TCRAP_Public/181018.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, October 18, 2018, Vol. 21, No. 207

                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Puts Caa2 CFR on Review for Upgrade
BARENZ PTY: First Creditors' Meeting Set for Oct. 25
BETTER GLASS: Second Creditors' Meeting Set for Oct. 26
BLUESTRIPE INVESTMENTS: Second Creditors' Meeting Set for Oct. 24
BROGEN NOMINEES: First Creditors' Meeting Set for Oct. 24

BUX GLOBAL: Placed Into Liquidation
PITTSBERG HOLDINGS: First Creditors' Meeting Set for Oct. 23
WEST-PRO TRANSPORT: Second Creditors' Meeting Set for Oct. 25


C H I N A

CHANGSHENG BIO-TECHNOLOGY: Unit Hit by CNY9.1BB Penalties
CHENGDU ECONOMIC: Moody's Assigns Ba2 CFR, Outlook Stable
CHINA: May Have $5.8 Tril. in Hidden Debt With 'Titanic' Risks
CHINA: P2P Lenders Say Regulation Will Cause Industry Collapse
CHINA GRAND: Fitch Affirms BB- LT FC IDR, Outlook Stable

GUANGZHOU R&F: Fitch Rates $200MM Sr. Notes Final BB-
REDSUN PROPERTIES: Fitch Publishes B LT IDR, Outlook Positive


I N D I A

AFTAB STEELS: CRISIL Migrates 'B' Rating to Not Cooperating
AIRFLOW RQUIPMENTS: Ind-Ra Maintains D Rating in Non-Cooperating
AMAR PLASTICS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
ARBEE AQUATIC: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
ARG DEVELOPERS: CARE Lowers Rating on INR49.37cr LT Loan to C

ATHITHEYA KSHEMA: Ind-Ra Maintains BB+ Rating in Non-Cooperating
B.N.M. HI-TECH: CRISIL Migrates B+ Rating to Not Cooperating
BENGAL INDIA: Insolvency Resolution Process Case Summary
BHUSHAN POWER: Lenders Back JSW Steel $2.7BB Offer
CALYX MERLIN: CARE Cuts INR20cr LT Loan Rating to 'B', Not Coop.

DI-AN-ARE EXPORTS: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
DUTTA BUILDER: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
ECOSTAR GOEL: CARE Lowers Rating on INR17.50cr LT Loan to B
FIRST RELIABLE: CARE Assigns B+ Rating to INR20cr LT Loan
GAYATRI POULTRIES: Ind-Ra Moves B+ LT Rating to Non-Cooperating

GITANJALI GEMS: Insolvency Resolution Process Case Summary
ISOLUX CORSAN: Insolvency Resolution Process Case Summary
JAY DEE: CRISIL Lowers Rating on INR8.2cr Loan to D
K S INFRA: CARE Reaffirms B+ Rating on INR6cr LT Loan
KINGS IMPEX: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable

KRISHNA NATURAL: CRISIL Migrates B+ Rating to Not Cooperating
LILY HOTELS: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
MADHAV ENGINEERS: Ind-Ra Lowers LT Rating to BB+, Outlook Stable
MADHUCON PROJECTS: Insolvency Resolution Process Case Summary
MAP REFOILS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

NAVRANG ROADLINES: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
NIKHIL AUTOMOBILES: Ind-Ra Retains BB+ Rating in Non-Cooperating
P.E. ERECTORS: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
PACK PAPER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
PACK TECH: Insolvency Resolution Process Case Summary

PRECISION OPERATIONS: CRISIL Moves B+ Rating to Not Cooperating
PROGRESSIVE PACKAGING: Ind-Ra Moves B+ Rating to Non Cooperating
QUEST INFOSYS: CRISIL Reaffirms B+ Rating on INR5cr Term Loan
RAGHAVENDRA COTTON: CRISIL Migrates B+ Rating to Not Cooperating
RAJESH STEEL: Ind-Ra Retains BB Issuer Rating in Non-Cooperating

RAMCO INT'L: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
RAMNIK POWER: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable
SADASHIV CASTINGS: CARE Hikes Rating on INR26.50cr Loan to B+
SALASAR BALAJI: CARE Migrates B Rating to Not Cooperating
SARASWATI MOTORS: Ind-Ra Maintains B LT Rating in Non-Cooperating

SHRI RANISATI: CRISIL Migrates B Rating to Not Cooperating
SHUBHAM PROPMART: CARE Reaffirms D Rating on INR9.81cr LT Loan
SIDDHI LAXMI: CARE Assigns B+ Rating to INR8.89cr LT Loan
SPERRY INTERNATIONAL: CARE Lowers Rating on INR16.80cr Loan to D
SPERRY PLAST: CARE Lowers Rating on INR141.07cr Loan to D

SRI LAKSHMI: CRISIL Moves B+ Rating to Not Cooperating Category
SRI LAKSHMI: Ind-Ra Retains BB- Issuer Rating in Non-Cooperating
SRI VENKATESHWARA: CRISIL Migrates B Rating to Not Cooperating
SURYA PHARMACEUTICAL: Insolvency Resolution Process Case Summary
VERTIGO IMPEX: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable


I N D O N E S I A

BAYAN REOSURCES: Fitch Publishes BB- LT IDR, Outlook Stable


N E W  Z E A L A N D

HOFFMAN MOTORS: Ford Dealership Shuts Door After a Century
MAINZEAL: Not Recording Payment a Mistake, Richina Boss Says


S I N G A P O R E

NEWSTEAD TECHNOLOGIES: Currently in Voluntary Liquidation


                            - - - - -


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


ATLAS IRON: Moody's Puts Caa2 CFR on Review for Upgrade
-------------------------------------------------------
Moody's Investors Service placed the Caa2 corporate family rating
and senior secured rating of Atlas Iron Limited under review for
upgrade from previously under review - direction uncertain. The
review for upgrade follows the company's announcement that
Redstone Corporation Pty Ltd (unrated), a wholly owned subsidiary
of Hancock Prospecting Pty Ltd (unrated) has acquired more than
90% of the total shares on issue of Atlas, enabling Redstone to
commence compulsory acquisition on all of the remaining Atlas
shares. Redstone has advised that it intends to initiate the
compulsory acquisition following its off-market takeover bid,
which closed on October 12, 2018.

Moody's previously placed Atlas' ratings on review -- direction
uncertain on June 15, 2018.

The review for upgrade will focus on Redstone and Hancock's
strategic plans for Atlas' assets following the acquisition, the
potential for explicit or implicit support to be provided to
Atlas, and plans regarding the outstanding Term Loan. The review
would also focus on Redstone and Hancock's overall credit quality
and its ability and willingness to provide support to Atlas'
credit profile.

RATINGS RATIONALE

Changing the direction of the review, to review for upgrade,
reflects Moody's view that Atlas' credit profile has the
potential to benefit from being part of the large Hancock Group,
and that there is potential the Group will provide operational
and financial support to Atlas on an ongoing basis.

Moody's view that support may be forthcoming reflects the
economic incentive for Redstone and Hancock resulting from the
around AUD400 million spent on acquiring Atlas. Also, the
likelihood of support is reflected in Redstone granting a put
option to the existing lenders of Atlas' term loan as part of a
waiver of the event of default of the loan, following the change
of control of Atlas. The put option will last for a period of 60
days from October 3, 2018 and a majority of the lenders can
require Redstone (or a nominee of Redstone) to purchase all of
the Term Loan at face value.

Redstone intends to undertake a strategic review of Atlas' assets
and operations. The conclusions and outcomes reached in the
strategic review will inform its preferred approach to
developing, operating and retaining, or divesting the assets
within the Atlas portfolio. As part of Moody's review, the rating
agency will assess the outcome of Redstone's review of Atlas and
the acquirers ability and willingness to provide ongoing support
for Atlas' operations and debt.

Atlas' Caa2 ratings reflect Moody's expectation that -- based the
agency's iron ore price sensitivities and at the current
discounts rates for the grade of iron ore Atlas produces -- the
company will likely continue to report operating cash losses,
which, absent support from the acquirer, would lead to an ongoing
weakening in liquidity and a material increase in default risk
over the next twelve months.

The Caa2 ratings also continue to reflect the company's
relatively small scale; limited operational, geographic and
product diversity; short reserve life; and higher cost structure
than that of major producers.

The principal methodology used in these ratings was Mining
published in September 2018.

Atlas Iron Limited, headquartered in Perth, is an iron ore
producer and developer focused on the North Pilbara region of
Western Australia. Atlas produced around 9.2 million tonnes of
iron ore in fiscal 2018.


BARENZ PTY: First Creditors' Meeting Set for Oct. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of Barenz Pty
Ltd will be held at the offices of PKF, Level 8, 1 O'Connell
Street, in Sydney, NSW, on Oct. 25, 2018, at 10:00 a.m.

Geoffrey Trent Hancock of PKF was appointed as administrators of
Barenz Pty on Oct. 15, 2018.


BETTER GLASS: Second Creditors' Meeting Set for Oct. 26
-------------------------------------------------------
A second meeting of creditors in the proceedings of Better Glass
And Glazing Pty Ltd has been set for Oct. 26, 2018, at 11:00 a.m.
at the offices of Nicols + Brien, Suite 9, Level 2, 70 Market
Street, in Wollongong, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 26, 2018, at 11:00 a.m.

Ryan Bradbury of Nicols & Brien was appointed as administrator of
Better Glass on Sept. 27, 2018.


BLUESTRIPE INVESTMENTS: Second Creditors' Meeting Set for Oct. 24
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Bluestripe
Investments Pty Ltd has been set for Oct. 24, 2018, at 11:30 a.m.
at Level 49, 108 St Georges Terrace, 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. 23, 2018, at 4:00 p.m.

David Ashley Norman Hurt and Jimmy Trpcevski of WA Insolvency
Solutions were appointed as administrators of Bluestripe
Investments on Sept. 19, 2018.


BROGEN NOMINEES: First Creditors' Meeting Set for Oct. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Brogen
Nominees Pty Ltd, trading as Rangeway Supermarket, will be held
at the offices of Cor Cordis, Mezzanine Level, 28 The Esplanade,
in Perth, WA, on Oct. 24, 2018, at 10:00 a.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Brogen Nominees on Oct. 15, 2018.


BUX GLOBAL: Placed Into Liquidation
-----------------------------------
Dominic Powell at SmartCompany reports that a Perth-based startup
that received over AUD65 million from investors has been placed
into liquidation with just AUD50,000 left in the bank, with a
Federal Court judge haranguing the company for having an app that
"does not work".

The startup, Bux Global, was launched in 2016 and spruiked itself
as a mobile app which allowed users to easily transfer money
internationally via their Bux accounts. According to evidence
provided to the Court, the startup had raised upwards of AUD65
million from investors throughout its tenure, SmartCompany says.

SmartCompany relates that the West Australian reported that
shareholders in the company include Aussie sports stars Danny
Green and Greg Matthews, and other reports also name former
editor of The Australian Chris Mitchell and current AMP chairman
David Murray as former members of the startup's advisory board,
who both quit earlier this year.

Federal Court Judge Craig Colvin said the 450-plus shareholders
in Bux Global were issued "repeated unfulfilled promises" an ASX
listing would be pursued for the company. Instead, millions of
dollars of investor money was allegedly used for "the private
purposes of persons associated with Bux Global," according to
SmartCompany.

This included a total AUD1.2 million that was allegedly
transferred to the bank account of the founder's wife.
Furthermore, Colvin claims people involved with the promotion of
the Bux app issued offers of shares "without complying with the
prospectus provisions of the Corporations Act," SmartCompany
relays.

SmartCompany notes that proceedings against the startup began in
late-2017 after numerous shareholders applied through the courts
to have the company wound-up, claiming the company had promised
an "initial public offering or public listing on a stock exchange
was imminent" but no progress had been made towards a listing.

Evidence provided to the Court also found the company "has
received minimal earnings from the Bux App", with reports showing
it made just AUD12,000 in revenue with AUD8 million in operating
losses. The Court also noted the majority of staff at the company
had resigned, SmartCompany adds.

SmartCompany says the company sought to have the wind-up requests
summarily dismissed, which was refused by the Court initially and
after an appeal. Throughout 2018, the Court heard further
evidence about Bux's operations. However, the company seemed
unfazed, with the judge noting it had "carried on casually and
without regard to the seriousness of the winding up application
that the company faces," SmartCompany states.

SmartCompany relates that Justice Colvin also claims during the
case against the company, those in control of Bux "took steps
which support the conclusion" any business in relation to Bux and
its apps were being phoenixed into another company.

"Very recently the signage at the notified principal place of
business of Bux Global has been changed to remove the name of Bux
Global. The name of another company, 2WayWorld Technologies, has
been displayed at the premises," SmartCompany quotes Mr. Colvin
as saying.

"The extent of evidence before me as to the activities of
2WayWorld Technologies indicates that it is involved in
activities that might be described as being in the same field as
that of Bux Global, particularly matters relating to the Bux
App."

The Court appointed liquidators Martin Bruce Jones and Andrew
Smith of Ferrier Hodgson to manage the liquidation of the
company, SmartCompany discloses.

Bux Global Limited -- https://www.bux.com/ -- was a mobile phone-
based money transfer company.

Peter James Hooke filed an application for the winding up of Bux
Global Limited on Dec. 22, 2017.


PITTSBERG HOLDINGS: First Creditors' Meeting Set for Oct. 23
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Pittsberg
Holdings Pty Ltd will be held at the offices of Quigley & Co,
Level 5, 231 Adelaide Terrace, in Perth, WA, on Oct. 23, 2018, at
10:30 a.m.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Pittsberg Holdings on Oct. 11, 2018.


WEST-PRO TRANSPORT: Second Creditors' Meeting Set for Oct. 25
-------------------------------------------------------------
A second meeting of creditors in the proceedings of West-Pro
Transport Services Pty Ltd has been set for Oct. 25, 2018, at
3:00 p.m. at the Boardroom of Chifley Advisory, Suite 1903, Level
19, 31 Market Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 24, 2018, at 4:00 p.m.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of West-Pro Transport on Oct. 4, 2018.



=========
C H I N A
=========



CHANGSHENG BIO-TECHNOLOGY: Unit Hit by CNY9.1BB Penalties
---------------------------------------------------------
Reuters reports that a unit of China's vaccine maker Changsheng
Bio-technology Co Ltd has been hit with penalties totalling
CNY9.1 billion ($1.32 billion) after it was embroiled in a
scandal over falsifying data for a rabies vaccine.

According to Reuters, China's drug regulator said on Oct. 16 it
had imposed the penalties on the unit Changchun Changsheng Life
Sciences Ltd and banned 14 of its executives from working in the
drugs sector.

