niti Bagh New Delhi 110049

Insolvency Commencement Date: October 4, 2018

Court: National Company Law Tribunal, New Delhi Principal Bench

Estimated date of closure of
insolvency resolution process: April 2, 2019

Insolvency professional: Alok Chandra Singh

Interim Resolution
Professional:            Alok Chandra Singh
                         G-10, Express Apartments, Sector 4
                         Vaishali, Ghaziabad 201010
                         E-mail: alok@alokchandra.com

Last date for
submission of claims:    October 22, 2018


SPICE INFRA-TRADING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Spice Infra-Trading Private Limited
        301, Gulab Building, 237, P.D' Mello Road, Fort
        Mumbai 400001, Maharashtra, India

Insolvency Commencement Date: September 12, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 10, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti, 2nd Floor
                         49 A, Dr. Annie Besant Road A
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         Tel: +91(22)66119696 Direct Extn.: 604
                         Mobile: +919820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    October 18, 2018


SPRUCE TRADING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Spruce Trading Private Limited
        Flat No. 2898, Bldg. No. 67, 1st Floor
        Gandhinagar Jalkiran CHS Ltd, Bandra (East) Mumbai
        Maharashtra 400051

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 3, 2019

Insolvency professional: Ms. Subha Pal

Interim Resolution
Professional:            Ms. Subha Pal
                         475, Sector-A, Pocket-C, Vasant Kunj
                         New Delhi 110070
                         E-mail: ssubha_1@yahoo.com

                            - and -

                         505-A, Fifth Floor, Rectangle 1
                         District Centre, Saket
                         New Delhi 110017
                         E-mail: subhapalip@gmail.com

Last date for
submission of claims:    October 19, 2018


ST. GEORGE ELECTRONICA: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of ST. George
Electronica Private Limited (STG) to CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Long Term Loan         5.15     CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft             20.45     CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             10.2      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Working Capital        3.4      CRISIL B/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with STG for obtaining
information through letters and emails dated August 31, 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 STG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on STG 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 STG 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.

STG was set up in 2014 in Thrissur (Kerala). The company deals in
consumer electronics and home appliances and operates six retail
stores in Kerala. Mr KT Jissy, the promoter, manages the daily
operations.


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

The instrument-wise rating actions are:

-- INR12.3 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR35.32 mil. Term Loan due on August 2020 maintained in Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR1 mil. Non-fund-based limits maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 27, 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 2011, T K Roadlines provides transportation
facilities for liquefied petroleum gas in the eastern part of
India.


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

The instrument-wise rating actions are:

-- INR16.5 mil. Fund-based limits maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR45.65 mil. Term Loan due on August 2020 maintained in Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR1 mil. Non-fund-based limits maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 27, 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 2011, T K Roadways provides transportation
facilities for liquefied petroleum gas in the eastern part of
India.


TOLARAM SURENDRA: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Tolaram
Surendra Kumar Kundalia (TSKK) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; based on best
                                   Available information.

CARE has been seeking information from TSKK to monitor the
ratings vide e-mail communications/letters dated July 6, 2018,
September 11, 2018, September 14, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on TSKK'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 ratings.

Detailed description of the key rating drivers

At the time of last rating in August 7, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Moderate scale of operations with low profit margins: The scale
of operations remained modest marked by total operating income of
INR53.39 crore (Rs.77.30 crore in FY16) with a PAT of INR0.14
crore (Rs.0.14 crore in FY16) in FY17 (Provisional). Further the
networth base of the firm also remained low at INR1.41 crore
(Rs.1.15 crore in FY16). Furthermore, the total operating income
of the firm declined in FY17 by 30.93% due to low demand of its
products. The profit margins of TSK also remained low marked by
PBILDT margin at 1.46% and PAT margin at 0.27% in FY17 mainly due
to trading nature of its operations.

