TCRAP_Public/181025.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 25, 2018, Vol. 21, No. 212

                            Headlines


A U S T R A L I A

CENTRAL CAR: Director Charged With Fraud
CMTC PTY: Former Director Disqualified for Five Years
COASTAL CARAVANS: First Creditors' Meeting Set for Nov. 1
CONSILIO RISK: Second Creditors' Meeting Set for Nov. 1
EJS GROUP: First Creditors' Meeting Set for Nov. 2

INDEPENDENT BULK: Second Creditors' Meeting Set for Oct. 31
MBPI PTY: First Creditors' Meeting Set for Nov. 5
MING PAK: First Creditors' Meeting Set for Nov. 1
ML AUSTRALIAN: First Creditors' Meeting Set for Nov. 1
PEAKBOUND HOLDINGS: Second Creditors' Meeting Set for Oct. 31

STYLE MAGAZINE: Second Creditors' Meeting Set for Oct. 30


C H I N A

GCL NEW ENERGY: Moody's Lowers CFR to B1, Outlook Stable
SPI ENERGY: Will Hold a Special Meeting of Shareholders on Nov. 6
TUNGHSU GROUP: S&P Lowers Long-Term ICR to 'B', Outlook Stable
YANGO GROUP: Fitch Affirms B LT IDR, Outlook Positive
YINGDE GASES: Fitch Upgrades LT IDR to BB-, Outlook Stable


I N D I A

ACCORD UDYOG: CRISIL Migrates C Rating to Not Cooperating
ALBANNA ENGINEERING: CRISIL Lowers Rating on INR14.4cr Loan to D
APEX AUTO: ICRA Hikes Rating on INR35.96cr Term Loan to B+
ASHA INDUSTRIES: ICRA Withdraws B+ Rating on INR6.75cr Loan
BRAHMA FOODS: Insolvency Resolution Process Case Summary

DIKSHANT FOUNDATION: CRISIL Migrates B Rating to Not Cooperating
ECO ROOTS: ICRA Maintains B+ Rating in Not Cooperating Category
EASTERN METEC: CRISIL Assigns B+ Rating to INR4cr Cash Loan
ENKAY FOAM: CRISIL Migrates 'B' Rating to Not Cooperating
ES PEE: CRISIL Migrates B+ Rating to Not Cooperating Category

FAROOQ CONSTRUCTIONS: ICRA Lowers Rating on INR12cr Loan to D
GSR VENTURES: CRISIL Migrates B+ Rating to Not Cooperating
HARIOM INGOTS: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
HI-TECH ROBOTIC: Ind-Ra Withdraws BB+ LT Rating, Outlook Positive
JAIN STEEL: ICRA Withdraws B Rating on INR6cr LT Loan

JOYROSS TECHNICAL: Insolvency Resolution Process Case Summary
NATCONN ENGINEERING: Insolvency Resolution Process Case Summary
NATURAL SUGAR: ICRA Lowers Rating on INR140cr Loan to D
ORIENT GREEN: ICRA Reaffirms 'D' Rating on INR12.58cr Loan
PIONEER TEA: ICRA Maintains B+ Rating in Not Cooperating Category

PRAVEER CONSTRUCTIONS: Insolvency Resolution Process Case Summary
PUMA REALTORS: Insolvency Resolution Process Case Summary
R J BUILDCON: ICRA Maintains B Rating in Not Cooperating Category
RAHEE INFRATECH: CRISIL Hikes Rating on INR73cr Loan to B-
RAJRAJESHWAR COTTON: ICRA Maintains B+ Rating in Not Cooperating

S.S MEDICAL: CRISIL Migrates C Rating to Not Cooperating Category
SAI COMMUNICATION: Insolvency Resolution Process Case Summary
SHRAMAN STRIPS: ICRA Withdraws B Rating on INR9cr Cash Loan
SHREEGOPAL GOBIND: ICRA Moves B+ Rating to Not Cooperating
SHRI KALYANIKA: CRISIL Migrates D Rating to Not Cooperating

SION STEELS: ICRA Migrates B+ Rating to Not Cooperating Category
SRI CHANDRA: CRISIL Migrates 'D' Rating to Not Cooperating
SWASHTHIK CAPS: CRISIL Migrates B+ Rating to Not Cooperating
SWASHTHIK INDUSTRIEES: CRISIL Moves B+ Rating to Not Cooperating
UB VENTURES: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable

UNITED BROTHERS: ICRA Withdraws B+ Rating on INR3cr Cash Loan
USHDEV ENGITECH: Ind-Ra Lowers Rupee Term Loan Rating to 'BB'
VETRIVEL EXPLOSIVES: CRISIL Migrates D Rating to Not Cooperating
ZEDSON AGRO: CRISIL Migrates B+ Rating to Not Cooperating

* INDIA: KKR Seeks to Buy Assets from Stressed Shadow Lenders


M A L A Y S I A

PRESS METAL: S&P Alters Outlook to Stable & Affirms 'BB-' LT ICR


N E W  Z E A L A N D

EBERT CONSTRUCTION: Creditor Calls Meetings to Roll Liquidator
FOREX (NZ): Trader Charged With Multi-Million Dollar Fraud


S I N G A P O R E

HYFLUX LTD: To Get SGD530MM Lifeline from Salim and Medco Group
SWISSCO HOLDINGS: Inks Agreement to Transfer Listing Status


                            - - - - -


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


CENTRAL CAR: Director Charged With Fraud
----------------------------------------
Mr. John Edward Featherstone, of Norman Gardens, Queensland, has
been charged with the fraudulent removal of property of a
company.

The Australian Securities and Investments Commission (ASIC)
alleges that between September 1, 2016 and October 6, 2016, Mr.
Featherstone, the sole director of Central Car and Truck Rental
Pty Ltd, engaged in conduct that resulted in the fraudulent
removal of three vehicles belonging to Central Car to the value
of AUD122,000.

Mr. Featherstone appeared before the Rockhampton Magistrates
Court on October 16, 2018.

The matter was adjourned for further mention on November 13, 2018
at the Rockhampton Magistrates Court.

The Commonwealth Director of Public Prosecution is prosecuting
the matter.

Central Car was placed into Administration on July 13, 2016 and
liquidators were subsequently appointed on August 17, 2016.

ASIC commenced an investigation after receiving a report from the
liquidators of Central Car, Mr. Paul Nogueira and Mr. Morgan
Lane.


CMTC PTY: Former Director Disqualified for Five Years
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
disqualified Charles Montgomery Clarke, of Glen Iris, Victoria,
from managing companies for the maximum period of five years.

Mr. Clarke is a former director of five failed companies:

   * CMTC Pty Ltd A.C.N. 607 395 004;
   * CCSLS Services (VIC) Pty Ltd A.C.N. 600 600 388;
   * CC Specialized Landscape Services Pty. Ltd.
     A.C.N. 103 968 467;
   * CCSLS Holdings Pty Ltd A.C.N. 152 557 223; and
   * A.C.N. 144 899 007 Pty Ltd A.C.N 144 899 007

ASIC found Mr. Clarke:

   - failed to prevent one of the companies from trading while
     possibly insolvent;

   - failed to pay tax and ensure that proper financial records
     were kept;

   - failed to exercise his duties as a director;

   - failed to comprehensively monitor company operations and
     financial position; and

   - engaged in phoenix activity by transferring the business of
     an indebted company to a new company leaving the initial
     company with no assets to pay creditors.

In making its decision, ASIC relied on reports that were lodged
by liquidators of the failed companies. ASIC provided liquidators
of CMTC and CCSLS Services with funding from the Assetless
Administration Fund to prepare supplementary reports used to
disqualify Mr. Clarke.

The total amount of debts owed by the five companies to creditors
was approximately AUD3.5 million.

Mr. Clarke's disqualification took effect from Sept. 7, 2018 and
extends to Sept. 6, 2023.


COASTAL CARAVANS: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Coastal
Caravans Pty Ltd will be held at Christie Conference Spaces,
Room Q, Level 2, 320 Adelaide Street, in Brisbane, Queensland, on
Nov. 1, 2018, at 9:00 a.m.

Barry Wight and Bruno A Secatore of Cor Cordis were appointed as
administrators of Coastal Caravans on Oct. 22, 2018.


CONSILIO RISK: Second Creditors' Meeting Set for Nov. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Consilio Risk
Advisers Pty Limited has been set for Nov. 1, 2018, at 12:00 p.m.
at the offices of DW Advisory, Level 2, 32 Martin Place, 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. 31, 2018, at 5:00 p.m.

Cameron Hamish Gray, Ronald John Dean-Willcocks and Anthony Wayne
Elkerton of DW Advisory were appointed as administrators of
Consilio Risk on July 28, 2018.


EJS GROUP: First Creditors' Meeting Set for Nov. 2
--------------------------------------------------
A first meeting of the creditors in the proceedings of EJS Group
Australia Pty. Ltd. will be held at the offices of McGrath
Executive Suites, Level 5, 115 Pitt Street, in Sydney, NSW, on
Nov. 2, 2018, at 11:00 a.m.

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of EJS Group on Oct. 23, 2018.


INDEPENDENT BULK: Second Creditors' Meeting Set for Oct. 31
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Independent
Bulk Network Pty Ltd, trading as Savco Logistics has been set for
Oct. 31, 2018, at 10:30 a.m. at the offices of Worrells
Level 8/102 Adelaide Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2018, at 5:00 p.m.

Nikhil Khatri and Chris Cook of Worrells Solvency were appointed
as administrators of Independent Bulk on Sept. 25, 2018.


MBPI PTY: First Creditors' Meeting Set for Nov. 5
-------------------------------------------------
A first meeting of the creditors in the proceedings of MBPI Pty
Ltd will be held at Level 54, 111 Eagle Street, in Brisbane,
Queensland, on Nov. 5, 2018, at 11:00 a.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of MBPI Pty on Oct. 24, 2018.


MING PAK: First Creditors' Meeting Set for Nov. 1
-------------------------------------------------
A first meeting of the creditors in the proceedings of Ming Pak
(Aust.) Pty Ltd will be held at the offices of Hall Chadwick,
Chartered Accountants, Level 14, 440 Collins Street, in
Melbourne, Victoria, on Nov. 1, 2018, at 11:00 a.m.

David Allan Ingram and David Ross of Hall Chadwick Chartered
Accountants were appointed as administrators of Ming Pak on Oct.
22, 2018.


ML AUSTRALIAN: First Creditors' Meeting Set for Nov. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of ML
Australian Holdings Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, Level 14, 440 Collins Street, in
Melbourne, Victoria, on Nov. 1, 2018, at 11:30 a.m.

David Allan Ingram and David Ross of Hall Chadwick Chartered
Accountants were appointed as administrators of ML Australian on
Oct. 22, 2018.


PEAKBOUND HOLDINGS: Second Creditors' Meeting Set for Oct. 31
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Peakbound
Holdings Pty Ltd and Peakbound Financial Services Pty Ltd has
been set for Oct. 31, 2018, at 10:00 a.m. at Portside Conference
Centre, Level 5, Symantec House, 207 Kent 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. 30, 2018, at 4:00 p.m.

Andrew Thomas Sallway and Andrew Fielding of BDO were appointed
as administrators of Peakbound Holdings on Sept. 25, 2018.


STYLE MAGAZINE: Second Creditors' Meeting Set for Oct. 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Style
Magazine Pty Ltd has been set for Oct. 30, 2018, at 2:00 p.m. at
Level 3/26 Wharf Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 29, 2018, at 4:00 p.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Style Magazine on Sept. 25,
2018.



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


GCL NEW ENERGY: Moody's Lowers CFR to B1, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has downgraded GCL New Energy Holdings
Limited's corporate family rating to B1 from Ba3 and the senior
unsecured rating on its USD bond to B2 from B1.

The ratings outlook is stable.

The rating actions conclude the review for downgrade that Moody's
initiated on September 18, 2018.

RATINGS RATIONALE

"The ratings downgrade reflects the deterioration in GCL New
Energy's credit quality, driven by the weakening credit profile
of its parent, GCL-Poly Energy Holdings Limited," says Ivy Poon,
a Moody's Vice President and Senior Analyst.

