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

                      A S I A   P A C I F I C

           Monday, October 15, 2018, Vol. 21, No. 204

                            Headlines


A U S T R A L I A

ALL EARTH: Second Creditors' Meeting Set for Oct. 22
ATLAS IRON: S&P Puts 'CCC' ICR on Watch Positive
COMMERCIAL BUSINESS: First Creditors' Meeting Set for Oct. 19
CORNERSTONE HOLDINGS: Second Creditors' Meeting Set for Oct. 22
FIRBANK BAY: First Creditors' Meeting Set for Oct. 24

MAX BRENNER: More Than 40 Potential Buyers Express Interest
OFF ROAD: First Creditors' Meeting Set for Oct. 22
PRIORITY GROUP: Second Creditors' Meeting Set for Oct. 22
SOMMER & STAFF: Second Creditors' Meeting Set for Oct. 22
WOLF MINERALS: First Creditors' Meeting Set for Oct. 22


C H I N A

HNA GROUP: In Advanced Talks to Sell Swissport to Brookfield


I N D I A

ABC SITES: CRISIL Reaffirms B+ Rating on INR25cr Term Loan
ANAND TEKNOW: Insolvency Resolution Process Case Summary
ARIYANAYAKI AGRO: CRISIL Reaffirms B+ Rating on INR9.4cr Loan
BAGORI POLYMERS: Ind-Ra Maintains BB- Rating in Non-Cooperating
BHAVIK POLYMERS: CRISIL Reaffirms B+ Rating on INR7.5cr Loan

CEMCON ENGINEERING: Insolvency Resolution Process Case Summary
CHANAKYA COTTONS: Ind-Ra Retains B- LT Rating in Non-Cooperating
CYTECH COATINGS: CRISIL Lowers Rating on INR5.3cr Term Loan to B
EVERBLUE SEA: CRISIL Hikes Rating on INR4cr Loan to B+
FATHEYPORI GARDENS: Insolvency Resolution Process Case Summary

G.S. ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
G.S. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
GENERAL POLYTEX: Ind-Ra Withdraws BB- Long Term Issuer Rating
HITECH LITHO: CRISIL Reaffirms B Rating on INR1.69cr Term Loan
INDIAN MARINE: CRISIL Reaffirms B+ Rating on INR6.0cr Loan

INFRASTRUCTURE LEASING: NCLT Reserves Order on MCA Plea
INTERNATIONAL TRACEABILITY: Insolvency Resolution Case Summary
JAI AMBE: CRISIL Migrates B+ Rating to Not Cooperating Category
JAI MULTI: CRISIL Migrates B+ Rating to Not Cooperating
JANPATH PALACE: CRISIL Assigns 'D' Rating to INR16cr Term Loan

KALAISELVI MODERN: CRISIL Reaffirms B+ Rating on INR10.5cr Loan
KANSAL ICE: CRISIL Migrates B+ Rating to Not Cooperating
KRISHNA SAHIL: CRISIL Lowers Rating on INR1.25cr Loan to C
LAL BABA: Ind-Ra Migrates BB- LT Issuer Rating to Non-Cooperating
LODHA DEVELOPERS: Fitch Affirms B LT IDR, Outlook Stable

MAYUR CONSTRUCTION: Ind-Ra Maintains B+ Rating in Non-Cooperating
NORTH INDIA: CRISIL Reaffirms B Rating on INR13cr Cash Loan
P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR8cr Cash Loan
P. TAMILMANI: CRISIL Assigns B+ Rating to INR3.75cr Cash Loan
RANGOTSAV SAREES: Ind-Ra Maintains BB- Rating in Non-Cooperating

SANCO INDUSTRIES: CRISIL Lowers Rating on INR27.5cr Loan to D
SARJU VITRIFIED: CRISIL Assigns B+ Rating to INR23.62cr LT Loan
SHIMLA AUTO: CRISIL Migrates B Rating to Not Cooperating
SHRUTI INDUSTRIES: CRISIL Assigns B+ Rating to INR8cr LT Loan
SIDDHIVINAYAK DIST.: CRISIL Reaffirms B+ Rating on INR6.9cr Loan

SRI BHAGYALAKSHMI: CRISIL Assigns B Rating to INR7cr Cash Loan
STEEL AND METAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
SUNDARAM EXPORTS: CRISIL Raises Rating on INR42cr Loan to BB
SVS CONSTRUCTIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating
THE PALANI: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable

TIMESPAC INDIA: CRISIL Migrates B+ Rating to Not Cooperating
VADIVEL COCOTECH: CRISIL Reaffirms B Rating on INR10.6cr Loan
VENKATESH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5cr Loan
VIJETHA SUPER: CRISIL Assigns B+ Rating to INR3.5cr LT Loan


N E W  Z E A L A N D

FORESTLANDS: Shareholders to See Some or All of Their Investments
INTERSTAR NZ 2004-A: S&P Affirms B (sf) Rating on Tranche 3 Notes


                            - - - - -


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A U S T R A L I A
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ALL EARTH: Second Creditors' Meeting Set for Oct. 22
----------------------------------------------------
A second meeting of creditors in the proceedings of All Earth
Group Pty Ltd has been set for Oct. 22, 2018, at 11:00 a.m. at
the offices of RSM Australia Partners, Level 8 Exchange Tower,
2 The Esplanade, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 19, 2018, at 5:00 p.m.

Gregory Bruce Dudley and Travis Kukura of RSM Australia Partners
were appointed as administrators of All Earth on Sept. 14, 2018.


ATLAS IRON: S&P Puts 'CCC' ICR on Watch Positive
------------------------------------------------
S&P Global Ratings said that it has revised the CreditWatch
implications to positive from developing, on the 'CCC' issuer
credit rating and issue ratings on Atlas Iron Ltd. S&P initially
placed the ratings on CreditWatch with developing implications on
June 8, 2018.

Atlas Iron is an iron ore mining company based in Australia.
S&P said, "We placed the ratings on CreditWatch with positive
implications because we consider the acquisition of Atlas Iron by
Hancock Prospecting Pty Ltd. (not rated) is likely to be
supportive of the subsidiary's business. In addition, we believe
the parent entity's credit quality is potentially stronger than
Atlas Iron's. In our opinion, the likelihood of downside rating
momentum has reduced because Hancock Prospecting has indicated it
will support all of Atlas Iron's ongoing obligations, including
the A$86 million term loan B (TLB) facility.

"The acquisition has the potential to be credit positive for
Atlas Iron if (1) we consider Atlas Iron and its assets to be of
strategic importance to Hancock Prospecting, and (2) we are able
to provide an informed view of the credit quality of the wider
group.

"We believe the significant investment by Redstone Corp. Pty Ltd.
(not rated) and Hancock Prospecting to date and the letter of
comfort issued by Redstone indicate the new owners' willingness
to support Atlas Iron, although no formal funding agreements have
been agreed.' The lenders have also waived any future default in
connection with the unwinding of the Alliance Agreement
arrangements between Atlas Iron and Mineral Resources Ltd.

The rating action follows the off-market takeover bid by
Redstone, a wholly owned subsidiary of Hancock Prospecting Pty
Ltd., to acquire more than 90% (90.88% as of Oct. 10, 2018) of
the outstanding shareholding of Atlas Iron on Oct. 9, 2018.
Hancock Prospecting intends to initiate compulsory acquisition
proceedings to acquire the remaining outstanding shareholders at
an offer consideration of A$0.046 per Atlas Iron share. S&P notes
that a strategic review of Atlas Iron will begin once the offer
is formally closed. S&P would seek to resolve the CreditWatch
upon the completion and outcome of the strategic review by
Hancock Prospecting.

Atlas Iron's TLB facility had a change of control clause, whereby
an event of default would occur if Redstone's voting power in
Atlas Iron were to exceed 50%. This event would have given
lenders under the TLB facility the option to accelerate repayment
of the debt. The TLB lenders have not exercised this right and
have since agreed to waive the change of control clause. The
clause was replaced with a 60-day put option that commenced on
Oct. 3, 2018. If the put option is exercised by a majority of
lenders, Redstone or associates will have to purchase the full
TLB debt at face value.

S&P considers Atlas Iron to have weak fundamental operations on a
stand-alone basis. The company is likely to continue consuming
its cash due to its high operating leverage and dependence on
iron ore sales volume for profitability.

The 'CCC' rating on Atlas Iron reflects the company's weak
liquidity position, small scale of operations globally (9.2
million tons of iron ore shipped as of June 30, 2018), and
relatively high production costs. Its C1 cash costs (production
costs before marketing and shipping costs) were A$39.30 per wet
metric ton (wmt) and full cash costs were A$59/wmt during the
year ended June 30, 2018. Atlas Iron faces asset concentration
risk after its Abydos and Wodgina mines ceased production in
2017. The annual production rate at its Mt Webber project has
decreased to 7 million tons per annum (mtpa) from 9 mtpa, due to
challenging market conditions.

S&P said, "We would seek to resolve the CreditWatch upon the
completion and outcome of the strategic review by Hancock
Prospecting.

"In our view, the potential for a higher rating depends on our
view of the credit quality of the acquiring group, and Atlas
Iron's level of integration and strategic importance to the wider
group."


COMMERCIAL BUSINESS: First Creditors' Meeting Set for Oct. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Commercial Business Centre Pty Ltd, trading as Kogarah Business
Centre, will be held at the offices of Veritas Advisory,
Level 5, 123 Pitt Street, in Sydney, NSW, on Oct. 19, 2018, at
11:00 a.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Commercial Business on Oct. 9,
2018.


CORNERSTONE HOLDINGS: Second Creditors' Meeting Set for Oct. 22
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Cornerstone
Holdings Pty Ltd has been set for Oct. 22, 2018, at 11:00 a.m. at
the offices of HLB Mann Judd (Insolvency WA), Level 3, 35 Outram
Street, in West Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 19, 2018, at 5:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd (Insolvency WA) was
appointed as administrator of Cornerstone Holdings on Sept. 17,
2018.


FIRBANK BAY: First Creditors' Meeting Set for Oct. 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Firbank
Bay Pty Ltd, trading as The Firehouse, will be held at the
offices of Worrells Solvency & Forensic Accountants, Level 15,
114 William Street, in Melbourne, Victoria, on Oct. 24, 2018, at
2:30 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Firbank Bay on Oct. 12, 2018.


MAX BRENNER: More Than 40 Potential Buyers Express Interest
-----------------------------------------------------------
Matthew Elmas at SmartCompany reports that more than 40 potential
buyers have come forward to express interest in chocolate cafe
chain Max Brenner, which fell into the hands of voluntary
administrators late last month.

At a meeting of creditors on Oct. 11, administrators for
McGrathNicol said a number of "credible trade players" had come
forward with an interest in buying the business as efforts to
secure the brand's future in Australia progress, SmartCompany
says.

SmartCompany relates that the business continues to trade through
the administration, but 20 unprofitable stores have already been
closed less than a week after administrators said it would be
"business as usual" for the chain.