In a separate statement, the China Securities and Regulatory
Commission said it had also imposed a separate fine of CNY600,000
on Changsheng Bio-technology, Reuters says.

Reuters relates that the securities regulator also fined four of
Changsheng Bio-technology's executives and banned them from
entering the securities market for life due to the violation of
information disclosure related the vaccine scandal.

Changsheng Bio-technology sparked nationwide anger for falsifying
data and producing an ineffective vaccine for babies, the report
states.

Earlier this year, it said faced the spectre of being delisted
from the Shenzhen stock exchange due to the expectation of huge
fines and the confiscation of all illegal income stemming from
the scandal, Reuters recalls.

It has repeatedly delayed announcing its first-half results after
issuing a profit alert in July, when it expected its six-month
net profit to be between CNY211.4 million and CNY317.1 million,
from CNY264.3 million a year earlier, according to Reuters.

Trading in Changsheng Bio-technology shares has been halted since
Aug. 31 after the company failed to disclose its half-year
earning report in due time, Reuters notes.

On Oct. 16, Changsheng Bio-technology said in a filing to the
Shenzhen stock exchange that its Changchun unit planned to set up
special compensation fund for its rabies vaccine scandal, Reuters
reports.

Changsheng Bio-technology plans to pay compensation varying from
CNY200,000-CNY650,000 per person to those who have suffered from
the vaccine, the company and government authorities said, adds
Reuters.


CHENGDU ECONOMIC: Moody's Assigns Ba2 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Chengdu Economic and Technological Development
Zone State-owned Assets Investment Company Limited.

The rating outlook is stable.

RATINGS RATIONALE

CEDSI's Ba2 rating primarily combines (1) its b1 baseline credit
assessment (BCA); and (2) Moody's assessment of the "Moderate"
likelihood of support from and "High" level of dependence on the
Government of China (A1 stable) when in need, which results in a
rating that is two notches above its BCA.

Moody's support assessment reflects CEDSI's leading role in
constructing affordable housing and infrastructure in the Chengdu
Economic and Technological Development Zone (CEDZ), its ultimate
100% ownership by the Longquanyi district government, and a track
record of receiving government support, including refinancing of
around RMB5 billion (or 28% of the company's total debt in 2014)
through government debt swaps as of the end of 2017.

CEDSI reports its budget, operating objectives, business plan and
performance to the Longquanyi government, which appoints its
senior management.

The support assessment also considers the reputational and
contagion risks that may arise if it were to default, given
CEDSI's status as the largest government-owned entity in the
CEDZ, which is ranked 12th among 219 state-level Economic and
Technological zones in China, and its economic importance to
Chengdu City and Sichuan Province.

As such, Moody's believes the central government would support
efforts by the Longquanyi government, through the Chengdu
government and Sichuan government, to prevent CEDSI from
defaulting, and thus avoid disruption to the domestic financial
market.

This support can take various forms, including government
subsidies, capital or asset injections, as well as loans from
policy and state-owned banks.

These factors are counterbalanced by the fact that CEDSI is owned
by the Longquanyi district government, which results in a lower
likelihood of support than for other entities owned by higher
tier governments.

CEDSI's BCA is primarily driven by its policy function and its
limited business risk due to its leading market position in the
CEDZ. At-end of 2017, CEDSI has constructed over 90% of
affordable housing and around 50% of entrusted infrastructure
construction within the Longquanyi district.

These credit strengths are partly offset by the company's
elevated debt leverage due to the large amount of external
guarantees it provides to other local government financing
vehicles (LGFVs) within the district. Its leverage is also high
because of an uncertain primary land sales schedule by the
government and long payback periods for affordable housing
projects.

Moody's estimates the company's revenue will grow 86% in 2018 and
11% in 2019 after the company recognizes its primary land
development revenue. Its adjusted debt/capitalization is likely
to remain high at 67-68% in the next two years, and FFO/interest
coverage -- after government subsidies and payments -- will be
around 2.0x over the next two years.

That said, high leverage is common for LGFVs due to the longer
payback periods for their development projects.

Moody's believes CEDSI's high level of financial risk is partly
mitigated by the fact that the majority of its debt associated
with government-related projects is supported by (1) periodic
cash flows from the government for buying back infrastructure
projects, 2) revenue from recurring government land sales, and 3)
the government's provision of subsidies for interest expenses.

CEDSI's liquidity profile is weak. Its cash balance of RMB3.2
billion was insufficient to cover the RMB5.2 billion in short-
term debt outstanding at the end of June 2018. Nonetheless, the
company has good access to domestic funding channels, including
bank loans and the public bond market, given its strong direct
linkage to the Longquanyi government and indirectly to the
Chengdu and Sichuan governments.

The stable outlook reflects (1) the stable outlook on China's
sovereign rating; and (2) the consideration that CEDSI's BCA is
appropriately positioned at the current level.

The ratings could be upgraded if (1) the likelihood of support
for CEDSI increases, and/or (2) CEDSI's standalone credit profile
improves significantly.

CEDSI's BCA could be raised if the company's business or
financial profile improves. Credit metrics indicative of upward
pressure on its BCA include (1) adjusted (FFO from non-government
transactions + government cash payments + interest)/interest
exceeding 2.5x on a sustained basis; (2) adjusted
debt/capitalization, including the cross-guarantees provided to
other Longquanyi district LGFV's, below 50%.

The ratings could be downgraded if (1) the likelihood of support
for CEDSI decreases, and/or (2) CEDSI's standalone credit profile
weakens meaningfully.

CEDSI's BCA could be lowered in case of a material deterioration
in its business or financial profiles. Credit metrics indicative
of a potential downgrade of the BCA include (1) adjusted (FFO
from non-government transactions + government cash payments +
interest)/interest below 1x on a sustained basis; (2) adjusted
debt/capitalization, including the cross-guarantees provided to
other Longquanyi district LGFVs, above 65%-70% on sustained
basis.

The methodologies used in this rating were Homebuilding And
Property Development Industry published in January 2018, and
Government-Related Issuers published in June 2018.

Chengdu Economic and Technological Development Zone State-owned
Assets Investment Company Limited is 100% owned and supervised by
the State-owned Assets and Government Offices Administration
Bureau of Longquanyi District of Chengdu. The company is mandated
by the Longquangyi district government to construct affordable
housing and infrastructure within the district.


CHINA: May Have $5.8 Tril. in Hidden Debt With 'Titanic' Risks
--------------------------------------------------------------
Eric Lam at Bloomberg News reports that China's local governments
may have accumulated 40 trillion yuan ($5.8 trillion) of off-
balance sheet debt, or even more, suggesting further defaults are
in store, according to S&P Global Ratings.

"The potential amount of debt is an iceberg with titanic credit
risks," S&P credit analysts led by Gloria Lu wrote in a report on
Oct. 16, Bloomberg relays. Much of the build-up relates to local
government financing vehicles, which don't necessarily have the
full financial backing of local governments themselves.

S&P said that with the national economy slowing, and a Beijing-
set quota for issuance of local-government bonds not being enough
to fund infrastructure projects to support regional growth,
authorities across the country have resorted to LGFVs to raise
financing, Bloomberg relates. That's left LGFVs "walking a
tightrope" between deleveraging and transforming their businesses
into more typical state-owned enterprises, the S&P analysts said.

Rising vulnerabilities among LGFVs occur against a backdrop of a
record pace of defaults this year in China, which has sought to
roll back a decades-old practice of implicit guarantees for debt,
the report states.

According to Bloomberg, the most vulnerable LGFVs include the
following, in S&P's analysis:

   * Those tied to weaker prefectural, city or district-level
     governments with lax supervision over state-owned
     enterprises.

   * Those focused on commercial activities -- thus having
     diminishing importance to local governments.

   * Those with significant refinancing risks thanks to large
     short-term debt or reliance on borrowing from the shadow-
     banking sector.

Bloomberg says the focus on funding to sustain growth at the
local level echoes a broader shift in the central government,
which last year was focused on reducing leverage in the financial
system. That phase is essentially over, thanks in part to an
escalating trade war with the U.S., according to Citigroup Inc.
analysts.

"The markets are right, in our view, to feel more concerned about
the sustainability of China's debt and the increased financial
risks," Bloomberg quotes Liu Li-Gang, chief China economist at
Citigroup in Hong Kong, as saying. He also saw "renewed pressure"
on the yuan.

Even with the central government's shift toward stimulus,
however, S&P sees Beijing determined to "bring discipline to the
financing practices of local governments and their LGFVs." That
ultimately may mean local authorities aren't fully able to keep
LGFVs afloat, however, and the bottom line is "the default risk
of LGFVs is increasing," Bloomberg says.


CHINA: P2P Lenders Say Regulation Will Cause Industry Collapse
-------------------------------------------------------------
Don Weinland and Sherry Fei Ju at The Financial Times report that
China's peer-to-peer lenders expect their numbers to collapse
from more than 1,500 to as few as 50 over the next 12 months, as
regulators push through tough reforms while also barring company
executives from fleeing the country.

According to the FT, peer-to-peer lending, the business of
connecting private lenders with borrowers online, is a $120
billion industry in China and traditionally has been lightly
regulated with a high risk and return profile.

But a government crackdown on debt and financial risk has brought
a wave of defaults, angering investors and prompting industry
executives to flee abroad to escape investigation, the FT
relates.

Investors, often ordinary Chinese people, have taken to the
streets to protest about their losses, while many executives in
the industry have been barred by police from leaving the country,
the FT report citing several people familiar with the matter.

Regulators are preparing to hand out licences over the next year
to companies that meet a number of strict criteria, with few of
the current businesses expected to make the grade, said Greg
Gibb, chief executive of Lufax, one of China's largest P2P
lenders and online wealth management companies, the FT relays.

"Identifying those 50 to 100 companies could take place over the
next 12 months," Mr. Gibb, as cited by the FT, said of the
official licensing process.

About 1,530 P2P companies are operating in China, according to
industry intelligence company WDZJ.com. Capital has been leaving
the sector at a record pace since June, with total outstanding
loans falling from CNY1.02 trillion to CNY853.6 billion in the
four months until the end of September.

The FT says several industry executives agreed the new wave of
regulation would force most companies out of the industry,
although estimations of the number of businesses that would
survive ranged from a few hundred to well below 50.

According to the FT, Roger Ying, founder of Beijing-based P2P
lender Pandai, said less stringent regulatory action began in
2017, but the current licensing process that kicked off several
months ago has made it difficult for most companies to continue
operating.

"The licensing is pretty much a prolonged process designed to
flush out P2Ps," said Mr. Ying, who recently sold off his stake
in his business and left the industry, the FT relays. He believes
that the forecast of even 50 survivors was optimistic.

The FT relates that it is not just investors that have grown wary
of the clampdown. Many executives running P2P lenders in China
have been barred from leaving the country in an attempt to stop
the owners of failed businesses from fleeing, according to
Mr. Ying and two other industry insiders.

"To put it mildly, I'm happy to have exited [the industry] when I
did," Mr. Ying, as cited by the FT, added.


CHINA GRAND: Fitch Affirms BB- LT FC IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed China Grand Automotive Services Co.,
Ltd's (China Grand Auto) Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'BB-' with a Stable Outlook. Fitch has
also affirmed the auto dealer's foreign-currency senior unsecured
rating and the rating on its outstanding senior perpetual notes.

The affirmation reflects the company's leading position in
China's competitive auto-dealership market and the long-term
outlook of the business. The company's ratings are also
constrained by its high leverage and acquisitive strategy.

KEY RATING DRIVERS

Large Scale, Market-Leading Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in
China, with more than 800 outlets in 28 provinces covering more
than 50 brands. China Grand Auto has been consolidating its
position through acquisitions in the last few years and is now
the leading dealer in China for most of the major luxury brands
including Audi, BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
could potentially mitigate the impact of product launch cycles
and reduce earnings volatility. In addition, the company's large
operating scale allows it to use its store network more
efficiently to develop new revenue sources, such as commission
income, leasing, and used-car sales.

Robust Long-Term Demand: China became the world's largest
passenger-vehicle market in 2013. Despite slower growth
prospects, Fitch expects passenger-vehicle sales to expand at a
low-to-mid-single digit percentage in the medium term, which
remains healthy. The rising vehicle-ownership penetration will
drive demand for China Grand Auto's other business segments,
including after-sales services, commission income, used-car sales
and leasing. Used-car sales remain at a nascent stage in China,
but have substantial growth potential in the next five to 10
years on the back of increasing car ownership, changing consumer
behaviour and favourable policies.

Competitive Industry, Low Margins: China's auto-dealership
industry is highly fragmented and competitive. China Grand Auto
is the country's largest dealership but it only has around 4%
market share by sales volume across the country. Industry margins
are low as bargaining power with suppliers is weak and the
regulatory environment historically favoured automakers over
dealers. Chinese auto dealers generally have mid-single-digit
EBITDA margins, comparable with US peers, and Fitch believes the
industry's low margin trend will persist in the medium term.

Growth Via Acquisitions: China Grand Auto has expanded its
network through multiple acquisitions. Its financial leverage was
relatively high after acquiring Baoxin Auto in 2016 but has
improved gradually with better margins, limited capex
requirements, and an equity placement in 2017. FFO adjusted net
leverage dropped to 4.0x in 2017 from 5.9x at end-2016 but
remains above 3.5x, the level at which Fitch would consider
positive rating action. However, Fitch does not expect leverage
to drop significantly as Fitch believes the company may continue
its expansion via M&A in the next few years. China Grand Auto's
plan for capex, inclusive of acquisitions, is between CNY3
billion and CNY4 billion.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto-leasing services via its leasing subsidiary, Huitong
Xincheng. Fitch has deconsolidated Huitong Xincheng for the
purposes of its analysis in accordance with Fitch's Corporate
Rating Criteria. Huitong Xincheng's debt-to-equity ratio was
below 2.0x at end-2017, which Fitch sees as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile but
constrained by its relatively high leverage and low margins. Its
peers include AutoNation, Inc. (BBB-/Stable), the largest
automotive retailer in the US, with over 360 new-vehicle
franchises across 16 states. The company sells new vehicles under
33 brands and also offers used vehicles, finance and insurance,
auto parts, repair and maintenance services. China Grand Auto has
a similar operational scale and margin as AutoNation but weaker
financial metrics and lower free cash flow generation. The
Chinese company's ratings are also constrained by its acquisitive
strategy.

eHi Car Services Limited (B+/Stable), the second-largest car-
rental company in China, has a similar leverage ratio but China
Grand Auto has a much larger operating scale, lower capex
requirements and a more stable competitive environment. China
Grand Auto also has a similar leverage ratio as Golden Eagle
Retail Group Limited (BB/Stable), a traditional diversified
retailer in China, but the auto dealer's margins are lower and
its FCF generation is weaker.

