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

                      A S I A   P A C I F I C

            Friday, October 26, 2018, Vol. 21, No. 213

                            Headlines


A U S T R A L I A

CAIRNS LIFE: First Creditors' Meeting Set for Nov. 5
CONSTRUCTION & PROPERTY: First Creditors' Meeting Set for Nov. 2
DIAMONDS ON SALE: First Creditors' Meeting Set for Nov. 2
LONGROAD PTY: First Creditors' Meeting Set for Nov. 1
MING PAK: First Creditors' Meeting Set for Nov. 1

NEW DESIGN: Second Creditors' Meeting Set for Nov. 2
ROGER DAVID: May be Rescued After Sales More Than Doubled


C H I N A

HUAYUAN PROPERTY: S&P Alters Outlook to Negative & Affirms B+ ICR


I N D I A

AMBERTEX SEKHSARIA: CRISIL Migrates B+ Rating to Not Cooperating
APS HYDRO: CRISIL Migrates B+ Rating to Not Cooperating Category
ASSOCIATED SMALL: CRISIL Migrates B+ Rating to Not Cooperating
BHARAT RICE: CRISIL Migrates B Rating to Not Cooperating Category
BORSE BROTHERS: CRISIL Migrates D Rating to Not Cooperating

C. P. FOODS: CRISIL Moves B+ Rating to Not Cooperating Category
D. MANOHARAN: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
DAEWON INDIA: CRISIL Migrates B+ Rating to Not Cooperating
EKSONS AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
ELEMECS MULTI-SPECIALITY: CRISIL Moves B+ Rating to Not Coop.

EMPLOYEES WELFARE: CRISIL Hikes Rating on INR15.75cr Loan to B+
EPARI SADASHIV: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
ESSAR STEEL: Proposes to Pay $7.42BB Settlement to Creditors
FUTUREWORLD GREENHOMES: CRISIL Moves B Rating to Not Cooperating
GAUTAM MALHOTRA: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan

GLOBAL TYRES: CRISIL Assigns B Rating to INR5cr Cash Loan
GOODWILL IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
GREEN ASIA: CRISIL Migrates B+ Rating to Not Cooperating Category
JSR INFRA: Ind-Ra Withdraws BB+ LT Issuer Rating, Outlook Stable
KAAMADHENU SPINNERS: CRISIL Migrates B Rating to Not Cooperating

KLM INFRA: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
L.M.S. GANI: CRISIL Moves B+ Rating to Not Cooperating Category
MADHYA BHARAT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
MATRIX CELLULAR: CRISIL Lowers Rating on INR17cr Loan to B+
MB SPONGE: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating

MULTI FOOD: CRISIL Migrates B+ Rating to Not Cooperating Category
P. MOHAMMED: CRISIL Moves B+ Rating to Not Cooperating Category
PACIFIC HARISH: CRISIL Migrates B+ Rating to Not Cooperating
PIANO PRESITEL: Ind-Ra Maintains BB LT Rating in Non-Cooperating
R S AGROTECH: Ind-Ra Retains B- Issuer Rating in Non-Cooperating

R.S.H. AGRO: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
RELIABLE INFRASTRUCTURE: CRISIL Moves D Rating to Not Cooperating
RELIANCE DIAMOND: CRISIL Migrates B+ Rating to Not Cooperating
SARVODAYA SUITINGS: CRISIL Migrates D Rating to Not Cooperating
SHRI VENKATESHWARA: Ind-Ra Maintains D Rating in Non-Cooperating

SURE SAFETY: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
VARMORA FOODS: CRISIL Migrates D Rating to Not Cooperating
VIKRAM INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to 'BB-'

* INDIA: Financiers Face Near Record Maturities to Mutual Funds


I N D O N E S I A

ALAM SUTERA: S&P Alters Outlook to Negative & Affirms 'B' ICR


J A P A N

MITSUBISHI HEAVY: Aircraft Unit to Gain $220BB Lifeline


M O N G O L I A

DEVELOPMENT BANK: Fitch Rates USD500MM Sr. Unsec. Notes 'B'
KHAN BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable


N E W  Z E A L A N D

PUMPKIN PATCH: Alceon Group Buys Assets; Set to Relaunch


S O U T H  K O R E A

SOUTH KOREA: Seeks to Revive Struggling Economy


                      - - - - -


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


CAIRNS LIFE: First Creditors' Meeting Set for Nov. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Cairns
Life Pty Ltd will be held at the offices of Worrells, Level 8,
102 Adelaide Street, in Brisbane, Queensland, on Nov. 5, 2018, at
10:30 a.m.

Nikhil Khatri and Morgan Lane of Worrells Solvency were appointed
as administrators of Cairns Life on Oct. 24, 2018.


CONSTRUCTION & PROPERTY: First Creditors' Meeting Set for Nov. 2
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Construction & Property Services Industry Skills Council Limited
will be held at the offices of Worrells Solvency & Forensic
Accountants, Level 2 AMP Building, 1 Hobart Place, in Canberra
City, ACT, on Nov. 2, 2018, at 10:30 a.m.

Stephen John Hundy of Worrells Solvency was appointed as
administrator of Construction & Property on Oct. 23, 2018.


DIAMONDS ON SALE: First Creditors' Meeting Set for Nov. 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Diamonds
On Sale Pty. Ltd will be held at the offices of Dye & Co. Pty
Ltd, 165 Camberwell Road, in Hawthorn East, on Nov. 2, 2018, at
10:00 a.m.

Adrian John Warry and Shane Leslie Deane of Dye & Co. were
appointed as administrators of Diamonds On Sale on Oct. 23, 2018.


LONGROAD PTY: First Creditors' Meeting Set for Nov. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Longroad
Pty Ltd will be held at the offices of BDO Level 10, 12 Creek
Street, in Brisbane, Queensland, on Nov. 1, 2018, at 11:00 a.m.

Helen Newman and Andrew Fielding of BDO were appointed as
administrators of Longroad Pty on Oct. 22, 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 were appointed
as administrators of Ming Pak on Oct. 22, 2018.


NEW DESIGN: Second Creditors' Meeting Set for Nov. 2
----------------------------------------------------
A second meeting of creditors in the proceedings of New Design
Constructions Pty Ltd has been set for Nov. 2, 2018, at
11:00 a.m. at the offices of Amos Insolvency, 25/ 185 Airds Road,
in Leumeah 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 Nov. 1, 2018, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of New Design on Sept. 27, 2018.


ROGER DAVID: May be Rescued After Sales More Than Doubled
---------------------------------------------------------
Matthew Elmas at SmartCompany reports that the administrators of
collapsed menswear chain Roger David believe there's hope they
will find a buyer to rescue the business after an outpouring of
community support more than doubled sales over the last week.

SmartCompany relates that in a statement sent out on Oct. 25,
KordaMentha administrator Craig Shepard said parties who were
shying away a week ago were showing renewed interest in the
company.

A 50% off fire sale has been well-supported by shoppers,
resulting in a sales spike Mr. Shepard says has given life to an
ongoing effort to save the business, according to SmartCompany.

There have been at least two expressions of interest in the
business over the last week, SmartCompany understands.

The 74-year-old chain appointed administrators last week after
struggling with the common ailments of modern retail and was
expected to close down after enough cash was raised to pay
creditors, SmartCompany notes.

"But it has turned into something much bigger than that," the
report quotes Mr. Shepard as saying.

"It has brought out an amazing wave of support and loyalty for a
household Aussie brand. Employees who were staring unemployment
in the face have shown amazing loyalty and helping to push
sales."

SmartCompany relates that Mr. Shepard said they've rolled out
swathes of summer stock into stores in response to the renewed
demand.

"There is now a possibility that there may be a buyer.
Expressions of interest have been coming from interested parties
who were shying away a few weeks ago. They have seen the
outpouring of support for the brand on social media and in the
stores," Mr. Shepard, as cited by SmartCompany, said.

Roger David's previous owners had been pursuing a sale before
putting the business into the hands of KordaMentha but had no
luck.

"They are having a second look," Mr. Shepard said.