About 250 employees have been terminated as a result of the
closures, about a third of what was a 664-strong workforce, the
report notes.

According to SmartCompany, financial statements showed the
business owes an estimated AUD33.1 million to creditors and made
a AUD5 million loss for financial year 18, amid what
administrators have described as "escalating costs and a tighter
retail trade".

Reports have surfaced in the last week that some staff were not
paid super or correct wages, with one employee reportedly telling
news.com.au the company was "toxic," SmartCompany relays.

McGrathNicol declined to comment on the reports when asked, but
financial statements show Max Brenner owes a significant amount
of money to workers, SmartCompany notes.

The business owed employees an estimated AUD5.8 million at the
time of McGrathNicol's appointment, including AUD2.1 million in
outstanding superannuation and AUD1 million in wages,
SmartCompany discloses.

SmartCompany notes that there are about 700 people with
outstanding claims for unpaid super that left the business prior
to it falling into administration.

Administrators have communicated with employees and commenced an
investigation into the business that will seek to ascertain
whether the business traded while insolvent, adds SmartCompany.

                         About Max Brenner

Max Brenner Australia operates 37 company owned stores across
Australia and a head office/distribution centre at
Alexandria (NSW), and employs approximately 600 staff.

McGrathNicol partners; Barry Kogan, Kathy Sozou and Jason Preston
were appointed Voluntary Administrators of Max Brenner Australia
by a resolution of its Directors on 30 September 2018.

The Directors of Max Brenner Australia resolved to appoint
Voluntary Administrators due to escalating costs and tighter
retail trade.


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
The Ultimate Off Road Campers, will be held at Moruya Golf Club,
Evans Street, in Moruya, NSW, on Oct. 22, 2018, at 11:30 a.m.

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


PRIORITY GROUP: Second Creditors' Meeting Set for Oct. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Priority
Group Industries Pty Ltd has been set for Oct. 22, 2018, at 2:30
p.m. at the offices of Worrells Solvency & Forensic Accountants,
Level 15, 114 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 21, 2018, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency & Forensic Accountants was
appointed as administrator of Priority Group on Sept. 27, 2018.


SOMMER & STAFF: Second Creditors' Meeting Set for Oct. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sommer &
Staff Constructions Pty Ltd has been set for Oct. 22, 2018, at
11:30 a.m. at Novotel, 200 Creek Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 19, 2018, at 4:00 p.m.

Geoffrey Trent Hancock of PKF was appointed as administrator of
on Sept. 14, 2018.


WOLF MINERALS: First Creditors' Meeting Set for Oct. 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Wolf
Minerals Limited will be held at the offices of Ferrier Hodgson,
Level 28, 108 St Georges Terrace, in Perth, WA, on Oct. 22, 2018,
at 4:00 p.m.

Martin Jones and Ryan Eagle of Ferrier Hodgson were appointed as
administrators of Wolf Minerals on Oct. 10, 2018.



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C H I N A
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HNA GROUP: In Advanced Talks to Sell Swissport to Brookfield
------------------------------------------------------------
Bloomberg News reports that HNA Group Co. is in advanced talks to
sell its Swiss airport-cargo handler to a Canadian asset manager,
according to people familiar with the matter, in what could be
the debt-laden Chinese conglomerate's biggest disposal since it
unloaded its Hilton Worldwide Holdings Inc. stake in April.

Brookfield Asset Management Inc., based in Toronto, has emerged
as the preferred bidder for Swissport International, the people
said, asking not to be identified because the discussions are
private, Bloomberg relates. Swissport -- which also offers
ticketing, cabin cleaning and aircraft maintenance -- could fetch
more than $3 billion, the people said.

Bloomberg says an agreement would build on what's already been
one of China's biggest corporate garage sales in history. HNA is
facing pressure to reduce the unsustainable debt levels
accumulated in recent years, when it was at the forefront of the
country's global buying binge, according to Bloomberg. Other
high-profile Chinese trophy hunters such as Anbang Insurance
Group Co. and Dalian Wanda Group Co. have also been hunkering
down by selling assets worldwide.

While the Swissport talks are at an advanced stage, no final
decisions have been made and they could still fall apart, the
people said. Other bidders remain interested in the asset, the
people said, Bloomberg relays.

Cerberus Capital Management was among suitors earlier pursuing an
acquisition of Swissport, Bloomberg News reported in August.
Singapore state investment company Temasek Holdings Pte has also
been studying a potential investment in Swissport as it considers
deals with HNA that are complementary to its portfolio, people
familiar with the matter said in April, Bloomberg recalls.

According to Bloomberg, HNA agreed to buy Swissport from buyout
firm PAI Partners for 2.73 billion Swiss francs ($2.8 billion) in
2015, at a time when the Chinese group was on a buying spree.
Swissport had been slated for an initial public offering, though
the conglomerate decided to postpone the share sale in April amid
a volatile market for listings, the report states.

HNA, which is saddled with one of the highest levels of debt in
corporate China, still has billions of dollars in assets up for
sale, Bloomberg notes. It's planning to exit its investment in
Deutsche Bank AG and is seeking a buyer for its $1 billion
container-leasing business Seaco, people familiar with the matter
have said. It also plans to surrender eight floors of office
space in Hong Kong and is selling stakes in various Chinese
units, Bloomberg News reported last month.

                           About HNA Group

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 reports 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.



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ABC SITES: CRISIL Reaffirms B+ Rating on INR25cr Term Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank facilities of ABC Sites Private Limited (ASPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             25        CRISIL B+/Stable (Reaffirmed)

The ratings reflect exposure to risks related to funding and
implementation of the ongoing hotel project, high occupancy risks
for the commercial complex and risks related to cyclicality in
the hospitality sector. These weaknesses are mitigated by
extensive experience of the promoters in the hotel industry and
comfortable debt maturity profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to funding and implementation risks associated with
the ongoing hotel project: ASPL check nomenclature is setting up
a hotel in Zirakpur, with about 48% of construction completed
till August 2018, thus being exposed to moderate implementation
risk. The term debt of INR 25 crores for the project is
sanctioned. However, high dependence on receipt of customer
advances from sale of commercial complex leads to high funding
risk. Moreover, the company plans to set-up a microbrewery for
which additional term loan of INR5 crore is likely to be availed.
Thus, CRISIL believes timely implementation of project with no
major cost overruns will remain key sensitivity factor.

* High occupancy risk: The project is 46% sold, and remaining is
to be leased. The company has signed agreement for leasing of 34%
space and the remaining space is yet to be leased, leading to
high occupancy risk.

* Exposure to risks and cyclicality inherent in real estate and
hospitality sectors in India: The hotel industry remains
vulnerable to trends in the domestic and international economies.
Cost, however, remains high for premium properties even during
downward shifts in demand; cash flows from these properties are,
therefore, more susceptible to downturns.

Strengths

* Extensive experience of promoters in real estate sector: ASPL's
promoters have experience of more than a decade in the real
estate industry and have established track record of implementing
several residential and commercial real estate projects in and
around Mohali.

* Long moratorium, and continuous funding support from promoters:
Term debt repayment is scheduled to begin from April 2020, more
than one year post scheduled commencement of operations of the
hotel. Promoters have offered continuous funding support via
equity and unsecured loans and will continue to offer need-based
support going forward.

Outlook: Stable

CRISIL believes that ASPL will continue to benefit from extensive
promoters' experience in real estate industry. The outlook may be
revised to 'Positive' if timely completion of its hotel project
and subsequent revenue from the same, healthy occupancy of
commercial complex, leads to higher cash accruals. Conversely,
the outlook may be revised to 'Negative' if time and cost
overruns in its on-going project, or significant pressure on its
liquidity arising from delays in receiving customer advances,
exert pressure on its revenues and profitability, and weaken its
debt servicing ability.

ASPL was incorporated in 2003, and taken over by Sharma family in
2007. ASPL is setting up a commercial complex and hotel in
Zirakpur, Mohali (Punjab). The construction of commercial project
has been completed and hotel is expected to be complete by
September 2019.


ANAND TEKNOW: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Anand Teknow Aids Engineering India Limited
        Kunal Puram Commercial Complex, IInd Floor
        Opt. Atlas COPCO, Mumbai Pune Road, Dapodi
        MH 411012 IN

Insolvency Commencement Date: October 9, 2018

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: April 7, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Hansraj Chandanlal Ahuja

Interim Resolution
Professional:            Mr. Hansraj Chandanlal Ahuja
                         B 204, Rajrudram, Gokuldham
                         Goregaon (East), Mumbai City
                         Maharashtra 400063
                         E-mail: irp.ahuja@gmail.com
                                 resolve.anandtek@gmail.com

Last date for
submission of claims:    October 23, 2018


ARIYANAYAKI AGRO: CRISIL Reaffirms B+ Rating on INR9.4cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Ariyanayaki Agro Foods International (AAFI) at 'CRISIL
B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          9.4       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       0.6       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of modest networth and debt
protection metrics, and small scale of operations in the
intensely competitive rice milling industry. These weaknesses are
partially offset by the extensive experience of its proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth and gearing is
at INR5.3 crore and 2.93 times, respectively, as on March 31,
2018. Interest coverage ratio was around 1.25 times due to low
operating profitability of 2.7% in fiscal 2018.

* Modest scale of operations in competitive segment: With revenue
of around INR54.9 crore in fiscal 2018, scale remains modest and
prevents the firm from taking advantage of benefits arising from
economies of scale. While large players have better efficiencies
and pricing power, modest players such as AAFI have low pricing
flexibility, which constrains profitability. Also, the rice
milling business in Tamil Nadu is intensely competitive, which
further impacts profitability.

Strength

* Extensive experience of proprietor: The proprietor and family
have been in the rice milling business since the 1980s, during
which they have established strong relationship with farmers.
Also, the mill is strategically located in the middle of heavy
paddy-growing areas benefitting the overall business profile.

Outlook: Stable

CRISIL believes AAFI will continue to benefit over the medium
term from its proprietor's extensive experience. The outlook may
be revised to 'Positive' if improvement in scale of operations
and operating profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if aggressive
debt-funded expansions, substantial decline in revenue and
profitability, or capital withdrawal further weakens financial
risk profile.

Incorporated in 1995 in Pallathur, Tamil Nadu, as a
proprietorship firm by Mr K Sivaprakasam, AAFI mills and
processes paddy into rice, rice bran, broken rice, and husk.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR49.7 mil. Long-term loans migrated to Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 13, 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 2012, Bagori Polymers manufactures polypropylene
woven fabric and woven sacks at its unit at Butibori MIDC,
Nagpur.