Volatility in prices of traded goods: TSK purchases trading goods
(food grains, edible oil, salt, milk, ghee, pulses and other
allied products) from local traders like Deepak Vegpro Private
Ltd, GokulRefoils& Solvent Ltd, etc,for trading on stock &
sale basis. The prices of the food grains, edible oil, pulses,
ghee are highly volatile and therefore the firm is exposed to
price volatility risk to the extent of inventory holdings.

Working capital intensive nature of operations resulted in
leveraged capital structure and moderately weak debt protection
metrics: The capital structure of the firm remained leveraged
owing to its working capital intensive nature of operations
resulting in higher dependence on bank borrowings marked by the
overall gearing of 2.84x as on March 31, 2017. However, the
overall gearing has improved as on March 31, 2017 on account of
accumulation of surplus into capital. Interest coverage ratio
remained moderate in the past years with deterioration in FY17
owing to higher increase in interest along with decline in PBILDT
level and the same remained at 1.42x in FY17. Furthermore, the
total debt to GCA remained on the higher side at 26.06x in FY17
due to low cash accruals.

Constitution as partnership firm: TSKK, 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 firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Intensely competitive industry: The Indian trading industry is
highly unorganized & fragmented in nature. Due to low entry
barriers, the trading Industry in the country is flooded with
many unorganized players. This has led to high level of
competition in the industry and players work on wafer-thin
margins. The cost of goods purchased is the major cost component
for the trading industry, accounting for about 98-99% of the
total operating income. Availability of goods is not an issue for
the industry but procuring these goods at competitive prices
poses a challenge to maintain margins. Furthermore, all the
entities trading the same products with a little product
differentiation resulting into price driven sales. Intense
competition restricts the pricing flexibility of the firm in the
bulk customer segment.

Key Rating Strengths

Experienced partner with long track record of operations: TSKK is
engaged in the business of trading of grocery items & other
commodities since 1980. Being in the same industry for more than
three and half decades, it has been able to build an established
client base. Mr. Surendra Kumar Kundalia (partner) aged about 44
years, has more than one and half decade of experience in the
same line of business. He looks after the day-to-day operations
of the firm. The long presence of the firm with rich experience
of the partner supports the business risk profile of the firm.

Diversified product portfolios: The product portfolio of the firm
comprises grocery items like food grains, pulses, ghee, milk,
edible oil and other allied products and therefore the firm is
not dependent on a single product.

Tolaram Surendra Kumar Kundalia (TSKK) was initially set up in
1980 as a proprietorship entity by late Mr. Santosh Kumar
Kundalia. However, TSKK was converted into partnership firm as
per partnership deed dated December 6, 2014 and currently managed
by Mr Surendra Kumar Kundalia and his mother Mrs Tara Devi
Kundalia. Since inception, the firm has been engaged in trading
of food grains, edible oil, salt, milk, ghee, pulses and other
allied products.TSK has added cattle feed, poultry feed in its
product portfolio. The firm is operating through a single store
located at Jorhat, Assam.


VAHINI POULTRIES: CARE Assigns D Rating to INR13.47cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vahini
Poultries Private Limited (VPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          13.47       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VPPL are tempered
by ongoing delays in servicing debt obligation on time due to
cash flow mismatches on account of stretched liquidity position
driven by delays in receipt of receivables from clients.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in serving debt obligations: There are ongoing
delays in servicing debt obligation on time due to cash crunch on
the account of net losses during period under review.

Fluctuating and small scale of operations with net losses during
period under review: The operating income of the firm remained
fluctuating during the period under review stood at INR 19.86
crore in FY15, INR 10.96 crore in FY16 and INR 17.68 crore in
FY17 due to outbreak of bird flu during FY16. During FY18
(prov.), the
company registered the total operating income of INR crore.
Further the VPPL has registered the net losses during period
under review on the account of high interest expenses and
depreciation provision.

