TCRAP_Public/181031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 31, 2018, Vol. 21, No. 216

                            Headlines


A U S T R A L I A

BALMAIN LEAGUES: First Creditors' Meeting Set for Nov. 7
CCC EXECUTIVE: First Creditors' Meeting Set for Nov. 8
DELTAPAK PTY: First Creditors' Meeting Set for Nov. 8
ELTRAX PTY: First Creditors' Meeting Set for Nov. 9
HYDRO SERVICES: First Creditors' Meeting Set for Nov. 8

MAIDENWELL DIATOMITE: First Creditors' Meeting Set for Nov. 7
PANORAMIC HOMES: Federal Court Enters Liquidation Order
SIMPSON ST: First Creditors' Meeting Set for Nov. 7


C H I N A

CHINA SECURITY: To Default on CNY1.1 Billion Bond Buyback
HENGDA REAL ESTATE: S&P Assigns 'B+' ICR, Outlook Positive
XINJIANG ZHONGTAI: S&P Assigns BB+ Long-Term ICR, Outlook Stable

* CHINA: Record Bond Failures Breathe Life Into CDS-Like Tool


I N D I A

AMBICA AGARBATHIES: ICRA Assigns 'B' Rating to INR66cr Loan
ANGAD INFRASTRUCTURE: Insolvency Resolution Process Case Summary
BEEHIVE ALCOVEB: Ind-Ra Migrates BB LT Rating to Non-Cooperating
COCHIN STEEL: CRISIL Lowers Rating on INR3cr Bank Loan to D
DWARAKA INFRA: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating

EARTHCON DEVELOPERS: ICRA Lowers Rating on INR12cr Loan to D
ESSAR STEEL: Ruias Likely to Challenge ArcelorMittal Plan
FRESH BOWL: CRISIL Assigns B+ Rating to INR16.57cr Term Loan
GANGES FORD: ICRA Downgrades Rating on INR14cr Loan to D
GVK COTTON: Ind-Ra Maintains 'B-' LT Rating in Non-Cooperating

HAIDERI TIMBER: ICRA Withdraws 'B' Rating on INR0.50cr Loan
HARSH POLYMERS: Insolvency Resolution Process Case Summary
IL&FS CLUSTERS: Ind-Ra Cuts Rating on INR300MM Loan to 'B+/A4'
IL&FS SKILLS: Ind-Ra Lowers Rating on INR100MM Loan to 'B+/A4'
KRISHNA FASHION: ICRA Withdraws B+ Rating on INR35.65cr Loan

KUMARAGIRI ELECTRONICS: ICRA Reaffirms B- Rating on INR9cr Loan
KUNNATHAN WOOD: CRISIL Reaffirms B+ Rating on INR3cr Loan
LOF CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR5.5cr LT Loan
MARUTI INTERNATIONAL: CRISIL Withdraws B+ Rating on INR5cr Loan
MILLENIUM GRANITES: CRISIL Reaffirms B+ Rating on INR7cr Loan

MNR COTTONS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
MOTIL DEVI: CRISIL Withdraws 'B' Rating on INR5cr Term Loan
PARATUS REAL: ICRA Lowers Rating on INR18cr Term Loan to D
PV KNIT: ICRA Maintains B+ Rating in Not Cooperating Category
SAHARANPUR INSTITUTE: ICRA Withdraws B- Rating on INR15cr Loan

SAHIL PACKAGING: CRISIL Withdraws D Rating on INR3.5cr Loan
SAI SWADHIN: ICRA Cuts Ratings to D, Maintains 'Not Cooperating'
SHANTHA PROJECTS: Insolvency Resolution Process Case Summary
SHANTI SHEET: CRISIL Migrates B+ Rating From Not Cooperating
SHEETAL AGROFOOD: CRISIL Lowers Rating on INR5cr Term Loan to D

SHREE MURUGAN: ICRA Lowers Rating on INR30cr LT Loan to D
SHREE PRITHVI: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
SHRIVISION TOWERS: CRISIL Withdraws B Rating on INR50cr LT Loan
SNOWQUEEN TOWERS: Insolvency Resolution Process Case Summary
SONAMOTI AGROTECH: Ind-Ra Maintains B+ Rating in Non-Cooperating

SRI VENKATA: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating
SWASHTHIK PREFORMS: CRISIL Migrates B+ Rating to Not Cooperating
WARADE PACKTECH: CRISIL Assigns B Rating to INR5cr Cash Loan


M A L A Y S I A

1MALAYSIA BHD: Malaysia Challenges US$5.78BB IPIC Settlement


P H I L I P P I N E S

RURAL BANK OF SALINAS: Insurance Claims Deadline Set for Nov. 12


S I N G A P O R E

NOBLE GROUP: Warns of Another Loss as Restructuring Costs Mount


                            - - - - -


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


BALMAIN LEAGUES: First Creditors' Meeting Set for Nov. 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Balmain
Leagues' Club Ltd, trading as "Tigers Sydney Markets", will be
held at Level 1, King Room, 33 Erskine Street, in Sydney, NSW, on
Nov. 7, 2018, at 10:00 a.m.

Gregory Parker and Christopher MacDonnell of Parker Insolvency
were appointed as administrators of Balmain Leagues on Oct. 26,
2018.


CCC EXECUTIVE: First Creditors' Meeting Set for Nov. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of CCC
Executive Services Pty. Ltd will be held at the offices of Mackay
Goodwin, Level 9, 440 Collins Street, in Melbourne, Victoria, on
Nov. 8, 2018, at 12:30 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of CCC Executive on Oct. 26, 2018.