Craig Shepard and Leanne Chesser of KordaMentha Restructuring
have been appointed Voluntary Administrators of Roger David, one
of Australia's largest independent menswear fashion retailers.

Roger David had 57 stores when it appointed administrators last
week, employing about 467 workers.



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


HUAYUAN PROPERTY: S&P Alters Outlook to Negative & Affirms B+ ICR
-----------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on Huayuan
Property Co. Ltd. to negative from stable. At the same time, S&P
affirmed its 'B+' long-term issuer credit rating on the China-
based property developer.

S&P said, "We revised the outlook to negative because we expect
Huayuan's leverage to deteriorate over the next 12 months, given
its weakened revenue recognition and aggressive debt-funded
acquisition. The company will also face rising liquidity pressure
due to its large short-term maturities amid a depleted cash
position.

"We affirmed the rating because we expect Huayuan to manage its
large maturing debt through refinancing plans. A likely moderate
increase in contracted sales in the next 12 months can also
partly mitigate the risk.

"In our view, Huayuan's financial leverage will be weaker than
our previous expectation for 2018-2019, mainly driven by a
slippage in revenue owing to weaker project execution than
peers'. We estimate that the company's revenue in 2018 will
decline by about 16% from the 2017 level. The revenue decline
will be mainly due to delivery slippage in various projects,
including a completed and unsold townhouse project in Guangzhou.
We had expected this project to contribute up to 20% of Huayuan's
total sales in 2018, but it has seen slow sales so far this
year."

Huayuan's small operating scale, limited number of projects, and
risks associated with expansion into new cities exacerbates the
volatility in revenue. The company only recognized revenue of
Chinese renminbi (RMB) 1.3 billion in the first half of 2018,
compared with RMB3.8 billion in the same period in 2017. S&P
expects its debt-to-EBITDA ratio to increase to 10x-11x in 2018,
from 5.4x in 2017. EBITDA interest coverage is likely to drop to
about 2x in 2018, from 4.6x in 2017.

Huayuan's significant increase in salable resources should
underpin its growth in contracted sales over the next 12-24
months. In the first nine months of 2018, the company spent about
RMB9.5 billion on land acquisitions. Other than entering new
cities such as Yinchuan, Huayuan has strengthened its foothold in
its existing core cities of Chongqing, Foshan, Changsha, and
Zhuozhou. As of end-September 2018, the company has total salable
resources of over RMB30 billion, which should support sales in
2019. Given Huayuan's strong project pipeline, S&P had expected
contracted sales to increase to RMB10 billion-RMB11 billion in
2018 and to RMB13 billion-RMB14 billion in 2019, compared with
RMB7.7 billion in 2017.

S&P said, "We attribute the deterioration in Huayuan's liquidity
mainly to its uneven financial planning and management, as
reflected in a patchy debt maturity profile and a depleted cash
balance. The company's accelerated land acquisitions in the first
nine months of 2018 depleted its cash balance, which dropped to
RMB2.4 billion as of June 30, 2018, from RMB7.3 billion as of
Dec. 31, 2017. This results in liquidity stress because Huayuan
has large funding obligations over the next 12 months to settle
debt maturities, and cash flow and revenue from newly acquired
projects are unlikely to offset the impact. Cash collections from
sales are also slower, with a 75% cash collection ratio in the
first nine months of 2018, compared with nearly 90% in 2017.

"We believe Huayuan will depend on refinancing to settle its
short-term debt obligations. The upcoming maturities include
domestic bonds totaling RMB3.5 billion due in January, March, and
June 2019. In addition, the company has to settle RMB1.2 billion
of entrusted loans. We believe Huayuan will rely on bond
issuances and additional bank borrowings to cover these debt
obligations.

"However, we don't think Huayuan faces imminent repayment risk,
given its status as a state-owned enterprise (SOE) and its good
standing in the onshore capital market. The company obtained a
RMB5 billion quota to issue bonds in the domestic exchange market
in September 2018. This should offset the refinancing risk
because we see a reasonable chance for successful issuance,
considering the current bond yields and prices. In addition,
Huayuan's parent is likely to extend the shareholder loan of
RMB1.2 billion that matures in January 2019.

"We continue to assess Huayuan as a core subsidiary of Huayuan
Group Co. Ltd. (Huayuan Group) because more than 95% of Huayuan
Group's revenue and EBITDA comes from the property segment. We
expect the company to remain the primary driver of the group
credit profile.

"The negative outlook reflects our view that Huayuan's liquidity
could remain tight over the next 12 months due to concentrated
debt maturities. The outlook also reflects the company's
increasing leverage, given its large land acquisition expenditure
and weak revenue recognition in the same period.

"We also expect moderate extraordinary support from the Xicheng
district government to remain for Huayuan through Huayuan Group.

"We could lower the rating if Huayuan's liquidity sources remain
less than liquidity uses. We could also downgrade Huayuan if the
company's leverage and debt servicing ability deteriorate from
our base-case expectation of a debt-to-EBITDA ratio of about 10x
and EBITDA interest coverage of 2x. This could be result of a
larger debt-funded land acquisition or weaker revenue recognition
than our estimate, or the failure to adequately execute its
onshore bond issuance plan to refinance its maturities.

"We could also lower the rating if we assess that government
support to Huayuan Group has weakened.

"We may revise the outlook to stable if Huayuan's liquidity
improves such that the ratio of liquidity sources to uses
improves to well above 1x, and the EBITDA coverage stays above 2x
on a sustained basis."



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I N D I A
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AMBERTEX SEKHSARIA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ambertex
Sekhsaria Exports (ASE) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Foreign Bill         6.35       CRISIL B+/Stable (ISSUER NOT
   Discounting                     COOPERATING; Rating Migrated)

   Long Term Loan       1.00       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Packing Credit       5.50       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ASE 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 ASE. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASE 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 ASE 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.

Set up in 1996 as a proprietorship firm by Mr. Sunil Sekhsaria,
ASE manufactures and exports ready-made garments, primarily
shirts and ladies' tops. Facility is in Valsad, Gujarat.


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

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         15        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with APS 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 APS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APS 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 APS to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

APS, incorporated in 2003, is promoted and managed by Mr Sanjeev
Kumar, Mr Avadhesh Kumar, Mr Devender Singh, and Mr Subhash
Singh. The company undertakes civil construction work and
hydroelectric projects mainly in Uttarakhand and Himachal
Pradesh.


ASSOCIATED SMALL: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Associated
Small Industries (ASI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit/           5         CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING; Rating Migrated)

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

Incorporated in 1976,ASI,a partnership between MrRajendra Parekh
and Ms Vibha Parekh, based in Indore, Madhya Pradesh, trades
inall kinds of building materials, including cement, fasteners,
roofing, sheeting, construction chemicals, power tools, and ready
mix concrete.


BHARAT RICE: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bharat Rice
Mills (BRM) to 'CRISIL B/Stable Issuer not cooperating'.

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

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


BRM, set up in 1997, is a partnership firm of Mr Sandeep Kumar
and Mr. Rakesh Kumar. The firm mills and processes basmati and
non-basmati rice and its by-products for sale in India and
abroad.


BORSE BROTHERS: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Borse
Brothers Engineers & Contractors Private Limited (BBEC) to
'CRISIL D/CRISIL D Issuer not cooperating'.

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

   Cash Credit             3        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Project Loan            3        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      7.2      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               1.8      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BBEC 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 BBEC. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BBEC 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 BBEC to 'CRISIL D/CRISIL D Issuer not cooperating'.

Incorporated in April 2010, BBEC constructs roads and buildings,
and also undertakes irrigation projects for central and state
government agencies. Business was earlier carried out under a
proprietorship firm, Borse Brothers Engineers and Contractors,
established in 1986.


C. P. FOODS: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of C. P. Foods
(CPF) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     0.35     CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

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

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

Established in 2001 as a partnership firm by Mr. E Jawahar, Mr. E
Kathirvel, Mr. E Rajavel, and Mr. Manikanda Prabhu, CPF trades
and processes pulses, including masoor dal, toor dal, udad dal,
moong dal, and yellow and chick peas. It primarily caters to the
domestic market. Processing unit is in Virudhunagar, Tamil Nadu.