BHAVIK POLYMERS: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Bhavik Polymers (P) Ltd. (BPPL) at 'CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           7.5      CRISIL B+/Stable (Reaffirmed)

The rating reflects BPPL's modest scale of operations and below-
average financial risk profile. These rating strengths are
partially offset by promoter's extensive experience in
construction materials trading industry.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR4.33 crore (as on March 31, 2018) extended by the promoters
as neither debt nor equity as the loans are expected to be
retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:  Interest coverage and
net cash accrual to total debt ratios were subdued at 1.23 times
and 0.03 time, respectively, in fiscal 2018. Networth was modest
at INR2.99 crore as on March 31, 2018, while gearing and total
outside liabilities to adjusted networth ratio were high at 4.26
times and 8.86 times, respectively as on March 31, 2018. Modest
networth and large working capital debt should keep the financial
risk profile weak over the medium term.

* Modest scale of operations in the competitive polyvinyl
chloride (PVC) pipe trading segment: Revenue of INR58.25 crore in
fiscal 2018 reflects a small scale in the competitive
construction material trading industry, thereby restricting the
ability to bargain with suppliers and customers. Trading nature
of business further reduces pricing power and limits value
addition.

Strength

* Extensive experience of promoters and established relationship
with principal: Benefits from promoters' extensive experience of
over two decades in the construction materials trading industry
and has helped them build strong relationships with suppliers and
customers. BPPL has been an authorised dealer for Astral Poly
Technik Ltd (ATPL) in the National Capital Region and Uttar
Pradesh for more than 15 years.

Outlook: Stable

CRISIL believes BPPL will continue to benefit from the extensive
experience of its promoters and steady relationship with ATPL.
The outlook may be revised to 'Positive' if significant
improvement in financial risk profile, backed by better cash
accrual and efficient working capital management. The outlook may
be revised to 'Negative' if considerably low cash accrual or
large working capital requirement exerts pressure on liquidity.

Set up as a partnership firm (Bharat Traders) in 1983 and
reconstituted as a private limited company in 2009, BPPL is
promoted by Mr Charat Sharma and family. The company is an
authorised distributor of ATPL's polyvinyl chloride (PVC) pipes.


CEMCON ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Cemcon Engineering Company Private Ltd

        Registered Office:
        B-60, Pushpanjali Enclave
        Pitampura, Delhi 110034

Insolvency Commencement Date: August 29, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 24, 2019

Insolvency professional: Mr. Yogesh Gupta

Interim Resolution
Professional:            Mr. Yogesh Gupta
                         256 Garden Towers, Picnic Garden Road
                         8th Floor, Block A, Kolkata 700039
                         E-mail: yogeshgupta31@rediffmail.com
                                 ip.cemconeng@gmail.com

Last date for
submission of claims:    September 25, 2018


CHANAKYA COTTONS: Ind-Ra Retains B- LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Chanakya
Cottons' 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 B- (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B- (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR19 mil. Term loan Maintained in non-cooperating category
    with IND B- (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Chanakya Cottons, a proprietorship concern established in July
2016, is engaged in ginning and pressing of cotton.


CYTECH COATINGS: CRISIL Lowers Rating on INR5.3cr Term Loan to B
----------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Cytech Coatings Private Limited (CCPL; part of Cytech group)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable' while reaffirming
the short term rating at 'CRISIL A4'

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             4         CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        5         CRISIL A4 (Reaffirmed)

   Packing Credit          4.15      CRISIL A4 (Reaffirmed)

   Proposed Long Term      1.51      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Rupee Term Loan         5.3       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects the overdrawls in bank limits of CCPL for
more than 20 days due to delay in payments from the customers.
The same will remain a key rating sensitivity factor over the
medium term.

The ratings continue to reflect below average financial risk
profile and working-capital intensive operations. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CCPL and Hitech Litho Pvt Ltd (HLPL).
This is because these entities, together referred to as the
Cytech group, are engaged in similar businesses, and have common
customers and promoters, and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk: Financial risk profile is below
average marked by modest net worth estimated at INR10 crore,
aggressive capital structure of 2 times, interest coverage of
2.20 times and net cash accrual to adjusted debt of 0.11 time in
fiscal 2018.

* Large working capital requirements: The group has large working
capital requirement driven by gross current assets of more than
200 days as on March 31, 2018, owing to high credit extended to
customers, as well as high inventory being maintained.

Strengths:

* Extensive experience of promoters: The promoters has been
present in the ink industry business since the past two decades.
Over the years, the promoters have established strong
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes Cytech group will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if substantial accrual strengthens
the financial risk profile, especially liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, including liquidity, deteriorates, most likely because
of low accrual, stretched working capital cycle, or higher than
expected debt-funded capex.

Incorporated in 2009, CCPL is engaged in manufacturing of various
printing inks, resins, and adhesives which find application in
the packaging industry.

Incorporated in 2011, HLPL is engaged in manufacturing of various
printing inks which find application in the packaging industry.


EVERBLUE SEA: CRISIL Hikes Rating on INR4cr Loan to B+
------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of Everblue Sea Foods Private Limited (EFSPL) from 'CRISIL
B/Stable' to 'CRISIL B+/Stable'. The short-term rating has been
reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Foreign Bill             4       CRISIL B+/Stable (Upgraded
   Discounting                      from 'CRISIL B/Stable')

   Packing Credit           4       CRISIL A4 (Reaffirmed)

The upgrade reflects expected improvement in liquidity with
adequate cushion in cash accrual against repayment obligations.
The upgrade is supported by improvement in revenues from INR14 Cr
in 2016-17 to INR38 Cr in 2017-18 on the back of higher exports
and improving debt protection metrics.

The ratings continue to reflect EFSPL's susceptibility to risks
inherent in the seafood industry, volatility in shrimp prices and
foreign exchange rates, exposure to government regulations .These
rating weaknesses are mitigated by the extensive experience of
promoters in the seafood industry and longstanding customer
relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatility in raw material prices and forex
rates: Marine products have a shelf life of more than a year and
ESFPL stocks inventory depending on shrimp prices and market
conditions. Also, ESFPL derives its revenue almost entirely from
export, and is exposed to risks relating to volatility in the
value of the rupee, which affects its realisation and accrual.

* Exposure to risks inherent in the seafood industry: Despite its
moderately integrated operations that ensure raw material
availability, its control on quality, and healthy relationships
with suppliers and customers, ESFPL will remain susceptible to
risks inherent in the seafood industry. The industry is marked by
demand-supply imbalance. The segment is also affected by
seasonality, lack of quality seeds and feed, diseases, natural
calamities, and regulations on cross-border seafood trade by
countries.

Strengths

* Extensive industry experience of promoters: Mr. Joshy Rapheal
has been in the shrimp export segment for close to two decades.
His industry experience and understanding of market trends
enabled the company to change its product variety from Black
Tiger to Vannamei shrimps without affecting its revenue.

Outlook: Stable

CRISIL believes ESFPL will maintain its healthy business risk
profile over the medium term aided by the extensive industry
experience of promoters and long-standing customer relationships.
The outlook may be revised to 'Positive' in case of sustained
increase in revenue, while improving working capital cycle and
profitability. Conversely, the outlook may be revised to
'Negative' if significant decline in scale of operations and
profitability, or larger-than-expected, debt-funded capital
expenditure programme, leads to weak financial risk profile.

Incorporated in 2006, as a private limited company, ESFPL based
at Visakhapatnam (Andhra Pradesh) processes and exports seafoods.
ESFPL is promoted by Mr. Joshy Rapheal, and Mr. Ehjaz Elias.


FATHEYPORI GARDENS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Fatheypori Gardens Private Limited
        No. 72, Thatha Muthiappan Street
        Broadway, Chennai 600001

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 3, 2019
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         Phone: 044-2852 8292, 4260 6292
                         Mobile: +91 98840 68292, 99625 68292
                         E-mail: fcs.rms@gmail.com
                                 rmscirp@gmail.com

Last date for
submission of claims:    October 19, 2018


G.S. ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.S.
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:

-- INR45.43 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR15.3 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR1.00 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
October 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

G.S. Roadlines was incorporated in 2011 as partnership firm by
Gujral Group. The entity commenced commercial operations in 2012.
It is primarily engaged in the transportation business.


G.S. ROADWAYS: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.S. 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:

-- INR33.69 mil. Term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR13.40 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR1.00 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
October 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

G.S. Roadways was incorporated in 2011 as partnership firm by
Gujral Group. The entity started its commercial operations in
2012. It is primarily involved in the transportation business.


GENERAL POLYTEX: Ind-Ra Withdraws BB- Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn General Polytex
Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB- rating on the INR561.7 mil. Term loan due on
    March 2023 are withdrawn;

-- The IND BB- rating on the INR180 mil. Fund-based limit are
    withdrawn; and

-- The IND BB- rating on the INR23 mil. Non-fund-based limit are
    withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 2004, General Polytex manufactures polyester
greige fabric. It has a total annual installed capacity of 26.5
million meters.


HITECH LITHO: CRISIL Reaffirms B Rating on INR1.69cr Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Hitech Litho Private Limited (HLPL; part
of Cytech group).

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

   Letter of Credit        1.5      CRISIL A4 (Reaffirmed)

   Proposed Term Loan      1.69     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect below average financial risk
profile and working-capital intensive operations. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Cytech Coatings Private Limited (CCPL)
and HLPL. This is because these entities, together referred to as
the Cytech group, are engaged in similar businesses, and have
common customers and promoters, and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk: Financial risk profile is below
average marked by modest net worth estimated at INR10 crore,
aggressive capital structure of 2 times, interest coverage of
2.20 times and net cash accrual to adjusted debt of 0.11 time in
fiscal 2018.

* Large working capital requirements: The group has large working
capital requirement driven by gross current assets of more than
200 days as on March 31, 2018, owing to high credit extended to
customers, as well as high inventory being maintained.

Strengths

* Extensive experience of promoters: The promoters has been
present in the ink industry business since the past two decades.
Over the years, the promoters have established strong
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes Cytech group will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if substantial accrual strengthens
the financial risk profile, especially liquidity. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, including liquidity, deteriorates, most likely because
of low accrual, stretched working capital cycle, or higher than
expected debt-funded capex.

Incorporated in 2011, HLPL is engaged in manufacturing of various
printing inks which find application in the packaging industry.

Incorporated in 2009, CCPL is engaged in manufacturing of various
printing inks, resins, and adhesives which find application in
the packaging industry.


INDIAN MARINE: CRISIL Reaffirms B+ Rating on INR6.0cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Indian Marine Industries (IMI) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          .01      CRISIL A4 (Reaffirmed)

   Export Bill
   Purchase-Discounting   3.00      CRISIL A4 (Reaffirmed)

   Export Packing
   Credit                 6.00      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.99      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the decline in operating income,
its modest operating profitability and average capital structure.
These weaknesses are partially offset by the extensive experience
of its promoters in the marine products business and its moderate
debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operations: Moderate scale of operations as
reflected in estimated revenues of INR93.8 crores in fiscal 2018
(declined by 20% over fiscal 2017), restricts bargaining power
with customers and suppliers. There is intense competition in
seafood-processing industry, marked by the presence of several
small players operating in India's coastal areas and competition
from neighboring countries, leading to low profitability.