The heightened business and financial pressure arising from the
challenging upstream industry environment has limited the ability
of GCL-Poly to provide support for its subsidiary, GCL New
Energy. In particular, the government policy to curb capacity
expansion in solar power will temper sentiment in the upstream
market in the near term.

Given that there is a degree of linkage between GCL New Energy
and GCL-Poly, such weakening in the parent's credit profile
weighs on GCL New Energy's ratings.

On the other hand, GCL New Energy's refined business strategy to
speed up the implementation of its asset light strategy - or
alternatively, its build-and-sell plan - would reduce its
financial leverage through the deconsolidation of debt associated
with the disposed projects and use of sales proceeds to repay
debt.

However, uncertainty persists in relation to the execution of
asset light strategy, due to the lengthy negotiation process and
precarious structure of the disposal transactions. An aggressive
sell down will also result in an evolving capital structure and
business profile, as well as shrinking asset base.

To the extent that the company implements its asset light model
strategy, Moody's credit assessment will factor in the quality
and mix of the remaining assets, its updated growth strategy, and
the company's sustainable capital structure and credit metrics.

In the absence of major asset disposals and capital expenditure,
Moody's projects that the company's adjusted funds from
operations (FFO)/debt will register 5.0%-7.0% in 2018-2019, and
FFO interest coverage 1.8x-2.1x over the same period. Such
results position the company's credit profile appropriately at B1
rating level.

GCL New Energy has a weak liquidity profile, due to Moody's
expectation that the company's cash sources over the next 12
months will not be sufficient to cover its short-term debt and
capital expenditure program over that period.

Nevertheless, the company has started to receive government
subsidies associated with its projects registered under the 7th
Batch of renewable energy subsidy catalogue. This will moderately
improve GCL New Energy's working capital requirement.

The outlook on the ratings is stable, reflecting Moody's
expectation that GCL New Energy will maintain a stable credit
profile, with a gradual improvement in its financial metrics,
after slowing its capital expenditure program and implementing
its asset light model at a moderate pace.

While Moody's does not see near-term upward momentum for the
ratings, such a momentum could emerge over time if: 1) the
regulatory framework for China's solar power industry improves
materially; (2) the company establishes a meaningful operating
track record and improves its financial profile significantly;
and (3) a material improvement occurs in GCL Poly's credit
profile.

Financial metrics indicative of a review for upgrade of GCL New
Energy's ratings include FFO/interest coverage exceeding 3.5x and
FFO/debt above 10% on a sustained basis, and assuming no material
change to the current business profile.

On the other hand, Moody's could downgrade the ratings if: (1)
the current supportive regulatory environment for solar power
generation shows material adverse changes; (2) GCL New Energy
engages in aggressive asset sales that jeopardize its business
sustainability; (3) the credit profiles of GCL New Energy or GCL
Poly weaken materially; and/or (4) evidence of cash leakage to
GCL Poly via dividend distribution or other means.

Financial indicators for a possible downgrade include FFO
interest coverage below 1.8x and FFO/debt below 4.0% over a
prolonged period, and assuming no material change to the current
business profile.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

GCL New Energy Holdings Limited is a privately owned solar power
generation company in China. The company's installed capacity
totaled 7.1GW in 26 Chinese provinces as well as overseas at June
30, 2018.

GCL New Energy was 62.28% owned by GCL-Poly Energy Holdings
Limited at June 30, 2018. GCL New Energy is the sole downstream
platform of its parent company.

Founded in 1996, GCL-Poly Energy Holdings Limited is an
integrated solar photovoltaic company.


SPI ENERGY: Will Hold a Special Meeting of Shareholders on Nov. 6
-----------------------------------------------------------------
SPI Energy Co., Ltd., has delivered a notice of extraordinary
general meeting of shareholders and proxy statement relating to
an extraordinary meeting of shareholders to be held on Nov. 6,
2018.

The meeting is called to vote on the following:

   "That the 5,000,000,000 shares of a par value of $0.00001 each
    in authorized share capital of the Company be consolidated
    and divided into 500,000,000 shares of a par value of $0.0001
    each, with such shares having the same rights and being
    subject to the same restrictions (save as to nominal value)
    as the existing shares of $0.00001 each in the capital of the
    Company."

The close of business on Oct. 16, 2018 has been fixed as the
record date for the purpose of determining the shareholders
entitled to notice of, and to vote at, the meeting.

"All shareholders are cordially invited to attend the meeting.
Whether or not you expect to attend, you are strongly advised to
complete and sign the enclosed form of proxy in accordance with
the instructions and then deposit it at the offices of the
Company located at 4677 Old Ironsides Drive, #190, Santa Clara,
CA 95054, or send copies of the foregoing by facsimile to +888-
633-0309, or send copies of the foregoing by email to
ir@spigroups.com, in each case marked for the attention of IR
Department, not later than 48 hours before the time of the
holding of the meeting. Shareholders who appoint proxies retain
the right to revoke them at any time prior to the voting
thereof."

A full-text copy of the Proxy Statement is available for free at:

                       https://is.gd/IDug7j

                         About SPI Energy

SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors. SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America. The Company operates an online energy
e-commerce and investment platform in China, as well as B2B
e-commerce platform offering a range of PV and storage products
in Australia. The Company has its operating headquarters in Hong
Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy incurred net losses of $5.2 million, $185.1 million
and $220.7 million in 2014, 2015 and 2016, respectively. The
Company had an accumulated deficit of $466.8 million as of
Dec. 31, 2016. The Company had net cash used in operating
activities of $56.5 million in 2014, net cash used in operating
activities of $155.5 million in 2015 and net cash used in
operating activities of $47.0 million in 2016. The Company also
had a working capital deficit of $176.2 million as of Dec. 31,
2016. In addition, the Company has substantial amounts of debts
that will become due in 2017.

As of Dec. 31, 2016, SPI Energy had $361.8 million in total
assets, $374.7 million in total liabilities and a total
shareholders' deficit of $12.92 million.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification in its report on the consolidated financial
statements for the year ended Dec. 31, 2016, stating that the
Group has suffered recurring losses from operations and has a
working capital deficit and a net capital deficit as of Dec. 31,
2016. In addition, the Group has defaulted repayment of
substantial amounts of debts and borrowings. These factors raise
substantial doubt about the Group's ability to continue as a
going concern.

SPI Energy has yet to file its Annual Report on Form 20-F for the
year ended Dec. 31, 2017. The Company has experienced a delay in
preparing the Form 20-F and the audited financial statements
required in the Form 20-F.


TUNGHSU GROUP: S&P Lowers Long-Term ICR to 'B', Outlook Stable
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Tunghsu Group Co. Ltd. to 'B' from 'B+'. The outlook is stable.
S&P also lowered its long-term issue rating on the China-based
technology conglomerate's guaranteed U.S. dollar-denominated
senior unsecured notes to 'B-' from 'B'.

S&P said, "The downgrade reflects our view that Tunghsu's
liquidity is deteriorating owing to its high funding needs amid
tight financing conditions in China. However, we believe the
company still has sufficient cash and cash equivalents and credit
lines to meet its operating and financing needs for the next 12
months.

"We expect Tunghsu to continue to have significant capital needs
and debt maturities over the next 12 months. The company is
likely to have large capital expenditure and working capital
needs as it seeks to expand its scale in the renewable energy and
new-energy bus segments. Moreover, recent policy changes by the
Chinese government to reduce subsidies in these two areas will
likely further increase the company's working capital outflow.

"Additionally, we estimate that Tunghsu has Chinese renminbi
(RMB) 34.5 billion of debt maturities over the 12 months ending
June 30, 2019. These include bank loans of RMB15.5 billion, bonds
(including puttable amount) of RMB10.8 billion, and shadow
banking financing of RMB8.1 billion.

"We expect tight funding conditions in China to make it difficult
for Tunghsu to refinance its debt maturities at favorable rates.
Most privately held speculative-grade companies in China have
found it difficult to raise fresh debt at reasonable rates for
several months. We don't expect funding conditions to improve
until at least mid-2019. Tunghsu's share price in the equity
market has been weak, reducing the prospect of fundraising
through that route. However, Tunghsu has maintained good
relationships with banks. We expect the company to further build
and expand this funding channel.

"Equity injections by Tunghsu's founding Li family have supported
the company's liquidity and partly offset the pressure coming
from the capital market, in our view. The Li family injected
RMB15 billion into the company in 2018 in two rounds. The most
recent one was a RMB5 billion infusion in September 2018. We have
revised our assessment of the company's liquidity to adequate
from strong, based on the above factors.

"We expect Tunghsu to moderately reduce its debt leverage using
proceeds from the capital injections and its own cash balance.
The company reduced its gross debt to RMB82.8 billion from
RMB91.5 billion over the first nine months of 2018. It expects to
trim its debt by another RMB3 billion by the end of 2018. As of
June 30, 2018, Tunghsu has RMB77.8 billion of cash and cash
equivalents, of which RMB52.4 billion is at the parent level."

Tunghsu's EBITDA interest coverage was unchanged at 1.5x for the
12 months ended June. 30, 2018, and the company had negative free
cash flows. S&P expects the coverage ratio to improve toward 2x
on the back of Tunghsu's debt reduction plan. However, free cash
flows will likely remain negative for the next two years as the
company invests in renewable energy and new-energy buses.

S&P said, "The stable outlook reflects our view that Tunghsu will
maintain adequate liquidity and improve its EBITDA interest
coverage toward 2x over the next 12 months.

"We may lower the rating if Tunghsu's liquidity deteriorates such
that liquidity sources fail to maintain a reasonable buffer over
liquidity uses.

"We could also lower the rating if Tunghsu's EBITDA interest
coverage falls below 1.5x without signs of improvement. This will
happen if: (1) Tunghsu's sales and profitability deteriorate; or
(2) its debt-funded expansion is more aggressive than we expect.

"We may raise the rating on Tunghsu if the company can lower its
debt-to-EBITDA ratio to below 4x on a sustained basis. This will
likely be the result of newer businesses (e.g., electric buses
and solar farms) operating at scale with disciplined expansion
and becoming a meaningful contributor to EBITDA."


YANGO GROUP: Fitch Affirms B LT IDR, Outlook Positive
-----------------------------------------------------
Fitch Ratings has affirmed Yango Group Co., Ltd.'s Long-Term
Foreign-Currency Issuer Default Rating at 'B' with a Positive
Outlook. Fitch has also affirmed Yango's senior unsecured rating
and the rating on its USD250 million senior unsecured debt due
2020 at 'B-' with a Recovery Rating of 'RR5'.

Yango's ratings are supported by its large quality land bank that
is comparable with 'BB' category homebuilders and its expanding
business scale. The ratings are constrained by high leverage, as
measured by net debt/adjusted inventory, of 73% at end-1H18,
which Fitch expects to decrease from 2018.

The Positive Outlook reflects Yango's continually improving
business profile in line with its expanding scale as well as its
improved financial profile from 2018. Yango is replenishing its
land bank at a slower pace, allowing leverage to fall closer to
65% in 2019 and improving contracted sales/gross debt to above
1.0x.

The one-notch difference between Yango's senior unsecured rating
and its Long-Term Issuer Default Rating reflects the
subordination of its unsecured debt to secured debt. Secured debt
accounted for around 68% of total borrowing as of end-1H18 and
made up more than 90% of Fitch-estimated liquidation value.

KEY RATING DRIVERS

High-Quality Land Bank: Fitch believes Yango's land bank, which
was acquired at low cost and is partly located in tier 1 cities,
will support its business scale expansion and healthy profit
margin. Yango had 23.2 million square metres (sq m) of land
available for sale by attributable gross floor area as of end-
2017, sufficient for four years of development. Tier 1 and 2
cities accounted for 13% and 51%, respectively, of total land
bank at end-1H18, which had an average cost of CNY3,333 per sq m
as at end-1H18, or about 21% of Fitch's expected contracted
average selling price in 2018. Yango's land bank is larger than
that of most lower-leveraged homebuilder peers rated 'BB' and
'BB-'.