DELTAPAK PTY: First Creditors' Meeting Set for Nov. 8
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Deltapak
Pty Ltd will be held at Adina Apartment Hotel, Gardenia Room,
189 Queen Street, in Melbourne, Victoria, on Nov. 8, 2018, at
10:00 a.m.

Claudio Trimboli of Charles & CO was appointed as administrator
of Deltapak Pty on Oct. 26, 2018.


ELTRAX PTY: First Creditors' Meeting Set for Nov. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Eltrax
Pty. Ltd will be held at Bourke Place, Level 18, 600 Bourke
Street, in Melbourne, on Nov. 9, 2018, at 10:30 a.m.

Glenn Jeffrey Franklin and Stirling Lindley Horne of PKF
Melbourne were appointed as administrators of Eltrax Pty on Oct.
29, 2018.


HYDRO SERVICES: First Creditors' Meeting Set for Nov. 8
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Hydro
Services (SA) Pty. Ltd. will be held at the offices of BPS
Reconstruction and Recovery, Level 5, Suite 6, 350 Collins
Street, in Melbourne, Victoria, on Nov. 8, 2018, at 10:00 a.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery was
appointed as administrator of Hydro Services on Oct. 29, 2018.


MAIDENWELL DIATOMITE: First Creditors' Meeting Set for Nov. 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Maidenwell
Diatomite Pty Ltd will be held at the offices of SV Partners
Sydney, Level 7, 151 Castlereagh Street, in Sydney, NSW, on
Nov. 7, 2018, at 3:30 p.m.

Ian Purchas of SV Partners was appointed as administrator of
Maidenwell Diatomite on Oct. 29, 2018.


PANORAMIC HOMES: Federal Court Enters Liquidation Order
-------------------------------------------------------
Bension Siebert at InDaily reports that the Federal Court has
ordered Panoramic Homes SA into liquidation on Oct. 24 approving
an application by Adelaide company True Steel Frames to wind it
up.

The company has been offering house and land investment packages
in Wallaroo, Stirling North and Kadina, and adjacent the Greg
Norman-designed golf course in Port Hughes on the Yorke
Peninsula.

Liquidator Stuart Otway, of BRI Ferrier, told InDaily the
construction company owed about AUD60,000 to True Steel Frames
and to an additional AUD60,000 to Cavan-based concreting firm
Hallett Concrete.

But he said the total debts owed and the number of Panoramic
Homes' employees was unknown -- because its director had not
answered his phone calls since the court judgment.

According to InDaily, Mr. Otway said Consumer and Business
Services had cancelled Panoramic's building license and that the
company was not, therefore, currently in the process of
constructing any homes in South Australia.

Panoramic Homes SA was registered mid-last year to a Queensland
company, Thomas Family Homes.  It is listed as a builder for
Queensland property investment firm Alliance Investment Group.


SIMPSON ST: First Creditors' Meeting Set for Nov. 7
---------------------------------------------------
A first meeting of the creditors in the proceedings of Simpson St
Pty Ltd will be held at the offices of Cor Cordis, One Wharf Lane
Level 20, 171 Sussex Street, in Sydney, NSW, on Nov. 7, 2018, at
11:00 a.m.

Alan Walker & Andre Lakomy of Cor Cordis were appointed as
administrators of Simpson St on Oct. 26, 2018.



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


CHINA SECURITY: To Default on CNY1.1 Billion Bond Buyback
----------------------------------------------------------
Caixin Global reports that China Security Co. Ltd. announced on
Oct. 25 that it will not buy back its bonds as promised next
month, becoming the latest Chinese company to default on its
securities.

China Security said it wasn't able to raise enough money for it
to buy back its CNY1.1 billion ($158 million) in bonds if
investors were to choose to sell them now, and so it will cancel
the buyback that was scheduled to take place on Nov. 11, Caixin
discloses citing a company filing to the Shanghai Stock Exchange.

Caixin relates that the bonds, issued in November 2016, were set
to mature in three years with the issuing price of CNY100. The
investors were given the option to sell the bonds back to the
company at the end of the second year after the company decided
whether to raise the bonds' interest rate, according to the 2016
bond issuance prospectus. This is a common tactic companies use
to attract more investors, as offering a buyback implies that the
company is likely to raise the bond rate to encourage the
investors to keep holding the bonds until they mature.

However, China Security said on Oct. 16 that it won't raise the
interest rate. It hadn't said anything about the bond buyback
until Oct. 25 when the company canceled it, Caixin says.

According to Caixin, the move has angered several institutional
investors, and a bond investor at a private equity firm who
doesn't want to be named said the company was being
"unnecessarily obnoxious" by canceling the buyback.

This isn't the first time the company has defaulted on one of its
bonds. Previously in May, the company delayed payment on a bond
that had matured at the end of April after the company was found
to have disclosed false information to the Shanghai Stock
Exchange in 2014 during a reverse takeover that made Security &
Fire public, Caixin recalls.

Caixin says China Security's new default added to the wave of
corporate bond defaults that has been surging this year amid
Chinese policymakers' ongoing deleveraging campaign. To ease
pressure on private enterprises that has been worsened by the
slowing economic growth, China's central bank on Thursday will
provide CNY10 billion as credit support for debt sales by private
companies, adds Caixin.

China Security Co., Ltd. designs and sells electronic security
products in China and internationally. It provides cash logistics
management, financial security, human security, electronic
security, facility management, and various security services. The
company was formerly known as China Security & Fire Co.,Ltd and
changed its name to China Security Co., Ltd. in May 2018.


HENGDA REAL ESTATE: S&P Assigns 'B+' ICR, Outlook Positive
----------------------------------------------------------
On Oct. 30, 2018, S&P Global Ratings assigned its 'B+' long-term
issuer credit rating to Hengda Real Estate Group Co. Ltd. and
Tianji Holding Ltd. The outlook on both companies is positive. At
the same time, S&P also assigned its 'B' long-term issue rating
to the proposed U.S. dollar-denominated senior unsecured notes to
be issued by Scenery Journey Ltd. and guaranteed by Tianji. The
issue rating is subject to our review of the final issuance
documents.