Financial risk marked by erosion of net worth and weak debt
coverage indicators: The net worth of the company has eroded as a
result of accumulation losses in the preceding years due to high
depreciation provision and finance charges. VPPL has working
capital facilities to manage day-today operations and term
loan facilities. Further, the debt coverage indictors such as
interest coverage and total debt to GCA stood weak at 1.03x
and 91.31x in FY17.

Working capital intensive nature of operations: The operating
cycle of the firm remained high during the review period. Due to
stretched liquidity position the company has payable period of
154 days and collection period of 87 days as on March 31, 2017.
The firm, however, due to its nature of business, wherein the
firms are required to keep high inventory level of parent bird
and raw material stock to feed the birds in different growing
stages and to mitigate fluctuation in raw material prices has a
high raw material inventory period of 282 days as on March 31,
2017. On the account of same, the company utilizing entire
working facilities for the last 12 months ending on July 31,
2018.  Highly fragmented industry with intense competition from
large number of players and vulnerability of profits to raw
material price movements.

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

Further, the prices of inputs, like maize, soya, birds etc which
account to around 90% of the total cost of sales and are volatile
in nature based on the availability and demand, also have an
impact on the profitability of the firm.

Key Rating Strengths

Experienced promoter in poultry industry: VPPL was incorporated
in 2010 as a Private Limited Company. The managing director Mr. M
Vidya Sagar Reddy looks after day-to-day operations and he has
more than a decade of experience in poultry industry. Due to long
presence in the market, the promoters have good relationship with
suppliers and customers.

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

Hyderabad (Telangana) based Vahini Poultries Private Limited
(VPPL) was incorporated in 2010 as Private Limited by Mr. M Vidya
Sagar Reddy and Ms. M Ramadevi. VPPL is engaged in poultry
farming and trading of eggs with existing capacity of around
3,00,000 layer birds. The company has 30 employees to look after
the operations. Mr. M Vidya Sagar Reddy, Managing Director looks
after the day-to-day operations.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR66.5 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR24 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 8, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, Vashu Yarn Mills India produces cotton yarn
and has a windmill for its power consumption. KS Vasudevan is the
managing director of the entity. KV Gomathi, A Mahesh and KV
Shanmugapriya are the other directors.


VEE DEE: Ind-Ra Maintains 'B+' Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vee Dee
Enterprises' 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:

-- INR24 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating;

-- INR43.5 mil. Long-term Loan maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR0.35 mil. Non-fund-based working capital limits maintained
     in Non-Cooperating Category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Vee Dee Enterprises is a proprietorship concern, started in 1996
by Viral Shah. The entity is mainly engaged in the packaging of
food products.


VETRIVEL FORGINGS: CARE Lowers Rating on INR8.91cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vetrivel Forgings (VF), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.91      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE B+; Stable on
                                  the basis of best available
                                  information

   Short-term Bank      3.00      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VF to monitor the rating
vide e-mail communications/letters dated August 6, 2018, August
30, 2018, September 12, 2018 and September 17, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the firm
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 has
reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at
fair rating. The rating on Vetrivel Forgings bank facilities will
now be denoted as CARE D; 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

Key Rating Weakness

Ongoing delays in meeting of debt obligations: The firm was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
debt obligations in time.

Vetrivel Forgings (VF) was established in January 2007 as a
proprietorship concern by Mrs T N Sabithadevi in Chennai, Tamil
Nadu. The firm is engaged in manufacturing of iron and steel
forgings which finds its application primarily in automotive,
mining, power sectors and engineering industries. The installed
capacity of VF stood at 3600 MTPA with capacity utilization of
85% as of June 27, 2017. The product range of the firm is well
diversified which includes Shells, Inconel, Rollers, Link Plates,
rods, brake flanges, hooks, levers, joint couplings, flywheels,
cam Shafts, etc. The firm manufactures closed die forgings in all
types of steels like Carbon, low-alloy & stainless. The firm has
its registered office and manufacturing facility located in
Chennai, Tamil Nadu. The firm has three associate concerns namely
Thillai Engineering Works (Engaged in manufacturing of forgings),
Vetrivel Auto Components and Sathya Forging Agencies (Engaged in
machining and fabrication works) in Chennai, Tamil Nadu.