Strong Rise in Contracted Sales: Fitch estimates contracted sales
will increase by 40% to CNY128 billion in 2018, as Yango
maintains a balanced geographic spread despite a subdued market
in some areas. Rapid sales growth has been aided by the company's
fast-churn business model and increased M&A activity, which has
enhanced scale without a large increase in leverage. Yango's
expansion strategy resulted in reported contracted sales of CNY91
billion in 2017.

High Leverage Constrains Rating: Leverage, as measured by net
debt/inventory, showed some improvement in 1H18, at 73%, after
the company slowed its land replenishment rate. Fitch expects the
land replenishment rate to slow further relative to sales in
2019, with Yango's land bank providing around four years of land
reserves. Leverage had been driven up by Yango's aggressive land
acquisition since 2015, with sales receipts almost entirely
reinvested in acquiring land, resulting in net debt/inventory
reaching 68% in 2016 and 74% in 2017.

DERIVATION SUMMARY

Yango has a larger scale in terms of attributable contracted
sales and EBITDA than Chinese homebuilders rated at 'B', such as
Hong Yang Group Company Limited (B/Positive) and Xinhu Zhongbao
Co., Ltd. (B/Stable). Yango and Xinhu's ratings are constrained
by high leverage of around 70%.

Fitch expects Yango to expand its sales and deleverage at a
faster pace than Hong Yang and Xinhu because of its more
diversified market. Yango's larger land bank also allows it
benefits more from the price appreciation seen in 2016 and 2017.
Yango's faster improvement in its financial profile supports the
Positive Outlook on its rating relative to the Stable Outlook on
Xinhu's rating.

Yango has similar scale and sales efficiency, but higher
leverage, than 'B+' Chinese homebuilders, such as Beijing Capital
Land Ltd. (BB+/Stable; standalone: B+/Stable) and Ronshine China
Holdings Limited (B+/Stable).

KEY ASSUMPTIONS

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

  - Replenishing land to maintain land bank life of around
    four years

  - Contracted sales to increase by 40% in 2018 and 25% in 2019
    (2017: 161%), with attributable sales accounts for 70% of
    contracted sales (2017: 80%)

  - Stable EBITDA of around 23%-25% from 2018 to 2020 (2017: 19%)

  - Cash collection ratio of 75%-80% from 2018 to 2020 (2017:
    83%)

Recovery rating assumptions

  - Yango will be liquidated in a bankruptcy because it is an
    asset-trading company

  - 10% administrative claims

  - All proceeds from the proposed offshore bond issuance used to
    refinance the secured borrowing

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed
to creditors.

  - Fitch applies a haircut of 30% to adjusted inventory, in line
    with Yango's homebuilding peers

  - Fitch assumes Yango's CNY4.6 billion of pledged deposits are
    used to pay debt

  - Fitch applies a haircut of 70% to Yango's available-for-sale
    assets

Based on its calculation of the adjusted liquidation value, after
administrative claims of 10%, Fitch estimates the recovery rate
of the offshore senior unsecured debt at 23%, which corresponds
to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory falling to around 65% with
    continued deleveraging

  - Attributable contracted sales sustained above CNY80 billion a
    year

  - Attributable contracted sales/gross debt sustained above 1x

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

  - Failure to achieve the positive sensitivities over the next
    12 months

LIQUIDITY

Sufficient Liquidity: Yango has CNY31 billion in unrestricted
cash and CNY63 billion in unused bank facilities as at end-1H18,
sufficient to cover short-term debt of CNY44 billion.


YINGDE GASES: Fitch Upgrades LT IDR to BB-, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Rating of
China-based Yingde Gases Group Company Limited to 'BB-' from
'B+'. The Outlook is Stable. The agency has also upgraded the
senior unsecured rating of Yingde to 'BB-' from 'B+'/'RR4'.

The upgrade was driven by Yingde's accelerating improvement in
cash flow generation and leverage, as well as further
stabilisation in its shareholder and management structure after
the completion of private equity firm PAG Asia's offer for the
company in 2017.

KEY RATING DRIVERS

Stability in Management, Shareholder Structure: PAG Asia
appointed new senior managers including the CEO and COO after it
privatised Yingde in 2017, improving the company's revenue and
cash flow, which successfully helped Yingde to deleverage. The
new management also expanded Yingde's client base in the
merchant-gas segment. To reduce Yingde's concentration risk as
its largest customers are Chinese steel producers, the new
management started onsite industrial-gas production for
electronics, new-energy, food-packaging and medical-equipment
companies in China.

Revenue, Margins Pick Up: Yingde's revenue rose 22% yoy in 2017
and 20% in 1H18 as sales volume increased by 12% and 16%,
respectively, mainly due to the recovery of the steel sector and
the increasing sales contribution from the merchant-gas business.
Fitch expects Yingde's revenue to grow by 22% in 2018 and its
EBITDA margin to stabilise at 33% from 31%-34% in 2016-2017.

Yingde's free cash flow (FCF) also improved in 2017, rising to
CNY938 million in 2017 from CNY432 million in 2016 and negative
FCF of CNY227 million in 2015. However, Fitch expects Yingde to
generate negative FCF of CNY197 million in 2018 due to the CNY918
million spent on acquiring the industrial-gas production
facilities of Baotou Steel and the CNY299 million used to acquire
a 61% stake in Anyang Zhongying Fertilizer Co. Ltd (Zhongying)
during 1H18.

Further Deleveraging Expected: The company's FFO adjusted net
leverage decreased to 2.7x in 2017 from 4.1x in 2016. Fitch
expects Yingde's leverage to continue falling, with FFO adjusted
net leverage dropping to 2.6x in 2018 and 2.2x-2.3x in 2019-2021,
due to better revenue, improving FCF and stabilising capex. The
company successfully refinanced the USD391 million still
outstanding on its USD425 million 8.125% bond due April 2018 with
a USD500 million 6.25% bond due January 2023.

Cash Conversion Cycle to Widen: Yingde's account receivable days
improved consistently to 50 days in 2017 and 41 days in 1H18 from
74 days in 2016, while its account payable days stabilised at 36-
40 days during 2016-2017. That resulted in a cash conversion
cycle of 45 days in 2016 and 14 days in 2017. Fitch expects
Yingde's cash conversion cycle to gradually rise to 25-40 days in
2018-2021 as the cyclical recovery of steel companies slows,
which may cause account receivable days to increase. Fitch
expects Zhongying to contribute more than 10% of Yingde's revenue
during 2019-2021 and the fertiliser subsidiary has a similar cash
conversion cycle as the parent's core business.

DERIVATION SUMMARY

Yingde's rating is comparable with that of China Hongqiao Group
Limited (Hongqiao, BB-/Stable) and West China Cement Limited
(WCC, BB-/Stable). Yingde has a more stable management team and
better corporate governance than Hongqiao but it has a smaller
business scale. Both companies have similar leverage and coverage
ratios. Yingde has a larger business scale and better
geographical diversification than WCC but its EBITDA margin is
similar to that of WCC. Both companies have similar coverage but
WCC has a lower leverage than Yingde.

KEY ASSUMPTIONS

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

  - Revenue to grow by 22% in 2018 and slow down to 1%-7% in
    2019-2021

  - EBITDA margin to be sustained at 32%-33% in 2018-2021
    (31%-34% in 2016-2017)

  - Capex, acquisitions and equity investments amounting to
    CNY2.9 billion in 2018, of which CNY1.5 billion is organic
    capex, and CNY1.8 billion of capex per annum during 2019-2021

  - No significant deviation from its business trajectory under
    the current management team

RATING SENSITIVITIES

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

  - FFO adjusted net leverage sustained around 2x

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

  - Significant decline in revenue and operating EBITDA margin

  - FFO adjusted net leverage sustained above 3.5x

  - Negative FCF for a sustained period due to high dividend
    payout ratio

LIQUIDITY

Adequate Liquidity: As of June 30, 2018, Yingde had CNY2.1
billion of short-term debt compared with CNY1.5 billion of
available cash and CNY3.3 billion of uncommitted credit
facilities. Fitch believes the stabilisation of the company's
management structure will help it roll over or refinance its debt
in 2019. In April 2018, the company successfully refinanced its
USD425million 8.125% senior offshore unsecured note (USD391
million outstanding) with the USD500 million 6.25% senior
offshore unsecured notes due 2023.

FULL LIST OF RATING ACTIONS

Yingde Gases Group Company Limited

  - Long-Term IDR upgraded to 'BB-' from 'B+'; Outlook Stable

  - Senior unsecured rating upgraded to 'BB-' from 'B+'/'RR4'

Yingde Gases Investment Limited (wholly owned subsidiary)

  - Rating on USD500 million 6.25% senior unsecured notes due
    2023 upgraded to 'BB-' from 'B+'/'RR4'

  - Rating on USD250 million 7.25% senior unsecured notes due 2020
    upgraded to 'BB-' from 'B+'/'RR4'

The notes are guaranteed by Yingde



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


ACCORD UDYOG: CRISIL Migrates C Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Accord Udyog
Private Limited (AUPL) to 'CRISIL C Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            6        CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)


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

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

AUPL was incorporated in 2008, by the promoters, Mr Avinash Singh
and Ms Jyoti Singh. The Jamshedpur-based company trades in steel
products such as channels, pipes, angles, plates, chequer plates,
galvanised plain and corrugated sheets, thermo-mechanically
treated bars, bars, and other such products.


ALBANNA ENGINEERING: CRISIL Lowers Rating on INR14.4cr Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Albanna Engineering (India) Private Limited (AEIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL
A4 Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          14.4       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

   Letter of Credit       .6       CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded
                                   from 'CRISIL B/Stable
                                   ISSUER NOT COOPERATING')

The downgrade reflects delays by the company in servicing debt.
CRISIL had discussion with the bank, which has confirmed the
delay in repayment.

CRISIL has been consistently following up with AEIPL for
obtaining information through letters and emails dated April 6,
2017, and May 4, 2017, 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 AEIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
AEIPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' rating
category or lower.

AEIPL, established in 2013, is a wholly owned subsidiary of
Albanna Engineering LLC (ABE) which is a major EPC contractor in
mechanical engineering field in UAE. AEIPL was established solely
for taking up projects in India which fall under group fields of
core competence like Oil & Gas and Process & Engineering
Industries. The company is promoted by Mr. Sreekumar Nair.


APEX AUTO: ICRA Hikes Rating on INR35.96cr Term Loan to B+
----------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]D to [ICRA]B+
assigned to the INR35.96-crore term loan (revised from INR41.66
crore earlier) and INR15.00-crore cash-credit facility of Apex
Auto Limited (AAL). The outlook on the long-term rating is
Stable. ICRA has also revised the short-term rating from [ICRA]D
to [ICRA]A4 assigned to the INR13.00-crore bill discounting
facility, INR15.00-crore non-fund based facilities (revised from
INR19.00 crore earlier) and INR1.04-crore united limits (revised
from INR11.34 crore earlier) of AAL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-          35.96      [ICRA]B+ (Stable); upgraded
   Term Loan                       from [ICRA]D

   Fund-based-          15.00      [ICRA]B+ (Stable); upgraded
   Cash Credit                     from [ICRA]D

   Fund-based-          13.00      [ICRA]A4; upgraded from
   Bill Discounting                [ICRA]D

   Non-fund-based       15.00      [ICRA]A4; upgraded from
   limits                          [ICRA]D

   Untied Limits         1.04      [ICRA]A4; upgraded from
                                   [ICRA]D

Rationale

The upward revision in the ratings primarily takes into account
AAL's timely servicing of debt obligations since April 2018. The
ratings also factor in the considerable growth in turnover in
FY2017 and FY2018, supported by a revival in demand from
construction equipment manufacturing industry, which resulted in
improved profits and cash accruals from the business. The ratings
further consider the extensive experience of the promoters in the
business of fabricating auto components for the earth-moving and
construction equipment. The ratings also consider the repeat
orders from reputed customers, which indicate the company's
satisfactory level of technical competence. The ratings, however,
continue to remain constrained by the weak financial profile of
AAL, characterised by a leveraged capital structure and depressed
coverage indicators.