* Average capital structure: Total outside liability to tangible
networth (TOL/TNW) is high at 7.66 times with a modest networth
5.5 crores as on March 31 2018. This is on account of high
dependence on bank limits and creditors to fund working capital.

* Susceptibility to inherent risks in the seafood industry: The
supply of fish exposed to the risk of changes in climatic and
aquatic conditions, which alters the breeding seasons and affects
the populations of the marine species. Any decline in
availability of fish can impact the revenues and the
profitability of the players like IMI.

Strengths

* Extensive experience of promoters: Presence of more two decades
in the seafood processing business has enabled the promoters to
establish healthy relationship with suppliers and customers.

* Moderate debt protection metrics: Debt protection metrics is
moderate, with net cash accrual to total debt, and interest
coverage ratios of 16 per cent and 4.66 times, respectively, for
fiscal 2018.

Outlook: Stable

CRISIL believes IMI will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant improvement in capital
structure backed by capital infusion or significant increase in
revenue and profitability. The outlook may be revised to
'Negative' if low cash accrual, stretched working capital cycle,
or any large capital expenditure further weakens financial risk
profile, especially liquidity.

Kochi-based IMI is a partnership firm of Ms A M Ruhaila and Mr K
K Ashraf established in 1998. It processes and exports frozen
seafood products mainly to the Middle East, but also to Europe,
the USA, Russia, and China.


INFRASTRUCTURE LEASING: NCLT Reserves Order on MCA Plea
-------------------------------------------------------
Tarun Sharma at Moneycontrol.com reports that the National
Company Law Tribunal (NCLT) has reserved its order on a plea by
the Ministry of Corporate Affairs seeking 90 days' moratorium on
loans taken by Infrastructure Leasing & Financial Services
(IL&FS) and its 348 group companies.

According to the report, the government had also sought the
tribunal's approval to restrain creditors from filing new suits
against the group. The interim reliefs were sought for a period
of 90 days so that IL&FS' new board could create a speedier
resolution plan for the debt-laden company, the report says.

Moneycontrol.com relates that the newly-formed board had written
to the government saying the mounting litigation against the
company is a matter of concern. Otherwise the group will be
facing at least 70-80 cases all over the country, derailing the
resolution process, IL&FS' lawyer told the tribunal.

Aditya Birla Finance, that has an exposure of INR150 crore to an
IL&FS group company, objected to such reliefs, the report states.

IL&FS' new board of directors has swung into action quite
quickly, the report says. It met for the first time on October 4
for a marathon five-hour meeting to discuss the quantum of the
crisis, as well as a plausible solution to fix the huge mismatch
and misrepresentation of facts.

In that meeting, Non-Executive Chairman Uday Kotak said the issue
at hand was a complicated one and that the board will need time
to evaluate the road forward, according to Moneycontrol.com.

In its second meeting on October 12, the board appointed nominee
directors for eight of IL&FS' subsidiaries, Moneycontrol.com
relates. The six-member board also announced several austerity
measures related to personnel and operating expenses.

                           About IL&FS

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden Infrastructure
Leasing & Financial Services Ltd (IL&FS) by moving the National
Company Law Tribunal (NCLT) to supersede and reconstitute the
board of the firm which has defaulted on a series of its debt
payments over the last one month. This was said to be an attempt
to restore the confidence of financial markets in the credibility
and solvency of the infrastructure financing and development
group.


INTERNATIONAL TRACEABILITY: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: International Traceability Systems Limited

        Registered Office:
        3rd Floor, Shree Sharda Fortune Tower
        198/2/1, Ramesh Market, East of Kailash
        New Delhi 110065

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 2, 2019
                               (180 days from commencement)

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         G-41, Ground Floor, West Patel Nagar
                         New Delhi 110008
                         Tel.: +91-11-45095230
                         E-mail: nazim@mnkassociates.com

Last date for
submission of claims:    October 18, 2018


JAI AMBE: CRISIL Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL had migrated its rating on the long-term bank facility of
Jai Ambe Quality Sugar (JAQS) to 'CRISIL B+/Stable; Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit              9       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable;
                                    ISSUER NOT COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
rating on the long-term bank facility of JAQS to 'CRISIL
B+/Stable; Issuer not cooperating'. However, the firm's
management has started sharing the information necessary for a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable; Issuer not
cooperating' to 'CRISIL B+/Stable'.

The rating reflects the firm's below-average financial risk
profile and exposure to customer concentration risk. The
weaknesses are partially offset by the promoter's experience in
the sugar industry and his funding support.

Analytical Approach

CRISIL has considered the standalone business and financial risk
profiles of JAQS as group entities are managed by relatives of
the promoter, Mr Akhilesh Goyal, and operations are carried out
independently. Furthermore, the entities have been set up
separately to benefit from location and proximity to raw
materials.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 2.48 times as on March 31,
2018, driven by an increase in bank debt to support incremental
growth, against a small networth. Interest coverage and net cash
accrual to total debt ratios were weak at 0.9 times and 0.05 time
respectively, in fiscal 2018.

* Exposure to customer concentration risk: The firm has been
participating in tenders floated by the Madhya Pradesh government
since the second quarter of fiscal 2014, and won two tenders in
fiscal 2017. However, this has led to dependence on a single
customer, which accounts for over 70% of revenue. Thus, the
operations will remain susceptible to changes in the procurement
and credit policies of the customer, and inability to win tenders
could adversely impact revenue growth.

Strengths

* Extensive industry experience of the promoter and funding
support: Four decades in the sugar industry have helped members
of the Goyal family develop a strong understanding of market
dynamics, enter the trading business, and build a healthy
relationship with the government of Madhya Pradesh. Longstanding
association with several co-operative sugar mills in Maharashtra
ensure timely supply.

Outlook: Stable

CRISIL believes JAQS will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if diversification in customer base, better-than-
expected cash accrual, and steady revenue growth strengthen the
financial risk profile. The outlook may be revised to 'Negative'
if decline in revenue or profitability, stretch in working
capital cycle, or any large debt-funded capital expenditure
weakens the financial risk profile.

JAQS was set up in August 2008 as a proprietorship firm by Mr
Akhilesh Goyal, who now manages daily operations. The firm trades
in sugar and has a cotton ginning unit at Shahada in Nandurbar
(Maharashtra). The Goyal family has experience of around four
decades in the sugar industry and around a decade in cotton
ginning.


JAI MULTI: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jai Multi
Engineering Co. (JMEC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      1.5      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

   Working Capital         1.5      CRISIL B+/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JMEC for obtaining
information through letters and emails dated July 31, 2018,
September 3, 2018 and September 10, 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 JMEC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JMEC is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL 'BBB Rating
category or lower'.

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

JMEC is a partnership firm established in 2012 by Mr K G Goel and
his family. The firm is engaged in metal casting and has a
capacity of 7000 tonnes per annum at Derra Bassi (Punjab). It is
a regular supplier to Indian railways, tractor manufacturers and
heavy electrical equipment companies.


JANPATH PALACE: CRISIL Assigns 'D' Rating to INR16cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Janpath Palace (JP). The rating reflects instances of
delay in servicing term debt obligations; the delay has been
caused by weak liquidity.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               16       CRISIL D (Assigned)

The firm also has a weak financial risk profile and a small scale
of operations. However, it benefits from the extensive experience
of the proprietor in the hospitality industry and his funding
support.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in debt servicing: The firm has been delaying in
servicing of its term debt obligations due to weak liquidity.
Lower ramp-up in sales and limited cash flows amid start-up phase
of operations has constrained the liquidity.

* Weak financial risk profile: The networth is modest and the
gearing high due to debt funding of the project.

* Start-up nature and modest scale of operations: Operations
commenced only in September 2017 and revenue was estimated at
INR0.75 crore for fiscal 2018. Ramp-up in sales and generation of
adequate cash accruals remain critical.

Strength

* Extensive industry experience of the proprietor and his funding
support: The proprietor has an experience of around 30 years in
the hospitality sector. This should support the firm in ramping-
up revenue. The proprietor has also infused sizable funds for
project implementation and to support the operations.

JP was established in 2015 at Hosiarpur, Punjab, by Mr Manmohan
Singh Kapur to set up banquet halls and wedding destination.


KALAISELVI MODERN: CRISIL Reaffirms B+ Rating on INR10.5cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Kalaiselvi Modern Rice Mill (KMRM) at 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          10.5        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit          1.5        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations
and intense competition, its susceptibility of operating margins
to adverse government regulations and raw material price
volatility and it's below average financial risk profile. These
weaknesses are partially offset by the extensive experience of
its promoters in the industry

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition in the
industry: KMRM's business risk profile remains constrained by its
modest scale of operations in the intensely competitive rice
milling industry. The modest scale of operations is indicated by
its revenues of INR 53 crores for fiscal 2018.

* Susceptibility of operating margin to adverse government
regulations and raw material price volatility: The domestic rice
industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism, which
affects the credit quality of players in the industry. The
minimum support price of paddy and prevailing rice prices are two
important factors that determine a rice mill's profitability

* Below Average financial risk profile: KMRM's financial risk
profile is below average with net worth and gearing INR5 crore
and 3 times as on March 31, 2018. Interest coverage and net cash
accruals to total debt ratio (NCATD) ratio at around 1.6 times
and 4 percent for fiscal 2018.

Strengths

* Extensive industry experience of the proprietor: The market
position of the firm benefits from the extensive industry
experience of its proprietor in the rice milling business. The
proprietor Mr. Jayaraman has been operating in the rice milling
business for over 25 years.

Outlook: Stable

CRISIL believes that Kalaiselvi Modern Rice Mill (KMRM) will
continue to benefit over the medium term from the long standing
industry experience of its promoters. The outlook may be revised
to 'Positive' if the firm's revenues and profitability increase
substantially leading to an improvement in its financial risk
profile or in case of significant infusion of capital into the
firm resulting in further improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if KMRM
undertakes aggressive, debt-funded expansions, or if there is a
stretch in its working capital management leading to
deterioration in its financial risk profile.

Set up in 2007, as a proprietorship firm by Mr. Jayaraman, KMRM
is engaged in the processing of paddy into rice. The firm has a
milling unit in located at Dindugal (Tamil Nadu) with an
installed capacity of 5 tonnes per hour (TPH).


KANSAL ICE: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kansal Ice
and Cold Storage (KICS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7.95      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       0.1       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     0.45      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KICS for obtaining
information through letters and emails dated August 29, 2018 and
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 Kansal Ice and Cold Storage,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on KICS 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 ratings on bank
facilities of KICS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Set up in 1995 as a partnership firm by Mr. Sanjiv Kumar Agarwal
and family, KICS provides cold storage and warehouse services to
potato farmers, merchants, and traders. Facility in Agra has
installed capacity of 1.4 lakh bags and is utilised at 90-95%.