VISTACORE INFRAPROJECTS: CARE Cuts Rating on INR30cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vistacore Infraprojects Private Limited (VIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       30.00      CARE D; Issuer not Cooperating
   Facilities                      Revised from CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

VIPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on VIPL's bank facilities will now be
denoted as CARE D; 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.

The ratings have been revised on account of ongoing delay in
servicing of debt obligation by the company.

Key Rating Weakness

Delay in debt servicing obligations: As per the interaction with
the banker, there are continuous overdrawals of more than 30 days
in the cash credit facility. Timely repayment of debt is the key
rating sensitivity.

VIPL is promoted by the Patil family with Mr. Utkarsh B. Patil
heading the operations of the company. Earlier, the company was
established as a proprietorship concern in the name of "Vistacore
Infra-projects" in 2008. Subsequently, it was reconstituted as a
private limited company in 2015 with its name changed to the
current one. VIPL carries out civil construction work for
buildings, roads, bridges, tunnels, culverts, highways, water
treatment plants, industrial structures, powerhouses, water
supply distribution schemes and others. VIPL is a part of the
Vistacore group, which was founded in the year 2002.


VNS ACCESSORIES: Ind-Ra Maintains BB LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained VNS
Accessories Pvt Ltd.'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 action is:

-- INR240 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 3, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009, VNS Accessories exports garments and
accessories such as bags and clutches.


VRC MARINE: CRISIL Assigns B+ Rating to INR4cr Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of VRC Marine Foods LLP (VRC).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Cash
   Credit Limit            0.2      CRISIL B+/Stable (Assigned)

   Cash Credit             4        CRISIL B+/Stable (Assigned)

   Packing Credit          5.8      CRISIL A4 (Assigned)

The ratings reflect modest scale of operations, and exposure to
risks inherent in the seafood processing industry. These
weaknesses are partially offset by partners' extensive industry
experience and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations is modest
as reflected in operating income of Rs 3.96 crores in fiscal
2018. The shrimp industry is highly competitive, with several
players operating in coastal areas. Presence of large number of
players would restrict the pricing flexibility of processors and
would restrict benefits that accrue from economies of scale.
Moreover, larger, integrated players have better bargaining power
compared to small and mid-sized players.

* Exposure to risks inherent in the seafood industry: Shrimp
prices depend on the availability of shrimp during a particular
period, and the company's margins are exposed to volatility in
the prices of shrimp. The seafood export segment is marked by
stringent regulations and quality requirements. Many of the
export destinations implement regulations from time to time
(including anti-dumping duty, food safety regulations, and
quality requirements) that need to be met. Adverse regulatory
changes, such as the levy of anti-dumping duties by importing
countries, can have an adverse impact on the profitability of the
players

Strengths:

* Promoters' extensive experience in seafood processing industry
The promoter Mr. Charran Tej has over 20 years' experience in the
shrimp business. He hails from a family that has been into shrimp
farming and trading since 1994. The family operates a 270 acre
shrimp farm in Nellore, AP. With his business acumen, he has
entered into forward integration through VRC. Over the years, he
has gained keen understanding of the business and has built
strong relationships with suppliers and customers. He takes care
of the day to day operations of the firm.

* Average financial risk profile: The net worth was modest at
INR4.84 crores as on March 31, 2018. It is expected to increase
gradually supported by steady accretions. The gearing stood at
0.96 times as on March 31, 2018 in the absence of long term
loans. The interest coverage ratio was 2.45 times for fiscal
2018. The company's revenues are expected to witness substantial
growth in the medium term aided by healthy demand prospects and
available capacities. Future debt funding of working capital will
influence the financial risk profile over the medium term.