The ratings also factor in the high debt-service obligations
compared to AAL's current cash accruals, which are likely to
exert pressure on its liquidity position in the near term at
least. The ratings also take into account the high customer-
concentration risk faced by the company with top-two customers
contributing to around 71% of sales in FY2018. The ratings are
also impacted by AAL's exposure to volatility in raw material
prices, primarily steel. However, the presence of price-variation
clause in some of the contracts insulates the company to an
extent. Further, the company remains exposed to the cyclicality
inherent in the construction and mining sector, which is likely
to keep the revenues and profits volatile for all players in the
industry, including AAL.

Outlook: Stable

ICRA expects that AAL will continue to benefit from the long
experience of its promoters and favourable demand from the
construction and mining industry. The outlook may be revised to
Positive if substantial growth in revenue and profitability, and
better working capital management strengthen the financial risk
profile of the company. The outlook may be revised to Negative if
cash accrual is lower than expected, or if any major capital
expenditure, or significant debt repayment obligations, weakens
liquidity.

Key rating drivers

Credit strengths

Long experience of the promoters in the auto-components
manufacturing business: The promoters have nearly two decades of
experience in the fabrication of heavy parts for earth moving and
construction equipment. Long track record of the promoters
strengthens the company's operational risk profile. In view of
the government's focus on infrastructural development, the
overall growth prospect of the construction equipment industry
remains favourable.

Reputed customer base; repeat orders from established players
indicate technical competence: More than 70% of AAL's sales are
made to Tata Hitachi and Volvo, both of which are major players
in the construction and mining equipment industry. Repeat orders
from such established players indicate technical competence of
AAL.

Steady improvement in turnover and profits: AAL's revenue has
improved to INR184.85 crore in FY2018 from INR97.60 crore in
FY2016, supported primarily by a revival in demand from the
construction and mining equipment industry. The same led to an
improvement in the operating margin of the company. The company
reported a net profit in FY2018, after registering continuous
losses at the net level in the past four years. Improvement in
profit has also supported a healthy growth in AAL's cash accruals
in FY2018.

Credit challenges

Weak financial profile characterised by a leveraged capital
structure and depressed coverage indicators: The gearing of the
company stood at a high level of 2.81 times as on March 31, 2018,
although, the same improved from 3.75 times as on March 31, 2017.
High debt levels coupled with low profitability kept the coverage
indicators subdued as evident from a TD/OPBDITA of 3.56 times and
NCA/TD of 16% in FY2018. However, some improvement is expected
going forward, supported by improving profitability and reducing
debt levels.

High debt-servicing obligations likely to keep its cash flows
under pressure: AAL's capital intensive nature of operations and
high debt-servicing obligations compared to current cash accruals
from the business are likely to keep its liquidity tight in the
near term at least.

High customer concentration risk: With two clients, Tata Hitachi
and Volvo, accounting for 71% of revenues in FY2018, AAL's
customer-concentration risk remains high. However, the
established market position of the customers mitigates
counterparty risk to a large extent.

Exposure to volatility in raw material prices: The company enters
into fixed-price contracts with most of its customers and any
adverse movements in raw material prices may negatively impact
profitability. However, presence of price-variation clause in
some of the contracts mitigates such risk to an extent.
Exposure to the inherent cyclicality in the construction and
mining industry: The ratings are impacted by the cyclicality
inherent in the construction and mining industry, which is likely
to keep the margins and cash flows of all the players in the
industry, including AAL, volatile.

AAL is involved in the fabrications of parts for the earth-moving
and construction equipment industries. Currently, the company
manufactures components for excavators, back hoe loaders, cranes,
compactors, transit mixers, underground drilling, crushing and
screening equipment for various OEMs. The company primarily
caters to the domestic market. AAL's manufacturing units are
located in Jamshedpur and Bangalore.


ASHA INDUSTRIES: ICRA Withdraws B+ Rating on INR6.75cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ from the
INR6.75-crore cash credit facility and the INR0.35-crore
unallocated limits of Asha Industries.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit          6.75       [ICRA]B+ (Stable); Withdrawn

   Unallocated
   Limits               0.35       [ICRA]B+ (Stable); Withdrawn

Rationale

The rating assigned to AI has been withdrawn at the request of
the firm, based on the no-dues certificate provided by its
banker.

Outlook: Stable

ICRA has withdrawn the Stable outlook on the long-term rating.

Asha Industries, setup in 1995 as a partnership firm, is promoted
by Mr. Harjivan Patel and his son, Mr. Rupesh Patel. The firm is
engaged in the cotton ginning industry, along with seed crushing
and PVC pipes manufacturing. The firm's product profile comprises
otton bales, cottonseeds, cottonseed oil, cottonseed oil cake,
agricultural pipes, unplasticized polyvinyl chloride (UPVC) pipes
and soil, waste and rain (SWR) pipes. Its manufacturing facility
is located in Morbi, Gujarat, with a production capacity of 140
cotton bales and 3 metric tonnes of cottonseed oil per day, along
with 250 metric tonnes of PVC pipes per annum. The firm has also
ventured into the construction of a real estate project ('Pacific
Business Park') in FY2017, comprising commercial offices and a
hotel building. The key personnel, Mr. Rupesh Patel and Mr. Niraj
Patel, manage the firm's operations and have more than seven
years of experience in the cotton and PVC pipes industries.


BRAHMA FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Brahma Foods Private Limited
        Plot No. 126, Pocket-D
        Sector-5 DSIIDC, Bawana
        New Delhi North West
        DL 110039 IN

Insolvency Commencement Date: September 18, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: March 16, 2019
                               (180 days from commencement)

Insolvency professional: Sandeep Chandna

Interim Resolution
Professional:            Sandeep Chandna
                         #23, Ground Floor, A-Block, South City-2
                         Sector-49, Sohna Road
                         Gurgaon 122018
                         E-mail: cssandeep@live.in
                                 ipsandeep@outlook.com

Last date for
submission of claims:    October 31, 2018


DIKSHANT FOUNDATION: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dikshant
Foundation (DF) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             6.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Formed in 2015, DF runs a CBSE school, Dikshant Global, in
Zirakpur, Punjab, which started operations in fiscal 2017. The
trust is managed by Mr. Mitul Dikshit.


ECO ROOTS: ICRA Maintains B+ Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the rating for INR20.00 crore bank facility of Eco
Roots Foods India Private Limited (ECO) continues to remain in
the 'Issuer Not Cooperating' category. The rating is now denoted
as [ICRA]B+(Stable) ISSUER NOT COOPERATING.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limits    19.70      [ICRA]B+(Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Non-fund based         0.30     [ICRA]B+(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

ECO was established in the year 2015. The Company has one paddy
processing unit in Moradabad (U.P.) on a lease basis with a
capacity of 8tph and one sorting/grading unit in Delhi with a
capacity of 6 tph. The Delhi unit is owned by the Company itself.
The commercial production started in December 2015. The active
promoters in ERF are Mr. Pushpinder Munjal and Mr. Narender
Sidhar who have vast experience in rice milling business.


EASTERN METEC: CRISIL Assigns B+ Rating to INR4cr Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Eastern Metec Private Limited (EMPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        30        CRISIL A4 (Assigned)
   Cash Credit            4        CRISIL B+/Stable (Assigned)

The ratings reflect the extensive experience of EMPL's promoters
in undertaking engineering, procurement, and construction (EPC)
contracts and turnkey projects for the steel sector, with a
moderate size of unexecuted orders (1.75 times the revenue in
fiscal 2018, to be executed over a period of 18 months). The
ratings also factor in above-average financial risk profile.
These strengths are partially offset by working-capital-intensive
operations, volatile profitability, and risk related to
cyclicality in the end-user industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working-capital-intensive operation: Operations are likely to
remain working capital intensive due to the nature of the
industry. Gross current assets were 445 days as on March 31, 2018
(335 days if unencumbered cash and bank balance were adjusted).
Customers are billed for any work in progress by the end of the
respective month. The final bill is prepared and handed over to
the customers only after a portion of the work is completed. On
account of the long construction and erection period, debtors
remain high (276 days as on March 31, 2018); furthermore,
retention money is maintained for 1-1.5 years. Creditors of 226
days as on March 31, 2018 ease some of the pressure on working
capital.

* Volatile profitability: Around 70% of the raw materials used
are either steel or its derivative, the prices of which are
volatile in nature. As EMPL is a small player, it is unable to
pass on an increase in raw material cost to the customers.
Operating margin, as a result, has been fluctuating between 3.3
and 6.7% in the four years through fiscal 2018.

* Risk related to cyclicality in the end-user industry: Since the
bulk of revenue is derived from the steel sector, exposure to any
downturns in the industry persists, as witnessed in fiscal 2016
when turnover declined to INR17.61 crore from INR29.49 crore a
year earlier. Since then, EMPL has diversified some of its
business to EPC and civil construction. However, the steel
industry continues to be a large contributor to the company's
revenue.

Strengths

* Promoters' extensive experience: Promoters' experience of
around two decades has helped develop a deep understanding of the
industry, establish healthy relations with suppliers, and set up
a strong clientele, including Ordnance Factories Board (Indian
defence) and West Bengal State Electricity Distribution Co Ltd.

* Above-average financial risk profile: Financial risk profile is
above average, with networth of INR12.49 crore and unsecured loan
of INR4.12 crore from the promoters. Due to low reliance on
external funds to meet working capital requirements, gearing
remained comfortable at 0.44 time as on March 31, 2018 (0.54 time
the last year). Debt protection metrics have been moderate, too,
with interest coverage and net cash accrual to adjusted debt
ratios of 1.7 times and 0.22 time, respectively, in fiscal 2018.

Outlook: Stable

CRISIL believes EMPL will continue to benefit from its promoters'
extensive experience and established client base. The outlook may
be revised to 'Positive' if significant improvement in revenue
and realisations, and stable operating margin strengthen key
credit metrics. The outlook may be revised to 'Negative' if
significant decline in revenue and profitability or slow
realisations weakens financial risk profile, particularly
liquidity.

Kolkata-based EMPL was incorporated in 2006 by Mr Pradip
Majumdar. It undertakes turnkey projects for manufacturing,
erecting, and commissioning the equipment required for the steel
manufacturing process, and provides after-sales services, too.
EMPL also undertakes small-scale EPC contracts.


ENKAY FOAM: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Enkay Foam
Private Limited (EFPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           10        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

Incorporated in 1990, EFPL manufactures industrial foam of
density ranging from 9 to 50. These foams find application in
industries such as furniture, garments, footwear, automobile, and
packaging. EFPL is promoted by Mr Mayank Jain and Mr Saurabh
Jain.


ES PEE: CRISIL Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Es Pee
Enterprizers (EPE) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan         0.39      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Overdraft              4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     2.61      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

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

EPE was formed in 1985 and is managed by Mr. Santosh Kumar Gupta
and his son. The firm undertakes contracts for Indian Railways.
It is based in Allahabad.


FAROOQ CONSTRUCTIONS: ICRA Lowers Rating on INR12cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B- (Stable)
to [ICRA]D assigned to the INR12.00-crore fund-based facility of
Farooq Constructions.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-          12.00       [ICRA]D; downgraded from
   Fund-based                      [ICRA]B- (Stable)

Rationale

The rating revision considers the delays in servicing of debt
obligations by the firm in the past six months, owing to
stretched liquidity position, which resulted in over utilisation
of the cash-credit facility for more than 30 days.

Key rating drivers

Credit challenges

Recent delays in debt servicing owing to stretched liquidity
position: The firm's liquidity position deteriorated in the
recent past owing to delays in realising the bills raised for the
projects executed for the Public Works Department (PWD), Kerala.
The stretched liquidity position of the firm has resulted in over
utilisation of the working capital facilities for more than 30
days.

Farooq Constructions is a civil work contracting firm based in
Alappuzha in Kerala and was established in 2000 as a
proprietorship concern, owned and promoted by Mr. Baiju Rasheed.
In 2009, it was converted into a partnership firm with Mr. Baiju
Rasheed and his wife Mrs. Sajeela Baiju as its partners. The firm
undertakes Kerala State Public Works Department (PWD) contract
works, especially road construction and other related civil work.