Hengda is a developer incorporated in China and a 63.46%-owned
subsidiary of China Evergrande Group (B+/Positive/--). Tianji is
a wholly owned subsidiary of Hengda and serves as an offshore
operating and financing platform under a keepwell agreement by
its parent.

S&P said, "The rating and outlook on Hengda reflects our
assessment that the company is a core subsidiary of Evergrande,
considering Hengda's dominant contribution and sole platform to
conduct the parent's main business of property development. As
such, the rating and outlook on Hengda will move in tandem with
those on Evergrande.

"We rate the senior unsecured notes one notch below our issuer
credit rating on Tianji because of significant subordination risk
in its capital structure. As of June 30, 2018, Tianji had Chinese
renminbi (RMB) 85 billion of priority debt and RMB0.9 billion of
unsecured debt at the headquarters level. The priority debt ratio
is therefore considerably above 50%. In our view, the issuance
may mildly improve Hengda's capital structure as the use of
proceeds will be predominantly used for refinancing of mostly
short-term debt. However, the impact will unlikely be very
significant due to its short-term and overall debt size.

Hengda's 'b+' stand-alone credit profile (SACP) reflects its
weaker liquidity profile and uneven capital structure against
peers, as well as its high leverage resulting from its aggressive
scale expansion over the past three to four years, despite recent
deleveraging. Hengda has a substantial amount of short-term
maturities and a reliance on various types of short-term
financing. The company's leading market position as one of the
top three developers in China, strong sales execution, and
recovering profitability partly offset these weaknesses. Since
Hengda contributes 95%-100% of Evergrande's sales, EBITDA, and
total assets, as well as more than 85% of total adjusted debt,
S&P's assessments of Hengda's business position and financial
risks are either the same or similar to those of Evergrande.

S&P said, "In our view, Hengda's importance within the group is
also demonstrated by its status as the sole property platform. In
September 2016, the group reorganized its corporate structure,
with all property projects consolidated into Hengda, while
Evergrande held tourism and other non-property business segments
such as the health industry. The new corporate structure paved
the way for Hengda's A-share listing plan given it resolved
intra-group competition issues. The other businesses held by
Hengda's parent are still very small, and their strategic
importance is not comparable. For example, its tourism business
generated sales in 2017 of about RMB22.7 billion, less than 5% of
Hengda's contracted sales of RMB478.3 billion.

"We believe Hengda's leverage, although still high, will improve,
with its debt-to-EBITDA ratio strengthening to 4.8x-5.0x in 2018-
2019, compared with slightly above 6x in 2017. The improvement
will be driven by slowing of land acquisitions. We believe this
is both an adjustment to the company's strategy to focus more on
efficiency and a response to the tighter funding conditions,
especially alternative financing. Hengda's strong contracted
sales performance and higher margins, which should be sustainable
over the next 12 months due to considerable growth in average
selling price, also support the said leverage trend.

"That said, although management claims the focus is now shifting
toward efficiency and quality, we believe the track record is
still short considering its aggressive expansion, including the
RMB300 billion spent on land purchases in 2017. The consistency
and the sustainability in prudent financial management will still
be crucial for Hengda's leverage trend going forward."

Hengda's liquidity profile and capital structure also largely
mirror those of its parent, and are weaker than those of its
peers. Its liquidity sources are only able to cover liquidity
uses by about 1x over the next 12 months. This is mainly due to
the continued increase in short-term debt, which, despite
decreasing moderately in the past six months, still amounts to
RMB287 billion, or almost 50% of reported gross debt. S&P said,
"In our view, Hengda's huge short-term debt is due to the use of
cash-pledged offshore borrowing and considerable entrusted and
trust loans, which typically have short maturities. We see a
reasonably good chance for the company's liquidity and capital
structure to improve as management will need to refinance or use
cash to pay down entrusted loans due to tightening regulations."

In addition, Hengda's leverage and debt serviceability are
moderately better than its parent's, mainly because Evergrande
has significant debt at its level (such as significant U.S.
dollar-denominated bonds); Hengda's gross reported debt is some
RMB100 billion lower. In addition, the property business is the
most profitable compared with the group's other less-established
segments.

S&P said, "The rating on Tianji also reflects our assessment that
the company is a core subsidiary of Hengda. In addition to its
major role of being Hengda's offshore financing platform, Tianji
also performs other important functions such as acquiring project
companies and holding important group assets offshore. Moreover,
Tianji receives strong financial support from its parent,
including guarantees to some of its onshore cash-pledged offshore
loans as well as project loans in China.

"We believe Tianji's mandate to acquire project companies held
offshore has high importance to the parent or the group's overall
property development strategy. Since we expect Hengda to continue
to seek merger and acquisition opportunities, Tianji will remain
a crucial part of that strategy. Hengda's active offshore
acquisitions through Tianji have resulted in Tianji's relatively
large asset base and contribution to the parent. As of end-2017,
Tianji accounted for 20%-24% of Hengda's total assets and
liabilities. Also supplementing Tianji's importance is that it
holds the group's head office in Hong Kong, China Evergrande
Centre in Wanchai."

HENGDA REAL ESTATE GROUP CO. LTD.

S&P said, "The positive outlook mirrors that on Hengda's parent
company, Evergrande. The outlook on the parent reflects our
expectation that the group will continue to improve its leverage
over the next 12 months as the company expands at a more
controlled pace. The improvement will also stem from a reduction
of its large short-term debt, including alternative financing.
This will further enhance Evergrande's liquidity profile, along
with stable profitability and growth in contracted sales.