KEY ASSUMPTIONS

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

  - De-consolidation of China Grand Auto's finance-service
    (leasing) entity is contingent on the assumption that
    there will be no significant deterioration in the quality
    of the company's lease assets against historical reported
    figures.

  - Average EBITDA margin of 4.8% in 2018-2021

  - Average capex (inclusive of acquisitions) per annum
    of CNY3.8 billion

  - 30% dividend payout ratio

RATING SENSITIVITIES

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

  - FFO adjusted net leverage (excluding leasing) below 3.5x
    on a sustained basis

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

  - Sustained decline in market share and/or revenue

  - FFO adjusted net leverage (excluding leasing) above 5x
    on a sustained basis (2018 estimate: 4.7x)

  - FFO fixed-charge cover below 2x on a sustained basis (2018
    estimate: 2.1x)

  - EBITDA margin below 3.5% on a sustained basis (2018 estimate:
    4.7%)

LIQUIDITY

Sufficient Liquidity: At end-2017, China Grand Auto had CNY47
billion of debt (excluding its leasing business), of which CNY24
billion was due within 12 months. This was covered by unused
banking facilities and CNY20 billion in unrestricted cash. Fitch
expects China Grand Auto to be able to roll over its short-term
domestic bank loans.

FULL LIST OF RATING ACTIONS

China Grand Automotive Services Co., Ltd

  - Foreign-Currency Issuer Default Rating affirmed at 'BB-';
    Outlook Stable

  - Senior unsecured rating affirmed at 'BB-'

Baoxin Auto Finance I Limited

  - USD800 million senior perpetual notes guaranteed by China
    Grand Auto affirmed at 'B+' with Recovery Rating of 'RR4'


GUANGZHOU R&F: Fitch Rates $200MM Sr. Notes Final BB-
-----------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Guangzhou R&F
Properties Co. Ltd.'s (BB-/Negative) USD200 million 8.875% senior
notes due 2021 a final 'BB-' rating. The notes are rated at the
same level as Guangzhou R&F's senior unsecured rating because
they constitute its direct and senior unsecured obligations.

The notes are issued by Guangzhou R&F's subsidiary, Easy Tactic
Limited. Guangzhou R&F has granted a keepwell deed and a deed of
equity interest purchase undertaking to ensure that the
guarantor, R&F Properties (HK) Company Limited, also a wholly
owned subsidiary of Guangzhou R&F, has sufficient assets and
liquidity to meet its obligations. The assignment of the final
rating follows the receipt of documents conforming to information
already received and is in line with the expected rating assigned
on September 19, 2018.

Guangzhou R&F's ratings are constrained by its high leverage,
measured by net debt/adjusted inventory, of around 60% at end-
June 2018 and 60.2% at end-2017. Guangzhou R&F's high leverage
stems from aggressive land acquisitions in 2017, when it
replenished 18 million sq m of attributable gross floor area of
land bank for CNY58 billion, resulting in an increase in its land
acquisition/contracted sales value ratio to 0.7x from 0.1x-0.3x
in the previous three years, and the acquisition of hotel and
office assets from Dalian Wanda Commercial Management Group Co.,
Ltd. (Wanda; BB+/Stable).

The Negative Outlook reflects limited headroom for leverage,
which is around the threshold where Fitch would consider
downgrading Guangzhou R&F's ratings. The company's pursuit of
scale expansion, to contracted sales of CNY180 billion in 2019
from CNY82 billion in 2017, could see its land acquisition pace
increase above its expectations, which could push leverage beyond
65%.

KEY RATING DRIVERS

Sustained High Leverage: Fitch expects Guangzhou R&F's leverage,
which was above its negative threshold of 60.0% at end-June 2018
and end-2017, to rise to 65.0% in the next year or two. The
company plans to spend 30%-40% of contracted sales proceeds on
land acquisitions in 2018-2019 and increase its construction
expenditure to support growth in contracted sales scale towards
CNY180 billion by 2019. Guangzhou R&F's accelerated land
acquisitions raised its net debt to above CNY123 billion at end-
June 2018 and CNY112 billion at end-2017 (end-2016: CNY77
billion).

Higher Non-Development EBITDA: The company's hotel and rental
income revenue surged by 68% yoy to CNY3.9 billion in 1H18 (2017:
CNY3.3 billion), driven by contributions from the newly acquired
Wanda hotels. Fitch expects Guangzhou R&F's non-property
development revenue to reach CNY8.1 billion in 2018 with full-
year contributions. However, the company's non-property
development EBITDA/gross interest expense ratio will only
moderately improve to 0.24x in 2018-2019, from 0.17x in 2017,
partially offset by possible higher operating costs following the
migration to the Wanda hotels.

Stabilising Margins: Guangzhou R&F had an EBITDA margin of 27%
and a gross profit margin of 39% in 1H18, an improvement from 26%
and 35% in 2017, and 21% and 28% in 2016, respectively. The
margins will be supported by the company's unrecognised property
sales of CNY107 billion, which carried a gross profit margin of
39% at June 2018 (2017 booked property sales gross profit margin:
37%). These sales will be recognised over the next year or two,
and will be supported by a recovery in the contracted average
selling price to CNY13,176 per sq m in 8M18, from CNY12,961 per
sq m in 2016.

DERIVATION SUMMARY

Guangzhou R&F's geographical diversification is comparable with
'BB+' and 'BB' rated peers. Its homebuilding scale in contracted
sales is comparable with CIFI Holdings (Group) Co. Ltd.'s
(BB/Stable) CNY104 billion in 2017 and is higher than the CNY40
billion-70 billion of 'BB-' rated peers, such as Yuzhou
Properties Company Limited's (BB-/Stable) CNY40 billion.

However, Guangzhou R&F's ratings are constrained by its weakening
financial profile, following the completion of substantial hotel
and office asset acquisitions from Wanda, as well as its
aggressive land acquisitions. The company's leverage ratio,
measured by net debt/adjusted inventory, of 60% at end-2017 is at
the higher range of the 50%-60% of 'B+' rated peers, such as
China Evergrande Group's (B+/Positive) 60%. Guangzhou R&F will
also need to maintain a land bank of five to six years to support
its expansion in contracted sales, which could limit room for
deleveraging in the next two to three years. Fitch expects the
company's leverage to reach 65% in 2018-2019.

No Country Ceiling, parent/subsidiary or operating environment
aspects affect the rating.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to reach CNY131 billion in
    2018 and CNY167 billion in 2019 (2017: CNY82 billion)

  - EBITDA margin of 24%-25% in 2018-2019, slightly lower than
    the 26% in 2017 due to higher operating costs from the Wanda
    asset migration

  - Hotel and property rental revenue to reach CNY8 billion-
    CNY9 billion in 2018-2019

  - Land bank life reduced to and sustained at four to five
    years, from a high of almost eight years at end-2017

RATING SENSITIVITIES

Developments that May Lead to a Revision in the Outlook to Stable
Include:

  - Net debt/adjusted inventory sustained below 65% (2017: 60%)

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

  - Continued decline in property contracted sales

  - Net debt/adjusted inventory of over 65% for a sustained
    period

LIQUIDITY

Weak but Manageable: Guangzhou R&F had a cash balance of CNY36
billion, including restricted cash of CNY17 billion as at end-
June 2018, which was insufficient to cover CNY45 billion of debt
maturing in one year. Its cash/short-term debt ratio declined to
0.8x at end-June 2018 from 1.1x at end-2017 and 1.4x at end-2016.
However, cash balances probably improved following record-high
contracted sales of CNY13.5 billion in June 2018 and another
CNY10.5 billion in July 2018. The company also completed the
issuance of 270-day short-term onshore bonds of CNY0.5 billion
and CNY0.7 billion in August, and CNY1.0 billion in September
2018. Hence, Fitch does not believe Guangzhou R&F will have major
difficulty in refinancing its short-term credit facilities.


REDSUN PROPERTIES: Fitch Publishes B LT IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings has published Redsun Properties Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'B'
with a Positive Outlook.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B/Positive). Fitch uses a consolidated approach to rate Redsun,
based on its Parent and Subsidiary Rating Linkage Criteria, due
to their strong legal and operational linkages.

The group's ratings are supported by its high-quality land bank,
which focuses on the city of Nanjing, the capital of China's
Jiangsu province, and the Yangtze River Delta. This helps drive
the group's contracted sales growth and better gross profit
margin than its 'B' rated peers. The group also has a higher
recurring income arising from the larger scale of its property
rental business. The group's improving business profile may be
constrained by the pressure to build up its land bank to pursue
sustained high sales growth. Home purchase restrictions that
affect cities within Jiangsu province also create uncertainty for
the group's contracted sales pace, although selling prices are
likely to be supported by firm demand.

The Positive Outlook reflects Fitch's expectation the group will
keep to a prudent financial policy for acquiring land and the IPO
of Redsun in July 2018 will allow the group's leverage to be
maintained below 50% in the next 12-24 months.

KEY RATING DRIVERS

Sales to Continue Rising: Fitch expects the group's land
acquisitions and geographical expansion to drive higher sales,
and forecasts annual attributable contracted sales to increase to
CNY27 billion-30 billion in 2018-2019. The group's attributable
contracted sales rose by 18% to CNY13.6 billion in 2017 as the
average selling price increased 8% to CNY15,261 per sq m and
contracted floor space sold rose by 9% to 890,000 sq m. The group
has diversified its land bank to the cities of Xuzhou, Bozhou,
Yangzhou, Taixing, and Jurong in Jiangsu province, Ma'anshan in
Anhui province, Huzhou in Zhejiang province, as well as Wuhan in
central China and Chongqing in western China.

Niche Property Rental Business: The group's investment-property
portfolio, which comprises mainly malls for retail and the
wholesale of household construction and decoration materials,
enjoys a niche market position and nearly full occupancy. The
portfolio provides a recurring EBITDA/interest coverage ratio of
0.3x-0.4x, higher than for 'B' rated peers. Fitch expects the
completion of renovation at the Nanjing Hong Yang Plaza retail
mall in 2017 and still-resilient demand from consumers for
furniture and decorations to continue supporting Hong Yang's
rental revenue growth and its ratings.

Margins to Stay Healthy: Fitch expects the group's EBITDA margins
to remain at 25%-26% in 2018-2019 as the high-margin Nanjing
projects will provide support over the next 18-24 months. This
will be partly offset by recognition of revenue from more
projects outside Nanjing that have lower margins from 2018,
possible higher operating costs on its geographical expansion and
the pre-listing expenses for Redsun. The group's EBITDA margin
rose to 37% in 2017 from 31% in 2016, mainly driven by the
delivery of certain Nanjing projects acquired at low costs in the
early 2000s, with gross profit margins as high as 40%-70%.

Land Acquisitions Remain Controlled: The group spent CNY11.8
billion on land-bank replenishment in 8M18, or the equivalent of
0.42x of its contracted sales value (2017: 0.85x, 2016: 0.8x).
The group's leverage, measured by net debt to adjusted inventory
that proportionately consolidates joint ventures and associates,
was about 40% at end-June 2018 (2017: 44%, 2016: 40%).

At end-June 2018, the group had attributable land bank of about
7.2 million sq m, which will be sufficient for three to four
years of development. Fitch expects the larger land bank to allow
the company to control its acquisitions to keep its ratio of land
acquisitions to contracted sales value at 0.8x in the next two to
three years, and the group's leverage below 50% in the next 12-24
months.

DERIVATION SUMMARY

Redsun's ratings are based on the consolidated profile of its
parent, Hong Yang, given the strong legal and operational
linkages.

The group's business profile is similar to 'B' category peers.
Ronshine China Holdings Limited (B+/Stable) and Zhenro Properties
Group Limited (B/Positive) are Hong Yang's closest peers as both
companies focus on first- and second-tier cities in the Yangtze
River Delta region. Hong Yang has a smaller contracted sales
scale and land bank than Ronshine and Zhenro, while its leverage,
defined by net debt/adjusted inventory, is higher than Ronshine's
but comparable with that of Zhenro.

The group's significant investment property base is also a credit
strength compared with other 'B' category homebuilders. Its
investment property recurring EBITDA/gross interest of around
0.3x-0.4x is comparable with that of Yida China Holdings Limited
(B/Stable), a business park developer that generated a
significantly smaller attributable contracted sales of CNY5.6
billion in 2017.

KEY ASSUMPTIONS

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

  - Attributable property contracted sales of CNY27 billion
    in 2018, and CNY40 billion in 2019 (2017: CNY13.6 billion)

  - EBITDA margin, excluding capitalised interest from cost of
    goods sold, at 25%-26% in 2018-2019 (2017: 37%)

  - on average 80% of contracted sales proceeds to be spent on
    land acquisition in next two to three years to maintain a
    land bank sufficient for three to four years of development
    (2017: 85% of contracted sales)

RATING SENSITIVITIES

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

  - EBITDA margin, excluding capitalised interest from cost
    of goods sold, sustained at 20% or above

  - Leverage, measured by net debt/adjusted inventory that
    proportionately consolidates joint ventures and associates,
    sustained below 50% (All the ratios mentioned are based on
    parent Hong Yang's consolidated financial data)

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

  - Failure to sustain healthy attributable sales growth and
    maintain the positive rating sensitivities over the next
    12-18 months will lead to the Positive Outlook reverting to
    Stable

LIQUIDITY

Sufficient Liquidity: As at end-June 2018, the group had cash
balances of CNY5.6 billion (including restricted cash and pledged
deposits of CNY3.0 billion) and unused bank facilities of CNY5
billion, sufficient to cover short-term borrowings of CNY9.0
billion.



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


AFTAB STEELS: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aftab Steels
Private Limited (ASPL) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       .34        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit         2.75        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan           2.70        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASPL for obtaining
information through letters and emails dated September 19, 2018,
September 28, 2018 and September 24, 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 ASPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of ASPL migrated to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating.

Incorporated in 2013 and promoted by Gujarat-based Mr. Firoz
Bloch and his brother, Mr. Imtiaz Bloch, ASPL manufactures
stainless steel billets/ingots and rounds in Jamnagar, Gujarat.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits (long-term) maintained in Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating; and

-- INR52.26 mil. Long-term loan (long-term) maintained in Non-
     Cooperating Category with INR D (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

Airflow Equipments manufactures railway rolling stock equipment.
It undertakes designing, analysis, development, fabrication,
machining and assembly of composite parts for railway vehicles
and automobiles.


AMAR PLASTICS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amar Plastic
Industries' (API) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR50 mil. (reduced from INR60 mil.) Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects the company's continued small scale of
operations. Revenue rose to INR249 million in FY18 (FY17:
INR171.45 million), due to faster execution of orders.

The ratings also reflect API's modest EBITDA margin of 3.4% in
FY18 (FY17: 4.68%) with the return on capital employed at 13%
(13%), owing to its mostly trading nature of business.

The ratings are constrained by the partnership nature of
business.