Outlook: Stable

CRISIL believes VRC will benefit from its promoter's extensive
industry experience over the medium term. The outlook may be
revised to 'Positive' in case of sustained increase in revenue
and profitability resulting in larger cash accruals while the
firm maintains its capital structure. The outlook may be revised
to 'Negative' if significant decline in revenue and
profitability, or significant stretch in working capital weakens
financial risk profile, particularly liquidity.

VRC was established in 2015 and commercial operations started
from July, 2017. The firm is engaged in processing and export of
Shrimps. It has a rented capacity of 16 tonnes per day (8 tonnes
IQF and 8 tonnes plate freezer). The facility is located in
Mumbai, Maharashtra. The firm has a storage capacity of 15000
tonnes.


YADAV TRACTOR: CARE Lowers Rating on INR3.43cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yadav Tractor Company (YTC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       3.43       CARE B; Stable ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; on the basis of
                                   best available information

   Short-term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING Reaffirmed

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from YTC to monitor the
rating(s) vide e-mail communications/letters dated September 12,
2018, August 14, 2018, August 13, 2018, July 30, 2018, July 19,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Yadav
Tractor Company's bank facilities CARE B; Stable /CARE A4; ISSUER
NOT COOPERATING.

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

The rating has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by Yadav Tractor Company. Further, the ratings
are constrained on account of continuous decline in Total
Operating Income (TOI) with thin profitability margin and weak
debt coverage indicators. The ratings are, further, constrained
on account of working capital intensive nature of operations and
volume driven business in highly intensive auto dealership
industry. The ratings, however, favorably take into account the
experienced partner with long track record of operation through
association with Mahindra & Mahindra Limited.

Detailed description of the key rating drivers

At the time of last rating on February 20, 2018, the following
were the rating strengths and weaknesses.

Credit Risk Assessment

Key Rating Weaknesses

Continuous Decline in Total Operating Income coupled with thin
profitability margins and weak debt coverage indicators in
intense competitive automobile industry TOI of the firm has shown
continuously declining trend in past four financial years ended
FY17 due to lower sales of tractors attributed by poor monsoon.
During FY17, TOI of the firm has declined by 20.27% over FY16
(30.76% in FY16 over FY15).

Being present in the trading industry coupled with highly
competitive industry, the profitability of the firm stood thin
marked by PBILDT and PAT margin of 5.41% and 0.16% respectively
as per provisional results of FY17.

The capital structure of the firm stood moderately leveraged with
an overall gearing of 1.28 times as on March 31, 2017. However,
debt service coverage indicators of the firm also stood weak with
total debt to GCA at 62.07 times in FY17. Further, interest
coverage ratio stood moderate at 1.13 times as on March 31, 2017.
Working capital intensive nature of operations, volume driven
business with intense competition in the auto dealership
industry.

The operations of the firm are working capital intensive in
nature supported largely by the bank borrowings. The operating
cycle of the firm deteriorated from 94 days in FY16 to 119 days
in FY17 mainly on account of higher inventory period and
collection period. The higher in tractor inventory holding led to
more utilization of working capital bank borrowings. Further,
Indian tractor industry is highly competitive in nature as there
are large numbers of players operating in the market like
Mahindra & Mahindra Limited, Escorts Limited, HMT Limited,
Tractors & Farm Equipment Limited etc. YTC's total operating
income is derived from the sale of Mahindra tractors and hence
its performance is highly dependent on the performance of
Mahindra & Mahindra, its key principal.

Key Rating Strengths

Experienced partner with long track record of operation through
association with Mahindra & Mahindra: The firm was established in
1990 and hence, has a track record of more than two decade. Mr.
Dwarika Prasad Yadav and Mr. Ram Singh Yadav, partners, have more
than two decade of experience in dealership industry and looks
after overall affairs of the firm. The promoters of the firm are
assisted by second tier management. YTC is engaged in the
automobile dealership business and has a long standing
association with its principal, Mahindra and Mahindra. Currently,
the company operates four showrooms along with workshops for
after sale services at Lucknow.