GSR VENTURES: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of GSR Ventures
Private Limited (GSR) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        35        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft              2        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

GSR was set up as a partnership firm in 1971 by Mr G Sivakumar
Reddy and his family members, and was reconstituted as a private
limited company in 2008. It undertakes civil construction, mainly
canal earthwork excavation and construction of bridges. The
company is based in Hyderabad.


HARIOM INGOTS: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hariom Ingots &
Power Private Limited (HIPPL) a Long-Term Issuer Rating 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR26.51 mil. Term loan due on September 2021 assigned with
    IND BB/Stable rating;

-- INR200 mil. Fund-based working capital limits assigned with
    IND BB/Stable rating; and

-- INR50 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect HIPPL's medium scale of operations as
reflected by revenue of INR2,351.5 million in FY18 (FY17:
INR1,775.4 million). The surge in revenue was primarily driven by
an increase in sales realization and sales volume.

The ratings are also constrained by HIPPL's modest EBITDA margin
of 4.5% in FY18 (FY17: 5.4%) and returned on capital employed was
11% (9%). Despite the rise in revenue, the EBITDA margin declined
on account of an increase in raw material price.

The ratings also factor in HIPPL's modest credit metrics as
indicated by gross interest coverage (operating EBITDA/gross
interest expenses) of 2.6x in FY18 (FY17: 2.1x) and net leverage
(adjusted net debt/operating EBITDA) of 3.5x (3.9). The
improvement in the credit metrics was due to a decline in
interest-bearing debt owing to scheduled term loan repayment and
a marginal improvement in absolute EBITDA to INR105.8 million in
FY18 (FY17: INR95.3 million).

The ratings also reflects HIPPL's working capital intensive
nature of operations as indicated by net working capital cycle of
46-60 days (FY18: 46 days, FY17: 60 days). The company's
liquidity position was moderate with 96.2% average use of its
fund-based working capital limits during the 12 months ended
September 2018.

However, the ratings continue to be supported by HIPPL's
diversified customer base with the top 10 customers accounting
for less than 34% of the total sales in FY18. The ratings also
benefit from the company's promoter's more than four decades of
experience in the steel business.

RATING SENSITIVITIES

Negative: A decline in the revenue leading to deterioration in
the credit metrics and liquidity position, all on a sustained
basis, would lead to a negative rating action.

Positive: An improvement in the operating profitability along
with an improvement in the credit metrics and net working capital
days, all on a sustained basis, will lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2004 in Bhilai, Chhattisgarh, HIPPL manufactures
mild steel ingots and thermo-mechanically-treated (TMT) bars. The
company's manufacturing unit has a production capacity of 70,000
metric tons per annum. It sells TMT bars under the name of Hariom
TMT. In 2016, HIPPL began production of epoxy-coated bars, which
are more durable than the normal TMT bars; these are sold under
the brand name Hriom Epoxy Shield. The company is also engaged in
trading of steel products.


HI-TECH ROBOTIC: Ind-Ra Withdraws BB+ LT Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Hi-Tech Robotic
Systemz Limited's Long-Term Issuer Rating of 'IND BB+'. The
Outlook was Positive.

The instrument-wise rating actions are as follows:

-- The IND BB+ rating on the INR36.00 mil. Term loan due on
    June 2019 are withdrawn;

-- The IND BB+ rating on the INR100.00 mil. Fund-based working
    capital limits are withdrawn; and

-- The IND BB+ rating on the INR70.00 mil. Non-fund-based
    working capital limits are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate 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

Formed in 2004, Hi-Tech Robotic Systemz develops robotics,
artificial intelligence, automotive, embedded system, and
computer vision and biometric products/solutions. It has designed
and developed several unmanned robotics projects for the army,
paramilitary forces and private sector companies. Some of the
major areas in industrial automation include material handling
application, robotic palletizing and de-palletizing, robotic
welding, automation in foundry and forging, machine tending
application, gantry and travel track-based solution.


JAIN STEEL: ICRA Withdraws B Rating on INR6cr LT Loan
-----------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B for the
INR6.00-crore fund-based bank facilities of Jain Steel Industries
(JSI). ICRA has also withdrawn the long/short-term rating of
[ICRA]B and [ICRA]A4 for the INR4.00-crore unallocated fund. The
outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Fund-
   based/CC             6.00      [ICRA]B (Stable); withdrawn

   Unallocated          4.00      [ICRA]B (Stable)/A4; withdrawn

Rationale

The ratings assigned to JSI have been withdrawn at the request of
the company, based on the no-objection certificate provided by
its banker.

Outlook: Not applicable

Jain Steel Industries, was established in 1973 as a partnership
firm and is currently managed by Mr. Satish Jain and Mr.
Janeshwar Jain. The firm is primarily engaged in the trading of
iron and is majorly dealing in Cold-Rolled (CR)
Coils/Sheets/Strips, Hot-Rolled (HR) Coil/Sheets/Plates, G.P.
Sheet/Coils, GC and B.P. Sheets. Firm has installed, cut to
length shearing machines and coil slitters machines for cutting
various sizes according to requirement. Presently sales are made
to iron and steel industries located in Ludhiana and other parts
of Punjab.


JOYROSS TECHNICAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Joyross Technical Services Private Limited
        Door No: III-287-E, Second Floor, Maria Plaza
        Rajagiri Road, Kalamassery
        Kochi 683104, Ernakulam, Kerala, India

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Raju Palanikunnathil Kesavan

Interim Resolution
Professional:            Raju P.K.
                         Kodamessary Lane, Chalikkavattom
                         Vennala PO, Kochi, Ernakulam
                         Kerala 682028
                         E-mail: rajupkin@gmail.com
                         Mobile: 9349198960

Last date for
submission of claims:    November 1, 2018


NATCONN ENGINEERING: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Natconn Engineering Private Limited
        Plot No. 161, Unit No. N1, Sector 28
        Vashi, Navi Mumbai 400703

Insolvency Commencement Date: October 3, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 1, 2019
                               (180 days from commencement)

Insolvency professional: Sekar Ananthanarayan

Interim Resolution
Professional:            Sekar Ananthanarayan
                         B-305, Sai Jyote, Lalubhai Park West
                         Vile Parle (W), Mumbai
                         Maharashtra 400056
                         E-mail: a.sekar.cs@gmail.com

Last date for
submission of claims:    Within 14 days from the date of
                         publication of notice


NATURAL SUGAR: ICRA Lowers Rating on INR140cr Loan to D
-------------------------------------------------------
ICRA has revised the long-term rating of [ICRA]BB- to the
INR150.00-crore1 fund-based facilities of Natural Sugar and
Allied Industries Limited (NSAIL) to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         140.00      [ICRA]D, revised from
   Cash Credit                     [ICRA]BB- (stable)

   Fund-based-          10.00      [ICRA]D, revised from
   Term Loan                       [ICRA]BB- (stable)

Rationale

The revision in rating factors in the recent delays in debt
servicing by NSAIL due to its weak liquidity position. The rating
remains constrained by the company's modest financial profile
characterized by moderate gearing level, weak debt coverage
indicators and high working capital intensity of operations
inherent to the sugar business owing to high inventory levels.
The rating considers the vulnerability of the company's
profitability to sugar and milk realizations which remain market
driven in contrast to the cane and milk procurement costs which
are government determined. The rating also factors in the dynamic
operational environment of the sugar and dairy industries marked
by agro climatic risks and regulatory changes which can impact
the profitability.

The rating factors in the long-standing experience of the
promoters and NSAIL's long operating history in the sugar
operations resulting in established relationships with the
farmers.

Outlook: Not applicable

Key rating drivers

Extensive experience of the promoters and long operating history
of the company in the sugar industry: Mr. Thombare, the key
promoter has over forty years of experience in the sugar
industry. He has been actively involved in erection and
commissioning of several sugar mills in Maharashtra along with
being associated with various national level industry
organizations. The company has established a strong relationship
with farmers owing to its establihed track record and presence in
the industry.

Credit challenges

Recent delays in debt servicing: NSAIL has reported recent
instances of delays in servicing of term loan interest and
principal repayment obligations in the past six months due to its
stretched liquidity position.

Moderately leveraged capital structure, weak debt coverage
indicators: The total debt levels of the company have
historically remained on a higher side in the last four fiscals
and have been dominated by working capital loans. As of March 31,
2017, the company's total debt stood at 137.95 crore comprising
term loans of INR64.43 crore with rest working capital
borrowings. The gearing of the company stood at 1.20 times as on
March 31, 2017 while debt coverage indicators remained weak as
reflected by interest coverage of 1.80 times, Total Debt/OPBDITA
of 7.96 times, NCA/Total Debt of 6 %.

High working capital intensity of operations: The working capital
intensity of the company has historically remained on a higher
side owing to high stocks of inventory maintained by the company.
The same stood at 27% in FY2017, reduced from 45% in FY2016 due
to liquidation of sugar stocks. The inventory remains dominated
by sugar stocks. The inventory levels of milk products are
minimal given the perishable nature of the products.

Vulnerability of profitability to movement in finished product
realizations and raw material procurement costs: Typically, the
profitability of the sugar and dairy entities remains driven by
the finished product realizations (sugar and its by products, and
raw material (milk, cane) procurement costs. Whereas the sugar
and milk realizations remain market driven, the state governments
fix the minimum procurement price for the cane and milk. Any
adverse movements in the same impacts the contribution margins of
these companies.

Vulnerability of operations to agro climatic conditions and
regulatory changes: The operations of Sugar mills and dairies
remain exposed to agro climatic risks and cyclical trends, as
also government/regulations policies like export restrictions,
sugar stocking among others.

Competition from nearby sugar factories and dairies: The company
has to compete with the sugar companies and dairies for cane and
milk procurement in analbeit limited catchment area which may put
pressure on their pricing. Managing the procurement costs will
remain crucial for maintaining adequate profitability for the
company.

Incorporated in 1998, Natural Sugar and Allied Industries Limited
is mainly involved in manufacture of sugar and by products. NSAIL
is based out of Ranjani in Osmanabad district of Maharashtra and
operates an integrated sugar unit having 5000 tons per day (TCD)
of sugar crushing capacity, 23 Mega Watt (MW) power cogeneration
unit and 30 Kilo Litres per day (KLPD) distillery unit. The
company has another sugar unit in Yawatmal with 2500 TCD crushing
capacity, which was acquired in March 2016. NSAIL is also
involved in manufacture of processed milk and milk products and
has a processing unit with 70,000 litres per day of installed
capacity. The company is promoted by Mr. B.B.Thombare who as over
40 years of experience in the industry.

As per audited financials for FY2017, NSAIL reported a net profit
of INR0.48 crore on an operating income of INR214.06 crore, as
compared to a net profit of INR8.38 crore on an operating income
of INR278.86 crore in FY2016.


ORIENT GREEN: ICRA Reaffirms 'D' Rating on INR12.58cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D to the
INR12.58-crore term loan and INR8.00-crore cash credit facilities
of Orient Green Power Company (Rajasthan) Private Limited
(OGPRPL). ICRA has withdrawn the short-term rating of [ICRA]D
assigned earlier to the unallocated facilities of OGPRPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            12.58      [ICRA]D; Reaffirmed
   Cash Credit           8.00      [ICRA]D; Reaffirmed

Rationale

The reaffirmation of rating takes into consideration the
continued delays in debt repayments by OGPRPL owing to stretched
liquidity position arising from high inventory holding
requirements for raw materials. While the overall performance of
the company improved in FY2018 owing to improved PLF levels from
22.4% in FY2017 to 66.8% in FY2018 due to better raw material
availability, its cashflow position continues to remain stretched
owing to seasonality associated with availability of raw
material, which, in turn, keeps the company's inventory holding
requirements elevated. ICRA further notes that the company's
working capital facilities are fully utilised with limited
availability of cushion. In addition, the rating remains
constrained by the vulnerability of OGPRPL's profitability to the
volatility in raw material prices whose availability is in turn
exposed to agro-climatic risks.

ICRA, however, continues to take note of the low off-take risks
given the presence of a long-term power purchase agreement(PPA)
of twenty years with Rajasthan state power distribution
utilities.