The ratings, however, are supported by API's moderate credit
metrics due to its low debt. Interest coverage improved slightly
to 2.5x in FY18 (FY17: 2.4x) and net financial leverage reduced
to 1.83x (3.3x), because of higher EBITDA and lower debt.

The ratings are also supported by one of APIS' founders'
experience of close to four decades in the plastics industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
credit metrics will be positive for the ratings.

Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.

COMPANY PROFILE

API is engaged in the import and trading of plastic raw
materials, including polypropylene. It also manufactures plastic
articles.


ARBEE AQUATIC: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arbee Aquatic
Proteins Private Limited's (AAPPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70.4 mil. (reduced from INR82.87 mil.) Long-term loans due
     on August 2024 affirmed with IND BB/Stable rating;

-- INR80 mil. Fund-based facilities affirmed with IND
     BB/Stable/IND A4+ rating; and

-- INR27.3 mil. (increased from INR27.2 mil.) Non-fund-based
     facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AAPPL's continued small scale of
operation as indicated by revenue of INR400 million in FY18
(FY17: INR406 million). As on 8 October 2018, the company had
export orders of INR80 million which is to be completed by
December 2018 and domestic orders of INR30 million to be
completed within one month. The company's return on capital
employed was 15% in FY18 (FY17: 26%) and EBITDA margin was
average at 14.5% (18.7%). The decline in the margin was on
account of an increase in raw material (raw fish) price.

The ratings remain constrained by AAPPL's moderate credit metrics
as indicated by interest coverage (operating EBITDA/gross
interest expense) of 4.9x in FY18 (FY17: 4.5x) and net leverage
(total adjusted net debt/operating EBITDAR) of 2.7x (1.6x). The
deterioration in the net financial leverage was on account of an
increase in total debt. However, the gross interest coverage
improved marginally on account of a decrease in finance cost,
resulting from lower utilization of its fund-based limit.

Moreover, AAPPL's liquidity position has been moderate as
reflected by 87.0% average use of the working capital limits
during the 12 months ended September 2018.

The ratings, however, remain supported by the promoters' almost
four decades of experience in the fish oil industry.

RATING SENSITIVITIES

Negative: Any substantial decline in the revenue and operating
profitability leading to deterioration in the overall credit
metrics could result in a negative rating action.

Positive: A substantial increase in the revenue while maintaining
the operating profitability and the overall credit metrics could
result in a positive rating action.

COMPANY PROFILE

Incorporated in 2013, AAPPL is a producer of fish meal and fish
oil. The company began commercial productions in February 2015.
Its manufacturing unit is located in Alleppey, Kerala with raw
fish processing capacity of 250 metric tons per day. Mr. P.K Raju
is the promoter.


ARG DEVELOPERS: CARE Lowers Rating on INR49.37cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
ARG Developers Private Limited (ADPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       49.37      CARE C; Stable: ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable: ISSUER NOT
                                   COOPERATING; On the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ADPL to monitor the
ratings vide e-mail communications/letters dated February 5,
2018, February 22, 2018, February 24, 2018, March 9, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on ADPL's bank facilities will now be denoted as
CARE C; Stable; ISSUER NOT COOPERATING.

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

The revision in the ratings of ADPL takes into account delay in
execution of ongoing project leading to stressed liquidity
position.

Detailed description of the key rating drivers

Delay in project execution: The banker of ADPL has verbally
confirmed there are no overdues as on date from ADPL. However,
due to delay in execution of project, account would be classified
as NPA on technical ground. As per the banker, Date of
Commencement of Commercial Operations (DCCO) of the project was
March 2018;
however, the project has not yet been completed by the company.

ARG Developers Private Limited (ADPL) was initially incorporated
in 2007 with the name of ARG Developer Private Limited. Later on,
in the year 2008, the name of the company was converted and
assumed its current name ADPL. ADPL is a flagship company of ARG
Group, incorporated with the objective to work on the real estate
projects. The company has executed some projects which include 3
residential and 3 commercial projects at Jaipur and Gwalior. At
present, ADPL is working on ultra-luxury residential project with
total saleable area of around 2.54 lakh square feet (lsf) having
62 flats.


ATHITHEYA KSHEMA: Ind-Ra Maintains BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Athitheya
Kshema Hotels 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:

-- INR103.99 mil. Term loan maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR5 mil. Fund-based facilities maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR31.7 mil. Non-fund-based facilities maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Athitheya Kshema Hotels was established by Mr. Ravi and Mrs.
Sudha in 1999. The hotel has 60 rooms with two banquet/conference
halls, a board room, a health club and a multi cuisine
restaurant.


B.N.M. HI-TECH: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B.N.M. Hi-
Tech Agro Industries (BNM) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

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

   Proposed Long Term    2         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BNM for obtaining
information through letters and emails dated August 30, 2018,
September 17, 2018 and September 11, 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 BNM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BNM is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of BNM migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

BNMHAI Set up in 2012, B. N. M. Hitech Agro Industries, (BNM) is
engaged in milling and processing of paddy into rice. It has an
installed paddy milling capacity of 8 tonnes per hour (tph). Its
rice mill is located in Davangere in Karnataka. The company is
promoted by Mr. B N Shabbir Ahammed.


BENGAL INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Bengal India Global Infrastructure Limited

        Registered Office:
        Elegant Towers, 224A, A.J.C Bose Road, Kolkata
        West Bengal 700017, India

Insolvency Commencement Date: October 11, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 8, 2019

Insolvency professional: Santosh Choraria

Interim Resolution
Professional:            Santosh Choraria
                         P-41, Princep Street, Room No. 222
                         Kolkata 700072
                         E-mail: ca.schoraria@gmail.com
                                 cirp.bigil@gmail.com

Last date for
submission of claims:    October 25, 2018


BHUSHAN POWER: Lenders Back JSW Steel $2.7BB Offer
--------------------------------------------------
Bloomberg News reports that creditors of Bhushan Power & Steel
Ltd. are poised to name JSW Steel Ltd. as the preferred bidder in
a sale seen as a key test of the country's new bankruptcy law,
people familiar with the matter said.

A majority of Bhushan Power's lenders selected the JSW proposal
as the best offer, according to the people, who asked not to be
identified because the information is private, Bloomberg relates.
JSW bid about INR196 billion ($2.7 billion), higher than rivals
Tata Steel Ltd. and Liberty House Group, Bloomberg News reported
in August.

Bhushan Power, one of the first 12 assets shortlisted by the
central bank to be sold through the insolvency resolution
process, had claims of about INR485 billion admitted by the
bankruptcy court, according to Bloomberg. The resolution plan
submitted by JSW Steel needs approval from Indian courts for the
deal to be finalized, and the bidding process remains the subject
of legal challenges, Bloomberg states.

                       About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


CALYX MERLIN: CARE Cuts INR20cr LT Loan Rating to 'B', Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Calyx Merlin Builcon LLP (CMBLLP), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       20.00     CARE B; Issuer not cooperating;
   Facilities                     Revised from CARE B+; Stable
                                  on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CMBLLP to monitor the
rating vide e-mail communications/letters dated August 16, 2018,
July 26, 2018, July 18, 2018, July 11, 2018, June 27, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on CMBLLP bank facilities
will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of unavailability of
latest financial and operational information.  Further the
rating takes into account the project execution and marketing
risk with low booking status, cyclical nature of the real estate
industry, presence in a competitive environment and partnership
nature of its constitution limiting the financial flexibility of
the firm. The above weaknesses are partially offset from
experienced promoters, strategic location of the project and
receipt of approvals and clearances for the project.

Detailed description of the key rating drivers

At the time of last rating on June 28, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Project execution and marketing risk with low booking status: The
execution of the project commenced in March 2017 and is expected
to be completed by March 2020.The firm has incurred around 14% of
total cost on the project as on March 31, 2017. Furthermore,
CMBLLP has sold the area of 0.15 lsf (about 14% of the total
saleable area) and has received the advances of 4% of sold area
and balance 96% is expected to be received in the phase-wise
manner as per the progress of the project. Thus, the project
execution risk remains high as significant required work is yet
to be done.

CMBLLP also faces competition from other developers developing
the properties in the locality. Furthermore, with low booking
status the ability of the firm to sell the property at envisaged
rates in a timely manner shall be critical from the perspective
of credit.

Cyclical nature of the real estate industry: The real estate in
India is highly fragmented and is capital intensive in nature.
The life cycle of a real estate project is long and the state of
the economy at every point in time, right from land acquisition
to construction to actual delivery, has an impact on the project.
This capital intensive sector is extremely vulnerable to the
economic cycles. Adverse movement in interest rate affects the
real estate players in both ways by hampering demand as well as
increasing the cost of construction.

Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. CMBLLP faces
competition from other real-estate developers who exist with
residential projects in Pirangut, Pune such as Vilas Javdekar
Developers, Mont Vert Homes, Earnest and Shah Venture Company, N
G Rathi Associates etc. and such other upcoming projects.
However, the partner's has a good understanding of the region and
its dynamics which partly mitigates this risk.

Partnership nature of its constitution limiting the financial
flexibility of the firm: Being partnership nature of
constitution, the firm is exposed to the risk of withdrawal of
capital by partners due to personal exigencies, dissolution of
firm due to retirement or death of any partner and restricted
financial flexibility due to inability to explore cheaper
sources of finance leading to limited growth potential.

Key Rating Strengths

Experienced promoters: Pune-based Calyx Group has more than 20
years of experience in the real estate industry. The group has
adequate land bank and has completed 21 projects. Merlin Group
has extensive experience of over 50 years in the real estate
industry and also has an established market position in Kolkata.
However, in the past four years, the groups have entered in JV's
to develop properties in Raipur, Ahmadabad, Chennai, Kanpur,
Bhubaneswar and Pune with a focus on mid income segment.

Strategic location of the project: The project is well-connected
to the commercial and residential hubs of Pune, with reputed
educational institutes, IT parks and MIDC located right in its
vicinity. Furthermore, the company also markets the project
through the advertisement in print media and participates in
exhibitions.

Receipt of approvals and clearances for the project: CMBLLP has
received all the necessary clearances and approvals for the
project related to land acquisition and construction. The
requisite sanction plan of the Phase II of the said project has
been approved under PMRD (Pune Municipal Region Development
Authority). Apart from these, CMBLLP has received the necessary
clearances and approvals for the project related to commencement
certificate, environmental, pollution, and fire related approval.
However, the project has not attained RERA (Real Estate
Regulatory Authority) certificate however, will be shortly
applying for the same.

Established in 2012, CMBLLP is a SPV formed by Calyx Group &
Merlin Group and is executing a residential project in Pirangut,
Pune. Calyx Group based out of Pune is into real estate business
since 1998. The Calyx group has completed around 21 projects in
Pune and nearby areas with a total saleable area of 18.35 lakh
sq. ft. Kolkata based Merlin Group have over 30 years of
experience in the Real Estate & Hospitality. The group has till
date completed over 120 projects spanning 175 lakh square feet
(lsf). CMBLLP is currently undertaking a residential project
named "NavyaAangan-Phase II" consisting of two buildings
(Building A and B) and commercial shops at Pirangut, Pune with
saleable area of 1.10 lsf (excluding land owner's share). The
project is expected to complete by March 2020.


DI-AN-ARE EXPORTS: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Di-aN-aRe
Exports' (DE) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based limit affirmed with IND BB-/Stable/
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects DE's continued medium scale of
operations as indicated by revenue of INR643.9 million in FY18
(FY17: INR837.3 million). The decline in revenue was on account
of subdued gold demand in the domestic market. The firm derives
its revenue mainly from exports. However, it mitigates the
foreign currency risk by importing rough diamonds.

The company's return on capital employed was 9.24% in FY18 (FY17:
7.91%) and EBITDA margin was modest at 2.7% (2.1%). The ratings
remain constrained by the company's presence in a highly
fragmented and competitive cut and polished diamonds industry,
and fluctuations in diamond price (end-product) and foreign
currency.

The ratings also continue to factor in DE's modest credit metrics
as indicated by net leverage (adjusted net debt/operating
EBITDAR) of 0.1x in FY18 (FY17: 4.0x) and EBITDA interest cover
(operating EBITDA/gross interest expense) of 2.1x (2.2x). The
improvement in the net financial leverage was on account of lower
utilization of working capital limits.

The ratings also remain constrained by the partnership structure
of the organization.

However, the ratings are supported by the firm's comfortable
liquidity position with 48.5% average utilization of the working
capital limits over the 12 months ended September 2018.

The ratings continue to be benefit from DE's partners' over two
decades of experience in the diamond processing industry leading
to strong relationships with its customers and suppliers, and its
Gemological Institute of America certified product range.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Established in 1994, Mumbai-based DE, is engaged in the import,
export and manufacturing of diamonds. The firm's manufacturing
unit is located at Surat.


DUTTA BUILDER: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dutta Builder
& Developers 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:

-- INR20 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 28, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in 2008, Dutta Builder & Developers was engaged in
developing a residential project Aquapolis. The project
construction commenced in 2013.


ECOSTAR GOEL: CARE Lowers Rating on INR17.50cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ecostar Goel Properties LLP (EGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       17.50      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EGPL to monitor the rating
vide e-mail communications/letters dated September 25, 2018,
August 24, 2018, August 16, 2018, July 18, 2018, June 22, 2018
and numerous phone calls, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating .The rating
on EGPL's bank facilities will now be denoted as CARE B; ISSUER
NOT COOPERATING*.

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

The ratings take into account project execution risk with pending
financial closure and high dependence on customer advances. The
rating is further constrained on account of its presence in a
highly competitive environment and cyclical nature of industry
and partnership nature of constitution. The rating, however,
continues to factor in experience of the promoters in real estate
development in Pimpri-Chinchwad, receipt of approvals and
clearances for the project and strategic location of the project.

Detailed description of the key rating drivers

At the time of last rating on June 26, 2017 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Project execution and funding risk: The project is estimated to
be funded by promoter's contribution, term loan (applied for
sanction) and customer advances in the ratio 0.29:0.57:0.14. The
project was expected to be officially launched in the month of
August 2017 and is expected to be completed by March 2020. As on
March 31, 2017, the firm has incurred around 28.26% of the total
project cost which was funded through promoter's contribution.
However, the financial closure for the project has not been
achieved increasing the risk of execution.

Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which
has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability
is highly dependent on property markets. A high interest rate
scenario could discourage the consumers from borrowing to finance
the real estate purchases and may depress the real estate market.
Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. EGPL also faces
competition from other real-estate developers who are coming up
with residential projects in Sukhwani Sepia, Paranjpe Azure and
DNV Elite Homes and such other upcoming projects. However, the
partner's has a good understanding of the region and its dynamics
which partly mitigates this risk.