KRISHNA SAHIL: CRISIL Lowers Rating on INR1.25cr Loan to C
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krishna Sahil Constructions Private Limited (KSCPL) to 'CRISIL
C/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee           8        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft                0.75     CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       1.25     CRISIL C (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The downgrade reflects stretched liquidity because of large
working capital requirements leading to delay in servicing car
loan (not rated by CRISIL).

The rating also reflects, large working capital requirements and
susceptibility to risks related to tender-based operations. These
weaknesses are partially offset by promoters' experience, and
above average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in car loan repayments: The instance of delay in
repayment of car loan has been observed in the month of September
2018.

* Large working capital requirements: Gross current assets of 143
days estimated as on March 31, 2018 (185 days as on amcrh31,
2017) on account of high debtors of 110 days for the similar
period on account of delayed payments from customers. Going
forward, operations are expected to be capital intensive over the
medium term.

* Susceptibility to risks related to tender-based operations: JPG
gets orders mainly through tenders floated by various government
authorities. Hence, the firm's top line depends upon successfully
bidding for such tenders which can result in volatility in top
line.

Strengths

* Extensive promoters experience resulting in regular order
inflow: Promoters extensive industry experience of over 4 decades
have helped in establishing healthy relationships with customers
and suppliers and in turn ensuring regular order inflows from the
customers.

* Moderate leverage and comfortable debt protection metrics:
Total outside liabilities to adjusted net worth (TOLANW) ratio of
2.64 times estimated as on March 31, 2018 while interest coverage
and net cash accrual to total debt ratios were 5.98 times and
0.58 time, respectively, for fiscal 2018. Both are expected to
remain comfortable over the medium term.

KSCPL was incorporated in 2008, is engaged in tender based sub-
contracts for construction projects.


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

The instrument-wise rating actions are:

-- INR155 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR25.9 mil. Non-fund-based limits migrated to Non-
    Cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Lal Baba Seamless Tubes manufactures cold-drawn carbon steel
seamless tubes, primarily used in the oil and gas industry.


LODHA DEVELOPERS: Fitch Affirms B LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed India-based homebuilder Lodha
Developers Limited's Long-Term Issuer Default Rating at 'B'. The
Outlook is Stable. The agency has also affirmed the rating on the
outstanding USD325 million 12% senior unsecured notes issued by
Lodha Developers International Limited and guaranteed by Lodha
and certain subsidiaries at 'B' with a Recovery Rating of 'RR4'.

Lodha's ratings are supported by its strong market positioning,
with the highest volume market share in the Mumbai metropolitan
region. The ratings are constrained by Lodha's high leverage,
which Fitch expects to remain elevated in the financial year
ending March 2019 (FY19), before inching lower over FY20-FY21 as
the company completes the construction of its London projects and
starts to access cash.

KEY RATING DRIVERS

Strong Domestic Sales, Collections: Lodha reported robust cash
collection and property presales of INR85.6 billion (FY17:
INR76.7 billion) and INR81.3 billion (FY17: INR69.7 billion),
respectively, in FY18. It ramped up the speed of collections
after several projects received occupation certificates, which is
when 100% of the collection becomes due. Presales growth was
supported by higher demand for completed and near-completed
projects, especially from the affordable segment. Strong sales
over the previous few years have helped Lodha's volume market
share in the Mumbai metropolitan region rise to 13% as of 9MFY18,
up from 10% in FY17 and 8% in FY16, outpacing the overall market.

Buyer confidence has been shored up by the government's culture
of improving transparency; for instance, via the introduction of
the goods and services tax and revised real estate regulations.
Affordability is also being improved by the government's 'Housing
for All' initiative and the granting of infrastructure status to
the affordable-housing sector, which aim to boost supply in the
low- and mid-income segments. Lodha has launched projects at a
new location of Upper Thane within the affordable segment in
addition to its flagship development underway at Palava, and
other suburban locations in Mumbai. Expansion into the affordable
segment could erode margins, but Fitch does not expect this to be
significant.

Comfortable Debt Maturities: Fitch expects Lodha's undrawn credit
lines, cash flow and business-risk profile as one of India's
leading homebuilders to help the company secure incremental
refinancing when needed. Lodha reported short-term debt of INR212
billion as of FY18, as Indian accounting standards require real
estate companies' to report debt due in the next three years as
current maturities. Lodha has INR8 billion of debt falling due in
FY19, with available and undrawn onshore credit lines of INR35
billion as at FYE17, and has already refinanced the INR2 billion
of debt maturing in 3M19.

There is INR44 billion of debt falling due in FY20, including the
INR325 million unsecured notes. However, Fitch expects Lodha's
first London project in Lincoln square to be completed during the
financial year, releasing cash flow of around GBP303 million,
available for servicing debt at London assets during this period.
There is also GBP102 million of unsold inventory at Lincoln
Square, which Fitch expects to be sold after FY20.

Higher Near-Term Leverage: Lodha's leverage, as measured by net
adjusted debt/adjusted inventory, of 79% in FY18 was higher than
Fitch's estimate of 71% due to worse-than-expected negative
operating cash flow, but strong sales at the India business and a
pick-up in collections at the London projects, which will have
incurred 91% of total construction costs by FY20, should help to
gradually lower leverage.

Pre-sales in India increased at a CAGR of 12% between FY16-FY18
and collections rose by 18%, but collections from the London
projects will only become due on project completion and handover
of sold units. Fitch expects leverage to remain high at around
79% in FY19 then fall to 77% in FY20 when the first smaller
Lincoln Square project is completed and around INR33 billion of
collections become available to Lodha's London entities. Leverage
should improve to 71% once the second larger London project,
1GSQ, completes in FY21 and makes around INR56 billion of
collections available.

London Sales on Track: Lodha sold 22% of its London Grosvenor
square project over May 2017-March 2018 and 42% of its Lincoln
square project over April 2016-March 2018, achieving a combined
sales value of GBP398 million at an average selling price (ASP)
of GBP3,260 per square foot, although collections will only be
received on unit handover. The remaining area is potentially
worth around GBP986 million using the ASP, with only GBP265
million of construction costs pending. Around 75% of cash flow,
after repaying debt in London, will become available to Lodha on
project completion, when collections become 100% due.

DERIVATION SUMMARY

Lodha's rating compares well against peers Xinyuan Real Estate
Co., Ltd. (B/Negative) and Oceanwide Holdings Co. Ltd. (B-
/Stable). Xinyuan is a small regional developer in China that has
weaker business risk than Lodha. The company's key weakness is
its need to constantly replenish its land bank amid rising land
costs, against Lodha's land reserves of around 4,450 acres in the
Mumbai metropolitan region and the potential to develop about 385
million square feet as of end-2017. However, Xinyuan's
substantially lower leverage balances out its smaller land bank.

Oceanwide's leverage, as measured by net debt/adjusted inventory,
of 79% at end-2017 will continue to rise over the next two years
without equity funding. Its available cash of CNY9.6 billion was
also inadequate to cover its short-term debt of CNY47.6 billion,
justifying its one-notch lower rating than Lodha.

KEY ASSUMPTIONS

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

  - Domestic pre-sales of INR91 billion in FY19 and INR97 billion
    in FY20 (FY18: INR81 billion)

  - Domestic cash collection of INR91 billion in FY19 and INR95
    billion in FY20 (FY18: INR86 billion)

  - Domestic construction costs of INR39 billion in FY19 and
    INR43 billion in FY20 (FY18: INR42 billion)

  - London property pre-sales of INR21 billion in FY19 and INR24
    billion in FY20 (FY18: INR24 billion)

  - London property cash collection of INR33 billion in FY20 and
    INR56 billion in FY21

  - London property construction cost of INR11 billion in FY19
    and INR11 billion in FY20 (FY18: INR5 billion)

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 65%

  - EBITDA margin sustained above 30% (FY18: 44%)

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

  - Net debt/adjusted inventory above 80% for a sustained period

  - A significant weakening in liquidity

LIQUIDITY

Comfortable Liquidity:  Lodha has INR8 billion of debt falling
due in FY19, with available and undrawn onshore credit lines of
INR35 billion as at FYE18, and has already refinanced the INR2
billion of debt maturing in 3M19. There is INR44 billion of debt
falling due in FY20, including the INR325 million unsecured
notes. However, Fitch expects Lodha's first London project in
Lincoln square to be completed during the financial year and
strong sales at the India business along with a pick-up in
collections at the London projects, which will have incurred 91%
of total construction costs by FY20, should help to gradually
lower leverage.

Lodha had not met the fixed-charge cover ratio, as defined in the
documentation, of its US dollar bond indenture as of FYE18, which
prevents the company from drawing on additional debt, subject to
certain exclusions. Fitch believes the company has sufficient
headroom to draw on further debt, if needed, in the two fiscal
years to FY20, based on its forecasts and the availability of
permitted indebtedness under the documentation. The US dollar
bonds are due for repayment in March 2020.

The company had INR15 billion of receivables from the sale of
completed residential projects and unsold inventory from
completed residential projects of around INR29 billion valued at
its lifetime ASP as of end-2017, part of which can be pledged for
incremental financing. The company also had receivables from
sales of under-construction residential projects of around INR55
billion and unsold residential inventory of around INR167
billion, as valued by its cumulative ASP.


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR70 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
September 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 1997, Mayur Construction is engaged in contract-based
construction work, mainly for organizations such as National
Highways Authority of India  ('IND AAA'/Stable'); Public Works
Department, Jaipur; Central Public Works Department; Larsen &
Toubro Limited; TATA Projects Limited ('IND AA-'/Stable); and
various central and state government bodies.


NORTH INDIA: CRISIL Reaffirms B Rating on INR13cr Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of North India Surgical Company (NISC).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit            13        CRISIL B/Stable (Reaffirmed)

The ratings reflect NISC's modest scale and working capital-
intensive operations, below-average financial risk profile and
exposure to intense competition. However, these weaknesses are
partially offset by the extensive experience of the partners in
the health care business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Intense competition in the medical
equipment distribution business keeps scale of operation small
with revenue of INR18.8 crore in fiscal 2018.

* Working capital-intensive operations: The trading nature of
business results in large working capital requirement.

* Below-average financial risk profile: Gearing was high at 2.8
times as on March 31, 2018 and debt protection metrics subdued
marked by interest coverage of 1.4 times during fiscal 2018.

Strength

* Extensive experience of the partners: Benefits from the
partners' experience of over three decades and diversified
product portfolio should continue to support the business.

Outlook: Stable

CRISIL expects NISC to continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if revenue and working capital cycle improve and
profitability is stable. The outlook may be revised to Negative
if decline in revenue or stretch in working capital cycle or
significant debt-funded capital expenditure weakens financial
risk profile, especially liquidity.

NISC, a partnership firm of Mr Varun Singla and Mr Arun Singla,
commenced operations in April 2012. The firm trades in surgical
equipments such as stents, spinal implants and pacemaker
including others.