"We may raise the rating on Hengda if we upgrade Evergrande.

"We may raise our rating on Evergrande if: (1) the company
further slows down debt growth by showing discipline in land and
other acquisitions, such that its debt-to-EBITDA ratio improves
to below 5x on a sustainable basis; and (2) Evergrande improves
its capital structure by extending its debt maturity profile,
such that the ratio of short-term liquidity sources to uses
approaches 1.2x.
We may revise the outlook on Hengda to stable if we make a
similar outlook revision on the parent.

"We may revise the outlook on Evergrande to stable if: (1) the
company engages in substantial debt-funded expansion of its land
bank or other major non-property investments, such that its debt-
to-EBITDA ratio fails to improve to below 5x; or (2) Evergrande's
liquidity deteriorates, with liquidity sources materially below
uses. This could happen if the company uses, and substantially
relies on, short-term financing to roll over existing debt or to
fund its spending.

"In a remote case, we may also lower the rating on Hengda if the
company's strategic importance within the group declines, while
its SACP deteriorates and becomes weaker than that of the group.
That might happen if Evergrande substantially lowers its stake in
Hengda and shifts its strategic focus to other business segments,
while Hengda's leverage or liquidity also materially deteriorate
from current level."

TIANJI HOLDING LTD.

S&P said, "The outlook is positive, reflecting the outlook on the
parent, Hengda, and our assessment that Tianji will maintain its
core status to Hengda over the next 12 months.

"We could raise the rating on Tianji if we upgrade Hengda.

"We could revise the outlook to stable if we take a similar
action on Hengda.

"We could also lower the rating on Tianji if its core status
weakens. This could happen if we believe Tianji's strategic
importance to Hengda weakens because of the change in the
parent's strategy; or Hengda's supervision and control of Tianji
weakens."


XINJIANG ZHONGTAI: S&P Assigns BB+ Long-Term ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' long-term
issuer credit rating to Xinjiang Zhongtai (Group) Co. Ltd. The
outlook is stable. Xinjiang Zhongtai is China's largest polyvinyl
chloride (PVC) producer in terms of capacity as well as a large
caustic soda producer.

The rating on Xinjiang Zhongtai reflects the company's 'b+'
stand-alone credit profile (SACP) and a very high likelihood of
receiving extraordinary government support from the Xinjiang
government in the event of financial distress.

S&P views Xinjiang Zhongtai as a government-related entity (GRE).
S&P bases its assessment of a very high likelihood of the company
receiving extraordinary government support on the following
characteristics:

-- Very strong link with the Xinjiang government: Xinjiang
    Zhongtai is 100% owned by Xinjiang State-owned Assets
    Supervision and Administration Commission and S&P believes
    the government intends to maintain its shareholding. The
    government has a track record of providing subsidies to the
    company in the form of cash injections and equity transfers
    and grants favorable tax rates to support the company's
    development and expansion in the chemicals and textiles
    businesses. The government appoints the majority of the board
    and senior management team of the company. The government
    also sets annual targets for the company and casts
    significant influence on operations and investment plans.

-- Very important role to Xinjiang government: Xinjiang Zhongtai
    is the largest state-owned enterprise (SOE) in Xinjiang in
    terms of both assets and revenue. It is the key platform of
    the government to promote industry consolidation, improve the
    operating efficiency of state-owned assets, and optimize
    capital allocation. As a leading chemical producer in
    Xinjiang, the company has wide spread influence on the
    regional economy through the long value chain of its
    integrated operations. The company promotes the employment of
    ethnic minorities locally and plays a very important role to
    social stability. It is actively involved in the "Road and
    Belt" initiatives given its proximity to Central Asian
    countries.

S&P said, "We expect Xinjiang Zhongtai to maintain its leading
share in the PVC and caustic soda markets in China. Output in
2017 reached 1.75 million tons, accounting for about 10% of
China's total PVC output. The company engages in both the
commodity chemicals and textile businesses. To enhance its
product line and use its existing resources, Xinjiang Zhongtai
acquired 52.63% stake in Markor Chemicals Co. Ltd. in May 2017,
becoming the largest butanediol (BDO) producer in China with
capacity of 270,000 tons a year. BDO is a fine chemical product
with rapidly growing demand in various end markets. In 2014,
Xinjiang Zhongtai entered the textile business by acquiring
Xinjiang Fulida Fiber Co. Ltd., becoming the largest producer of
viscose staple fiber and yarns in Xinjiang.

"We expect the company to maintain gross profit margins that are
higher than its peers' in the commodity chemical industry. The
company's utilization rates are higher than the industry's
average utilization rates and it has a high self-sufficiency
ratio of raw materials. Its PVC and caustic soda operations
maintained full utilization in 2014-2016, higher than the 70%-80%
average utilization in the industry for the same period."

Xinjiang Zhongtai benefits from ample natural resources in
Xinjiang and the proximity of its operations to raw material
sources. The company meets all of its calcium carbide
requirements for PVC production from its own four calcium carbide
plants. The company has seven power plants to meet its power
needs, which could significantly lower the power tariff by around
50%. The company's chemicals and textile businesses are well
integrated, bringing in benefits from economies of scale and
lower operating costs from using the caustic soda to produce
viscose staple fibers for yarns.

Xinjiang Zhongtai's smaller revenue base than other chemical
producers in China is a rating constraint. The smaller base
reflects the fragmented nature of the commodity chemicals
industry. All of the company's operations are located in
Xinjiang, which may cause concentration risk, in S&P's view. The
company has limited product offerings, making it vulnerable to
volatile product prices and industry cyclicality. Apart from
chemicals and textiles, the company has a trading business, which
includes commodity chemicals, base metals, and related raw
materials. Although the trading business brings in more than 30%
of total revenue, its contribution to gross profit is very small,
dragging down the overall profit margin.