D. MANOHARAN: Ind-Ra Assigns B+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D. Manoharan
(DM) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are as follows:

-- INR85 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating;

-- INR15 mil. Non-fund-based working capital limits assigned
    with IND A4 rating;

-- INR55 mil. Proposed fund-based working capital limits*
    assigned with Provisional IND B+/Stable/Provisional IND A4
    rating; and

-- INR5 mil. Proposed non-fund-based working capital limits*
    assigned with Provisional IND A4 rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by DM to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect DM's small scale of operations as indicated
by revenue of INR135 million in FY18 (FY17: INR227 million). The
decline in the revenue was due to the implementation of the Goods
and Services Tax during FY18, which led to delay in execution of
projects. The firm booked revenue of INR30 million during 6MFY19.
As of September 2018, it had an order book of INR598.85 million
(4.4x of FY18 revenue), to be executed by FY20. FY18 financials
are provisional in nature.

The ratings are also constrained by the sole proprietorship
nature of the organization and exposure to geographical
concentration risk, as its operations are largely concentrated in
and around Tamil Nadu.

The ratings also factor in DM's modest credit metrics as
indicated by EBITDA interest coverage (operating EBITDA/gross
interest expense) of 3.7x in FY18 (FY17: 2.7x) and net financial
leverage (total adjusted net debt/operating EBITDA) of 5.3x
(7.4x, 7.1x). The improvement in the credit metrics was due to an
increase in operating EBITDA to INR13 million in FY18 (FY17:
INR12 million), due to higher execution of high-margin projects.
The company's EBITDA margins were modest at 9.9% in FY18 (FY17:
5.2%) with a return on capital employed of 12%.

However, the ratings benefit from DM's comfortable liquidity
position as indicated by 47% average use of the working capital
limits during the 12 months ended September 2018 and the firm's
promoter's more than a-decade-long experience in executing
engineering, procurement and construction contracts.

RATING SENSITIVITIES

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

Negative: Any decline in the revenue and EBITDA margins, leading
to deterioration in the credit metrics, on a sustained basis,
could be negative for the ratings.

COMPANY PROFILE

D Manoharan is a sole proprietorship firm which commenced its
business during 2003. It is engaged in engineering construction
for both public and private companies. It is a Registered class-I
contractor of Public Works Department since 2000 and has
undertaken construction on contract for Tamil Nadu Police Housing
Corporation, Tamil Nadu Slum Clearance Board, and Tamil Nadu
Electricity Board.


DAEWON INDIA: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Daewon India
Auto Parts Private Limited (DIAPL) migrated to 'CRISIL B+/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Currency       5         CRISIL B+/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

   Working Capital       15         CRISIL B+/Stable (ISSUER NOT
   Demand Loan                      COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DIAPL for
obtaining information through letters and emails dated
September 25, 2018 and October 1, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DIAPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on DIAPL 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 inadewuate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DIAPL migrated to 'CRISIL B+/Stable Issuer not
cooperating.

Incorporated in 2007 and based in Chennai, DIAPL is a 100%
subsidiary of DKUCL. The company manufactures coil springs and
stabiliser bars used in the automotive industry.


EKSONS AGRO: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Eksons Agro
Foods (EKSAF) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan             4         CRISIL B+/Stable(ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Formed in 2010, EKSAF is a partnership firm, based in Bengaluru
(Karnataka). The firm processes wheat into flour and maida at its
unit in Bengaluru.


ELEMECS MULTI-SPECIALITY: CRISIL Moves B+ Rating to Not Coop.
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Elemecs
Multi-Speciality Hospital And Research Centre Private Limited
(Elemecs) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Working       10        CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

   Term Loan              20        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Set up and promoted by Mr. K D Gopalakrishnan, Elemecs is setting
up a 300-bed multi-speciality hospital in Kayamkulam, Kerala.
Major statutory approvals from government have been received and
soft opening is expected to take place in September 2017. The
hospital is likely to operate at full capacity from September
2019 onwards.


EMPLOYEES WELFARE: CRISIL Hikes Rating on INR15.75cr Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Employees Welfare Fund (EWF) to 'CRISIL B+/Stable' from 'CRISIL
D'. The upgrade reflects that EWF has been servicing its debt
during the past four months on a timely basis. Moreover the
society intends to maintain liquidity cushion of around INR1.5 to
2.0 crore in the form of unutilized bank lines. It also had cash
and bank balance of around INR80 Lakh as on June 30, 2018

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           14.25       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term    15.75       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

Key Rating Drivers & Detailed Description

Weakness

* Weak Capitalisation: Capitalisation is weak as reflected in its
networth of INR1.5 crore and high gearing of 20 times as on June
30, 2018. EWF is a society registered under the Societies Act and
is not a co-operative society. Hence, the regulation does not
permit accepting contribution from members towards share capital.
In addition, the society is largely dependent on its internal
accrual; however, being a non-profit organisation, its internal
accrual is low and often distributable within the members itself.

* Weak Earnings: EWF being a non-profit organization has
negligible profitability. Absolute net surplus was INR0.7 crore
for fiscal 2018. The society maintains low spreads as it intends
to pass on the benefit to its own members.

* Lack of diversity in resource profile: As the society's loan
growth is limited to and dependent on the availability of bank
funding. EWF is solely dependent on bank funding to meet its
lending requirement.  It had sanctioned overdraft facility of
INR22.50 crore from Vijaya Bank as on September 30, 2018.

Strengths

* Healthy asset quality: The society has healthy asset quality,
supported by minimal delinquencies, because loan repayments are
deducted from the salary of borrowers and remitted to EWF
directly by Hindustan Aeronautics Limited. Furthermore, in case
of non-recovery, the amount due is recovered from surety. EWF has
an undertaking from HAL to deduct the repayment dues from monthly
salary of the employee.

Outlook: Stable

CRISIL believes EWF will maintain healthy asset quality over the
medium term. The outlook may be revised to 'Positive' if EWF
reconstitutes its legal structure to facilitate smooth raising of
capital and thus improves its capitalisation and earnings.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in asset quality.

EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka)
division of HAL. The objective of EWF is to provide financial
assistance for the welfare of its members by way of loans for
education and medical treatment, and carry out other activities
related to the welfare of the employees and their families. Loan
dues are deducted by the employer, HAL from the salary of the
members and remitted to EWF.


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

The instrument-wise rating action is:

-- INR290 mil. Fund-based limit migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006 by Mr. Epari Sridhar, Epari Sadashiv sells
gold and diamond jewelry at its showrooms in Odisha.


ESSAR STEEL: Proposes to Pay $7.42BB Settlement to Creditors
------------------------------------------------------------
Reuters reports that Essar Steel India Ltd said its board and
shareholders have offered to pay INR543.89 billion ($7.42
billion) to creditors to settle their claims, allowing the
company to exit from a bankruptcy process.

The steelmaker, owned by the billionaire Ruia brothers, is one of
a group of companies that are among India's biggest debt
defaulters that were pushed into the bankruptcy court last year
after a central bank order that was aimed at clearing record bad
loans at the country's banks, Reuters says.

Reuters relates that Essar Steel's plan consists of an upfront
cash payment of INR475.07 billion to all creditors, including a
INR455.59 billion to the senior secured financial creditors.

According to the report, the company submitted a proposal to its
creditor committee on Oct. 25 for settlement of the entire claims
of the financial creditors, operational creditors, workmen and
employees of Essar Steel India.

The offer will lead to "full upfront recovery of loans for the
lenders, and maximum recovery for all other classes of
creditors," the company said, Reuters relays.

Reuters notes that the world's biggest steelmaker, ArcelorMittal
SA, is forming a joint venture with Japan's Nippon Steel &
Sumitomo Metal Corp to bid for the debt-ridden Essar Steel.

ArcelorMittal said last week that it would pay off creditors of
two Indian firms, in which it previously held stakes, to bid for
Essar, adds Reuters.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

Essar Steel is among the first 12 non-performing assets that RBI
had directed banks to take to insolvency resolution in June 2017.