Key rating drivers

Credit strengths

Presence of a long-term PPA alleviates off-take risks: OGPRPL has
signed a long-term PPA with the state power distribution
utilities (discoms) of Rajasthan namely Jaipur Vidyut Vitaran
Limited, Jodhpur Vidyut Vitaran Limited and Ajmer Vidyut Vitaran
Limited for a period of 20 years. Presence of a long-term PPA
alleviates off-take risks for the company. The PPA provides for
escalation of variable cost of 5% per annum. Furthermore, the
tariff takes into consideration the normative raw material price
of INR2,450/MT at a fuel consumption rate of 1.23/unit.

Credit challenges

Availability of raw materials exposed to agro climatic risks: The
key raw material used for power generation in the 8 MW biomass
power plant is mustard husk, whose availability is exposed to
agro climatic risks and is determined by the weather conditions
during a given year. Furthermore, the peak season for raw
material availability is January: March of a given year which, in
turn, entails inventory holding requirements for the company. The
overall utilisation level of the power plant is thus dependent on
the extent of raw materials available and the procurement
strategy adopted by the company.

Profitability exposed to volatility in key raw material prices:
The overall performance of OGPRL is also dependent on the price
of the raw materials procured given that the PPA considers a
normative price of 2,450/MT. Given that the availability of raw
materials is exposed to seasonality as well as weather
conditions, the price, and thus the profitability of OGPRPL is
determined by the demand-supply scenario of raw materials in a
given year.

Stretched liquidity position owing to inventory holding
requirements: The liquidity position of the company continues to
remain stretched as funds are tied up in inventory holding.
Furthermore, a timing mismatch in receipt of payments from the
Rajasthan discoms and repayment of debt obligations, coupled with
limited availability of cushion in the sanctioned working capital
facilities has resulted in delays in repaying debt for the
company.

OGPRPL was incorporated in November 2008 and is involved in
generating electrical power using biomass. The company has
commissioned an 8.0-MW biomass-based power plant in Kishanganj
(Baran, Rajasthan) in October 2013 and power is being sold to the
Rajasthan discoms under a 20-year PPA. OGPRPL is a part of the
Shriram Group of companies and is 100% held by Janati Bio Power
Limited.

In FY2018, the company reported a net profit of INR3.52 crore on
an operating income of INR30.09 crore, as compared to a net loss
of INR4.00 crore on an operating income of INR10.03 crore in the
previous year.


PIONEER TEA: ICRA Maintains B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR6.89 crore bank facilities of
Pioneer Tea & Exports Limited (PTEL) continue to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable)/ [ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund Based Limits      4.39      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Non-Fund Based         0.40      [ICRA]A4 ISSUER NOT
   Limits                           COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Untied Limits          2.10      [ICRA]B+ (Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating continues to remain
                                    under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore, it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets
its tea under the brand name of 'Raajdhanee', 'Pioneer',
'Daffodil', 'Anubhuti', 'Remajuli' and 'Saffron Valley'.


PRAVEER CONSTRUCTIONS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Praveer Constructions Pvt Ltd
        413, 4th Floor, Naurang House Building
        Kasturba Gandhi Marg
        New Delhi 110001

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 13, 2019
                               (180 days from commencement)

Insolvency professional: Alok Kaushik

Interim Resolution
Professional:            Alok Kaushik
                         Flat No. G-105, Sai Baba Apartments
                         Rohini, Sector-9
                         Delhi 110085
                         E-mail: alok_kaush@yahoo.com
                                 alok_top@yahoo.in
                                 irp.pcpl@gmail.com

Classes of creditors:    Commercial Unit Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    1. Yogesh Kumar Gupta
                         2. Sunil Kumar
                         3. Vinod Kumar Chaurasia

Last date for
submission of claims:    October 30, 2018


PUMA REALTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Puma Realtors Private Limited

        Registered office:
        C-4, 1st floor Malviya Nagar
        New Delhi South Delhi 110017

        Address other than registered office where books of
        account and papers are maintained:
        S.C.O. 6-8, Sector-9/D, 1st/2nd floor, Madhya Marg
        Chandigarh 160009

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019

Insolvency professional: Mr. Pawan Kumar Garg

Interim Resolution
Professional:            Mr. Pawan Kumar Garg
                         25-A, J-Pocket, Sheikh Sarai-2
                         New Delhi 110017
                         E-mail: ca.pawangarg@gmail.com
                                 pumarealtors.pawan@gmail.com

Classes of creditors:    Home Buyers (Financial Creditors)

Insolvency
Professionals
Representative of
Creditors in a class:    1. Mr. G. Jaishankar
                         2. Ms. Anjali Sharma
                         3. Mr. Atul Mittal

Last date for
submission of claims:    November 1, 2018


R J BUILDCON: ICRA Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR14.00 crore bank facilities of R
J Buildcon Private Limited continue to remain in the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term, Fund      4.00      [ICRA]B (Stable) ISSUER NOT
   based-Term Loan                COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term, Fund      4.00      [ICRA]B (Stable) ISSUER NOT
   based-Cash Credit              COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term, Non-     6.00      [ICRA]A4 ISSUER NOT
   fund based-                    COOPERATING; Rating continues
   Bank Guarantee                 to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Incorporated in 2008, R J Buildcon Private Limited (RJBPL) is
involved in executing contracts for roads, irrigation systems and
buildings for state government and civil bodies. The company is a
class I(A) contractor with Public Works Department (PWD) of
Government of Maharashtra and an approved contractor for various
government and civil bodies.


RAHEE INFRATECH: CRISIL Hikes Rating on INR73cr Loan to B-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Rahee
Infratech Limited (RIL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       176.5       CRISIL A4 (Upgraded from
                                    'CRISIL D')

   Cash Credit           73         CRISIL B-/Stable (Upgraded
                                    from 'CRISIL D')

   Proposed Long Term    20.5       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

The upgrade reflects timely servicing of interest on the bank
loan facilities availed by the company

The ratings reflect RIL's weak liquidity on account of working
capital-intensive operations, which led to high bank limit
utilisation. The ratings also reflect customer concentration in
revenue. These weaknesses are partially offset by the extensive
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity on account of working capital-intensive
operations: Gross current assets have been over 200 days because
of large security deposits with customers. This led to high bank
limit utilisation, thereby constraining overall liquidity.

* High customer concentration: More than 90% of revenue comes
from Indian Railways.

Strength

* Extensive experience of promoters: Industry presence of more
than six decades has enabled the promoters to develop healthy
relationship with customers.

Outlook: Stable

CRISIL believes RIL's liquidity will remain below average on
account of working capital-intensive operations. The outlook may
be revised to 'Positive' if liquidity improves with efficient
working capital management, healthy accrual, or equity infusion
by promoters. The outlook may be revised to 'Negative' in case of
considerably low accrual, further stretch in working capital
cycle, or large, debt-funded capital expenditure.


RIL was set up in 1948 as a partnership firm, Ramchander
Heeralall, for supply of fasteners to the Indian Railways. It was
reconstituted as a private limited company in 1998. RIL is
engaged in the construction, fabrication, and fasteners
businesses


RAJRAJESHWAR COTTON: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR6.0 crore bank facilities of
Rajrajeshwar Cotton Industries (RCI) have continued to remain in
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term fund         4.75      [ICRA]B+ (Stable) ISSUER NOT
   based (CC Limit)                 COOPERATING; Continues to
                                    remain in ISSUER NOT
                                    COOPERATING category

   Long term fund         1.25      [ICRA]B+ (Stable) ISSUER NOT
   based (Term Loan)                COOPERATING; Continues to
                                    remain in ISSUER NOT
                                    COOPERATING category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

RCI is a partnership concern of Mr. Vrandavandas Hajarilal Tayal,
Mr. Sunil Kumar Gyarsilal Mangal and Mr. Govind Kumar Gyarsilal
Mangal. It is involved in the ginning and pressing of cotton in
Sillod, Maharashtra. The company's installed capacity was 230
bales per day (370 quintal/day) as on March 31, 2016. It procures
'kapas' from farmers and local mandis through cash or demand
draft. The company sells the ginned cotton to traders and
sometimes to spinning companies. The company sells cotton seeds
to the oil extraction companies.

RCI reported an operating income (OI) of INR70.47 crore and a
profit after tax (PAT) of INR1.13 crore in FY2016, as compared to
an OI of Rs.49.77 crore and a PAT of INR0.90 crore in the
previous year.


S.S MEDICAL: CRISIL Migrates C Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S.S Medical
Systems (India) Private Limited (SSMSIPL) to 'CRISIL C/CRISIL A4
Issuer not cooperating'.

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

   Cash Credit           6         CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

Established in 1975, SSMSIPL manufactures and assembles medical
equipment used in hospitals, pathologies, laboratories, at its
unit at Bhimtal in Nainital.


SAI COMMUNICATION: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sai Communication and Marketing Private Limited
        Office No. 210, 2nd Floor, Rishab Tower
        Plot No. 16, Community Centre
        Karkardooma Delhi 110092

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Jatin Madan

Interim Resolution
Professional:            Jatin Madan
                         25, DDA LSC, Block M1, Vikaspuri
                         New Delhi 110018
                         E-mail: cajatinmadan@yahoo.com
                                 saiinsolvency@gmail.com

Last date for
submission of claims:    October 30, 2018


SHRAMAN STRIPS: ICRA Withdraws B Rating on INR9cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B for the
INR16.00-crore fund-based bank facilities of Shraman Strips
Private Limited (SSPL). The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          9.00      [ICRA]B (Stable); withdrawn

   Standby Line
   of Credit            0.90      [ICRA]B (Stable); withdrawn

   Term Loan            2.00      [ICRA]B (Stable); withdrawn

   Unallocated          4.10      [ICRA]B (Stable); withdrawn

Rationale

The ratings assigned to SSPL have been withdrawn at the request
of the company, based on the no-objection certificate provided by
its banker.

SSPL was incorporated in 1988 by Mr Satish Jain & Mr. Jaineshwar
Jain. SSPL trades in iron and steel products. The company
processes stainless steel coils into strips, sheets and tubes of
varying sizes, as per customer specifications. Stainless Steel
Strips are mainly used in watch, steel straps, electronics, auto
parts and press tool manufacturing and various fabricating
companies. SSPL has its administrative and processing unit in
Ludhiana. The metal processing machines include slitting,
shearing, surface finishing etc.


SHREEGOPAL GOBIND: ICRA Moves B+ Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Shreegopal
Gobind Agro Tech Private Limited (SGAT) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
[ICRA]B+(Stable) ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-          11.00     [ICRA]B+ (Stable) ISSUER NOT
   Working Capital                COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Fund-based-          12.50     [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

   Unallocated           1.50     [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available information on the issuers' performance. Accordingly,
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as it may
not adequately reflect the credit risk profile of the entity.

Incorporated in 2013, SGAT is engaged in milling, processing and
sorting of non-basmati rice. The company has its plant at Kaimur
(Bihar) with a milling capacity of 48000 tonnes per annum.


SHRI KALYANIKA: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shri
Kalyanika Promotors and Developers Private Limited (SSBJDHIPL) to
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             10        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

SSBJDHIPL was set up in 2012-13 (refers to financial year,
April 1 to March 31) by Mr. Anand Haldiwal, Mr. Omprakash
Haldiwal, Mrs. Rakhi Haldiwal, Dr. Jagdish Chand Yadav, Dr. Manoj
Gurjar, and Dr. Vishal Yadav. The company runs a hospital in
Barwani (Madhya Pradesh). It started operations in July 2014.


SION STEELS: ICRA Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA said the long term for INR10.00 crore fund based bank
facilities of Sion Steels has been moved to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       10.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Cash                      COOPERATING; Rating moved to
   Credit                          'Issuer Not Cooperating'
                                   Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Sion Steels is a partnership firm incorporated in 1992 with the
objective of trading in various mild steel structures and metal
scraps. Mr. Khushnainissa Shaikh is the key management personnel
of the firm, with experience of nearly 25 years in metal trading,
who also is responsible for the overall operations of the firm.
Mr. Ainual, Mr. Shamshul, Mr. Noorul and Mr. Khatoon are also
active partners and key management personnel of the firm with an
experience of around two decades in this line of business. The
firm's registered office and godown is located at Sion, Mumbai.