S&P said, "In our view, Xinjiang Zhongtai will remain highly
leveraged over the next 12 months, given its ambitious capital
outlays for expansion in the chemicals business. We expect the
company's debt-to-EBITDA ratio to increase to around 7.6x in
2018, from 7.2x in 2017. We estimate that the company's EBITDA
will retreat in 2018 as chemical prices moderate after having
increased around 20% year on year in 2017. However, we believe
the company has solid interest serving capacity and we expect it
to maintain comfortable EBITDA interest coverage of 3.0x-3.2x in
2018 and 2019. Therefore, we have a positive comparative rating
analysis score.

"The stable outlook reflects our expectation that Xinjiang
Zhongtai's likelihood of receiving extraordinary government
support will not change in the next 12-24 months. We anticipate
that the company's financial leverage will stay high due to heavy
capex in the next few years but that it will maintain EBITDA
interest coverage above 2.0x. We also expect the company to
maintain its leading market position in the PVC and caustic soda
integrated chain as well as expand its market presence in the
viscose staple fiber and yarns business. However, production will
remain concentrated in Xinjiang and scale will stay small.

"We could downgrade Xinjiang Zhongtai if its EBITDA interest
coverage declines below 2.0x. That could happen if the company's
EBITDA is much lower than our expectation due to an industry
downturn or its debt burden increases due to aggressive capital
outlays.

"We could consider an upgrade if Xinjiang Zhongtai's financial
leverage substantially improves such that its debt-to-EBITDA
ratio declines to approach 5.0x on a sustainable basis. This
could happen if the company reduces its capex or its operating
cash flows improve due to better industry conditions."


* CHINA: Record Bond Failures Breathe Life Into CDS-Like Tool
-------------------------------------------------------------
Bloomberg News reports that corporate debt investors navigating
an expanding minefield of bond delinquencies in China are
reaching for a hedging tool similar to credit-default swaps that
was last used more than two years ago.

Since September, China Bond Insurance Co. and Bank of Hangzhou
Co. have sold four instruments called credit risk mitigation
warrants, which insure creditors against defaults of the
underlying debt, Bloomberg relates. These risk hedging
instruments are set to become increasingly popular as bond
failures pile up, according to Golden Credit Rating International
Co.

According to Bloomberg, defaults have spiraled to a record
CNY66.1 billion ($9.5 billion) this year as China's deleveraging
campaign bites and economic headwinds batter investor confidence.
That's made raising funds without resorting to credit protection
tougher for some companies. In mid-October, the biggest state
bank threw a lifeline to cash-strapped private firms by expanding
a debt-to-equity swap program.

"Banks and other credit investors now see rising demand for risk
mitigation tools, especially when regulators attempt to break
away from bailing out debt defaulters since 2014," Bloomberg
quotes Su Li, chief bond analyst from Golden Credit Rating, as
saying. "They are expected to have greater prospects in China."

In 2010, Chinese authorities issued rules on credit risk
mitigation warrants, with the National Association of Financial
Market Institutional Investors saying at the time that products
must focus on underlying debt. That's unlike CDS that was
introduced in China in 2016, which provides protection against
multiple debt failures of a certain borrower.

According to Bloomberg, the People's Bank of China said it will
grant initial funding to financial institutions to offer credit
risk mitigation tools and other credit enhancements that help
companies in the private sector sell bonds. President Xi Jinping
last week vowed "unwavering" support for the country's struggling
private sector.

"Investors may adjust risk appetite for private sector firms in
the short run given such a slew of favorable policies, and big
leading companies may get the benefit first," analysts from
Guotai Junan Securities Co. including Qin Han wrote in a report
on Oct. 24, Bloomberg relays. "But concerns remain over
companies' profit prospects due to the economic slowdown and
trade war."

Bloomberg notes that the last time a CRMW was issued was in
August 2016, when some Chinese companies defaulted amid
government efforts to cut excess capacity. China Securities Co.
issued a CRMW with a nominal principal of 800 million yuan. The
underlying debt was Agricultural Bank of China Ltd.'s non-
performing loan-backed security.

As a standardized tool, CRMW offers market participants a public
process to determine pricing just like book-building for a bond.
In contrast, CDS prices are set by negotiations between counter-
parties, making the market less transparent, Bloomberg states.

So far 39 financial institutions and credit enhancement agencies
have registered as "core traders" for credit risk hedging tools,
which can make deals with non-financial firms, Bloomberg
discloses citing NAFMII. China's central bank plans to give
CNY10 billion to China Bond Insurance, one of the core traders,
to provide credit support for debt sales by private enterprises,
according to people familiar with the situation, Bloomberg
relays.

Corporate bonds by investment firm Zhejiang Rongsheng Holding
Group Co., Taiyuan Iron & Steel (Group) Co. and cement maker
Hongshi Holding Group Co. are the underlying debt of the latest
four CRMW issues, according to disclosures filed to the National
Association of Financial Market Institutional Investors. Notional
principal of the four deals totaled CNY275 million, Bloomberg
discloses citing public filings.

Rongsheng and Hongshi are both AA+ rated non-state-owned
companies located in the coastal Zhejiang province. When they
sold short-term notes earlier this month, CRMWs were offered
almost simultaneously by third parties to boost demand, the
report says. As a result, Rongsheng managed to sell the
securities at a coupon of 5.22 percent, while Hongshi issued at
4.96 percent, much lower than most of their similar new issues
earlier this year.