Lucknow (Uttar Pradesh) based Yadav Tractor Company (YTC) was
formed in 1990 by Mr. Dwarika Prasad Yadav and Mr. Ram Singh
Yadav as a partnership concern and shares equal profit & loss.
YTC is an authorized dealer of Mahindra tractors and operates
total four showrooms along with workshops for after sale services
at Lucknow. Also, the firm is engaged in the trading of
implements, spare parts, insecticides and pesticides.

YTC belongs to Yadav Loha Bhandar Group (YLB group). The group is
also promoting Yadav Loha Bhandar Private Limited (YLBPL),
authorized dealer of TATA iron rods/ pipes and ACC cement,
Dwarika Industries Limited (DIL) and Rukmani Cold Storage Private
Limited (RCSL) is engaged in the business of storage of potatoes
and seeds. Dwarika Krishi Limited (DKL) is engaged in the
business of trading of seeds, pesticide and other agriculture
material and Yadav Motor Company (YMC) is authorized dealer of
Mahindra two wheelers and operates two showrooms at Lucknow.



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


KAWASAKI KISEN: Egan-Jones Cuts Sr. Unsec. Debt Ratings to CCC
--------------------------------------------------------------
Egan-Jones Ratings Company, on October 1, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kawasaki Kisen Kaisha Ltd. to CCC from CCC+. EJR
also lowered the rating on commercial paper issued by the Company
to C from B.

Kawasaki Kisen Kaisha, Ltd. was founded in 1919 and is
headquartered in Tokyo, Japan. The company provides marine, land,
and air transportation services in Japan and internationally.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF MAIGO: Creditors' Claims Deadline Set for Nov. 23
---------------------------------------------------------------
All creditors of the closed Rural Bank of Maigo (Lanao del
Norte), Inc. have until November 23, 2018 to file their claims
against the assets of the closed bank either personally or by
mail. Creditors refer to any individual or entity with a valid
claim against the assets of the closed Rural Bank of Maigo and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must
have a postmark dated not later than November 23, 2018. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after November 23, 2018 shall be disallowed. PDIC,
as Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PhP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Maigo was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on September 13, 2018 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank is located in Poblacion, Maigo, Lanao del
Norte.

All requests and inquiries relating to Rural Bank of Maigo shall
be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, or through telephone numbers (02) 841-
4630 or 841-4631. Depositors and creditors outside Metro Manila
may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).
Walk-in clients may also visit the PDIC Public Assistance Center
at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Inquiries
may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.



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


IPCO INTERNATIONAL: Auditors Include Disclaimer of Opinion
----------------------------------------------------------
Annabeth Leow at The Business Times reports that IPCO
International's independent auditors have included a disclaimer
of opinion on financial statements for the year to April 30, the
group disclosed on Oct. 9.

It said that a copy of the report, dated Oct. 3, would be
provided in an annex to its after-market Singapore Exchange
filing, although no such document was attached to the
announcement.

Separately, the board also issued a list of material differences
between its unaudited and audited statements for the same period,
including a SGD14.97 million adjustment to its full-year losses,
BT says.

According to BT, Ipco had previously reported a net loss of
SGD43.44 million, widening from SGD209,000 in the year before.

But it now says that it over-stated its expenses by almost
SGD22.95 million, reporting costs of SGD109.65 million instead of
the audited figure of SGD86.71 million, BT relays.

The report relates that the group also registered an income tax
credit of SGD7.21 million in its unaudited statements, which has
been changed to a tax expense of SGD761,000.

Other discrepancies include under-stated figures for net assets
and over-stated figures for accumulated losses in the statement
of financial position, the report says.