Key Rating Strengths

Experienced promoters group in real estate development in Pune:
EGPL is a part of Goel Ganga Developments (GDG) which is one of
the established real estate groups in Pune. The group has been
engaged in real estate business since past three decades and has
completed projects around 80 lsf. Also, the group currently has
five ongoing projects with a total saleable area of around 30
lsf.

Receipt of approvals and clearances for the project: EGPL has
received all the necessary clearances and approvals for the
project related to land acquisition and construction.

Strategic location of the project: EGPL is currently developing a
project namely Ganga Aurum Park Phase 2 at Tathavade, Pune, which
is very well connected to Mumbai Pune Highway.. In addition, the
project is situated in area with easy access to basic civic
amenities such as schools, hospitals, colleges, malls, situated
and has close proximity to Hinjewadi IT park and Pune Mumbai
Expressway.

About the Company Established in the year 2011, EGPL is the SPV
of Goel Ganga Developments Group(GDG). Goel Ganga Developments is
one of the reputed real estate group in Pune. EGPL was
established with a view to execute the real estate project,
namely, "Ganga Aurum Park" situated in village Tathavade, Pune


FIRST RELIABLE: CARE Assigns B+ Rating to INR20cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of First
Reliable Industries (FRI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          20.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of FRI is constrained
by stabilization risk associated with the newly set-up debt-
funded manufacturing unit, limited experience of promoters in the
technical textile industry, presence in a fragmented industry and
constitution of the entity being a partnership firm.

The rating, however, derives strength from its favourable
location of operations along with the healthy growth prospects
for the technical textiles industry.

Going forward, the ability of the firm to stabilize its
operations, achieve the envisaged sales & profitability levels
will remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Highly competitive and fragmented nature of the industry: The
Indian technical textile industry is highly competitive and
fragmented in nature because of the low capital and technology
requirements, small gestation period and availability of
raw materials leading to low entry barriers.

Post stabilization risk associated with the newly set-up
manufacturing unit: The operations of the firm started in July-
2018. Going forward, the ability of the firm to stabilize its
operations and achieve the envisaged sales & profitability levels
will remain the key rating sensitivities.

Key Rating Strengths

High growth potential in the technical textile industry: Though
the technical textile industry is currently at a nascent
stage, the products have a wide range of niche application in
industries ranging from agriculture to defense; thus, the
industry is likely to grow at a healthy rate going forward.
Favorable location of operations: The primary raw material, viz.
polypropylene particles are being procured primarily
from Bathinda (Punjab), which is ~250 km from the firm's plant.
Proximity to raw material sources leads to easy and
ample availability of raw materials.

First Reliable Industries (FRI) is a partnership firm established
in November-2016. It has set up a unit for manufacturing of
Polypropylene (PP) and High-Density Polyethylene (HDPE) based
woven sack bags and fabrics which find application in packaging
for various industries ranging from chemical to fertilizer
industry. The manufacturing unit is located at Khanna, Punjab
with an installed capacity of 7200 MT per annum (MTPA). The
commercial operations of the plant started from July 06, 2018.
The major group concerns of the firm include M/s N.J. Overseas
and Dashmesh Casting Private Limited which are engaged in the
iron and steel industry.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR130 mil. Long-term loans due on March 31, 2024 migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gayatri Poultries was incorporated in 2011 in Ganjum, Odisha, by
Srinivasa Rao Vadlamundi, Shivanand Karanama, Prasad Vadlamundi
and Y Kranti Kumar. The company runs a poultry firm with a daily
capacity of 250,000 eggs.


GITANJALI GEMS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Gitanjali Gems Limited

        Registered and Principal Office:
        A-1, 7th Floor, Laxmi Tower
        Bandra - Kurla Complex
        Bandra (E), Mumbai 400051

Insolvency Commencement Date: October 8, 2018

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Vijay Kumar Garg

Interim Resolution
Professional:            Vijay Kumar Garg
                         Flat No. 802, Tower-6 Unitech Escape
                         Nirvana Country, Sector 50
                         Golf Course Extension Road, Gurgaon
                         Haryana 122001
                         E-mail: gargvijay1704@gmail.com

                            - and -

                         C/o Duff & Phelps India Pvt. Ltd
                         14th floor, Raheja Tower
                         Bandra Kurla Complex
                         Bandra (East)
                         Mumbai 400051
                         E-mail: ip.gitanjaligems@
                                 duffandphelps.com

Last date for
submission of claims:    October 22, 2018


ISOLUX CORSAN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Isolux Corsan India Engineering &
         Construction Private Limited
        1st Floor, Splendor Towers, Golf Course Extension Road
        Sector-65, Gurgaon, Haryana 122018

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 9, 2019
                               (180 days from commencement)

Insolvency professional: Vikram Kumar

Interim Resolution
Professional:            Vikram Kumar
                         J 6A, Kailash Colony
                         New Delhi 110048
                         E-mail: vikramau@gmail.com
                                 ip.isolux.corsan@gmail.com

Last date for
submission of claims:    October 26, 2018


JAY DEE: CRISIL Lowers Rating on INR8.2cr Loan to D
---------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Jay Dee
Enterprises (JDE) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL A4' as account has been classified as NPA.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       8.2       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4')

   Export Packing         3.0       CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Downgraded
                                    from 'CRISIL A4')

CRISIL has been consistently following up with JDE for obtaining
information through letters and emails dated Jul 23, 2018, and
August 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on best available information, CRISIL has downgraded the
rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL A4' as
account has been classified as NPA.

Promoted by Mr. Pawandeep Sachdeva, JDE is engaged in
manufacturing and exports of the ready-made garments


K S INFRA: CARE Reaffirms B+ Rating on INR6cr LT Loan
-----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
K S Infra Transmission Pvt Ltd (KSITPL), as:

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

   Short-term Bank
   Facilities           4.00      CARE A4; Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KSITPL continue to
remain constrained on account of weak financial risk profile
marked by thin profitability margins, moderately leveraged
capital structure and moderate debt coverage indicators. The
ratings further remain constrained on account of stressed
liquidity position and presence in the highly competitive and
fragmented industry.

The ratings, however, continue to derive strength from the
experienced management with more than two decades of track record
of group, operational synergies with group companies and healthy
order book position. The ratings further continue to factor in
increasing Total Operating Income along with stable demand
outlook for power transmission and distribution industry.

KSITPL's ability to increase its scale of operations while
improving profitability and capital structure as well as
efficient
management of working capital and continuing support of group
entities would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Experienced management: Ishwar group was started with Ishwar
Metal Industries in 1992. The group incorporated KSITPL in 2013
to supply general fabricated items, cross arms, clamps, lattice
tower, substation structures, transformer tank etc. used in power
sector to IMI. Key promoter, Mr Rahul Chaudhary, Director, has
more than a decades experience in industry through IMI.

Benefits derived from group synergies as well as strong order
book position: Ishwar Group has wide range of product portfolio
catering to the needs of T&D segment of power industry. KSITPL
derives synergies from its group companies in terms of supply of
raw material as well purchase of finished products. KSITPL
purchases raw material like aluminium wires as well as cables
etc. from IMI and ICPL. Whereas, it sells steel structures,
clamps, lattice tower etc. to IMI and ICPL.

During FY18, KSITPL derived around 28% of its gross sales from
group entities whereas it procured around 45% of its raw
material requirements from group entities. As on May 31, 2018,
KSITPL has total outstanding orders of INR108.30 crore.

Improvement in capital structure with moderate debt coverage
indicators: Capital structure of the company improved with an
overall gearing of 1.24 times as on March 2018; improved from
6.79 times as on March 31, 2017 on account of infusion of equity
share capital and subordination of unsecured loans by the
promoters to the tune of INR2.92 crore which have been considered
as quasi-equity. Debt coverage indicators like debt to GCA and
PBILDT interest coverage ratio stood moderate in FY18.

Stable demand outlook for Indian transmission industry: Power
sector, in any country, is critical for the socio-economic
development. India is expected to add 278 GW of generation
capacity till FY22 including conventional and nonconventional
energy sources. Further, investments to modernize the existing
T&D network to improve efficiency augur well for the T&D sector
and for the companies engaged in business of supplying cable and
wires as well laying power transmission lines etc. The same
augurs well for suppliers of electrical equipment and structures
including KSPL.

Jaipur (Rajasthan)-based K S Infra Transmission Private Limited
(KSITPL) was incorporated in 2013 by Mr. Rahul Chaudhary and his
family members. KSITPL is engaged manufacturing of general
fabricated items like Cross Arms, Clamps, Lattice towers,
Substation structures, and Transformer tanks which find its
application in Transmission & Distribution (T&D) segment of power
industry as well barbed wires and chain-link wires. It also
manufactures line hardware made of aluminium casting and iron
casting.

KSITPL is part of Ishwar Group [consisting of KSITPL, Ishwar
Metal Industries (IMI; rated CARE BB (Stable)/ CARE A4), Ishwar
cables Pvt. Ltd. (ICPL; rated CARE BB- (stable)/CARE A4), & M/S
Ishwar Traditional Exports Pvt. Ltd.] which has wide range of
products catering to power industry like Electronic Single and
Three phase meters, Aluminium Conductor Steel Reinforced (ACSR),
All Aluminium Alloy Conductors (AAAC), All Aluminium Conductors,
All types of Electrical Cables, Power Cable, Insulated
Conductors, LT PVC Cables, LT XLPE Cables and Aerial Bunched
Cables, Lattice Towers and Transmission Towers, Cross Arms,
Substation structures, Pillar Boxes, Meter Boxes, cable and
conductor H/W, Stay Sets, G.I Wire, Stay Wire and other products
required in electric distribution and transmission.


KINGS IMPEX: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kings Impex Pvt.
Ltd (KIPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR75 mil. Fund-based working capital limit assigned with
    IND A4 rating.

KEY RATING DRIVERS

The ratings reflect KIPL's small scale of operations. Its revenue
raised 40% yoy to INR180 million in FY18; however, it declined on
a year-on-year basis over FY15-FY17 owing to a fall in order flow
from African countries. The majority of its customers are based
in Nigeria, where economic conditions were adverse until 2QFY17.
FY18 financial are provisional.

The ratings also reflect a modest EBITDA margin, which fell to
6.5% in FY18 from 6.9% in FY17. Its return on capital employed
was 10% in FY18 (FY17: 7.5%). KIPL's profitability depends on
product mix and foreign currency fluctuations. However, the
company uses forward control limit (hedging instrument) to
mitigate the foreign currency risk.

The ratings, however, are supported by KIPL's comfortable
liquidity and credit metrics, which were on account of low
reliance on external borrowing to meet working capital
requirements. Its average working capital limit utilization was
5.0% for the 12 months ended September 2018. Its gross interest
coverage (EBITDA/gross interest expense) was 23.3x in FY18 (FY17:
4.3x) and net financial leverage (net adjusted debt/EBITDA) was
0.3x (negative 1.0x).

RATING SENSITIVITIES

Negative: A negative rating action could result from any
sustained and substantial deterioration in the liquidity profile
or credit metrics.

Positive: A substantial rise in the revenue, while maintaining
the comfortable credit metrics, could result in a positive rating
action.

COMPANY PROFILE

Incorporated in 1983, KIPL exports material handling equipment
and industrial machinery. Its major customers are in African
countries such as Nigeria, Ghana and Ethiopia.

Its suppliers include Godrej & Boyce Mfg., Elgi Equipments Ltd,
Ferromatik Milacron, Neo Plast Pvt Ltd and Emrald Reilient Tyre
Mfg. Pvt Ltd.


KRISHNA NATURAL: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Krishna
Natural Fibre Private Limited (KNFPL; part of the Krishna group)
to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          8.9        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       0.55       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    .05       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KNFPL for
obtaining information through letters and emails dated
September 7, 2018, September 25, 2018 and October 1, 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 KNFPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on KNFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of KNFPL migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KNFPL, HN Cotex Pvt Ltd, and NB Cotex
Pvt Ltd. That's because these companies, together referred to as
the Krishna group, are under the same management and have
business and financial linkages.

The Krishna group is promoted by Mr N B Jani, supported by his
brother Mr Harshad B Jani and his sons Mr Haresh Jani and Mr
Bhargav Jani. All the three group companies gin and press raw
cotton. KNFPL, incorporated in 1999, has its facility in Kadi,
Gujarat; it is currently setting up a unit in Telangana. NBCPL,
incorporated in 2011, has its manufacturing facility in
Maharashtra. It has a branch office in Kadi. HNCPL, incorporated
in 2013, has its manufacturing facility in Kadi.


LILY HOTELS: Ind-Ra Maintains D Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lily Hotels
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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR254.6 mil. Term loan (Long-term) maintained in Non-
    Cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Lily Hotels was incorporated in 2008. It owns and operates 'The
Lily Hotels' in Guwahati. The commercial operation of the hotel
started in July 2014.


MADHAV ENGINEERS: Ind-Ra Lowers LT Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Madhav
Engineers Private Limited's (MEPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR300 mil. (increased from INR200 mil.) Non-fund-based
    facilities downgraded with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a substantial decline in MEPL's revenue
leading to deterioration in its credit metrics. Revenue plunged
to INR547 million in FY18 (FY17: INR817 million), after a
sustained increase over FY15-FY17, on account of slowdown of
supply of capital goods to government organizations post the
implementation of the Goods And Services Tax. MEPL achieved
revenue of INR188 million in 5MFY19. Ind-Ra expects the revenue
to improve in FY19 on the back of an order book of INR457.60
million as on 30 September 2018, which will be executed by end-
FY19. The scale of operations was moderate. FY18 financials are
provisional in nature.

EBITDA margins declined to 11.5% in FY18 (FY17: 14.2%) on account
of lower absorption of the fixed cost. The company's return on
capital employed was 23% in FY18. Interest coverage (operating
EBITDA/gross interest expense) deteriorated to 7.9x in FY18
(FY17: 13.9x) and net leverage (total adjusted net debt/operating
EBITDAR) marginally deteriorated to 0.3x in FY18 (FY17: 0.2 x)
due to a decline in absolute EBITDA to INR63 million (INR116
million). Despite the decline, the margins were healthy and
credit metrics were comfortable.

MEPL's net cash conversion cycle elongated to 78 days in FY18
(FY17: 64 days) on account of an increase in collection period to
110 days (96 days) and long inventory holding period of 39 days
(9 days).

However, the ratings benefit from MEPL's comfortable liquidity
position as indicated by 50.1% average utilization of its non-
fund-based limit during the 12 months ended September 2018. The
company's cash flow from operations and free cash flow) was
positive over FY14-FY18.

The ratings remain supported by MEPL's promoter's experience of
around two decades in the electrical equipment trading business,
resulting in established relationships with its customers and
suppliers.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue with
commensurate order book while maintaining the operating
profitability, leading to an improvement in the credit metrics on
a sustained basis could be positive for the ratings.