The company's lenders, led by State Bank of India, filed an
insolvency petition in July 2017.  The National Company Law
Tribunal (NCLT) - Ahmedabad Bench admitted Essar Steel's
insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


FUTUREWORLD GREENHOMES: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Futureworld
Greenhomes Private Limited (Futureworld) to 'CRISIL B/Stable
Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     45        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

Futureworld was formed in 2013 by Mr. Sangram Singh, Mr. Sandeep
Arora and Mr. Sanjay Singh Rana with intention of building Future
Estate, a 1012 units residential project in Noida West. The
township offers 2, 3 BHK flats with total salable area of 15.71
lakh sq. ft.


GAUTAM MALHOTRA: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Gautam Malhotra and Co. (GMC).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           6         CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile and exposure to risk related to government regulations
for players in the liquor industry. These weaknesses are
partially offset by the extensive experience of the proprietor,
and the improving business risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stringent government regulations:
The liquor industry of Punjab is auction-based, where the state
government controls the licenses for sale and distribution of
liquor products, both in the wholesale and retail segments. Any
adverse changes in the license authorisation policy, which may
involve discontinuation or limiting renewal of licenses, or a
substantial hike in license fees, could negatively impact
operations of players like GMC.

* Weak financial risk profile: Financial risk profile is marked
by muted debt protection metrics, with interest coverage and net
cash accrual to total debt ratios of 1.2 times and 0.01 time,
respectively, in fiscal 2018, due to a lower operating margin.

Strength

* Extensive experience of promoters in the liquor business: The -
promoters have more than a decade's experience in the wholesale
and retail trade of liquor in Punjab. Longstanding presence has
helped them withstand business cycles and stringent regulatory
changes in the liquor trade in Punjab, and will continue to
support the business risk profile.

Outlook: Stable

CRISIL expects GMC will continue to benefit from the extensive
experience of its promoters and its established market position
in the Punjab. The outlook can be revised to 'Positive' if
substantial growth in revenue or operating margin, strengthens
the capital structure. The outlook can be revised to 'Negative'
if significant decline in revenue or margin, or any adverse
changes in the regulatory framework, adversely impacts the firm's
operations and its financial risk profile.

GMC was set up as a partnership firm in 2008. The firm trades in
Indian made foreign liquor (IMFL) through retail outlets. It has
retail L2 (retail of IMFL) & L14 (retail for country liquor)
liquor licenses for the Bhatinda district in Punjab. The
Ludhiana-based firm is managed by Mr Deep Malhotra, Mr Gaurav
Malhotra, Mr Gautam Malhotra, Ms Reeya Malhotra and Ms Niharika
Malhotra.


GLOBAL TYRES: CRISIL Assigns B Rating to INR5cr Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long term
bank facility of Global Tyres. The rating reflects the firm's
modest scale of operations and below average financial risk
profile. These rating weaknesses are partially offset by the
extensive industry experience of its promoter.

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

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a fragmented industry: The firm
operates at a modest scale in the intensely competitive tyre
retailing segment, as indicated by revenue of around INR25 crore
estimated in fiscal 2018. The firm's business profile will remain
constrained over the medium term owing to modest scale of
operations.

* Below average financial risk profile: The firm has a below
average financial risk profile, marked by small net worth of
INR0.45 crore and high gearing of more than 16 times as on March
31 2017. Debt protection metrics were also below average, as
indicated by interest cover of 1.3 times and NCATD of Nil in
fiscal 2017.

Strengths

* Extensive industry experience of promoter: The firm's business
risk profile will continue to benefit over the medium term from
the extensive industry experience of its promoter Mr Philip
George who has been engaged in the industry for almost 2 decades.
Over the years, the firm has established strong relationships
with its customers and suppliers.

Outlook: Stable

CRISIL believes that Global Tyres will continue to benefit over
the medium term from its promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company's revenues and profitability increase substantially while
ensuring stable working capital management or if the promoters
infuse additional funds in the business, leading to an improved
capital structure. Conversely, the outlook may be revised to
'Negative' if its revenues and profitability decline
substantially, if its working capital requirement increases, or
if the proprietor makes substantial capital withdrawals leading
to a deterioration in its financial risk, particularly liquidity.

Global Tyres was set up in 2002 and is engaged in trading of
tyres, alloy wheels and other auto accessories. The firm operates
3 showrooms in Ernakulam (Kerala) and is promoted by Mr Philip
George.


GOODWILL IMPEX: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goodwill
Impex Limited (GIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

   Foreign Bill           1         CRISIL B+/Stable (ISSUER NOT
   Discounting                      COOPERATING; Rating Migrated)

   Foreign Exchange       0.5       CRISIL A4 (ISSUER NOT
   Forward                          COOPERATING; Rating Migrated)

   Long Term Loan         0.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Standby Line of        1.0       CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

CRISIL has been consistently following up with GIL 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 GIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GIL 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 GIL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 1995, GIL, promoted by Mr Ramavatar Shah and his
son Mr Vimal Shah, manufactures ladies and kids garments. It also
has over 30 cutting machines and 3 embroidery machines for
carrying out finishing work.


GREEN ASIA: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Green Asia
Impex Private Limited (GAIPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

CRISIL has been consistently following up with GAIPL 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 GAIPL. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on GAIPL 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 GAIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2014, GAIPL exports various types of red chillies.
It is based in Tadepalligudem, Andhra Pradesh, and is managed by
its managing director, Mr Rama Rao P.


JSR INFRA: Ind-Ra Withdraws BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn JSR Infra
Developers Private Limited's Long-Term Issuer Rating of 'IND
BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+' rating on the INR116.2 mil. Fund-based working
    capital limits are withdrawn;

-- The IND BB+' rating on the INR430 mil. Non-fund-based working
    capital limits are withdrawn;

-- The IND BB+' rating on the INR283.8 mil. Proposed fund-based
    working capital limits are withdrawn; and

-- The IND BB+' rating on the INR970 mil. Proposed non-fund-
    based working capital limits are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

JSR Infra Developers executes civil engineering, construction and
infrastructure-related projects. These majorly constitute
construction jobs awarded by the public works and highways
departments of the government of Tamil Nadu.


KAAMADHENU SPINNERS: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Kaamadhenu
Spinners (KS) to 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          4.6      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      0.4      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

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

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

Established in 2006 as a partnership between by Mr TK Subbaraj
and his wife Ms Deepa, KS manufactures cotton yarn primarily in
the 8-20s counts through open-ended yarn spinning technology.


KLM INFRA: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned KLM Infra (KLM)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR96.27 mil. Term loan due on August 2019 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect KLM's project concentration risk. The firm
only has one project in hand. The ratings also factor in slow
construction work, which has resulted in the reschedulement of
the outstanding term loan by one year.

The ratings also factor in the partnership nature of the
business.

The ratings, however, are supported by the low off take,
execution and financing risks facing the firm. This is because
80% of the project has been booked and 90% of the construction
has been completed by June 30, 2018. The firm expects the pace of
booking to improve with project completion. The firm as of June
2018 has incurred 90% of its project cost of around INR680
million.

According to the project report, the project was to be funded by
the partner's contribution of INR180 million, a term loan of
INR292.8 million, customer advances of INR100 million and
unsecured loans of INR107.2 million. Although the partner has
contributed the entire amount by June 30, 2018, the term loan
disbursed amounted to INR212.5 million, advances from customer
received were INR263.4 million and INR65.3 million of unsecured
loans were received.

The ratings are also supported by KLM group's almost two decades
of experience in the real estate business.

RATING SENSITIVITIES

Negative: A lower-than-expected sales rate and realization from
the project could result in a negative rating action.

Positive: The sale of units as planned, leading to strong
visibility of cash flows, will be positive for the ratings.

COMPANY PROFILE

KLM was established in October 2012. The firm is engaged in the
construction of a residential-cum-commercial project named
Sapphire 8 in Surat, Gujarat. The firm is part of KLM group which
has completed projects of 1.124 million sf.