"The underlying debts were generally less risky when such
instruments first hit the market years ago, and therefore demand
was very low," Bloomberg quotes Lv Pin, an analyst in Beijing at
CITIC Securities Co., as saying. Now, more lower-rated firms may
be covered by such risk tool in the future, he said.



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


AMBICA AGARBATHIES: ICRA Assigns 'B' Rating to INR66cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR66-
crore fund-based facilities of Ambica Agarbathies Aroma &
Industries Ltd. (AAAIL). The outlook on the long-term rating is
Stable.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based limits     66.00     [ICRA]B (Stable); Assigned

Rationale

The assigned rating is constrained by the company's weak
financial profile, characterised by operating loss in FY2018. The
company incurred loss because of a one-time inventory write-off
due to quality issues, leading to weak coverage indicators. The
rating considers the company's high working capital intensity
owing to high short-term advance extended to raw material
suppliers. Further, the ratings are constrained by revenue de-
growth in the agarbathi division in the past few years on account
of increasing competition. The agarbathi manufacturing industry
is fragmented and is characterised by the presence of large
organised and several unorganised regional players, restricting
revenue growth and margins. The rating also takes into account
the concentration risk arising out of the company's single hotel
property, resulting in total dependence on the demand-supply
scenario in the Chennai hospitality market, which is intensely
competitive in nature.

The rating, however, draws comfort from the extensive expertise
of promoters with over five decades of experience in
manufacturing agarbathies and the company's diversified revenue
base. Agarbathi manufacturing, maize trading and hotel divisions
account for a major portion of its revenues. The rating also
takes into account the company's strong distribution network
along with the strong brand recognition of Ambica in Andhra
Pradesh, Telangana and Tamil Nadu.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that AAAIL will
continue to benefit from the extensive experience of its
promoters in agarbathi manufacturing and the reputed brand name
of Ambica in the agarbathi segment. The outlook may be revised to
Positive if substantial growth in revenue and profitability, and
better working-capital management strengthens the financial risk
profile. The outlook may be revised to Negative if lower-than-
expected cash accruals, or higher than anticipated debt-funded
capex, or stretch in the working-capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

Established presence in manufacturing of agarbathies: The
promoters have a proven track record of more than 50 years in
manufacturing of agarbathies, leading to an established customer
base. Moreover, Ambica is a reputed brand in agarbathies in
Andhra Pradesh, Telangana and Tamil Nadu.

Diversified mix of revenues: The company has a diversified mix of
revenues with its presence in agarbathies manufacturing,
hospitality, maize trading, construction and wind power. However,
agarbathi manufacturing, maize trading and hotel divisions
account for a major portion of its revenues.

Credit weaknesses

Weak financial profile: The company's financial profile is weak
with operating loss in FY2018 on account of a one-time inventory
write-off due to quality issues. The company's coverage
indicators remained stretched over the years and an operating
loss in FY2018 resulted in further deterioration of the same.

High working capital intensity: The company's working capital
intensity has been high over the years in the range of 31-35%
owing to high short-term advances given to raw material
suppliers. In the absence of working capital limits from bank,
the effective working capital management remains crucial.

Moderate scale with high dependence on agarbathi manufacturing
and hotel segment: The company's scale of operations in each
division is moderate, restricting its financial flexibility. It
derives a major portion of its revenues from agarbathi
manufacturing and hotel segment. The revenue growth remained
muted over the years owing to increasing competition in agarbathi
manufacturing.

Intensely competitive and fragmented agarbathi manufacturing
industry: Agarbathi manufacturing industry is intensely
competitive and fragmented in nature with presence of a large
number of organised and unorganised regional players, impacting
the company's revenues and margins.

Intense competition and cyclicality inherent in the hospitality
market: Cyclicality inherent in the hospitality business exposes
the company to variability in cash flows during the year as well
as market risk arising from the lack of novelty factor. Further,
the market is likely to remain competitive with additional room
supplies from competitors.

Ambica Agarbathies Aroma & Industries Ltd. (AAAIL) was
incorporated on April 21, 1995 by Mr. Ambica Krishna and family
members. The company has business interests across five divisions
namely agarbathi, maize trading, hotel, windmill and
construction. However, the agarbathi division accounts for a
major portion (67%) of its revenues. AAAIL sells agarbathies
under its brand, Ambica, which is well established in the regions
of Andhra Pradesh and Telangana. Besides, the company operates a
3-star hotel with 87 rooms in Chennai. The company's
manufacturing unit is located in Eluru, Andhra Pradesh.

In FY2018, the company reported a net loss of INR17.8 crore on an
operating income of INR125.4 crore, compared to a net profit of
INR1.5 crore on an operating income of INR119.2 crore in the
previous year.


ANGAD INFRASTRUCTURE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Angad Infrastructure Private Limited

        Registered Office:
        B 292, Chandra Kanta Complex
        Shop No. 8, Near Metro Pillar No. 161
        New Ashok Nagar, New Delhi 110096

Insolvency Commencement Date: October 25, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 22, 2019

Insolvency professional: Mr. Darshan Singh Anand

Interim Resolution
Professional:            Mr. Darshan Singh Anand
                         EG-46, Inder Puri
                         New Delhi 110012
                         E-mail: dsanand57@gmail.com

                            - and -

                         C/O Sumedha Management Solutions Pvt
Ltd.
                         B-1/12, 2nd Floor, Safdarjung Enclave
                         New Delhi 110029
                         E-mail: cirp.angadinfra@gmail.com

Last date for
submission of claims:    November 14, 2018


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

The instrument-wise rating action is:

-- INR150 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in March 2013, Beehive Alcoveb is a wholesale liquor
distributor of Indian-made foreign liquor and beer in Lucknow,
Varanasi and Barabanki in Uttar Pradesh.