Negative: Any decline in the revenue and/or EBITDA margin leading
to a sustained deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

MEPL was set up in 2003 as Madhav Engineers, a proprietorship
firm, by Mr. Bhavesh Manharlal Makwana. In 2009, the firm was
reconstituted as a private limited company in the current name.
MEPL trades electrical equipment, including hotline tools used in
transmission-line works and electrical test, and measuring
equipment.


MADHUCON PROJECTS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Madhucon Projects Limited
        H.No. 1-7-70, Jublipura
        Khammam, Telangana 507003

Insolvency Commencement Date: October 5, 2018

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Mr. Rakesh Rathi

Interim Resolution
Professional:            Mr. Rakesh Rathi
                         21, 2nd Floor, Hassan Ali Bldg.
                         Jijibhoy Dadabhoy Lane
                         Fort, Mumbai, Maharashtra 400001
                         E-mail: rakeshrrathi@yahoo.com
                                 ipmadhucon@gmail.com

Last date for
submission of claims:    October 22, 2018


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

The instrument-wise rating actions are:

-- INR670 mil. Fund-based working Capital limits migrated
    to Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR302.7 mil. Term loan limits due on December 2022 migrated
    to Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING) rating; and

-- INR350 mil. Non-fund-based working capital Limits migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 13, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2015, MAP Refoils is engaged in the production of
cotton seed oil at its plant in Kadi. It also manufactures other
edible oils such as groundnut oil, sun flower oil, soybean oil,
mustard and corn oil.


NAVRANG ROADLINES: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Navrang
Roadlines Private Limited's Long-Term Issuer Rating of 'IND BB+'.
The Outlook was Stable.

The instrument-wise rating actions is:

-- The IND BB+ rating on the INR335 mil. Fund-based working
    capital facilities are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Navrang Roadlines, managed by Mr. Manoj Jindal and Mr. Anup
Jindal, provides logistics services and offers door-to-door
delivery of goods and warehousing services across Gujarat. In
addition, it provides truck loading and unloading services across
India. It owns three warehouses and 110 trucks.


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

The instrument-wise rating actions are:

-- INR160 mil. Fund-based limits maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR25.83 mil. Long-term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 7, 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 2007, Nikhil Automobiles is an authorized dealer
of Chevrolet Sales India Pvt. Ltd. and operates three showrooms
and five workshops in and around Mumbai.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with INR A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 17, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

P.E. Erectors was incorporated in 1983 in Kolkata. The company
provides engineering services with core competency in executing
maintenance and mechanical erection jobs for power plants.


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

The instrument-wise rating action is:

-- INR205 mil. Fund-based working capital limits migrated
    to non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, Pack Paper Agencies is Surat, Gujarat-based
paper and duplex board dealer.


PACK TECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Pack Tech Systems Private Limited

        Registered Office:
        PVT Shop No-102, F/F, Prop. No-779/6
        KH. No. 1151/3 Gali Doodh Wali Main Bazar Mehrauli
        New Delhi 110030

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Principal Bench Delhi

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

Insolvency professional: Tarun Jain

Interim Resolution
Professional:            Tarun Jain
                         805, Padma Tower-I, Rajendra Place
                         New Delhi 110008
                         E-mail: info@jainandpartners.com

Last date for
submission of claims:    October 24, 2018


PRECISION OPERATIONS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Precision
Operations Systems India Private Limited (Precision) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

                    Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        6         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit           3         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    3         CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Precision for
obtaining information through letters and emails dated
September 14, 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 Precision, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on
Precision is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Based on the last available information, the rating on bank
facilities of Precision migrated to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating.

POSPL was established in 1989 by Mr Rajkumar Pandey and Mr Kirit
Manilal Nanani. The company trades in security equipment. It has
an approval from the Ministry of Defence (MOD) for selling such
equipment to MOD, the Ministry of Home Affairs, police
departments, and paramilitary forces. It buys a majority of its
products from Russia, and is the sole distributor of some of its
suppliers in India. The product range includes metal detectors,
bomb detection systems, RDX detectors, bullet-proof equipment,
and bomb suits. The company deals in around 250 items as per
government specifications.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR70 mil. Long-term loans migrated to non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2015, Indore-based PP manufactures
corrugated box at its 100% automated 800mt/month facility.


QUEST INFOSYS: CRISIL Reaffirms B+ Rating on INR5cr Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4+', ratings
on the bank loan facilities of Quest Infosys Foundation (QIF).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Overdraft             7         CRISIL A4 (Reaffirmed)
   Term Loan             5         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the trust's modest scale of
operations, weak financial risk profile marked by modest networth
and average debt protection metrics. These weaknesses are offset
by an established position in the education industry, promoters'
extensive experience and healthy operating margin.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Scale was modest as reflected in
turnover of Rs 7.68 crore in fiscal 2018 and is expected to
remain modest, due to intense competition from other established
institutes in the region.

* Geographic concentration in revenue profile; exposure to
intense competition: QIF derives its revenue from it institutes
in Punjab, leading to geographic concentration in its revenue
profile. Besides, QIF also faces competition from many other
reputed universities and institutes in the state. Any increase in
competition or slowdown in student intake because of shift in
student preferences to other competing institutes can impact the
trust's business risk profile.

Strengths

* Healthy operating efficiency: Profitability was healthy at
36.2%in fiscal 2018, on account of the high margins in the
education services industry. Margin has remained at 34-37% over
the three fiscals through 2018. However, CRISIL believes that the
operating margins will remain high over the medium term, backed
by economies of scale with further improvement in the intake of
student's capacity.

* Trustees' extensive experience in education sector: QIF is
headed by Mr Dipinder Singh Sekhon, who has been in the education
sector for many years. He is the founder of the distance
education programme offered by Punjab Technical University (PTU),
and president for the distance education programme of All India
Council for Technical Education (AICTE). QIF has been able to
leverage the experience of its trustees with occupancy levels of
85% in its B.Tech courses. The trust will continue to benefit
from its trustees' extensive experience in the education sector.

Outlook: Stable

CRISIL believes that QIF will continue to benefit over the medium
term from its trustees extensive experience in the education
sector. The outlook may be revised to 'Positive' if the society
registers significant improvement in revenue as a result of
increase in student intake, leading to higher accruals, and
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the society undertakes
large debt-funded capital expenditure (capex) programme, leading
to deterioration in its financial risk profile, or if occupancy
rates for its courses decline, or if the ongoing capex is
delayed, resulting in deterioration in its liquidity.

Set up in 2008, QIF is promoted by Mr Dipinder Singh Sekhon and
his wife Ms. Rajveer Kaur. It provides education through its
institution namely 'Quest Group of Institutions', located at
Jhanjeri, Mohali. The institute is affiliated to PTU and is
approved by AICTE. The institute offers B.tech & MBA courses and
has recently started with new courses, such as Bcom (Hon'S), BCA
and BBA since fiscal 2017 onwards.


RAGHAVENDRA COTTON: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raghavendra
Cotton Corporation (RCC) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

CRISIL has been consistently following up with RCC for obtaining
information through letters and emails dated August 27, 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 RCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RCC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of RCC migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2013 as a partnership firm, RCC is a cotton ginning
unit with a capacity of producing 200-250 bales per day. The firm
processes raw cotton (kappas) into cotton bales and caters to
domestic markets. The day to day operations are managed by Mr. Y.
Narsimulu and Mr. P. Purushottam Reddy, who has been involved in
cotton trading business for more than a decade through their
group concern Sai Shobha Cotton Agents. The firm's unit is based
in Mahbubnagar, Telangana.


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

The instrument-wise rating actions are:

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

-- INR30 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rajesh Steel & Wire Industries was founded by Rajesh N Agarwal in
1990. The partnership firm is engaged in the distribution and
trading of thermo-mechanically treated bars, angles and steel
bars. In addition, it trades sponge iron and steel.


RAMCO INT'L: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ramco
International'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:

-- INR160 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR7.50 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 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 1995, Ramco International manufactures garden
hand tools at its site in Jalandhar, Punjab, and sells products
in international markets such as Australia and the UK.


RAMNIK POWER: Ind-Ra Hikes LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ramnik Power and
Alloys Private Limited's (RPAPL) Long-Term Issuer Rating to 'IND
BB' from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR65 mil. (increased from INR30 mil.) Fund-based limits
    upgraded with IND BB/Stable rating;

-- INR7.7 mil. (reduced from INR16.78 mil.) Term loan due on
    February 2019 upgraded with IND BB/Stable rating;

-- INR55 mil. Term loan due on May 2025 assigned with
    IND BB/Stable rating; and

-- INR10 mil. Non-fund-based limits upgraded with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects a rise in its scale of operations to modest
from small in FY18, driven by an increase in sales volume of
silicon manganese and growth in revenue from the sale of
electricity (which is relatively high margin), leading to the
maintenance of a healthy EBITDA margin. The upgrade also reflects
an improvement in RPAPL's credit metrics to strong from modest on
account of a rise in absolute EBITDA and the infusion of share
capital (INR199 million) for the repayment of a large portion of
an unsecured loan and the repayment of an existing term loan.

RPAPL's revenue rose to INR474 million in FY18 from INR309
million in FY17, with interest coverage (operating EBITDA/gross
interest expense) improving to 10.5x from 4.3x and net financial
leverage (adjusted net debt/operating EBITDA) enhancing to 1.9x
from 7.4x. In addition, RPAPL's debt/equity ratio turned
comfortable at 2.1x in FY18 compared with a negative debt equity
ratio in FY17 (due to historical accumulated losses) due to the
infusion of share capital.

Moreover, its EBITDA margin rose to 17.72% in FY18 from 15.75% in
FY17 on account of the growth in revenue from electricity sale to
INR120 million from INR68 million). Its return on capital
employed was 30% in FY18 (18%).

The ratings, however, reflect a modest liquidity, indicated by an
average fund-based limit utilization of 92.45% for the 12 months
ended September 2018.

The ratings are constrained by Ind-Ra's expectation of
deterioration in the credit metrics, given RPAPL has availed a
fresh term loan of INR55 million and enhanced its working capital
limits to undertake an expansion capex during FY19 to increase
the installed capacity.

Moreover, the ratings are also constrained by a decline in the
average realization of silicon manganese.

RATING SENSITIVITIES

Positive: Successful completion of the capex and stabilization of
operations, along with substantial revenue growth and continued
comfortable credit metrics, will be positive for the ratings.

Negative: Substantial deterioration in the liquidity will be
negative for the ratings.

COMPANY PROFILE

RPAPL, which is promoted by Vyomesh R Trivedi, manufactures
silicon manganese and ferro manganese at its 10,000-metric-ton-
per-annum facility in Madhya Pradesh. Also, it has a captive 6MW
biomass power plant.


SADASHIV CASTINGS: CARE Hikes Rating on INR26.50cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sadashiv Castings Private Limited (SCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       26.50      CARE B+; Stable Rating revised
   Facilities                      from CARE D; Issuer not
                                   cooperating; and removed from
                                   Issuer not cooperating

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SCPL takes into consideration improvement in debt servicing by
the company, The rating, however, continues to be constrained by
low profitability margins, leveraged capital structure, weak debt
coverage indicators, working capital intensive nature of
operations and company's presence in highly fragmented and
competitive nature of industry. Further, rating is constrained by
susceptibility of margins to fluctuation in raw material prices.
The rating, however, derives strength from experienced promoters,
long track record of operations and growing scale of operations.

Going forward, the ability of SCPL to increase its scale of
operations while improving profitability and its overall solvency
position will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Low profitability margins: The profitability margins stood low as
marked by PBILDT margin of 4.54% in FY17 (refers to the period
April 01 to March 31) and PAT margin of 0.59% in FY17 as against
PBILDT margin and PAT margin of 4.30% and 0.66% respectively in
FY16 owing to company's presence in highly competitive &
fragmented industry. The high interest and depreciation costs
restricted the net profitability of the company and resulted into
below unity PAT margin. The gross cash accruals of the company
stood at INR1.55 crore in FY17 as compared to INR1.33 crore in
FY16.

Leveraged capital structure: The capital structure of the company
stood leveraged with overall gearing ratio of 2.03x as on March
31, 2017 mainly on account of company's high reliance on bank
borrowings to fund working capital requirements. The same
deteriorated from 1.76x as on March 31, 2016 mainly on account of
higher utilization of working capital limits as on last balance
sheet date coupled with infusion of additional unsecured loans.
Weak debt coverage indicators: The debt coverage indicators
continued to remain weak characterized by interest coverage ratio
of 1.30x in FY17 and total debt to GCA of 25.15x for FY17 as
compared to interest coverage ratio of 1.64x in FY16 and total
debt to GCA of 24.75x for FY16. The total debt to GCA ratio
deteriorated from 24.75x for FY16 owing to an increase in total
debt of the company. Furthermore, the interest coverage ratio
deteriorated from 1.64x in FY16 due to increase in interest
expenses of the company owing to higher utilisation of working
capital limits during the period.

Working capital intensive nature of operations:  The company's
operations are working capital intensive. The operating cycle of
the company stood elongated at 155 days for FY17 (145 days for
FY16). SCPL is required to maintain adequate inventory of raw
material for smooth production process as well as maintain
inventory of finished goods to meet demand of its customers which
resulted in average inventory period of 163 days for FY17 (162
days for FY16). Furthermore, the company offers a credit period
of around two-three months to its customers, and receives a
similar credit period from its suppliers.

Susceptible to volatility in raw material prices: The main raw
materials of the company are steel scrap, pig iron and steel
rounds. Raw material cost has always been a major contributor to
total operating cost in past three years. The raw material cost
constituted ~75% of the total cost of sales in FY17, thereby
making profitability sensitive to raw material prices mainly due
to the reason that the major raw material is commodity in nature
and witness frequent price fluctuations. The prices of steel are
driven by the international prices which had been volatile in
past. Thus any adverse change in the prices of the raw material
may affect the profitability margins of the company.

Highly fragmented and competitive nature of industry: The
spectrum of the iron and steel industry in which the company
operates is highly fragmented and competitive marked by the
presence of numerous large and small players in India. Hence the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability. This,
apart, its products are subjected to the risks associated with
the industry like cyclicality and price volatility.

Key Rating Strengths

Experienced directors with long track record of operations of the
company: SCPL was established in 1992 by Mr. Sumit Garg and Mr.
Sunny Garg, both brothers having an experience of more than
one decade in the steel industry through their association with
SCPL. Their uncle, Mr. Kewal Garg, who is also a shareholder in
the company helps in managing the company's operations as well.
He has 39 years of experience which he gained with his brick
kilns business and association with SCPL. This has led to better
understanding of the market and establishment of relationships
with suppliers as well as customers.