L.M.S. GANI: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of L.M.S. Gani
Mohamed and Co (LMS) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       2.5       CRISIL A4 (ISSUER NOT
   under Letter                     COOPERATING; Rating Migrated)
   of Credit

   Cash Credit            0.1       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       0.4       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         2.0       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.0       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Proposed Short Term    0.5       CRISIL A4 (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LMS 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 LMS. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LMS 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 LMS 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.

LMS was set up in 1986 and is engaged in manufacture of Leather
shoes and sandals and exports to customers in Italy and Spain.


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

The instrument-wise rating actions are:

-- INR34 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR2.18 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating;

-- INR20 mil. Proposed-fund-based working capital limit
    maintained in non-cooperating category with Provisional IND
    BB- (ISSUER NOT COOPERATING) rating;

-- INR64 mil. Proposed long-term loan maintained in non-
    cooperating category with Provisional IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR23 mil. Proposed non-fund-based working capital limit
    maintained in non-cooperating category with Provisional IND
    A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

MBTI was formed in 2005 as an infrastructure company in the
telecom infrastructure industry. The company undertook turnkey
projects for setting up telecom infrastructure in Madhya Pradesh
and Chhattisgarh for almost all telecom and telecom
infrastructure companies.


MATRIX CELLULAR: CRISIL Lowers Rating on INR17cr Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Matrix Cellular (International) Services Limited (MCIS; a part of
the Matrix group) to 'CRISIL B+/Negative/CRISIL A4' from 'CRISIL
BBB-/Negative/CRISIL A3'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          5          CRISIL A4 (Downgraded from
                                      'CRISIL A3')

   Cash Credit            17          CRISIL B+/Negative
                                      (Downgraded from
                                      'CRISIL BBB-/Negative')

   Proposed Cash           3          CRISIL B+/Negative
   Credit Limit                       (Downgraded from
                                      'CRISIL BBB-/Negative')

The downgrade reflects continuous higher than expected
deterioration in business and financial risk profiles, which is
expected to worsen in the near term owing a challenging business
environment. Revenue is likely to continue to plummet because of
intense competition from other telecom service providers.
Turnover declined by more than 50% in the two fiscals through
2018. This, along with high fixed costs, is expected to result in
continual operating losses and erosion in networth. Negative
networth and high total outside liabilities of INR65 crore as on
March 31, 2018, has significantly constrained financial
flexibility. However, promoter support expected to partially
offsets this risk. Deterioration in credit risk profile will
continue till business turns around or new business ramps up
significantly, which will remain a key monitorable.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCIS and its four wholly owned
subsidiaries: Matrix Cellular PTE Ltd (Singapore), GD Enterprises
FZE (Dubai), Matrix Cellular Services International UK Pvt Ltd
(UK), and Matrix Forex Service Pvt Ltd. This is because these
entities, collectively referred to as the Matrix group, have
significant operational and financial links. The overseas
subsidiaries were incorporated only to facilitate purchase of
airtime by MCIS.

Key Rating Drivers & Detailed Description

Weaknesses

* Declining revenue and significant pressure on profitability
amid intense competition: The group has incurred steady operating
losses in the past two fiscals due to stiff competition from
telecom giants, Airtel and Vodafone, which offer competitive
rates on international roaming. Though management is taking steps
to cut cost, operating margin may remain low over the medium
term.

The group is diversifying operations by offering a bouquet of
services, including foreign exchange, hotel bookings, and other
travel-related facilities to leverage its existing clientele and
brand. Management intends to rationalise workforce and move to
smaller offices at various locations to cut costs. However,
successful revival of existing business and ramp up of new
business would be integral to improving liquidity and will remain
key monitorable.

* Weak financial risk profile due to erosion of networth:
Financial risk profile was affected by negative debt protection
metrics and return on capital employed. Provisional net loss in
fiscal 2018 was more than INR35 crore, which led to a negative
networth after adjusting intangible assets. However, a slight
increase in operating margin following cut in staff count and
lower lease costs should help improve financial risk profile over
the medium term.

Strength

* Healthy brand recognition: The Matrix group operates in a niche
industry as an enhanced service provider of airtime. Tie-ups with
43 operators across 35 countries and an established base of over
4,50,000 customers reflect its strong market position. The group
is altering its business model to turn into a full-fledged travel
company. Though it plans to leverage the Matrix brand to grow the
new business, ramp-up in scale will remain a key sensitive
factor.

Outlook: Negative

CRISIL believes the Matrix group's operating performance will
remain under pressure due to intense competition in the telecom
space. The rating may be downgraded if increasing losses lead to
further deterioration in credit risk profile. The outlook may be
revised to 'Stable' if business turns around or new business
ramps up significantly leading to substantial increase in revenue
or profitability improves cash flow.

Established by Mr Gagan Dugal in November 2005, MCIS is the
flagship company of the Matrix group. It is a leading enhanced
service provider in India for country-specific
airtime/connections under its brand, Matrix. MCIS also has tie-
ups with 43 mobile operators across 35 countries.


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

The instrument-wise rating action is:

-- INR112 mil. Fund-based limits-CC maintained in non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR4 mil. Fund-based limits-ODBD maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR21 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2004, MB Sponge and Power manufactures sponge
iron at its 60,000mtpa manufacturing facility in Burdwan, West
Bengal.


MULTI FOOD: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Multi Food
Products Private Limited (MFPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              2.48      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

MFPPL, established on January 4, 2006 is engaged in processing
i.e. milling, polishing and sorting of basmati and non-basmati
rice. The Ahmedabad-based company has been promoted by Mr Haresh
Kumar Khanchandani, Mr MukeshKhanchandani and Mrs
SaritaKhanchandani.


P. MOHAMMED: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P. Mohammed
(PM) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       2.5        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          2.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Term Loan    .25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PM 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 PM. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PM 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 PM 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.

PM is a sole proprietorship firm, based in Malappuram, Kerala,
which undertakes contracts for construction of roads and bridges,
wholly in Kerala.


PACIFIC HARISH: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pacific
Harish Industries Limited (PHIL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit       3.6       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     5.0       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PHIL 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 PHIL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PHIL 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 PHIL to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

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

Incorporated in 1999, PHIL is promoted by Mr. Kirti Gandhi and
his son Mr. Sandeep Gandhi. The company is engaged into
manufacturing of non-woven fabric and regenerated polyester
fiber.  The Nonwoven Fabric division has its manufacturing unit
in Umbergaon, while PSF division unit at Igatpuri.


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

The instrument-wise rating actions are:

-- INR41.7 mil. Long-term loan maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Set up in 1982, Piano Presitel manufactures and supplies various
auto parts such as washers, clips and allied stainless steel
components at its manufacturing facility in Thane, Mumbai.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B- (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Term loan maintained in non-cooperating category
    with IND B- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2015, R S Agrotech is a Telangana-based
partnership firm engaged in cotton ginning and pressing.


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

The instrument-wise rating actions are:

-- INR250 mil. Fund-based limit migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR161.24 mil. Non-fund-based limit Migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR38.75 mil. Long-term loan due on March 2022 migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, R.S.H. Agro Products manufactures mustard
oil and oil cakes at its unit in Guwahati, Assam, which has a
crushing capacity of 21,000 metric tons per annum.


RELIABLE INFRASTRUCTURE: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Reliable
Infrastructure Private Limited (RIPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.15       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term   2.5        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Working Capital      3.35       CRISIL D (ISSUER NOT
   Term Loan                       COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RIPL 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 RIPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RIPL 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 RIPL 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.

Incorporated in 2008, RIPL is promoted by Mr Preetpal Singh Kohli
and Mr Aslam Khan. The company is engaged in mining and crushing
of stones.


RELIANCE DIAMOND: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Reliance
Diamond Tools (RDT) to 'CRISIL B+/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             1.6      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      4.9      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan               6.5      CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Set up in 1994 as a proprietorship concern by Mr. J Ravi, RDT
manufactures diamond-cutting tools used in the automobile
industry.


SARVODAYA SUITINGS: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sarvodaya
Suitings Limited (SSL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            32.5      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Foreign Exchange        1.23     CRISIL D (ISSUER NOT
   Forward                          COOPERATING; Rating Migrated)

   Funded Interest         1.27     CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

   Letter of Credit        8        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan              12.73     CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SSL 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 SSL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSL 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 SSL 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.