COCHIN STEEL: CRISIL Lowers Rating on INR3cr Bank Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Cochin Steel Industrial Complex (Construction) (CSIC) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        3         CRISIL D (Downgraded from
                                   'CRISIL A4')

   Overdraft             3         CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term    2         CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The ratings reflect delay in the servicing of debt obligations
due to stretched in receivables.

The ratings continue to reflect the firm's modest scale of
operations, and working capital intensive operations. These
weaknesses are partially offset by the extensive experience of
its promoter in implementing civil construction projects.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and susceptibility to intense
competition in civil construction segment: CSIC's has a modest
scale of operations as indicated by the revenue of Rs.0.28
crores. The construction and civil works sector is marked by the
presence of large companies such as Larsen & Toubro Limited and
many other small players. Also, CSIC's small scale of operations
restricts it from bidding for larger projects.

* Working capital intensive operations: CSIC's operation are
working capital intensive in nature as reflected by the high
gross current asset days (GCA) as on March 31, 2018. The GCA days
were high due to stretch in receivables.

Strength

* Proprietor's extensive experience: CSIC benefits from the
extensive industry experience of its proprietor, Mr. M M
Varghese. Mr. Varghese has experience of over three decades in
the engineering and construction industry. Proven track record of
executing orders timely has resulted in steady orders from
customers.

CSIC, set up in 2000, is a proprietorship concern undertaking
civil contracts for the government of Kerala. Its operations are
managed by its proprietor, Mr. M M Varghese.


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

The instrument-wise rating actions is:

-- INR150 mil. Fund-based Working Capital Limits migrated to
    non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Formed in June 2012, Dwaraka Infra Projects is a partnership firm
engaged in the execution of civil works in Andhra Pradesh and
Telangana.


EARTHCON DEVELOPERS: ICRA Lowers Rating on INR12cr Loan to D
------------------------------------------------------------
ICRA has revised the rating of bank facilities of Earthcon
Developers Pvt. Ltd. to [ICRA]D from [ICRA]B(Stable). ICRA has
also moved the ratings to the 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         12.00     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Revised from [ICRA]B(Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

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

Rationale

The rating revision factors in the delay in debt servicing by the
company. Going forward, the ability to demonstrate a track record
of timely debt servicing will be the key rating sensitivity.

EDPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private
Limited, with respective stakes of 50.002% and 49.998%. It is
developing a residential project, 'Rajpur Greens', in Dehradun,
Uttarakhand. The project comprises saleable area of 1,01,246
(96,720 earlier) square feet and consists of 42 two BHK and 24
three BHK flats spread over two towers, of six floors each. The
construction started in January, 2014 and the total project cost
is estimated at INR47.27 crore (INR31.78 crore earlier), with
INR16.0 crore (INR12.0 crore sanctioned and INR4.0 crore of
proposed enhancement) being funded through bank loans, INR16.25
crore through promoter's contribution and the remaining INR15.02
crore through customer advances.


ESSAR STEEL: Ruias Likely to Challenge ArcelorMittal Plan
---------------------------------------------------------
Mitali Salian at Financial Express reports that the Ruias, who
have offered to pay INR54,389 crore to clear their dues to the
lenders of Essar Steel, are likely to challenge the resolution
plan submitted by ArcelorMittal, persons close to the Ruias said.
They said an intervention petition may be filed with the National
Company Law Tribunal (NCLT).

Late last week, the committee of creditors (CoC) accepted an
offer by ArcelorMittal which was subsequently submitted by the
resolution professional for Essar Steel to NCLT for approval, FE
says.

FE relates that the persons mentioned above and aware of the
developments said the Ruias would, in all probability, file an
objection with the tribunal latest by Oct. 30 "to intervene and
object against the resolution professional's submission of the
ArcelorMittal resolution plan for the NCLT's approval".

According to FE, the persons said they were yet to hear from the
CoC on the offer submitted by the Ruias to them last week. Last
week, the Ruias offered an upfront cash payment of INR47,507
crore to all creditors, including payment of INR45,559 crore to
the senior secured financial creditors under Section 12A of the
Insolvency and Bankruptcy Code (IBC) introduced in 2018 by way of
an amendment, the report states.

According to FE, the clause allows withdrawal of insolvency
proceedings subject to approval by 90% of the creditors and NCLT.
Speaking in his personal capacity last week, eminent lawyer
Shardul Shroff, founder, Shardul Amarchand Mangaldas, told FE,
that Section 12A would not be applicable in the case of Essar
Steel's promoters.

"Section 12A is valid only before the the EoIs come in. But here
not only have the EoIs come in the CoC has finished voting on the
two proposals as mandated by the Supreme Court," he said, notes
the report.  More importantly, he pointed out that a reading of
the Supreme Court order stated there has to be a re-submission by
Numetal and ArcelorMittal, and Essar by itself was not a party or
a bidder, FE relates.

As is known, more than 90% of the CoC finally voted in favor of
the bid by ArcelorMittal which has promised INR39,500 crore by
way of cash upfront. State Bank of India (SBI) had referred Essar
Steel to the NCLT seeking a resolution via the corporate
insolvency resolution process under the IBC. Essar Steel owes
lenders about INR49,000 crore.

When asked about the source of funds, the persons close to the
Ruias said this would be revealed if and when the CoC approved of
the promoters' plan to take back control of Essar Steel, FE
relays. Over the weekend, sources close to the Essar Group also
suggested it had already de-leveraged debt of approximately
INR80,000 crore so far, and inclusion of approximately INR45,000-
crore debt of Essar Steel, which is currently under settlement,
would take the figure to a total of around INR1,25,000 crore or
over 85% of total group liabilities, according to FE.