Meanwhile, the board said that it was of the opinion that it was
appropriate to continue using a going-concern assumption in
preparing the group's financial statements, according to the
report.

Ipco added on Oct. 8 that it was "actively studying the prospect
of fund-raising" through a rights issue and/or a share placement
to third parties interested in three subsidiaries: property unit
Capri Investments, ESA Electronics and utility company Hubei
Zonglianhuan Energy Investment Management, says BT.

Based in Singapore, Ipco International Limited performs
infrastructure engineering services, turnkey engineering, and
construction projects. The Company also trades securities, trades
and distributes various computer spare parts, as well as provides
e-commerce business, internet service, and system integration and
solution services.



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


KOREA: To Provide Liquidity Support to Struggling Shipping Firms
----------------------------------------------------------------
Yonhap News Agency reports that a state-run maritime business
promotion corporation said on Oct. 10 it will provide liquidity
support for cash-strapped shipping firms and fund eco-friendly
projects.

According to Yonhap, the Korea Ocean Business Corp. said it will
provide KRW138 billion ($121.9 million) worth of guarantees for
four shipping companies to help them build liquefied natural gas-
propelled ships and purchase other vessels.

Among them are Korea Line Corp. SK Shipping Co., H-Line Shipping
Co. and Polaris Shipping Co, the report says.

Yonhap relates that the KOBC will also invest KRW16 billion in
two shipping companies to help them build eco-friendly ships and
provide KRW 57 billion worth of liquidity through a sale and
lease back program for seven small shipping companies.

The report says the liquidity support from the fledgling
corporation is part of the government's efforts to revive the
nation's slumping maritime industry in the wake of Hanjin
Shipping Co.'s bankruptcy in 2016.

The KOBC was launched in July as the shipbuilding industry, once
regarded as the backbone of the country's economic growth and job
creation, has been reeling in the face of an industrywide slump
and increased costs, says Yonhap.

Yonhap notes that the nation's Big 3 shipyards -- Hyundai Heavy
Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and
Samsung Heavy Industries Co. -- have been forced to undergo
sweeping self-rescue programs worth KRW11 trillion since 2016.



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


SRI LANKA: To Sell Stakes in Hotel Within Next Six Months
---------------------------------------------------------
Reuters reports that Sri Lanka plans to put two state-owned hotel
companies up for sale within the next six months in a sale that
could raise $500 million for the island nation as it seeks to
bolster its finances, the finance minister said on Oct. 9.

According to Reuters, Sri Lanka faces repayments on expensive
infrastructure foreign loans starting this year and already has a
hefty debt burden, while its rupee currency has plumbed record
lows.

"We're going through the legal hoops of preparing (the sales),"
State Minister of Finance Eran Wickramaratne said in an
interview, Reuters relays. "It will maybe take six months to get
over that."

Reuters says the government began a search for investors in
January for the Grand Hyatt Colombo and for a 51 percent stake in
a five-star hotel in the capital Colombo that Hilton
International runs under a management contract.

Reuters relates that Wickramatne said Sri Lanka would also reopen
bidding for national carrier Sri Lankan Airlines, probably in a
few months.

Talks with private equity firm TPG Capital, the sole bidder in a
previous push to sell the carrier, collapsed last year during due
diligence, Reuters says.

"We are going through an internal restructuring again, and we may
have to make a different offering in a different structure," the
report quotes Wickramatne as saying. "I'm expecting in the next
few months that it will be open for people to express interest".

Since 2015, the government of the $87 billion economy has
introduced fiscal and monetary policy measures including tax
reforms and a flexible currency exchange rate.

But Sri Lanka has struggled to overhaul major state-owned
enterprises including its airline due to a lack of funds and
protests by trade unions.

The International Monetary Fund urged the country in June to
strengthen governance and transparency at state firms.



                             *********

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

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

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


                            *********


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

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

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

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