P.K. SULPHIKER: CRISIL Reaffirms B Rating on INR8cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank loan facilities of P.K. Sulphiker (PKS).

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

The ratings continue to reflect the firm's modest scale of
operations in the intensely competitive civil construction
industry, with geographic concentration in revenue, large working
capital requirement, and susceptibility to volatility in raw
material prices. These weaknesses are partially offset by the
extensive industry experience of the firm's proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive civil
construction industry, with geographic concentration in revenue:
Revenue of INR22 crore in fiscal 2018 reflects the firm's small
scale of operations. Revenue is volatile because of tender-based
operations. While revenue is expected to grow steadily due to
healthy orders, it will remain small over the medium term. Given
the low entry barriers and tender-based business, the civil
construction industry is intensely competitive. Moreover, PKS
undertakes projects mainly in Kerala, and revenue depends on
local tenders. The firm is vulnerable to changes in government
policies regarding investment in infrastructure.

* Large working capital requirement, and susceptibility of
profitability to volatility in raw material prices: Gross current
assets were at 302-400 days in the three fiscals through 2018,
due to receivables of 50-70 days and work-in-process inventory of
370-400 days. The large working capital requirement resulted in
high bank limit utilisation. Profitability is susceptible to any
increase in raw material prices, given the tender-based
operations. The prices of key raw materials, cement and steel,
are highly volatile.

Strengths

* Proprietor's extensive industry experience and funding support:
The proprietor's experience of over two decades in the civil
construction business has helped PKS win several tenders floated
by Public Works Department of Kerala, and establish healthy
relationships with suppliers. The size of projects undertaken has
increased over the years resulting in growth in revenue.

Outlook: Stable

CRISIL believes PKS will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if there is a significant increase in revenue while
working capital is efficiently managed. The outlook may be
revised to 'Negative' if lower-than'expected cash accrual,
increase in working capital requirement, or large, debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

PKS was set up as a proprietorship firm in 1993 by Mr P K
Sulphiker. The firm undertakes civil construction, including
construction and improvement of roads and bridges, in Kerala.


P. TAMILMANI: CRISIL Assigns B+ Rating to INR3.75cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of P. Tamilmani (HUF) (PT).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           3.75       CRISIL B+/Stable (Assigned)
   Long Term Loan        1.25       CRISIL B+/Stable (Assigned)

The rating reflects PT's small scale of operation and weak
financial risk profile. These weaknesses are offset by extensive
experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation: PT's scale is small in a highly
fragmented and diversified poultry industry marked by estimated
revenue of INR25 crores in fiscal 2018. Small scale will continue
to constrain the business risk profile of PT over the medium
term.

* Weak financial risk profile: PT's financial risk profile is
weak marked by total outside liabilities to tangible net worth of
over 3 times as on March 31, 2018 and below average debt
protection metrics with interest coverage estimated at about 1.7
times for the fiscal 2018.

Strength

* Extensive experience of proprietor: Proprietor's experience of
over a decade in the poultry industry and understanding of
nuances in the business shall continue to support the business
risk profile of the firm.

Outlook: Stable

CRISIL believes that PT will continue to benefit from
proprietor's experience in the poultry industry over the medium
term. The outlook may be revised to 'positive' if increase in
revenue and profitability lead to improvement in accruals and
subsequent improvement in financial risk profile. The outlook
maybe revised to 'negative' if decline in revenue or large debt
funded capital expenditure leads to stress in liquidity.

PT is into the business of poultry farming with over 2 lac
layering chicks in Namakkal, Tamilnadu. Its day to day operation
is managed by Mr. Tamilmani. P.


RANGOTSAV SAREES: Ind-Ra Maintains BB- Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rangotsav
Sarees 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 the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR10 mil. Non-fund-based working capital limits (Standby
    line of credit) maintained in Non-Cooperating Category with
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR7.50 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
April 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rangotsav Sarees was incorporated in June 1999. The company
manufactures and trades sarees and salwar suits.


SANCO INDUSTRIES: CRISIL Lowers Rating on INR27.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sanco Industries Limited (SIL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/ CRISIL A4+'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          2         CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            27.5       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit       18.4       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      1.1       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The downgrade reflects the stretch in liquidity, leading to
delays in interest payments and LC devolvement in the past few
months.

The rating also factors in the moderate scale, and working
capital-intensive nature, of operations, and exposure to risks
related to intense competition and susceptibility to volatile
polymer and crude oil prices. These ratings weaknesses are
partially offset by the extensive experience of the promoters in
the polyvinyl chloride (PVC) cables and pipes industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing debt: Liquidity remains weak, as indicated
by delay in interest payments and devolvement of LCs in the past
few months.

* Moderate scale of operations amidst intense competition:
Intense competition in the PVC industry, moderate capacity as
compared to large players, and limited value addition, have kept
the scale of operations moderate, as reflected in turnover of
INR171.9 crore in fiscal 2017.

* Working capital intensity in operations: Operations are working
capital intensive, as reflected in estimated gross current assets
of 275 days as on March 31, 2018, mainly led by receivables of
180 days.

* Exposure to volatility in polymer and crude oil prices:
Operating margin remains susceptible to volatility in polymer and
crude oil prices, as players are unable to fully pass on the
price hikes to their customers.

Strength:

* Extensive experience of the promoters: The two decade-long
experience of the promoters in the PVC industry, and established
relationships with customers and suppliers, will continue to
support the business risk profile.

SIL is a closely-held public limited company, set up in 1986. The
Delhi-based company manufactures PVC wires and cables, and pipes
and pipe fittings. Operations are managed by Mr Sanjay Gupta.


SARJU VITRIFIED: CRISIL Assigns B+ Rating to INR23.62cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its CRISIL B+/Stable/CRISIL A4 ratings to the
bank facilities of Sarju Vitrified Private limited (SVPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Long Term Loan        23.62      CRISIL B+/Stable (Assigned)

   Bank Guarantee         3.88      CRISIL A4 (Assigned)

   Cash Credit            7.50      CRISIL B+/Stable (Assigned)

The ratings reflect large working capital requirement, a modest
scale of operations, and an average financial risk profile. These
weaknesses are partially offset by the extensive experience of
the promoters in the ceramic tiles business, their funding
support, a strong distribution network with presence across
India, and the favourable location of the plant.

Analytical Approach

Unsecured loan of INR 3.36 crore as on 31st, March, 2018 have
been treated as NDNE, on account of subordinate to bank debt and
is expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Extensive industry experience of the promoters:  The promoters
have been in the ceramics industry for about a decade. This has
given them an understanding of the dynamics of the local market,
and helped to establish relationships with suppliers and dealers.
* Proximity to sources of raw material and labour: The
manufacturing facilities are at Morbi, Gujarat, which is a major
ceramics hub, accounting for 65-70% of the domestic ceramic tiles
production. This also facilitates easy access to clay (the main
raw material), contractors and skilled labourers, and critical
infrastructure such as gas and power. Transportation costs are
also low, given the proximity to the major ports of Kandla and
Mundra.

Weaknesses

* Working capital-intensive operations: Gross current assets were
high at 183 days as on March 31, 2018, mainly driven by large
inventory and receivables. However, operations were supported by
creditors.

* Average financial risk profile: The capital structure remains
average, with gearing and total outside liabilities to tangible
networth ratio of 2.66 times and 3.86 times, respectively, as on
March 31, 2018, mainly due to the initial phase of operations.
Debt protection metrics were average, with interest coverage and
net cash accrual to total debt ratios of around 2.15 times and
0.02 time, respectively, for fiscal 2018. The networth was modest
at around INR12.37 crore as on March 31, 2018.

* Modest scale of operations:  Revenue was modest at INR36 crore
in fiscal 2018 (nine months of operations). Ramp up in scale of
operations would remain a key monitor able.

Outlook: Stable

CRISIL believes SVPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of higher-than-expected scale of operations
and profitability, leading to improvement in the financial risk
profile. The outlook may be revised to 'Negative' in case of
subdued profitability, or further weakening of the financial risk
profile most likely due to sizeable working capital requirement
or debt-funded capital expenditure.

SVPL was incorporated in July 2016, promoted by Mr Jignesh
Bhoraniya and his family members.  The Morbi-based company
manufactures vitrified tiles.


SHIMLA AUTO: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shimla Auto
(SA) to 'CRISIL BB+/Stable/CRISIL A4+ Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.2       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              0.63      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SA for obtaining
information through letters and emails dated July 31, 2018,
September 3, 2018 and September 10, 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 SA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SA 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 SA to 'CRISIL BB+/Stable/CRISIL A4+ Issuer not
cooperating'.

Set up in 2005 as a partnership firm by Mr. Satish Bhardwaj and
Mr. Sandeep Bhardwaj, SA is an authorised distributor of
lubricants of Castrol India in Mandi; and also trades in spare
parts of Meritor and Fleetguard Filters Pvt Ltd.


SHRUTI INDUSTRIES: CRISIL Assigns B+ Rating to INR8cr LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shruti Industries - Ahmednagar (SI).

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       8       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

The rating reflects exposure to implementation and funding risk,
and nascent stage in intensely competitive industry. These
weaknesses are partially offset by extensive experience of
promoters in industrial consumables industry.

Key Rating Drivers & Detailed Description

Strengths

*Extensive experience of the promoters: SI's promoters have an
extensive experience of about 24 years through its group
companies and have established strong relationship with customers
and suppliers. This will benefit SI to scale up over the medium
term.

Weaknesses:

*Exposure to implementation and funding risk: The project is only
30% completed and machineries are pending to be installed.
Although there is adequate fund support in the form of promoter's
contribution, the bank loan is yet to be sanctioned. Thus the
firm is exposed to the funding and implementation risks for the
project.

*Nascent stage in intensely competitive industry: The firm is
expected to commence operations in December 2018. Hence it is
exposed to risk pertaining to stabilisation of its plant. Initial
stage of operation and stabilisation phase in a competitive
industry restrict the business risk profile. Adequate ramp-up in
sales and generation of cash accruals remain critical and will be
closely monitored.

Outlook: Stable

CRISIL believes SI will benefit over the medium term from the
extensive industry experience of its management. The outlook may
be revised to 'Positive' if timely commissioning and
stabilisation of the plant leads to higher revenue and
profitability and better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if delay in commissioning of
the project or any significant cost over runs, weakens financial
risk profile, particularly liquidity.

SI based in Ahmednagar, Maharashtra was established as a
partnership firm by Mr Sanjay Jaggi and Mrs Renu Jaggi in June,
2018. The firm is setting up a manufacturing and fabrication unit
of spare parts, sewing machine, and other industrial consumables
at Ahmednagar, Maharashtra.


SIDDHIVINAYAK DIST.: CRISIL Reaffirms B+ Rating on INR6.9cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Siddhivinayak Distributors (SD) at 'CRISIL B+/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6.9      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.1      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of high total outside liabilities
to tangible networth (TOLTNW) ratio, and modest scale of
operation in highly competitive mobile handsets distribution
business. These weaknesses are partially offset by proprietor's
experience and longstanding relationship with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The TOLTNW ratio was high
at 4 times as on March, 2018. Also, the modest debt protection
metrics is marked by interest coverage ratio of 1.6 times for
fiscal 2018.