Incorporated in 1994 and promoted by Mr. Abhay Kumar Jain and
family, SSL manufactures blended fabrics at its facility in
Bhilwara, Rajasthan, and sells under the Sarvodaya Suiting brand.


SHRI VENKATESHWARA: Ind-Ra Maintains D Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shri
Venkateshwara Shikshan Sanstha's bank loan rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR121.70 mil. Term Loan maintained in Non-Cooperating
    Category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
October 25, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Shri Venkateswara Sikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It is running 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career
academy. It is situated in Peth near Pune.


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

The instrument-wise rating actions are:

-- INR55 mil. Long-term loans due on March 2018 migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating;

-- INR35 mil. Fund-based facilities migrated to non-cooperating
    category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR105 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2004, Sure Safety Solutions is an ISO 9001:2008
certified  manufacturer of security equipment such as radar and
remote controlled improvised explosive device, jammers, defense
simulators, training aids, electronic labs, aerial targets
systems, unmanned aerial vehicles, personal safety equipment,
disaster management equipment, among others.


VARMORA FOODS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Varmora
Foods Private Limited (VFPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          3.15       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long        0.10       CRISIL D (ISSUER NOT
   Term Bank Loan                  COOPERATING; Rating Migrated)
   Facility

   Term Loan            6.75       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VFPL 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 VFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VFPL 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 VFPL 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.

VFPL, incorporated in August 2013, has a processing unit to
manufacture spray dried fruit powder, spray dried vegetable
powder and caramel colour. Its operations commenced from April
2014.


VIKRAM INFRASTRUCTURE: Ind-Ra Hikes LT Issuer Rating to 'BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Vikram
Infrastructure Company's (VIC) Long-Term Issuer Rating to 'IND
BB-' from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based limits upgraded with IND BB-/Stable
    rating; and

-- INR100 mil. Non-fund-based limits upgraded with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in VIC's scale of operations
to medium from small, leading to an improvement in its credit
metrics, and an improvement in the liquidity position. During
FY18, revenue surged to INR458 million (FY17: INR265 million) on
the back of higher execution of contracts. During 1HFY19, VIC
booked revenue of INR200 million. Interest coverage (operating
EBITDA/gross interest expenses) and net leverage (net
debt/operating EBITDA) improved to 1.7x in FY18 (FY17: 1.4x) and
4.4x (5.5x), respectively, on the back of an improvement in
absolute EBITDA to INR37 million (INR29 million), attributed to
the improvement in the top line.

VIC's return of capital employed was 11% in FY18 (FY17: 8%) and
EBITDA margin was average at 8% (11.1%). Despite the increase in
revenue, the margin declined due to execution of low-margin
contracts.

VIC's liquidity position remained moderate as indicated by 98%
average utilization of its working capital limits during the 12
months ended September 2018, as against full utilization during
the same period last year.

However, the ratings continue to benefit from VIC's partners'
two-decade-long experience in the construction business.

RATING SENSITIVITIES

Negative: Deterioration in the liquidity position and
profitability on a sustained basis may lead to a negative rating
action.

Positive: A sustained improvement in the scale of operations and
credit metrics could lead to a positive rating action.

COMPANY PROFILE

VIC is a partnership firm established in 1989. It has three main
areas of business, namely infrastructure (civil construction),
mining, and ready mix concrete.


* INDIA: Financiers Face Near Record Maturities to Mutual Funds
---------------------------------------------------------------
Saloni Shukla at Bloomberg News reports that India's non-bank
financial companies have had a tough few months amid the fallout
from defaults by one of their own, conglomerate IL&FS group.

Bloomberg says the next few months also present a challenge to
the NBFCs, which rely heavily on debt issued to the nation's
money market funds for short-term financing. The financiers must
repay about INR1.2 trillion ($16.3 billion) of commercial paper
in October-December, near a record 1.46 trillion rupees in
August-October, Bloomberg discloses citing data from Securities
and Exchange Board of India.

The timing isn't ideal, the report states. According to
Bloomberg, Indian money-market funds popular over lower-yielding
savings accounts suffered the worst withdrawals since at least
April 2007 last month, after the IL&FS defaults spooked the
market. And generally, financing costs throughout India's credit
markets have ticked higher, meaning that rolling over all this
debt will cost more.

The non-bank financial companies may be forced to turn to un-
utilized bank facilities to pay down some of the maturing CP
debt, A.M. Karthik, sector head financial sector ratings at ICRA,
said, Bloomberg relays. A crucial thing to watch is whether banks
will allow the NBFCs to make timely draw downs on these
facilities, as the mutual funds are facing pressure, he said.

There have at least been some encouraging signs of support from
policy makers, the report says. India's central bank eased rules
last week to help the nation's non-bank lenders access loans more
easily.

The support came after Moody's Investors Service flagged risks to
credit profiles of non-banking financial institutions due to
prolonged liquidity distress triggered by defaults at IL&FS
Group, adds Bloomberg.



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


ALAM SUTERA: S&P Alters Outlook to Negative & Affirms 'B' ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on PT Alam Sutera Realty
Tbk. (Alam) to negative from stable. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the Indonesia-
based property developer and the 'B' long-term issue rating on
the company's guaranteed U.S. dollar-denominated senior unsecured
notes.

The outlook revision reflects S&P's view of Alam's rising
refinancing and liquidity risk relating to its guaranteed senior
unsecured notes maturing in March 2020.

Alam is yet to show concrete progress on repaying or refinancing
the notes totaling US$235 million, or equivalent to about
Indonesian rupiah (IDR) 3.6 trillion. S&P does not expect the
company to have enough internally generated cash flows to repay
the notes, even if it significantly scales back capital spending.
Therefore, Alam would depend on financial markets and banking
relationships to meet its refinancing needs.

S&P said, "In our opinion, refinancing options could become
increasingly limited for Alam. The fixed-income market has become
challenging due to rising yields for speculative-grade companies
and the depreciating rupiah. Although the company has a few core
domestic banking relationships, it does not have a record of
securing such a large amount of bank loans with long tenors.
Funding through the domestic bond market is also difficult
because it takes longer for first-time issuers like Alam. The
domestic bond market mostly accommodates repeat issuers who are
usually well-established state-owned companies.

"We understand that Alam is working on various options to
refinance its debt. The company's liquidity would improve if it
refinances the debt within the next few months and replaces it
with longer-tenor debt. The company has a satisfactory track
record in the credit markets. However, the success and timing is
uncertain, in our view.

"Nevertheless, we believe Alam's fundamental business is on track
and the company has some headroom to accommodate higher borrowing
costs. For the nine months ended Sept. 30, 2018, Alam achieved
IDR3.6 trillion in property sales, about 85% of our full-year
expectation. We forecast that the company will have annual
property sales of IDR4.3 trillion in 2018 and 2019. About half of
the sales are supported by land-sale transactions. The property
sales will translate into EBITDA interest coverage of 2.8x in
2018 and 2.7x in 2019.

"We affirmed the rating on Alam on the back of the company's
established brand name in western Jakarta and its large low-cost
land bank. As of June 30, 2018, Alam has a land bank of 2,250
hectares, which is sufficient for at least 10 years' development.

"The negative outlook reflects our view of Alam's sizable
refinancing requirements and rising liquidity risk over the next
12 months.

"We could lower the rating if Alam's liquidity weakens. This
would most likely happen if the company fails to refinance a
majority of its debt due in 2020 with long-dated debt within the
next three to six months.

"We could also lower the rating if Alam's EBITDA interest
coverage falls well below 2.0x. This would happen if the
company's property sales slow significantly or if it indulges in
debt-funded expansion that is beyond our expectation.

"We would revise the outlook to stable if Alam's refinancing risk
reduces. This could materialize if the company refinances a
majority of its debt maturing in 2020 with long-dated debt within
the next three to six months."

A revision of the outlook to stable would also be contingent upon
Alam demonstrating prudent spending management, maintaining a
sound liquidity buffer, and keeping its EBITDA interest coverage
above 2.0x.