SRI CHANDRA: CRISIL Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Chandra
Moulishvar Spinning Mills Private Limited (SCMSM) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       .09        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit         10          CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       7.75       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

Established in September 2004 by Mr M Ravichandran, SCMSM
manufactures hosiery yarn in Tirupur (Tamil Nadu).


SWASHTHIK CAPS: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swashthik
Caps Private Limited (SCPL, part of the Swashthik Group) to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

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

   Letter of Credit      1.0       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

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

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of SCPL and its group entities,
Swashthik Preforms Private Limited (SPPL) and Swashthik
Industriees (SI), collectively known as the Swashthik Group, as
all the entities are in the same line of business, have common
promoters and have operational linkages.

Established in 2007 as a partnership entity, SCPL was
reconstituted as a private limited company in 2011. SCPL is
engaged in the manufacture of three product lines: single stage
bottles, caps and preforms. SCPL has an installed capacity to
manufacture 9 tonnes of packaging material per day.

Established in 2007 as a partnership entity, SPPL was
reconstituted as a private limited company in June 2011. SPPL is
engaged in the manufacture of pre-forms used primarily in the
mineral water industry, jars for the confectionery industry etc.
SPPL has an installed capacity to manufacture 12 tonnes of
preforms per day.

Established in 2011, SI is engaged in the manufacture of pre-
forms, containers, bottles and jars. SI has a capacity to
manufacture 15 tonnes of packaging material per day.


SWASHTHIK INDUSTRIEES: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swashthik
Industriees (SI, part of the Swashthik Group) to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

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

   Cash Credit         5.25        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit    1.50        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       .8         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of SI and its group entities,
Swashthik Caps Private Limited (SCPL) and Swashthik Preforms
Private Limited (SPPL), collectively known as the Swashthik
Group, as all the entities are in the same line of business, have
common promoters and have operational linkages.

Established in 2007 as a partnership entity, SCPL was
reconstituted as a private limited company in 2011. SCPL is
engaged in the manufacture of three product lines: single stage
bottles, caps and preforms. SCPL has an installed capacity to
manufacture 9 tonnes of packaging material per day.

Established in 2007 as a partnership entity, SPPL was
reconstituted as a private limited company in June 2011. SPPL is
engaged in the manufacture of pre-forms used primarily in the
mineral water industry, jars for the confectionery industry etc.
SPPL has an installed capacity to manufacture 12 tonnes of
preforms per day.

Established in 2011, SI is engaged in the manufacture of pre-
forms, containers, bottles and jars. SI has a capacity to
manufacture 15 tonnes of packaging material per day.


UB VENTURES: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned UB Ventures
Private Limited (UBVPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit assigned with IND
     BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect UBVPL's medium scale of operations as
indicated by revenue of INR1,318 million in FY18 (FY17: INR1,008
million). The growth in revenue was on account of a higher demand
and an increase in realization. The company's return on capital
employed was 14% in FY18 and operating margin was average at
2.45% (FY17: 2.59%).

The ratings are also constrained by the company's tight liquidity
position as reflected by 98.84% average utilization of its fund-
based limits during the 12 months ended September 2018.

However, the ratings are supported by UBVPL's strong credit
metrics as indicated by interest coverage (operating EBITDA/gross
interest expense) of 4.0x in FY18 (FY17:1.9x) and net leverage
(net debt/operating EBITDA) of 1.7x (2.1x). The improvement in
the credit metrics was attributed to an improvement in absolute
EBITDA to INR32.33 million in FY18 (FY17: INR26.11 million).

The ratings also benefit from the company's promoter's experience
of over two decades in the manufacturing of thermos-mechanically
treated bars.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis may lead to a negative rating action.

Positive: A sustained improvement in the revenue and overall
credit metrics may lead to a positive rating action.

COMPANY PROFILE

Incorporated in August 2007, UBVPL, located in Surajpur district
of Chhattisgarh, manufactures thermos-mechanically treated bars
under the brand name KDS 500+. It has an installed capacity of
50,000 tons per year. The company is promoted by the Malik and
Panwar families.


UNITED BROTHERS: ICRA Withdraws B+ Rating on INR3cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a stable
outlook and the short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING assigned to the INR13.00-crore bank facilities of
United Brothers Polytech LLP.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          3.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Withdrawn

   Fund based-          5.00      [ICRA]A4 ISSUER NOT
   Bill Discounting               COOPERATING; Withdrawn

   Non-Fund based-      5.00      [ICRA]A4 ISSUER NOT
   Bank Guarantee                 COOPERATING; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request of the entity, and on
the basis of the no-objection certificate received from its
banker.

United Brothers Polytech LLP (UBPL) was established as a limited
liability partnership firm in August 2012 with the object of
distribution and marketing of in Polypropylene products. The firm
is an agent and a consignment stockist for distribution of
polypropylene (PP) in the Western region, supplied by HPCL Mittal
Energy Ltd (HMEL) which is rated at [ICRA]AA
(Positive)/[ICRA]A1+. A group company, United Brothers (UB) is
also a Del Credere Agent (DCA) and consignment stockist of GAIL
India Limited (GIL) for distribution of polymer products in
Western India.


USHDEV ENGITECH: Ind-Ra Lowers Rupee Term Loan Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ushdev
Engitech Limited's (UEL) rupee term loan as follows:

-- INR895.2 mil. (INR523.6 mil. outstanding as on September 30,
     2018) Rupee term loan due on June 2022 downgraded with IND
     BB/Negative rating.

The rating action reflects under realization of tariffs due to
increased open access charges in FY18, likelihood of lower tariff
levels in the coming years, increased interest rate and reduced
debt service coverage ratio for the upcoming years.

KEY RATING DRIVERS

The rating is constrained by UEL's increased revenue risk
stemming from under realization of tariffs. The company has long-
term power purchase agreements with four state distribution
companies along with group captive consumers in Tamil Nadu
(28.05MW). The average tariff of INR4.17/unit across all the off-
takers, has declined from INR4.67/unit in FY17, and the sharp
increase in open access charges in Tamil Nadu and Maharashtra has
resulted in reduced top line during FY18 (FY18: INR457.66
million, FY17: INR477.12 million). The receivables days for
Rajasthan state distribution company and Maharashtra State
Electricity Distribution Company Limited (MSEDCL) have been high,
averaging around 120 days for May 2017 to March 2018. UEL has not
received payments from MSEDCL since September 2017. The PPA with
MSEDCL will expire in FY19 and UEL's management expects it to be
converted into open access agreements, which are subject to a
risk of lower tariff and high open access charges. FY18
financials are provisional in nature.

As per Ind-Ra's analysis, UEL's debt service coverage ratios are
weak given the uncertainty on tariff rates for the majority of
the capacity. The company has a debt service reserve account
(DSRA) to the extent of INR101.4 million, available to cover
about two quarters of debt servicing. However, UEL utilized INR30
million from the DSRA during the 12 months ended September 2018.
Ind-Ra sees the frequent tapping of DSRA as a sign of liquidity
weakness and would be a rating sensitivity.

The ratings are also constrained by the company's supply risks
associated with the availability and variability of wind
resources. The availability of wind resources is an important
factor, given the high sensitivity of the project cash flow to
changes in wind patterns. Thus, the project's revenue and
operating cash flow directly depend on the accuracy of wind
assessment studies and energy production forecasts.

However, the ratings benefit from UEL's low operational risk as
Ind-Ra believes the company's wind turbine technologies are
standard and proven. UEL has entered a 10-year operation and
maintenance (O&M) contract with Suzlon Infrastructure Services
Limited (SISL), the O&M arm of Suzlon Energy Limited (its turbine
supplier). The stipulation of 95% machine availability at the
minimum in the O&M contract provides sufficient support to the
ratings. The rating also factors in total operating costs within
Ind-Ra base case estimate of INR2.75 million per MW in FY19 with
a fixed annual escalation.

The company's generation levels fell marginally with plant load
factor reducing to 19.14% in FY18 (FY17: 19.46%) due to
variations in weather conditions. However, UEL's 58.3MW wind
assets are fully operational since FY12 and have exhibited
improved plant load factor of 28.75% in 1QFY19 (1QFY18: 25.90%).
The machine availability averaged around 97.06% for FY18 (Q1FY19:
96.05%) and grid availability to evacuate power averaged around
94.2% (95.6%).

The ratings are also supported by UEL's operational track record
of six years and diversified wind generation assets extending
across five states with a capacity of 7.5MW in Karnataka, 14.6MW
in Rajasthan, 5.05MW in Maharashtra, 3MW in Gujarat and 28.05MW
in Tamil Nadu spread across nine locations, mitigating cash flow
volatility to an extent.

RATING SENSITIVITIES

Negative: Lower-than-expected plant performance and/or any
reduction in tariffs/significant payment delays from the off-
takers triggering counterparty related risks, reduced tariff
realizations and depletion of the DSRA could result in a rating
downgrade.

Positive: Sustained and timely receipt of payments from the
counterparty and a sustained better-than-expected operating and
financial performance may result in a rating upgrade.

COMPANY PROFILE

UEL operates wind power plants across Karnataka, Maharashtra,
Tamil Nadu, Gujarat and Rajasthan with an aggregate capacity of
58.2MW. Ushdev Power Holdings Private Limited is UEL's holding
company and is part the Ushdev Group with a presence in power,
mining, trading and industrial sectors.


VETRIVEL EXPLOSIVES: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vetrivel
Explosives Private Limited (VEPL) to 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              31.45     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

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


ZEDSON AGRO: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Zedson Agro
Private Limited (ZAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.25       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        4.30       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     .95       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

Therefore, on account of inadequate information and lack of
management cooperation,

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

ZAPL was incorporated in October 2014 and processes wheat seeds
at the facility at Surendranagar, Gujarat. The operations are
managed by Mr Devendrabhai who has over ten years of experience
through another group concern, Aghara Agriculture, which is a
partnership firm, involved in similar activities. The company has
started its operations from February 2015 and has recently set up
grinding mill to make flour from wheat.


* INDIA: KKR Seeks to Buy Assets from Stressed Shadow Lenders
-------------------------------------------------------------
Bloomberg News reports that KKR & Co. is seeking to acquire
assets from stressed Indian shadow lenders, as it tries to take
advantage of the market disruption after a rare money market
default by Infrastructure Leasing & Financial Services Ltd.

The private equity firm's two Indian credit units may spend as
much as INR20 billion ($270 million) combined to purchase
portfolios from local non-banking finance companies, Sanjay
Nayar, KKR's India chief executive officer, said in a phone
interview Oct. 19, Bloomberg relates.

"We believe current market conditions offer attractive
opportunities to buy portfolios of structured credit and real
estate credit," Nayar told Bloomberg.

KKR is also seeking outright acquisitions of Indian non-bank
lenders and their employee teams, people with knowledge of the
matter said, Bloomberg relays. It's looking for targets that
could help diversify its lending in areas including small and
medium enterprises, according to the people, who asked not to be
identified because the information is private.

According to Bloomberg, the buyout firm follows State Bank of
India, the country's largest bank, which last week tripled its
target for asset purchases from such shadow lenders. India's
central bank warned earlier this month of stricter regulations in
the offing to ward off default risks rising from the so-called
asset liability mismatch, says Bloomberg.

KKR is one of the few foreign private equity firms that has its
own non-banking finance operations in India, Bloomberg discloses.
It has invested around $2.5 billion in the country this year,
including about $920 million spent in private equity
transactions, the people with knowledge of the matter said.

Both of the buyout firm's finance companies in the country -- KKR
India Financial Services Pvt and KKR India Asset Finance Pvt --
currently have no short-term borrowings, Nayar said, Bloomberg
relays. In addition, Abu Dhabi Investment Authority made a
significant minority investment in KKR India Financial Services
in December, adds Bloomberg.



===============
M A L A Y S I A
===============


PRESS METAL: S&P Alters Outlook to Stable & Affirms 'BB-' LT ICR
----------------------------------------------------------------
S&P Global Ratings said that it has revised the outlook to stable
from positive, on its long-term issuer credit rating on Press
Metal Aluminium Holdings Bhd. (PMB). At the same time, S&P
affirmed the rating at 'BB-'.