Growing scale of operations: The total operating income of SCPL
increased from INR92.18 crore in FY16 to INR102.29 crore in FY17
at an annual growth rate of 10.97% on account of higher quantity
sold owing to higher orders received. Further, the company has
achieved TOI of INR114.00 crore in FY18. Additionally, the
company has reported total operating income of INR60.00 crore in
5MFY19 (Provisional).

SCPL was incorporated as a private limited company in September,
1992 and is currently being managed by Mr Sumit Garg and Mr Kewal
Garg. SCPL is engaged in the manufacturing of alloy steel
products like ingots, rectangular rounds, cold rolled strips and
non-alloy steel ingots used in paper industry, railways,
automobile industry, manufacturing of tools and machines etc. The
company has its manufacturing facility located in Mohali, Punjab
with total installed capacity of manufacturing 70,000 metric
tonne of steel products per annum as on August 31, 2018. SCPL has
three group concerns namely Sadashiv Metallics, Chandigarh Ispat
and Ria Steel Tubes. All of these entities are engaged in
manufacturing of alloy and non-alloy steel products. The process
of the company is as per the ISO standards certified for quality.


SALASAR BALAJI: CARE Migrates B Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Salasar
Balaji Cold Storage (SBCS) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      5.85      CARE B; Stable; Issuer Not
   Facilities                    Cooperating; Based on best
                                 available information

CARE has been seeking information from SBCS to monitor the
ratings vide e-mail communications/letters dated April 4, 2018,
April 17, 2018, April 25, 2018, May 22, 2018, July 2, 2018, July
11, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on SBCS's bank facilities will now be
denoted as CARE B ; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating done on July 18, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Partnership nature of constitution along with competition from
other local players and seasonal nature of business: The
constitution of SBCS as a partnership firm restricts its overall
financial flexibility and has inherent risk of possibility of
withdrawal of capital in times of personal contingency. SBCS is
present in a highly fragmented and competitive industry
characterized by presence of numerous independent small scale
enterprises along with seasonal nature of business contingent
upon the vagaries of weather.

Short track record of operations with net losses: SBCS commenced
operations from February 2016 onwards, while the Total Operating
Income (TOI) registered for FY17 (Provisional) stood at INR1.70
crore, while it reported net losses of INR0.40 crore during the
same period.

Moderate solvency and liquidity position: The solvency position
as marked by an overall gearing ratio stood moderate at 2.18
times as on March 31, 2017 (Provisional), while the debt coverage
indicators and the interest coverage ratio also stood moderate as
on March 31, 2017 (Provisional). The current ratio stood at 0.75
times as on March 31, 2017 (Provisional).

Key Rating Strengths

Wide experience of the key promoter along with locational
advantage and fiscal benefits: The key promoter, Mr. Motiji
Laxmanji Jat has an experience of more than a decade in the cold
storage industry. Furtnermore, the cold storage facilities of
SBCS is located in Deesa, which is potato growing belt of Gujarat
having the benefits of easy availability of potatoes and
consistent demand from end-users. Also, SBCS has availed subsidy
from the Government of Gujarat for its storage facilities which
might ease out the debt burden to a certain extent.

Deesa-based (Gujarat) SBCS, was established in April, 2015 as a
partnership firm by five partners. Later on, in May, 2015, the
partnership firm was reconstituted with retirement of one
partner, with currently four partners managing the operations as
on June 30, 2017. The entity is into providing cold storage
facilities to farmers for storing potatoes on a rental basis,
with an installed capacity of 1,65,000 bags (50 kg each). The
firm commenced its commercial operations from February 2016 from
its plant located at Deesa. Besides availing cold storage
facilities to preserve potatoes for a longer duration, the
farmers also avail interest bearing advances for potato farming
purposes against the stock of potatoes stored.


SARASWATI MOTORS: Ind-Ra Maintains B LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Saraswati
Motors' 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 continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Long-term loan maintained in Non-Cooperating
    Category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 20, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saraswati Motors is a partnership entity that is run by Mr. Arun
Kumar Tiwary and Ms. Rewati Raman.


SHRI RANISATI: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri
Ranisati Steel Traders (SRSST) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SRSST for
obtaining information through letters and emails dated August 29,
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 SRSST, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SRSST is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of SRSST migrated to 'CRISIL B/Stable Issuer not
cooperating'.

SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanised plain and corrugated sheets and
coils. Set up in May 2014 by Mr Satyaprakash and Mr Pawan
Jhunjhunwala, the firm deals in products of principals such as
Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan Steel
Ltd, and Uttam Value Steels Ltd. Operations are in Raipur and
Nagpur.


SHUBHAM PROPMART: CARE Reaffirms D Rating on INR9.81cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
facilities of Shubham Propmart Private Limited (SPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            9.81      CARE D Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned the bank facilities of SPPL continues to be
constrained by ongoing delays in debt servicing. The company
witnessed time and cost overrun in project, further, the company
has presence in fragmented and competitive nature of industry.
Going forward, the ability of the company to achieve projected
average room rental and occupancy levels and improvement in
liquidity position shall remain key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position and on-going delays in debt
servicing: There are delays in the repayment of interest due on
term loans, the same is settled within 15-20 days. The delays are
due to extension of COD from December, 2017 to September, 2018.

Time and cost overrun in project: There is time overrun and cost
overrun in project. The hotel commenced operations in September,
2018 (COD got extended from December, 2017 due to time overrun).
Further, there is cost overrun from INR 14.13 crore (submitted at
the time initial rating) to INR 20.08 crore. The same is met
through additional term loan of INR 4.5 crore and remaining
through unsecured loans by promoters.

Highly competitive and fragmented nature of industry: The Indian
hospitality industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across various regions. Cyclical nature of the hotel
industry and increasing competition from already established and
upcoming hotels due to low entry barriers may impact the
performance of SPPL. Though the demand for hotel rooms is
expected to steadily grow in the medium term on account of
anticipated increased commercial and tourism activity and growth
of the economy, however, presence of many luxury hotels in the
vicinity can exert pressure on occupancy and ARR of the hotel in
the medium-term.

Shubham Propmart Private Limited (SPPL) was incorporated in 2010
and is promoted and managed by Mahesh Baliyan and Pawan Kumar.
SPPL is setting up a 4 star resort in Village Sanawar, Kasauli.
The proposed hotel is being developed on a land parcel of 8315
sq. meters (sqm) and will have 36 rooms (34 executive rooms and 2
suites), banquet hall, conference room, coffee shop, bar &
restaurant and other facilities (which include spa, health club,
swimming pool, steam & sauna, kids play section etc.). The hotel
is proposed to commence commercial operations by December, 2017.

The company has signed a Franchise agreement, in 2012 with Ramada
group for the proposed hotel. The arrangement is for a period of
20 years and renewable on mutually agreement. The proposed hotel
will be branded under the "Ramada Kasauli Sanawar Resort".

Eagle Construction Company and Shubham Construction Company are
the group associates,, established in 2007 and 2012 respectively
and are engaged in installation of optical fibers.


SIDDHI LAXMI: CARE Assigns B+ Rating to INR8.89cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Siddhi
Laxmi Motors (SLM), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.89       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SLM is constrained
by its short track record with small scale of operations, limited
profitability associated with dealership business, linkage to the
fortunes of Mahindra and Mahindra Limited (M&M), renewal based
dealership agreement, working capital intensive nature of
operations resulting into leveraged capital structure and debt
coverage indicators constitution of partnership firm and
intensely competitive industry. The rating, however, derives
strength from its experienced promoters and authorized dealer of
M&M.

Going forward, the ability of the firm to increase its scale of
operation along with improvement in profitability margins and
efficient management of its working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record with small scale of operations: The firm has
started its commercial operations from October 2014 and thus has
short track record of operations. Furthermore, the scale of
operations of SLM remained small marked by total operating income
of INR44.20 crore with a PAT of INR0.24 crore in FY17.
Furthermore, the total capital employed was also low at INR9.94
crore as on March 31, 2017.

Limited profitability associated with dealership business: SLM's
business model is purely in the nature of trading, wherein profit
margins are very thin and bargaining power over the Original
Equipment Manufacturer (OEM) is also low. As SLM's margin on
products is pre-decided at a particular level by the principal
manufacturers, it has a limited scope to enhance its
profitability margins. Accordingly, the profitability margins of
the company remained low marked by PBILDT margin of 3.67% (3.85%
in FY16) and PAT margin of 0.55% (0.58% in FY16) in FY17. Hence,
the company's growth prospects depend on the ability to increase
its sales volume.

Linkage to the fortunes of Mahindra and Mahindra Limited: SLM,
being an authorised dealer of M&M for its passenger cars in
Angul, Odisha and its fortunes are linked to the performance of
SLM's products. Being an authorized dealer of M&M, it deals
exclusively with M&M vehicles, spares parts and accessories.
Accordingly, its fortune is linked to the performance of M&M's
products. As such, any shift in customer preference and brand
equity will negatively impact SLM.

Renewal based dealership agreement: The dealership agreement with
M&M is valid for 5 years, which is expiring in Mar. 31, 2021.
Though the non-renewability of the same would pose a risk to the
business sustenance of the company, the satisfactory performance
of the company mitigates the risk related to renewability to an
extent.

Working capital intensive nature of operation leading to
leveraged capital structure and debt coverage indicators:
Automobile dealership business has inherent high working capital
intensity due to high inventory holding requirements. The company
has to maintain fixed level of inventory for display to guard
against supply shortages. This apart, the principles or dealers
demand payment in advance and deliver vehicle only after receipt
of full payment or against the release order from financial
institution which takes around 5-15 days. Thus, the business
depends heavily on working capital borrowings and inventory
funding channels. Accordingly, the average utilisation of working
capital limit was on the higher side at around 90% during the
last 12 months ended on March 31, 2018.

The capital structure of the company remained leveraged owing to
its working capital intensive nature of operations resulting in
higher dependence on bank borrowings. However, the overall
gearing ratio remained leveraged at 6.37x (8.31x as on March 31,
2016) as on March 31, 2017. The debt coverage indicators also
remained moderate marked by interest coverage of 1.42x (1.48x in
FY16) and total debt to GCA of 17.82x in FY17.

Constitution as a partnership firm: SLM, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partners would be the key factors
affecting credit decision for the lenders.

Intensely competitive industry: The dealership business of
automobiles is very competitive on the back of the presence of a
large number of players dealing with similar products. Moreover,
in order to capture the market share, the distributors offer
better buying terms like providing credit period or allowing
discounts on the purchase. Such discounts offered to the
customers create a margin pressure and negatively impact the
earning capacity of the company. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key Rating Strengths

Experienced partners: SLM is managed by Mr. Bikram Agarwal who
has more than a decade of experience in automobile dealership
industry, looks after the overall management of the firm
supported by other partners who are also having an experience in
similar line of business.

Authorized dealer of Mahindra and Mahindra Limited: SLM is an
authorized dealer of Mahindra and Mahindra Limited (M&M) for its
commercial vehicles (Including 3 wheelers and 4 wheeler light
vehicles) and spares & accessories. SLM enjoys the leverage of
being an authorized dealer of M&M. M&M has around 10% market
share in Indian market at the end of December 2017.


SPERRY INTERNATIONAL: CARE Lowers Rating on INR16.80cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sperry International Pvt Ltd, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Short-term Bank      16.80      CARE D, Revised from
   Facilities                      CARE A4(SO) Issuer not
                                   cooperating; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sperry International Pvt
Ltd to monitor the rating(s) vide letter dated September 21, 2018
and September 14, 2018 and June 11, 2018, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, Sperry International Pvt Ltd
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement dated December 30, 2015. The
ratings on Sperry International Pvt Ltd.'s bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The rating takes into account the ongoing delays/overdrawals.

Sperry International Private Limited was incorporated in 2004 by
the name of Sperry Infrastructure and Developers Pvt Ltd
and was changed to the present name in July, 2012. Mr Vikram Jain
is the Managing Director of the company.


SPERRY PLAST: CARE Lowers Rating on INR141.07cr Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sperry Plast Ltd (SPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank      141.07     CARE D; Issuer not Cooperating;
   Facilities                     Revised from CARE B+ on the
                                  basis of best available
                                  information

   Short-term Bank      26.50     CARE D; Issuer not Cooperating;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPL to monitor the
rating(s) vide letter dated September 30, 2018, September 21,
2018 and numerous phone calls and email dated on June 11, 2018.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, Sperry Plast Ltd has not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement
dated December 30, 2015. The ratings on Sperry Plast Ltd.'s bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
debt repayments.

Sperry Plast Ltd (SPL) was incorporated in 1992 by Mr. Vikram
Jain and is closely held company. SPL has its presence across
three divisions' viz. Moulding Division (contributed 46% in
FY15), Compounding Division (contributed 54% in FY15) and
Machinery Division (below 1% during FY15). SPL has four
production plants located in Haryana, Greater Noida, Chennai and
Jammu. The main products include Thermo plast products (sold
under the brand name of SPERENE), Moulded products and various
Injection moulding machines. The key segments to which the
company caters include: Footwear & Sports, Automotive and
Appliances.The company earned 7% of its revenue from exports
whereas import of raw material contributed to 39% of total raw
material requirement.


SRI LAKSHMI: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Lakshmi
Kamakshi Raw & Boiled Rice Mill (SLKRBRM) to 'CRISIL B+/Stable
Issuer not cooperating'.

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

   Long Term Loan        1.8       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SLKRBRM for
obtaining information through letters and emails dated August 27,
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 SLKRBRM, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SLKRBRM
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of SLKRBRM migrated to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2017 as a partnership firm, SLKRBRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. It has an installed paddy milling capacity of 6 tonne
per hour. The mill is located in Nellore (Andhra Pradesh). The
day to day operations are looked by by Mr. M. Chaitanya.


SRI LAKSHMI: Ind-Ra Retains BB- Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Lakshmi
Motors Service 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 actions are:

-- INR35 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR7.70 mil. Long-term loan maintained in Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR86 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 9, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Lakshmi Motors Service was incorporated in 2002. The company
is engaged in the sales of Eicher buses and trucks.


SRI VENKATESHWARA: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri
Venkateshwara Farms (SVF) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           3.5      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    3.5      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVF for obtaining
information through letters and emails dated August 27, 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 SVF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SVF is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the rating on bank
facilities of SVF migrated to 'CRISIL B/Stable Issuer not
cooperating'.

SVF was incorporated in 2004, as a partnership firm by Mr K
Jeevan Reddy, Mr K Mohan Reddy, Mr K Ramachandra Reddy and Mr K
Satyanarayana Reddy. The firm runs the poultry business at
Hyderabad, with an yearly capacity of 2,40,000 laying birds.