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


MITSUBISHI HEAVY: Aircraft Unit to Gain $220BB Lifeline
-------------------------------------------------------
Reuters, citing national broadcaster NHK, reports that Mitsubishi
Heavy Industries is arranging JPY220 billion ($2 billion) in
financial support for its aircraft unit, which has struggled to
deliver its first passenger plane.

According to Reuters, Mitsubishi Heavy said in a statement that
it was considering ways to resolve excess liabilities at the
unit, but added it had not yet made any decisions.

Reuters relates that Mitsubishi's regional jet program, Japan's
first passenger plane since the 1960s, has been delayed by
several years, with first customer ANA Holdings Inc. now
expecting its delivery in 2020 rather than 2013 as originally
planned.

The 90-seat MRJ was long seen as Japan's great hope to revive a
dormant commercial aviation industry, the report says. Japan was
banned from manufacturing aircraft for nearly a decade after
World War Two.

According to NHK, Mitsubishi's aircraft unit will issue shares
worth JPY170 billion as part of a debt-to-equity swap, while
Mitsubishi Heavy will forgive JPY50 billion of debt, Reuters
relays.

The aircraft unit's debts exceeded assets by about JPY100 billion
at the end of March, the broadcaster also said, according to
Reuters.

Mitsubishi Heavy CEO Shunichi Miyanaga told a press conference in
May that the company would increase Mitsubishi Aircraft's
capitalization this fiscal year "to enable it to emerge from
insolvency," Reuters relays.

Analysts said there were still questions over whether the jet
project could deliver, Reuters states.

"This support will, of course, improve Mitsubishi Aircraft's
balance sheet. But that doesn't necessarily mean the same thing
as accelerating the jet's development," Reuters quotes Kentaro
Maekawa, a senior analyst of Nomura Securities, as saying.

According to Reuters, the news comes on the heels of Canada's
Bombardier Inc.'s (BBDb.TO) decision to sue Mitsubishi's aircraft
unit, saying former Bombardier employees passed on trade secrets
to help Mitsubishi's jet project.

Mitsubishi Aircraft Corp is 64 percent-owned by Mitsubishi Heavy
Industries, with Toyota Motor Corp and Mitsubishi Corp each
holding a 10 percent stake. Other shareholders include state-
owned Development Bank of Japan, Sumitomo Corp. and Mitsui & Co.

Mitsubishi Heavy Industries, Ltd. --
http://www.mhi.co.jp/indexe.html-- was founded by Yataro
Iwasaki in 1884 as a shipbuilding firm called Nagasaki Shipyard
& Machinery Works, which was later named Mitsubishi Shipbuilding
Co. Ltd., and then again launched as Mitsubishi Heavy
Industries, Ltd. in 1934 as a private firm that manufactured
ships, heavy machinery, airplanes and railroad cars.

In 1950, Mitsubishi Heavy was divided into three separate
entities on a law aimed toward dissolving Nagasaki Shipyard &
Machinery Works and thus dismantling the overconcentration of
economic power.  It was later consolidated in 1964 and repborn
as Mitsubishi Heavy Industries, Ltd.



===============
M O N G O L I A
===============


DEVELOPMENT BANK: Fitch Rates USD500MM Sr. Unsec. Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned policy bank Development Bank of
Mongolia LLC's new issue of USD500 million 7.25% senior unsecured
notes a final 'B' rating with a Recovery Rating of 'RR4'.

The notes are issued under New York law and listed on the
Singapore Stock Exchange. The notes are used to refinance
existing debt and will be mature after five years.

The final rating on the notes is in line with expected rating
assigned on October 4, 2018.

Fitch has also affirmed DBM's Long-Term Foreign- and Local-
Currency Issuer Default Ratings (IDRs) of 'B', as part of Fitch's
periodic review of Mongolian Banks. The Outlooks are Stable. The
key rating drivers and sensitivities described in the rating
action commentary on October 4, 2018 still apply. See "Fitch
Assigns Development Bank of Mongolia First-Time 'B' IDR; Rates
USD Notes 'B(EXP)'".

KEY RATING DRIVERS

SENIOR DEBT AND RECOVERY RATING

Fitch equalises the rating on the notes with that of DBM as they
constitute direct, unsecured and unsubordinated obligations of
the bank. They rank pari passu with DBM's other unsecured and
unsubordinated obligations, and they are subordinated to the
secured debt of the bank and the obligations of its subsidiaries.

The notes contain various default events that link them closely
to the sovereign, reinforcing its expectation of strong
incentives for the state to support the bank, if required.

Specifically, the events of default make reference to the
government of Mongolia declaring a general moratorium or becoming
liable to repay prior to maturity any amount of its external
debt, which captures DBM's existing JPY30 billion bond maturing
in 2024 that is guaranteed by Mongolia's Ministry of Finance and
the Japan Bank of International Cooperation, and certain
bilateral loans of DBM, which benefit from a government
guarantee. The bonds would also be considered in default if the
Mongolian government ceases to wholly own and control DBM, if the
legal basis for its operations were to be taken away or the
international reserves of the government become subject to
preferential arrangement for the benefit of any creditors.

The Recovery Rating of 'RR4' indicates typical recovery prospects
of 31%-50%.

RATING SENSITIVITIES

SENIOR DEBT AND RECOVERY RATING

The rating on the notes is sensitive to the same factors that
drive DBM's IDRs: changes to the sovereign's ratings and in
Fitch's view on DBM's linkages to the government, including state
ownership.

The Recovery Rating of the notes is sensitive to Fitch's
assessment of potential recoveries for creditors in case of
default or non-performance. It could be downgraded if there is a
change in Fitch's assumptions on the quality or the recovery
rates of the assets.


KHAN BANK: Fitch Affirms 'B' Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Khan Bank LLC and XacBank LLC at 'B' and their
Viability Ratings at 'b'. The Outlooks are Stable. The rating
action follows Fitch's periodic review of the Mongolian banks.

KEY RATING DRIVERS

IDRS AND VIABILITY RATINGS

The IDRs of Khan Bank and XacBank are driven by their Viability
Ratings, which capture the volatile operating environment in
Mongolia where the implementation and enforcement of effective
regulations remain a challenge. The Stable Outlook reflects its
expectations of improving profitability and asset quality, which
would help the banks to maintain their intrinsic credit profiles
even though rapid growth could pressure capital.

Fitch expects the operating environment of Mongolian banks, and
in turn, their intrinsic strength, to continue benefitting from
the sovereign's better fiscal position and an overall improving
economic environment. The Bank of Mongolia continues to make
progress in enhancing and implementing regulations and the
progress remains regularly monitored as part of the country's IMF
programme.

Fitch expects the banks' asset quality to improve due to the
better operating environment. Khan Bank's impaired-loan ratio
started to decline in 1H18 while the downward trend began earlier
at end-2017 for XacBank. Fitch expects the two banks' credit cost
to be low over the next year. The sector-wide asset-quality
review exercise concluded in 1H18 and it had a limited financial
impact. Fitch does not expect further material consequences for
both banks.

Fitch believes the banks' profitability will pick up under the
stronger loan growth experienced by the sector in 1H18, when
loans grew by 13.1%, outpacing 2017's 9.5%. Khan Bank's loans
increased by 12.5% in 1H18 and its annualised net interest margin
improved to 7.6% (1H17: 7.0%). Higher fee and commission income
from digital products and services also boosted the overall
profitability of Khan Bank. XacBank recorded a higher rate of
17.6% loan growth in 1H18 but the annualised net interest margin
narrowed to 3.4% (1H17: 3.7%) amid higher funding costs due to
accelerated growth in customer deposits.

Fitch also expects to see improvements in both banks' cost
efficiency, reversing from a weakening in their ratios in 1H18 to
52% for Khan Bank (2017: 45%) and 95% for XacBank (2017: 78%).
XacBank's reported revenue is weighed down by the cost of
managing currency risk through the swaps with the central bank,
while Khan Bank applies hedge accounting and records the
fluctuations in comprehensive income.