* Exposure to intense competition: SD's revenues grew at a
healthy compounded annual growth rate of 115% in the past three
years ended March, 2018 however, remained modest in highly
competitive mobile distribution business.

Strength

* Proprietor's industry experience: The proprietor's experience
of more than five years in the mobile distribution business has
led to strong relationships with suppliers and customers. SD's
business risk profile will continue to benefit from the extensive
experience of promoters.

Outlook: Stable

CRISIL believes SD will benefit from its proprietor's industry
experience. The outlook may be revised to 'Positive' if a
sustained and significant increase in revenue, profitability and
improved working capital cycle, strengthen the financial risk
profile. The outlook may be revised to 'Negative' if financial
risk profile, especially liquidity, deteriorates because of
lower-than-expected cash accrual or sizeable working capital
requirement, thereby adversely affecting profitability.

Set up in 2013 as a proprietary concern by Mr. Atul Kawade, SD is
an authorised distributor of LG and VIVO. The firm is based out
of Nasik, Maharashtra.


SRI BHAGYALAKSHMI: CRISIL Assigns B Rating to INR7cr Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sri Bhagyalakshmi Cotton Industries (SBCI).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            7         CRISIL B/Stable (Assigned)
   Long Term Loan         3         CRISIL B/Stable (Assigned)

The rating reflects weak financial risk profile marked by modest
networth, high gearing and below average debt protection metrics
and susceptibility to volatility in cotton prices and to changes
in government regulations. These rating weaknesses are partially
offset by extensive experience of partners in the cotton ginning
industry and its established relationship with customers and
famers.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile is weak
marked by modest net worth, high gearing and modest debt
protection metrics. Net worth was modest at around 2.5 crore
against total debt outstanding of INR15.40 crore resulting in
high gearing of 6.16 times as on March 31 2018. Debt protection
metrics is characterized by interest coverage ratio and net cash
accruals to total debt of around 1.98 times and 7% for the Fiscal
2018.

* Susceptibility to volatility in cotton prices and to changes in
government regulations: Cotton prices are affected by demand and
supply, and government policies, and any sharp change in prices
will impact the firm's profitability.

Strengths

* Extensive industry experience of the partners, and established
relationships with customers and suppliers: SBCI is promoted by
Mr. Revuri Somaiah, Mr. Revuri Venkanna and Mrs. D. Sumana.
Promoters have an experience of around 2 decades in similar and
has gained in-depth understanding of the market dynamics. They
have established strong relationships with farmers, spinning mill
and with traders in Telangana ensuring uninterrupted supply of
raw material and repeat orders from customers.

Outlook: Stable

CRISIL believes SBCI will continue to benefit from its promoter's
experience in the cotton industry. The outlook may be revised to
'Positive' if revenue is higher than expected, and if
profitability and hence financial risk profile improve. The
outlook may be revised to 'Negative' if revenue or profitability
declines, or if the firm undertakes large, debt-funded capital
expenditure, or if its working capital cycle stretches, resulting
in deterioration in the financial risk profile.

Sai Bhagyalakshmi Cotton Industries (SBCI) was setup in the year,
2016 based out of Khammam, Telangana. The firm is promoted by Mr.
Revuri Somaiah, Mr. Revuri Venkanna and Mrs. D. Sumana. SBCI is
engaged in the ginning and pressing of cotton. SBCI's
manufacturing unit is located at Khammam with a ginning capacity
of around 250 bales per day.


STEEL AND METAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Steel and Metal
Tubes (India) Private Limited's (SMT) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR110 mil. (increased from INR90 mil.) Fund-based working
     capital limit affirmed with IND BB+/Stable/IND A4+ rating;
     and

-- INR180 mil. (increased from INR130 mil.) Non-fund-based limit
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to reflect SMT's medium scale of operations,
despite a growth in revenue to INR1,130.63 million in FY18 (FY17:
INR851.86 million). The increase in revenue was driven by a rise
in steel prices.

The ratings remain constrained by the company's modest EBITDA
margins and credit metrics. The EBITDA margin ranged between 1.4%
and 2.5% over FY14-FY18 due to fluctuations in raw material
prices. SMT's return on capital employed was 5% in FY18 (FY17:
3%). Interest coverage (operating EBITDA/gross interest expense)
improved to 2.38x in FY18 (FY17: 1.71x) and net leverage (total
adjusted net debt/operating EBITDAR) to 4.22x (5.40x) on account
of an improvement in the EBITDA margins to 1.65% (1.36%).

The ratings, however, continued to be supported by SMT's
comfortable liquidity position as reflected by about 69.4%
average working capital utilization for the 12 months ended
September 2018 and the company's promoters' three-decade-long
experience in the iron and steel industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1971 as a private limited company, SMT was
reconstituted as a deemed limited company in July 1984. The
company manufactures electric resistance welded pipes and tubes.
It has a 50,000-tonne per annum manufacturing plant in Ghaziabad,
Uttar Pradesh.


SUNDARAM EXPORTS: CRISIL Raises Rating on INR42cr Loan to BB
------------------------------------------------------------
CRISIL has revised its rating on the bank facilities of Sundaram
Exports (SE) from 'CRISIL BBB-/Negative' to 'CRISIL D' and
simultaneously upgraded the rating to 'CRISIL BB/Stable'.

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Post Shipment Credit       42      CRISIL BB/Stable (Revised
                                      from 'CRISIL BBB-/Negative'
                                      to 'CRISIL D' and
                                      simultaneously upgraded
                                      to 'CRISIL BB/Stable')

The revision in rating to 'CRISIL D' reflects instances of two
trade bills financed under the post shipment credit facility
falling 30 days overdue as on Sept. 30, 2018 as per No Default
Statement submitted for the month of September 2018 . This was on
account of delayed realization from one of its overseas
customers. The payment has since been received and the default
has been cured.

The simultaneous upgrade to 'CRISIL BB/Stable' reflects CRISIL's
understanding that the payment delay was a one-off event and that
SE's has taken steps to strengthen its internal controls with
respect to overseas debtor realisation and prevent occurrence of
such instances in the future.

CRISIL had, on 29th September 2018, revised its outlook on the
long term bank facilities of SE to 'Negative' from 'Stable'. The
outlook in revision was on account expectation of elongated
working capital cycle and high bank limit utilization.

The rating continues to reflect the extensive experience of the
partners in the diamond industry; and the firm's moderate
networth levels. These strengths are partially offset by SE's
working capital intensive nature of operations and its modest
scale.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the partners in the diamond industry
The four decade-long experience of the partners, Mr. Vaghji
Desai, Mr Vinod Desai, and Mr Vijay Doshi, in the diamond
industry, and their established relationships with major
suppliers and customers, will continue to support the business
risk profile.

* Moderate net worth: Networth was moderate at INR29 crore,
leading to TOL/ANW ratio of 1.57 times as on March 31, 2018.

Weakness

* Working capital-intensive operations: Gross current assets were
moderately high at 191 days as on March 31, 2018, due to sizeable
receivables of 155 days. The inventory, however, has been low at
25-30 days over the last 3 fiscals ended March 2018.

* Modest scale of operations: Modest scale of operations, as
reflected by revenue of INR134 crore in fiscal 2018, limits the
bargaining power with customers and suppliers.

Outlook: Stable

CRISIL believes SE will continue to benefit from its established
market position, and extensive experience of the promoters in the
diamond industry. The outlook may be revised to 'Positive' if the
firm registers substantial and sustained growth in scale of
operations and profitability, or demonstrates better working
capital management. The outlook may be revised to 'Negative' in
case of a steep decline in operating margin, or if a stretch in
the working capital cycle, weakens the capital structure.

SE was set up in 1996, by Mr Vaghji Desai, Mr Vinod Desai, and Mr
Vijay Doshi. The firm which manufactures and trades in rough and
polished diamonds, outsources its manufacturing activities to
various units based at Surat (Gujarat), and has a sales office in
Mumbai.


SVS CONSTRUCTIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained SVS
Constructions' 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 B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR35 mil. Fund-based facilities maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 8, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SVS Constructions, set up in 2004, is engaged in civil
construction (earth work) for road and irrigation projects. It is
a sub-contractor for Gayathri Projects Limited.


THE PALANI: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed The Palani
Andavar Mills Limited's (TPAML) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR31.7 mil. (reduced from INR39.813 mil.) Term loan due on
     March 2027 affirmed with IND BB+/Stable rating;

-- INR55 mil. Fund-based facilities affirmed with IND BB+/
    Stable/IND A4+ rating; and

-- INR16 mil. Non-fund-based facilities assigned with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects TPAML's continued small scale of
operations, despite a rise in revenue to INR442 million in FY18
(FY17: INR366 million) attributed to an increase in capacity and
sales realization. As of September 2018, the company had an order
book of INR45 million, to be executed by mid-October 2018. TPAML
booked revenue of INR215 million during 5MFY19.

The ratings remain constrained by the company's modest credit
metrics. EBITDA interest coverage (operating EBITDA/gross
interest expense) deteriorated marginally to 6.6x in FY18 (FY17:
6.8x) on account of an increase in interest expense (FY18: INR7
million; FY17:INR5 million), resulting from higher utilization of
working capital limits. However, net leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) improved to 1.7x in FY18
(FY17: 2.9x) on account of repayment of term loan. The company's
return on capital employed was 15% in FY18 and EBITDA margin was
average at 10.9% (FY17: 9.2%). The increase in the margins was
due to a reduction in variable cost. Ind-Ra expects the EBITDA
margin and credit metrics to be at similar level in the near-to-
medium term.

TPAML's net conversion cycle improved to 191 days in FY18 (FY17:
232 days), although remained stretched owing to its long
inventory holding period of 180-220 days.

The ratings, however, remain supported by TPAML's comfortable
liquidity position as indicated by about 50% average utilization
of its fund-based working capital limits for the 12 months ended
August 2018, and the promoters' more than eight decades of
experience in the cotton yarn manufacturing business.

RATING SENSITIVITIES

Negative: Any decline in the revenue and EBITDA margin resulting
in a significant deterioration in the credit metrics will be
negative for the ratings.

Positive: Any substantial growth in the revenue along with
maintaining the EBITDA margin at the current level, leading to an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1933, TPAML manufactures cotton yarn. The
company's manufacturing unit, located in Udamalpet in Tiruppur
district, Tamil Nadu, has an annual production capacity of 33,072
spindles and operates at 93% capacity.