S&P also affirmed its 'BB-' issue rating on the senior unsecured
notes issued by Press Metal (Labuan) Ltd. PMB, its two smelting
operating subsidiaries, and certain other subsidiaries
unconditionally and irrevocably guarantee the notes.

PMB is a Malaysia-based aluminum extrusion and smelting company.

S&P said, "We revised the outlook on PMB to stable to reflect the
company's slower deleveraging and continued increase in working
capital and short-term debt. PMB has used its improving cash
flows to further invest in acquisitions, working capital, and pay
out dividends, instead of reducing debt--a trend that we expect
to continue.

"PMB's working capital requirements have been significant, which
we don't expect to unwind immediately. The company invested
Malaysian ringgit (MYR) 980 million over 2017 and MYR320 million
during the first half ended June 30, 2018, for working capital.
These amounts are a substantial portion of PMB's funds from
operations (FFO) during the two periods, which were MYR1.2
billion and MYR700 million, respectively. As a result, the
company didn't reduce its short-term debt, contrary to our
previous expectations.

"We believe such elevated working capital was partly due to
higher metal and raw material prices. Still, a good share of
PMB's working capital is due to an inventory build-up and longer
credit periods for customers. As a result, PMB's cash conversion
cycle extended to 69 days by June 2018 from 46 days in March
2016. Although some unwinding of working capital is possible, we
don't expect an immediate and large release of cash from such
unwinding. As such, cash availability to reduce debt is likely to
be low.

"PMB's announced acquisition of an effective 5% stake in Worsley
Alumina Pty. Ltd. is a move toward upward integration. Worsley's
production of alumina comprises 4.6 million tons per annum (mtpa)
and is integrated with its bauxite mining operations. PMB's cash
inflow from the acquisition would come from the sale of its about
0.23 mtpa share at market prices, after applicable Australian
taxes. We expect such distributions to be small at about MYR70
million starting 2020. PMB will pay MYR750 million for the
acquisition, which will increase its debt and derail our earlier
expectation of its FFO-to-debt ratio reaching 45%.

"We now anticipate that PMB's debt will be much higher than our
previous expectations -- at about MYR3.5 billion for the rest of
2018 and 2019. We had expected PMB's gross debt to reduce to
MYR2.7 billion in 2018 and MYR2.0 billion by 2019. In addition,
PMB's working capital needs have further increased its dependence
on short-term debt, to MYR1.2 billion as of June 2018 from MYR900
million in December 2017. PMB's working capital needs, and hence,
its short-term debt, are unlikely to rise. Still, the larger debt
levels have reduced the scope for a stronger position in PMB's
cash flow leverage."

The ratings on PMB reflect the company's small production and
scale as an aluminum smelter and extruder; its single-asset,
single-metal, and single power supply exposure; and a limited
record of operations at larger production levels. The company
also has debt-funded its capacity expansion, and its cash flow
adequacy ratios will remain sensitive to fluctuations in aluminum
prices. PMB's sound cost position with low power costs, limited
reinvestment needs, and potential for debt reduction using free
operating cash flows mitigate these constraints to some extent.

S&P said, "The stable outlook reflects our expectations that
PMB's healthy operating performance would sustain its FFO-to-debt
ratio near 35%. Also, we expect the company to use its
discretionary cash flow to reduce its short-term debt and
gradually strengthen its liquidity.

"We could lower the rating if PMB continues to invest in
opportunistic growth or fund its working capital such that its
leverage position weakens, indicated by the FFO-to-debt ratio
reaching 25%. Furthermore, a continued increase in short-term
debt to fund business needs could weaken the company's liquidity,
leading to downward rating pressure.

"We may raise the rating if PMB continues to pay down debt with
excess cash flows, although this scenario is unlikely over the
next 12 months. The FFO-to-debt ratio sustaining over 45% would
indicate such improvement. An upgrade to 'BB' would also depend
on the company adopting a prudent approach to liquidity
management, and sustaining reduced short-term debt maturities and
ample cash balances."



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


EBERT CONSTRUCTION: Creditor Calls Meetings to Roll Liquidator
--------------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that a large creditor of
failed building firm Ebert Construction is calling informal
creditor meetings to give creditors a choice about whether they
want a new liquidator.

According to Stuff, Tempest Litigation Funders, which bought bad
debts from Ebert, plans to hold meetings in Auckland, Wellington
and Christchurch, to "get other creditors into the room" and
suggest the present liquidator, Grant Thornton, be replaced.

Grant Thornton's decision not to call an initial creditor's
meeting had taken away their "one opportunity" to replace the
liquidator, Tempest's founding director Damien Grant said, the
report relays.

"I think the creditors should be given the opportunity to vote."

Stuff relates that Mr. Grant, a liquidator himself, said he was
"not happy" about the fact that Ebert's shareholders had beaten
him to the punch in appointing a liquidator a day after Tempest
had indicated it was going to do so.

He said his action should not be interpreted as any slight on
Grant Thornton, but the company had worked for Ebert director
Kelvin Hale before, in a company called Trebe, and as a large
creditor, he wanted total assurance the liquidator would ask the
toughest questions, Stuff says.

New Zealand liquidators in general had a poor record of holding
to account the people who had appointed them, Mr. Grant said.

"The problem . . . is that once you go down that track, and you
say, we are the sort of liquidation firm that will sue company
directors, then they won't touch them," Stuff quotes Mr. Grant as
saying.

For that reason, he said, he was recommending creditors chose
BDO, the liquidators of collapsed building giant Mainzeal which
is currently taking Mainzeal's directors to court, the report
states.

BDO's decision to take that case had been a brave, "huge call,"
he said.  Mr. Grant said it was a conflict of interest for his
own company, Waterstone Insolvency, to be involved, relates
Stuff.

One question mark he had over Ebert was that the company had put
its assets and equipment into another company, notes the report.

Although the practice was not uncommon, it had left Ebert without
any major assets to sell, and the company which owned the plant
was not in receivership or liquidation, he said.

"That might be entirely kosher, but I'm interested and I want to
have a look at it," the report quoted Mr. Grant as saying.

Mr. Grant would not say how much Tempest was owed by Ebert, but
said it was a large amount, Stuff notes.

With at least 430 creditors, it was a "big liquidation" and he
was contacting as many as he could, to collect proxy votes, Stuff
says.

The act of requesting a formal creditor's meeting meant Grant
Thornton had to hold one, he said. But he still had to persuade
51 per cent of voting creditors to take his side, and they had to
represent the majority of money owed to voting creditors. "Which
is difficult to achieve," Mr. Grant added.

                     About Ebert Construction

New Zealand-based Ebert Construction Limited provided
construction management services. It offered design management,
value engineering, cost planning, programming, construction
management, health and safety management, quality management, and
project reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were
appointed receivers to Ebert Construction Limited in July 2018 as
a result of a request made by the Ebert Board of Directors to its
bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover
of NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with
a further NZ$1.3 million owed to employees on an unsecured basis,
NZ Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale
is also a secured creditor, owed NZ$3.5 million, which he loaned
to the business on July 24 as a short-term measure before new
capital was raised from other shareholders.


FOREX (NZ): Trader Charged With Multi-Million Dollar Fraud
----------------------------------------------------------
An Auckland man who operated a foreign exchange brokerage and
trading business has been charged with fraud that saw his largest
investors allegedly lose more than NZ$1 million each.

Kelvin Clive Wood entered no plea on Oct. 23 at the Auckland
District Court to representative charges of 'Obtaining by
deception' and 'Theft by person in a special relationship'
brought by the Serious Fraud Office.

The SFO alleges that the defendant operated a Ponzi scheme from
January 2010 to May 2017 - using new investors' funds to pay
other investors their reported gains, or to refund their
principal investment.

It alleges that 18 investors lost at least $7 million as a result
of the defendant's offending.

Mr. Wood has been remanded on bail until his next appearance at
the Auckland District Court on 13 November.

The Financial Markets Authority referred the case to the SFO to
investigate in mid-2017.

Mr. Wood facilitated foreign exchange and trading services
through two companies - Forex (NZ) Limited and Forex NZ 2000
Limited.  Forex NZ ceased trading in May 2017 after Mr. Wood
bankrupted himself. Both Forex NZ and Forex NZ 2000 went into
liquidation in July 2017.



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


HYFLUX LTD: To Get SGD530MM Lifeline from Salim and Medco Group
---------------------------------------------------------------
Janice Heng and Marissa Lee at The Strait Times report that white
knights in the form of two giant Indonesian firms have thrown a
SGD530 million lifeline to beleaguered water treatment company
Hyflux.

Conglomerate Salim Group and energy giant Medco Group have
entered into a binding agreement to invest the funds in Hyflux,
it was announced on Oct. 18 after the market closed, ST relates.

Their consortium, SM Investments, will own 60 per cent of the
company once the deal has been completed, the report says.

Hyflux hit cash-flow problems earlier this year with total
liabilities, including bank debt, at SGD2.95 billion as at March
31. It asked for a share trading halt on May 23 and embarked on a
restructuring exercise. This involved Hyflux conducting a
competitive bidding process for strategic investments in the
business.

It entered non-disclosure agreements with 16 candidates and then
narrowed the field to eight parties before the deal was struck
with SM Investments on Oct. 18.

According to the report, SM Investments will subscribe for
ordinary shares representing 60 per cent of the enlarged issued
share capital in Hyflux for SGD400 million.

It will also grant Hyflux a shareholder loan of SGD130 million
and a SGD30 million loan for interim working capital for the
period leading up to the completion of the proposed investment,
the report relates.

"After a rigorous selection process, the board unanimously
selected the Salim and Medco consortium as a strategic partner
. . . They, like Hyflux, want everything to be intact; this is
their intention," the report quotes Hyflux executive chairman and
chief executive Olivia Lum as saying.

Hyflux needs to get its bank lenders, note holders, preference
share and perpetual securities holders on board via a scheme of
arrangement before the SGD530 million is injected into the
company, according to the report.

ST adds that Ms. Lum noted earlier this week that secured lender
Maybank had agreed to give Hyflux until Oct. 29 to find a buyer
for Tuaspring.

"We will have to engage Maybank . . . With this restructuring
successfully proceeded, we will not attempt to sell any more
assets," Ms. Lum added, ST relays.

                           About Hyflux

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

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

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


SWISSCO HOLDINGS: Inks Agreement to Transfer Listing Status
------------------------------------------------------------
The Business Times reports that Swissco Holdings - which is under
judicial management - has inked an implementation agreement to
transfer its listing status to Plus Renewable Technologies
through a scheme of arrangement, the judicial managers have
announced.

Plus Renewable, a renewable energy developer and asset manager
incorporated in the Cayman Islands, will pay for the proposed
transfer through the issuing of shares valued at SGD6 million, BT
relates.

"The company is presently under judicial management and its
shares are suspended from trading. One of the company's major
intangible assets is its listing status," Swissco noted in its
announcement, BT relays.  "The proposed transfer, if successful,
seeks to provide some recovery to its shareholders and its
creditors."

According to the report, the judicial managers added that the
proposed scheme "potentially offers better returns for
shareholders and creditors, compared to a liquidation scenario",
as it would be unlikely for there to be any value left for
distribution to shareholders after payment to the creditors, if
Swissco's assets were to be liquidated.

BT notes that the latest move comes after a non-binding letter of
intent was signed in August. The long-stop date of the agreement
is July 31, 2019, or any other date that Swissco and Plus
Renewable agree on in writing.

Swissco's judicial managers cautioned that the proposed transfer
and listing are subject to meeting various conditions precedents,
and there is no certainty as to whether they can or will proceed,
adds BT.

                       About Swissco Holdings

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.

Swissco and SOPL entered into judicial management last in
November 2016 after the listed holding company slipped into a
US$296 million quarterly loss on booking massive impairments.

A Singapore court in April 2017 approved the application made by
Swissco to be placed under judicial management.

In November 2017, the High Court granted Swissco an extension of
its judicial management order to Sept. 18 this year, the Strait
Times said.




                             *********

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 ***