The banks' ability to execute rapid loan growth is a key
consideration in its risk appetite analysis. The risk controls
and capital management frameworks of both banks have in the past
helped them maintain sufficient risk buffers amid sector-wide
loan deterioration. Khan Bank's higher total capital ratio of
21.7% at end-1H18 indicates better loss absorption capacity
compared with XacBank's 15.9% (regulatory minimum: 14%).

Fitch expects the banks' funding and liquidity profiles to remain
adequate. They supplement deposit funding from retail and
corporate clients, which is primarily in local currency, with
foreign-currency term funding from international financial
institutions, most of which would be swapped in local currency
through the central bank. In terms of liquidity, both banks hold
sizeable local-currency central-bank bills as the government has
ceased issuing domestic bonds since October 2017 due to state
budget controls under the IMF programme. The central-bank bills
are liquid and accounted for 21.6% and 15.2% of Khan Bank's and
XacBank's total assets at end-1H18, respectively.

SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of Khan Bank's Support Rating and Support Rating
Floor reflects Fitch's view that the sovereign's propensity to
provide extraordinary support remains unchanged given the bank's
systemic importance and high market share of retail deposit
funding.

Fitch has upgraded XacBank's Support Rating Floor to 'B-' from
'No Floor', reflecting the sovereign's strengthened ability to
provide support and its expectation for a continued meaningful
implicit support propensity due to the bank's status as a
domestic systemically important bank and its increasing deposit
franchise. Its higher proportion of wholesale funding could still
be used to share losses but Fitch believes the necessity to do so
in order to support the system has declined.

The new re-capitalisation law passed in June 2018 provides
grounds for sovereign support as well as for a bail-in. Its
support assessment assumes that the authorities would favour
support over a bail-in for the systemic banks subject to the
authorities' conditions and viability prospects.

RATING SENSITIVITIES

IDRS AND VIABILITY RATINGS

Both banks' ratings are sensitive to developments in Mongolia's
operating environment. A sovereign rating upgrade, combined with
steady and significant progress towards a stronger legal and
regulatory framework, could open up the possibility for positive
rating actions for Khan Bank and XacBank. Rating upside for Khan
Bank would then more specifically depend on a sustained
improvement in asset quality while for XacBank it would be
subject to materially and sustainably stronger profitability and
capitalisation.

Negative rating action on the banks' Viability Ratings could stem
from a higher risk appetite, leading to disproportionate asset
concentration in riskier sectors. In addition to significant loan
quality deterioration, an erosion of the banks' capital or
funding positions could also lead to a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

A perceived change in Fitch's assumptions around the sovereign's
willingness or ability to provide timely support could result in
a change of the banks' Support Rating Floors.



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


PUMPKIN PATCH: Alceon Group Buys Assets; Set to Relaunch
--------------------------------------------------------
Aimee Shaw at The NZ Herald reports that Pumpkin Patch has been
sold to a new owner who plans to relaunch the Kiwi children's
wear brand and reopen a network of stores.

Private equity firm Alceon Group has acquired the assets of
Pumpkin Patch from Catch Group for an undisclosed amount, the
report says.

According to the Herald, Alceon executive director Richard
Facioni said Pumpkin Patch complemented the group's existing
retail portfolio and had a strong following in Australia and New
Zealand.

"Through leveraging the resources of our EziBuy business, we are
confident we can successfully relaunch and rebuild this iconic
brand," the report quotes Mr. Facioni as saying.

Alceon will relaunch Pumpkin Patch in New Zealand through
retailer EziBuy's physical stores and online website, the report
notes.

The Herald says the company plans a full stand-alone relaunch in
July next year with a chain of retail stores.

Catch Group acquired the intellectual property of Pumpkin Patch
in March last year for AUD2.2 million after the once-listed
company went into receivership and closed down its 160 stores,
the report notes.

Australian-owned Alceon Group owns a string of retail businesses
including SurfStitch, Noni B, EziBuy and Cheap as Chips, the
Herald discloses.

                      About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- was a designer, marketer,
retailer and wholesaler of children's clothing.  The Company's
product range encompasses all stages of a child's growth, from
baby to toddler, primary school kid to pre and early teen,
including clothing, nightwear, accessories, rainwear, footwear
and teddy collection.  Pumpkin Patch also catered for mums-to-be
with a maternity collection.  The Company also has a fashion
mini-brand for discerning pre and early-teen girls, Urban Angel
Girls.  The Company's collections are available in numerous
countries and regions, including New Zealand, Australia, the
United Kingdom, the United States, South Africa and the Middle
East.  Pumpkin Patch predominantly sold through its own store
network in New Zealand, Australia, the United Kingdom and the
United States. The Company's subsidiaries include Torquay
Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin
Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and
Urban Angel Girls Limited.

Pumpkin Patch employed almost 600 people in New Zealand and
1,000 in Australia.

On Oct. 26, 2016, the Board of Pumpkin Patch has placed the
company into Voluntary Administration under Part 15A of the
Companies Act 1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.

McGrathNicol were appointed liquidator for Pumpkin Patch
Originals and Pumpkin Patch Direct in February 2017.

Australian online retailer Catch Group bought Pumpkin Patch's
brand and intellectual property in March 2017.



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


SOUTH KOREA: Seeks to Revive Struggling Economy
-----------------------------------------------
The Financial Times reports that South Korean has announced a
fresh set of measures to boost economic growth and create jobs by
offering financial support for smaller companies and a fuel tax
cut to spur consumption. The latest measures come as the
administration of President Moon Jae-in comes under growing
pressure to revitalise a stalled economy and weak jobs market,
the report says.

South Korea's export-driven economy is threatened by the
worsening trade war between the Washington and Beijing as well as
China's slowing economic growth, according to the FT.

Kim Dong-yeon, finance minister, warned on Oct. 24 that the
country's economic outlook could worsen due to the external risks
and pledged to mobilise all possible means to prop up investment
and accelerate deregulation, the FT relates.

"It is very unlikely that the economy and job conditions will
improve any time soon," the report quotes Mr. Kim as saying in a
meeting with other ministers. "We need to take pre-emptive
measures to revive the economy and create jobs."

According to the FT, the action plan includes KRW15 trillionn
($13 billion) in financial support for small and mid-sized
enterprises - in the form of credit from policy banks and tax
benefits to help them invest - and a temporary 15 per cent cut in
tax on fuel for six months from November 6 worth KRW2 trillion.

It is the first time in a decade that South Korea has implemented
such a fuel tax cut and it is the largest to date, indicating the
government's desperation to boost consumption in Asia's fourth-
largest economy, the FT states.

Consumption has been held back by high household debt, which
stands at about 95 per cent of gross domestic product in the
first quarter, far above the average 60.8 per cent for the G20
nations, the FT discloses citing Bank for International
Settlements data.

The FT says the uncertain economic outlook has also discouraged
corporate investment, with the total in the second quarter down
5.7 per cent from a year earlier, exacerbated by restructuring in
the shipbuilding and automobile sectors. The government plans to
provide KRW1.3 trillion of credit guarantees for struggling car
parts makers and shipbuilding-related companies, the report adds.

The support measures came after the Bank of Korea last week
trimmed its growth forecast for this year to 2.7 per cent, from
its previous projection of 2.9 per cent, citing weak jobs growth
and global trade friction, the FT notes.

According to the FT, there are growing concerns about spillover
effects from the trade war on the export sector. South Korea's
exports fell 8.2 per cent last month from a year earlier, the
biggest drop in more than two years.

The FT says the jobs market remains fragile as manufacturers and
retailers continue to shed staff after big increases in minimum
wages. The number of newly added jobs fell to 17,000 in the third
quarter, far lower than a 101,000 gain three months earlier.

The FT adds that the government said on Oct. 24 it would create
60,000 temporary jobs for young people and the elderly this year
and come up with an alternative plan to help SMEs make up for
reduced working hours.

"The measures reflect the desperate economic situation that needs
direct state support but they do not look enough to reverse the
economic decline," the FT quotes Lee Sang-jae, an economist at
Eugene Investment & Securities, as saying.  "More support
measures are likely to come to boost consumer and business
sentiment, given the deteriorating external conditions and
domestic structural problems."



                             *********

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.


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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.



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