TIMESPAC INDIA: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Timespac
India Private Limited (TIPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.25      CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            9.05      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     3.03      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)
   Working Capital
   Term Loan              5.67      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TIPL for obtaining
information through letters and emails dated August 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 Timespac India Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Timespac India Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

TIPL is promoted by Mr Shailen Agarwal, who has various other
companies manufacturing bulk packaging materials and ferroalloys.
The company manufactures PP/HDPE bags for cement companies and
commenced operation from 2000. It has an installed capacity of
3000 tonne per annum at its facilities in Bankura, West Bengal.


VADIVEL COCOTECH: CRISIL Reaffirms B Rating on INR10.6cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' rating to
the bank facilities of Vadivel Cocotech Private Limited (VCTPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee           2       CRISIL A4 (Reaffirmed)

   Export Packing Credit    1        CRISIL B/Stable (Reaffirmed)

   Proposed Packing
   Credit                   1.4     CRISIL A4 (Reaffirmed)

   Rupee Term Loan         10.6     CRISIL B/Stable (Reaffirmed)

The ratings reflect VCTPL's exposure to project implementation
and stabilization risk and exposure to intense competition. These
strengths are partially offset by the extensive experience of the
promoters in the chemicals industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project implementation and stabilization risk:
VCTPL is exposed to risks related to successful implementation
and stabilization of its ongoing project for setting up a solvent
extraction plant. The capex has been completed in August 2018 and
commercial operations are expected to commence from October 2018.
Stabilization of the project over the medium term will be key
monitorables

* Exposure to intense competition: The active carbon industry is
highly fragmented. The industry in India is marked by the
presence of a few big players and a large number of unorganized
players catering to regional demand. CRISIL believes that VCTPL
shall remain exposed to intense competition.

Strength

* Promoters' extensive experience in chemicals industry: VCTPL
has been promoted by Mr. Arumurugasamy Vadievel and his family
members.  The promoter has an experience of more than 5 decades
in the chemicals business.  Supported by his extensive
experience, the company has been able to identify potential
customers and suppliers even before the implementation of the
project.

Outlook: Stable

CRISIL believes that VCTPL shall continue to benefit over the
medium term from the extensive industry experience of the
promoters. The outlook may be revised to 'Positive' in case of
earlier than expected implementation of the production facility
and higher than expected operating income and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overrun in implementation of the
project resulting in deterioration of its financial risk profile,
particularly liquidity.

VCTPL was set up in December 2016. The company is currently
setting up a plant to manufacture activated carbon with total
capacity of 1750 tons per annum. The company has been promoted by
Mr. Arumugasamy Vadivel and his family members.


VENKATESH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Venkatesh Industries (VKTIND) at 'CRISIL B+/Stable'.

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

   Long Term Loan           1.66    CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.54    CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect an average financial risk
profile, a modest scale of operations, and susceptibility to
volatility in cotton prices. These weaknesses are partially
offset by the extensive experience of the proprietor in the
cotton industry and his funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: The networth was small at
INR1.58 crore and the gearing high at 3.67 times, as on March 31,
2018. Also, debt protection metrics were muted, with interest
coverage and net cash accrual to total debt ratios estimated at
1.3 times and 0.04 time, respectively, for fiscal 2018.

* Modest scale of operations: The scale remains modest because of
intense competition in the cotton ginning industry, which has low
entry barrier. Furthermore, the commoditised nature of the
product limits pricing and bargaining power.

* Exposure to volatility in cotton prices and climate changes:
The firm maintains substantial inventory (primarily non-order
backed) during the cotton season, which exposes it to any sharp
fluctuation in input prices. Availability of cotton also depends
on the monsoon. Furthermore, government interventions and
volatility in global cotton output could lead to sharp
fluctuation in cotton prices, thereby affecting operating margins
of cotton ginners.

Strength

* Extensive industry experience of the proprietor and his funding
support: A presence of around 27 years in the cotton industry has
enabled the proprietor to understand local market dynamics and
establish a strong relationship with brokers, farmers, and
traders.

Outlook: Stable

CRISIL believes Venkatesh will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if the financial risk profile improves due to equity
infusion or higher-than-expected accretion to reserves, while the
working capital cycle is maintained. The outlook may be revised
to 'Negative' if liquidity weakens because of a decline in
profitability or large, debt-funded capital expenditure.

Set up in 2014 as a proprietorship firm by Mr Nitin Agarwal,
VKTIND gins and presses raw cotton and sells cotton lint and
seeds. The unit in Sendhwa, Madhya Pradesh, began operations in
November 2014.


VIJETHA SUPER: CRISIL Assigns B+ Rating to INR3.5cr LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vijetha Super Market (VSM).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Term Loan               2.5      CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      3.5      CRISIL B+/Stable (Assigned)

   Drop Line Overdraft
   Facility                3.5      CRISIL B+/Stable (Assigned)

   Overdraft               2.5      CRISIL B+/Stable (Assigned)

The rating reflects VSM's modest scale of operations, exposure to
intense competition and geographic concentration risks, and weak
financial risk profile. These weaknesses are partially offset by
the experience of the partners and the advantageous location of
the hotel.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations remains modest
with operating income of INR5.12 crore in fiscal 2018. Operating
income should remain below INR10 crore per annum over the medium
term.

* Geographic concentration in revenue and intense competitive
pressure: The hotel industry is intensely competitive;
additionally, the firm derives its entire revenue from a single
property in Srikakulam. Thus, the business is likely to remain
exposed to risks related to geographical concentration and
intense competition.

Strength

* Experience of partners and advantageous location of project:
Benefits derived from the partner's experience of around 15
years, his strong understanding of the local market dynamics, and
healthy relations with customers and suppliers should continue to
support the business. The strategic location of the hotel is an
added advantage.

Outlook: Stable

CRISIL believes VSM will continue to benefit over the medium term
from the advantageous project location and the experience of the
partner. The outlook may be revised to 'Positive' if revenue,
profitability, and net cash accrual increase substantially.
Conversely, the outlook may be revised to 'Negative' if any
large, debt-funded capital expenditure, or lower-than-expected
revenue and profitability weakens the financial risk profile and
liquidity.

Set up in December, 2003 as a partnership firm, VSM owns and
operates a three star hotel in Srikakulam, in addition to a bar
and restaurant. The firm also operates a super market in the same
property.



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


FORESTLANDS: Shareholders to See Some or All of Their Investments
-----------------------------------------------------------------
The first liquidators' reports for the Forestlands group of
companies show hundreds of shareholders will see some or all of
their investments, relates Madison Reidy at Radio New Zealand.

RNZ says all 16 Forestlands companies were liquidated by a high
court, after an order by the Financial Markets Authority (FMA),
which was still investigating the group alongside the Serious
Fraud Office.

The companies were set up between 1999 and 2011 to buy forests in
Southland, the Hawke's Bay and the Wairarapa.

Each company raised money from thousands of "mum and dad"
investors, selling single shares with no voting rights for
NZ$1,000 each, RNZ says.

When all of the forests were collectively sold for $23.5 million,
most of them never got their money back. They complained to the
FMA, which forced the rest of the sale proceeds to be frozen in a
trust account.

According to RNZ, the KordaMentha liquidator's reports said $16.7
million of the sale proceeds remained, and all companies appeared
to be solvent when liquidated.

They said an interim payment would be distributed to shareholders
as soon as possible. However, they had not determined how much
that would be, RNZ relays.

Financial statements in the reports showed the sole director of
Forestlands, Rowan Kearns, and parties related to him, owed
NZ$1.75 million, RNZ discloses.

RNZ relates that co-liquidator Neale Jackson said he considered
Mr. Kearns could owe more and he had sought more information from
him.

According to RNZ, liquidators were investigating other
transactions paid to Mr. Kearns, including director fees he
received for two years following the sale, and a NZ$207,000
payment he received to cover the cost of FMA enquiries last year.

In a statement to liquidators, Mr. Kearns said he felt "attacked,
threatened and bullied" since the investigation began, and he had
no choice but to sell all of the forests because it was
financially "hamstrung," RNZ relays.

"The business was no longer viable because of compliance costs
resulting from the changes in H&S [health and safety] regulations
and financial services regulations," Mr. Kearns, as cited by RNZ,
said in the statement.

He said he did not tell shareholders because he was concerned
they would sell their stakes, which would decrease the company's
value and reduce the sale price.

"The decision to sell the assets while there was still equity in
those forests for shareholders, was a good decision, made for the
right reason, at the right time, and executed for the right
price. I would make it again."

According to RNZ, Mr. Kearns said some money taken from the sale
proceeds was used to repay bank loans.

He said media coverage of the Forestlands case was "one-sided and
ill-informed".

"They would have you believe the director had taken proceeds from
the sale and disappeared abroad. Absolute rubbish."

The liquidators would not hold a creditors meeting, RNZ notes.

The FMA said in an email statement today, that it would not seek
legal costs of NZ$32,000 from Forestlands, adds RNZ.

Forestlands Group of Companies is engaged in forestry investment.


INTERSTAR NZ 2004-A: S&P Affirms B (sf) Rating on Tranche 3 Notes
-----------------------------------------------------------------
S&P Global Ratings affirmed its ratings on two classes of notes
issued by Trustees Executors Ltd. as trustee for Interstar NZ
Millennium Series 2004-A Trust.

The rating actions take account of the notes' exposure to long-
dated arrears and pool concentration from the underlying
mortgages. S&P said, "We expect the pool to become further
concentrated and increasingly exposed to nonperforming loans as
the underlying collateral amortizes. We note the timing and level
of interest and principal recoveries is uncertain for the long-
dated arrears portfolio because Challenger Securitisation
Management Pty Ltd. has amended the original terms and conditions
for a portion of the asset pool."

S&P said, "The pool has high levels of borrower concentration,
which we would expect to increase as the collateral continues to
amortize. The asset pool currently consists of 76 consolidated
loans, with a total loan balance of about NZ$8.8 million.
Approximately 22.5%, or NZ$1.9 million, of the remaining pool
balance is to borrowers who are in long-dated arrears, with a
further 8.2% of the pool is more than 90 days in arrears.
Therefore, about 30.7% of the underlying collateral is more than
90 days in arrears as of July 31, 2018.

"Our view on significantly reduced assets is that tail-end risk
will take greater precedence in the rating analysis as a pool
amortizes. While the point that tail risk drives the rating
analysis will vary depending on the combined features of the pool
and notes, we generally expect that when the pool factor of a
transaction declines below 5%, the potential for event risk and
tail-end risk will increasingly drive the ratings analysis.
Accordingly, we have assessed it using our borrower concentration
analysis in our "Australian RMBS Rating Methodology and
Assumptions," published Sept. 1, 2011.

"Since our previous review, in December 2017, we have observed
that the performance of the remaining loans in the pool has been
stable and the credit support to the Tranche 2 notes has
increased, while the excess spread in the transaction has not
deteriorated."

  RATINGS AFFIRMED

  Interstar NZ Millennium Series 2004-A Trust

  Class            Rating
  Tranche 2        A (sf)
  Tranche 3        B (sf)





                             *********

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

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

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


                            *********


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

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

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

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

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