SURYA PHARMACEUTICAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Surya Pharmaceutical Limited

        Registered Office:
        1596, 1st Floor, Bhagirath Palace
        Chandni Chownk
        Delhi 110006

        Corporate Office:
        SCO 164-165, Sector 9-C, Chandigarh 160009

        Works/Locations:
        (I.) 383, 1A, Phase-1, Panchkula

        (II.) Plot No. 49, EPIP, Jharmajri, Baddi
              Himachal, Pradesh

        (III.) 50-51, EPIP Phase-1 Jharmajri, Baddi
               Solan Himaachal Pradesh

        (IV.) Village Banur, Tehsil Rajpura, Distt. Patlia

        (V.) SIDCO, IGC, Phase-II Sambha J&K SCO 141-143
             Sec 43B, Chandigarh

Insolvency Commencement Date: October 8, 2018

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Harvinder Kumar Jatana

Interim Resolution
Professional:            Harvinder Kumar Jatana
                         #206, Shivalik Enclave
                         NAC, Manimajra
                         Chandigarh 160101
                         E-mail: hkj_jatana@yahoo.co.in

                            - and -

                         Harvinder Kumar Jatana SCO 2935-36
                         Level-1, Sector 22-C, Chandigarh 160022
                         E-mail: ip.suryapharma@gmail.com

Last date for
submission of claims:    October 22, 2018


VERTIGO IMPEX: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vertigo Impex
Private Limited (VIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument wise rating actions are:

-- INR120 mil. Fund-based limits assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR250 mil. Non-fund based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect VIPL's improved-yet-modest scale of
operations. Its revenue grew at a CAGR of 94% over FY14 to
INR2,489.7 million in FY18, as the company switched from trading
Indian coal to trading imported coal in FY14. The ratings also
factor in the associated inventory risk owing to the stock and
sale nature of the business. FY18 financials are provisional.

The ratings, however, are supported by VIPL's return on capital
employed of 20% in FY18 (FY17: 19%) and healthy EBITDA margin of
1.9% (1.65%).

The ratings are also supported by VIPL's healthy credit metrics.
Its EBITDA interest coverage (operating EBITDA/gross interest
expense) was 5.4x in FY18 (FY17: 4.4x) and net leverage (adjusted
net debt/ operating EBITDAR) was 1.5x (3.8x). The improvement in
the credit metrics was primarily on account of an increase in the
absolute EBITDA. Ind-Ra expects the credit metrics to remain
healthy in FY19 in view of the absence of a planned debt-led
capex.

The liquidity of the company is also comfortable, indicated by an
average 34.4% peak utilization of its fund-based facilities
during the 12 months ended September 2018. The net working
capital cycle was comfortable at 17 days in FY18 (FY17: 7 days).

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margin, while maintaining
the credit metrics at the current levels, on a sustained basis,
could be positive for the ratings.

Negative: A decline in the scale of operations or the EBITDA
margin, leading to deterioration in the credit metrics and/or the
liquidity, on a sustained basis, could be negative of the
ratings.

COMPANY PROFILE

Formed by Mr. IC Bansal, VIPL commenced its operations in 1972
under the name of Vijay Coal Co. In 2002, it was renamed Vertigo
Impex Pvt Ltd. The company is engaged in importing, trading,
handling and transporting premium quality coal to diverse
industries.



=================
I N D O N E S I A
=================


BAYAN REOSURCES: Fitch Publishes BB- LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has published Indonesia-based PT Bayan Resources
Tbk's Long-Term Issuer Default Rating of 'BB-'. The Outlook is
Stable.

The rating reflects the low-cost position of Bayan's key coal
mine, adequate reserves, diversified customer base and strong
financial profile. This is partially counteracted by its limited
mine diversity and the cyclical nature of the coal industry.

KEY RATING DRIVERS

Low-Cost Key Mine Structure: Bayan benefits from the low-cost
structure of its key coal mine, Bara Tabang, which is part of its
Tabang concession. Tabang's cash costs are in the first quartile
of the global seaborne coal supply curve on energy adjusted basis
with quite low average life-of-mine strip ratios of around 2.75x-
3.0x at its operating mines (2017: 1.5x). This, together with the
company's plan to increase its production volumes, should support
Bayan's strong profitability and operating cash flows over the
medium term. Bayan's other mines have higher cost structures and
are more vulnerable to lower coal prices.

Bayan's low-cost structure also reflects its mines' well-
connected infrastructure and logistics. The company owns and
operates the Balikpapan coal terminal, one of Indonesia's
largest, and floating transfer stations. Bayan's EBITDA margin
improved to 45% in 2017, from around 30% in 2016, supported by
higher production in Tabang and stronger global thermal-coal
prices.

Rising Production: Fitch expects Bayan's production volumes to
rise to 27.3 million tonnes (mt) in 2018 (2017: 20.7 mt)
primarily driven by higher production from Tabang. The company
targets 46 mt of annual production over the medium term,
supported by further ramp-up at Tabang and contribution from the
North Pakar area, which is currently under exploration/
development.

Adequate Reserves: Bayan has proved reserves (1P) of about 333 mt
(proved and probable reserves (2P) of about 600 mt) as of end-
2017 with Tabang accounting for almost 262 mt of Bayan's 1P
reserves. Fitch expects Bayan's 1P reserves to increase to 388 mt
and 2P reserves to 792 mt after Bayan completes its Kangaroo
Resources Limited (KRL) acquisition. Bayan's reserve life is
estimated at around 15 years (based on the 2P reserves) with a
planned increase in production to about 40 mt over the medium
term.

The company expects the reserves and the reserve life to improve
after it completes exploration in the North Pakar area, which is
an extension of the Tabang concession. Mining licences for the
two operational mines at Tabang, which management expects to
renew, are valid till 2025 and 2028.

Concentration Risk: Tabang accounts for about more than half of
Bayan's 2P reserves and 75% of its total production. Fitch
estimates Tabang's contribution will decrease, but remain high,
accounting for around two-thirds of Bayan's production by 2021.
In addition, Fitch believes risks related to Bayan's coal mining
operations are minimised by its contracts with PT Petrosea Tbk
and PT Bukit Makmur Mandiri Utama (BB-/Stable), two of
Indonesia's largest coal mining contractors, which cover about
90% of Tabang's planned production.

Bayan has also taken initiatives to limit risks related to coal
transportation and has planned infrastructure investments to
ensure continuity of operations even during extreme weather
events. Low river-water levels affected Tabang's barging
operations during 2016, reducing sales volumes.

Strong Financial Profile: Fitch expects Bayan's financial profile
to remain strong, supported by rising production volumes, the low
cost position of the Tabang operations and Fitch's coal price
expectations. Fitch expects Bayan's free cash flow to remain
positive amid a modest capex of around USD300 million over the
next four years. Fitch does not expect Bayan to need any long-
term debt to fund the planned purchase of the 44% stake in KRL.
Fitch expects Bayan to be able to maintain FFO adjusted net
leverage below 1.0x, even if it makes an acquisition of USD300
million in 2019. Fitch believes that if an opportunity arises,
management may make another investment to support future growth.

Bayan's financial profile improved significantly over the last
two years, supported by better profitability after Tabang started
operations and higher coal prices during 2016. The company was
able to repay all its long-term restructured debt and reduce its
gross debt by more than USD350 million in 2017.

Diversified Customer Base: Bayan benefits from a diversified
customer base in terms of geography, end-users and trading
companies. Its coal ranges from Tabang's 4000-4300 kcal low-
sulphur and ash content coal to high calorific value (over
6000kcal) coal from its other mines, enabling it to diversify its
customer base. Fitch expects Bayan's diversified customer base to
support stable demand for its coal the medium term.

Exposure to Cyclical Coal Industry: Bayan remains vulnerable to
the commodity cycle as its earnings and cash flow are linked to
the thermal coal industry. However, these risks are mitigated by
the low-cost position of its key mine.

DERIVATION SUMMARY

Bayan's closest peer is PT Indika Energy Tbk (B+/Positive). The
two companies have similar business profiles - Indika's larger
production scale, longer operating track record of its key coal
asset, Kideco Jaya Agung, and integrated operations are offset by
Bayan's better cost position. Bayan's stronger financial profile
results in its rating being one notch higher than Indika's. The
Positive Outlook on Indika's reflects the expectations of
improvement in its financial profile mainly through addressing
lumpy debt maturities.

While PT Golden Energy Mines Tbk (GEMS; B+/Positive) has higher
reserves and reserve life than Bayan, these are balanced by the
latter's larger production scale and better cost structure. Bayan
and GEMS have strong financial profiles. The Positive Outlook on
GEMS reflects Fitch's expectation that the company will be able
to continue its production ramp-up to a level commensurate with
the profile of a 'BB-' rated entity over the next 12-18 months.
Geo Energy Resources Limited's (B/ Stable) weaker business
profile given its small scale of production, lower reserves and
reserve life and higher cost structure compared to Bayan explains
it lower rating, though both companies have strong financial
profiles.

KEY ASSUMPTIONS

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

  - Coal prices in line with Fitch's mid-cycle Newcastle 6,000
kcal price assumptions, adjusted for the difference in calorific
values. Coal price for 2018 at USD88/mt, 2019 at -USD79/mt, 2020
at USD77/me and USD75/mt thereafter

  - Coal production at the Tabang concession to increase to about
28 mt per annum by 2021, with total production increasing to
about 42.5mt per annum

  - Dividend pay-out of around 45%

  - Capex of around USD300 million over the next four years.

  - Acquisition of a 44% stake in KRL for about USD180 million.
Fitch has also assumed a greenfield acquisition of about USD300
million in 2019.

RATING SENSITIVITIES

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

  - Increase in scale to about 40mt per annum with an average
remaining reserve life at around 15-20 years, while maintaining
its low-cost position and stable financial profile, with FFO
adjusted net leverage below 1.5x (2017: 0.1x)

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

  - Weaker-than-Fitch-expected cash flow generation due to
adverse industry conditions, higher capex or larger-than-expected
cash outflow leading to a deterioration of credit metrics for a
sustained period

  - FFO adjusted net leverage above 3.0x

  - FFO fixed-charge coverage falling below 4.0x (2017: 13.7x)

  - Failure to renew its expiring mining licences

LIQUIDITY

High Liquidity: Bayan does not have any outstanding long-term
debt and only has a short-term working-capital debt of about
USD100 million outstanding as of end-2018. Fitch expects Bayan to
fund its KRL acquisition via internal cash given its modest capex
plans and positive free cash flows. Bayan has a total of USD175
million of working capital facilities available, which might be
tapped if need arises.



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


HOFFMAN MOTORS: Ford Dealership Shuts Door After a Century
----------------------------------------------------------
Wairarapa Times-Age reports that the closure of Hoffman Ford
dealership in Pahiatua after more than a century of trading is
another knock for the Tarurua town and comes in record-breaking
times for new cars.

According to the report, managing director Neil Macfarquhar
declined to comment on the reason for the closure on Oct. 12,
saying he had nothing to add to a written statement that said
"Sadly the local Ford dealership that has traded since 1913 had
made the hard decision to wind down and close".

"It is unfortunate and sad for the staff, many whom have served
the company and customers so well over the years . . . the assets
will be sold down through this process. Until this time the
workshop will continue to trade."

About 60 cars on Hoffman Ford's yard in Pahiatua were removed on
Oct. 14 by a fleet of 10 car transporters, the report says.

Wairarapa Times-Age relates that Tararua District Council Mayor
Tracey Collis, who had purchased a Ford Escape from the
dealership herself, said people in the town were trying to
understand what had happened.

"As mayor I am concerned at any job losses. It is always hard for
the community," the report quotes Ms. Collis as saying.  The
company was well established, she said.

There is no indication in Companies Office records that any
companies associated with Mr. Macfarquhar are in liquidation. He
owns 60 per cent of Hoffman Motors Ltd, the report discloses.

Fiona McKellar, who is registered to the same address as
Macfarquhar, owns 20 per cent and Wilson Hawes of Auckland owns
20 per cent, adds Wairarapa Times-Age.


MAINZEAL: Not Recording Payment a Mistake, Richina Boss Says
------------------------------------------------------------
Radio New Zealand reports that the boss of Mainzeal's parent
company said he never paid particular attention to the legal
impact of transactions that ultimately led to the construction
giant's demise.

Richina chief executive Richard Yan is jointly accused with
Mainzeal's directors of continuing to trade while the company was
insolvent, allegedly leading to its collapse, Radio NZ relates.

According to Radio NZ, Mr. Yan told the Auckland High Court he
viewed Richina's group of companies as a cohesive group, and
never anticipated difficulties giving money to Mainzeal.

"Because the group stood behind all subsidiaries, we didn't pay
too much attention to which legal entity owed which other legal
entity," the report quotes Mr. Yan as saying.

"In retrospect, not recording the payments made to Mainzeal was a
mistake, but allowing any Richina company to go into receivership
or liquidation was not a concept that ever entered my mind.

"Therefore I never paid particular attention to the legal impact
of these intercompany transactions, leaving the accounting to our
finance staff and auditors."

Radio NZ relates that Mr. Yan said the suggestion that Mainzeal's
directors should have ceased trading years before the company
went into liquidation in 2013 was "ridiculous".

He pinned Mainzeal's collapse on an expensive dispute with
manufacturing company Siemens and the sudden loss of large
amounts of money, which happened too fast for Richina to
intervene, Radio NZ relates.

                      About Mainzeal Property

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

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

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

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

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

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



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


NEWSTEAD TECHNOLOGIES: Currently in Voluntary Liquidation
---------------------------------------------------------
Timothy Goh and Jose Hong at The Strait Times report that
Newstead Technologies, which owns brands such as Apple reseller
Nubox, is currently in liquidation.

ST relates that on Oct. 8, a Newstead Technologies listing on the
Accounting and Corporate Regulatory Authority's (Acra) business
filing portal indicated that the company's status was "in
liquidation - creditors' voluntary winding up".

This refers to the process in which a company's assets are
collected and sold in order to pay off its debts. Any monies
remaining after all debts, expenses and costs have been paid off
are distributed among the shareholders of the company. When the
winding up has been completed, the company is formally dissolved
and will cease to exist, the report notes.

Though companies may be legally compelled to wind up,
shareholders or the creditors of the company can themselves apply
to wind up the company in proceedings. This is known as
"voluntary winding up," the report says.

The Straits Times reported last year that the retailer was to be
the largest IT anchor for the new Funan shopping centre when it
opens next year. Newstead had originally intended to occupy
multiple concept stores in the new mall, spread across 15,000 sq
ft.

A spokesman for CapitaLand, which manages Funan, told ST that it
had not heard yet from Newstead about its liquidation.

ST relates that a spokesman for Sim Lim Square, where Newstead
runs 16 stalls, said the company has not informed the mall about
any plans to close.

Established in 1998, Newstead owns brands such as Digital Style,
Nubox and @notebook.com, and has outlets in several shopping
malls in Singapore.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***