FE adds that ArcelorMittal's resolution plan for Essar Steel also
faces another legal hurdle in the form of a caveat petition filed
by Standard Chartered Bank in the ongoing insolvency case in its
role as a dissenting financial creditor. The caveat, filed on
Oct. 26, according to media reports will ensure that no decision
is passed on the resolution plan until Standard Chartered is head
by the tribunal. Various senior bankers had indicated to FE that
Standard Chartered had voted against the Arcelor Mittal
resolution plan last week.

As per reports, Standard Chartered's dissent arises from the fact
that it is being treated as a minor financial creditor under
ArcelorMittal's plan and due to receive only a little over INR60
crore, FE discloses.

                        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.

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.


FRESH BOWL: CRISIL Assigns B+ Rating to INR16.57cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Fresh Bowl Horticulture Private Limited
(FBHPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan           16.57       CRISIL B+/Stable (Assigned)

   Cash Credit          1.00       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    .43       CRISIL B+/Stable (Assigned)

The rating reflects FBHPL's exposure to risks related to
stabilization of operations and its limited track record. These
rating weaknesses are partially offset by extensive
entrepreneurial experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilization of operations: The
Company commenced operations in July 2018 and is expected to
achieve a turnover of about Rs.10 crores by March 31, 2019. The
company is yet to demonstrate ability to withstand business
cycles.

Strength

* Promoter's entrepreneurial experience: FBHPLs business risk
profile will be supported by the extensive industry experience of
its promoter Dr.Prasad who has more than 2 decades of experience
in this industry.

Outlook: Stable

CRISIL believes the FBHPL will remain exposed to stabilization of
operations. The rating may be upgraded in case of successful
ramping up of operations leading to improvement in business risk
profile. Conversely, the outlook may be revised to 'Negative', if
the company's financial risk profile deteriorates because of
substantially lower than expected profitability or if the offtake
from the new capacity is lower than expected thereby adversely
affecting liquidity.

FBHPL, is a Mumbai based company, is involved in cultivation of
Mushrooms. The company has manufacturing facility based in
Kurnool, Andhra Pradesh. FBHPL is operating a 5.5 TPD Mushroom
unit and is promoted by Dr. Prasad.


GANGES FORD: ICRA Downgrades Rating on INR14cr Loan to D
--------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]BB ISSUER NOT COOPERATING assigned to the
INR2.00-crore cash credit, the INR14.00-crore e-DFS, the INR2.80-
crore ad-hoc limit on e-DFS, the INR3.50-crore dropline overdraft
and the INR0.43-crore unallocated limits of Ganges Ford
(Proprietor: Lexicon Commercial Enterprises Limited) (GF). The
rating continues to be in the 'Issuer Not Cooperating' category.
The rating is now denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based         2.00      [ICRA]D ISSUER NOT COOPERATING
   Limit-Cash                   downgraded from [ICRA]BB(Stable);
   Credit                       Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based        14.00      [ICRA]D ISSUER NOT COOPERATING
   Limit-e-DFS                  downgraded from [ICRA]BB(Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based         2.80      [ICRA]D ISSUER NOT COOPERATING
   Limit-Ad-hoc                 downgraded from [ICRA]BB(Stable);
   Limit on e-DFS               Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund-based         3.50      [ICRA]D ISSUER NOT COOPERATING
   Limit-Dropline               downgraded from [ICRA]BB(Stable);
   Overdraft                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Unallocated        0.43      [ICRA]D ISSUER NOT COOPERATING
   Limits                       downgraded from [ICRA]BB(Stable);
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Rationale

The rating downgrade follows the delay in debt servicing
obligations by GF due to stretched liquidity position.

Incorporated in 2004, Ganges Ford (Proprietor: Lexicon Commercial
Enterprises Limited) (GF) is an authorised dealer of Ford India
Private Limited (FIPL). The company sells and services vehicles
along with spare parts and accessories. GF has a showroom and two
workshops in Kolkata, and a showroom with an exclusive sales and
service outlet (ESSO) in Berhampore, West Bengal. The company is
promoted by the Kolkata-based Mr. Harish Himatsingka, who has
long experience in the automotive dealership industry.


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

The instrument-wise rating actions are:

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

-- INR17.5 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 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVK Cotton Mills, a proprietorship concern established in
February 2016, is engaged in cotton ginning and pressing.


HAIDERI TIMBER: ICRA Withdraws 'B' Rating on INR0.50cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook and the short-term rating of [ICRA]A4 assigned to the
INR9.00 crore bank facilities of Haideri Timber Pvt. Ltd. (HTPL).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-
   Cash Credit         0.50      [ICRA]B(Stable); Withdrawn

   Non-Fund based-
   Letter of Credit    8.50      [ICRA]A4; Withdrawn

Rationale

The ratings assigned to Haideri Timber Pvt. Ltd. have been
withdrawn at its request based on the no objection certificate
provided by its banker.

Haideri Timber Private Limited was incorporated in 2011 to engage
in trading of round and square teakwood timber logs. The company
imports timber logs mainly from Latin America, South Africa,
Ghana, Columbia etc. The promoters of the company are also
associated with a sister concern Hakimi Timbers Private Limited
involved in the similar line of business.


HARSH POLYMERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Harsh Polymers (India) Limited
        513, Golden Triangle Stadium Road
        Navrangpura, Ahmedabad
        Gujarat 380014

Insolvency Commencement Date: October 24, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019

Insolvency professional: Bhavi Shreyans Shah

Interim Resolution
Professional:            Bhavi Shreyans Shah
                         C 201, Embassy Appt.
                         Near Ketav Petrol Pump
                         DR. V.S. Road, Ambawadi, Ahmedababad
                         Gujarat 380015
                         E-mail: ca.bhavishah@gmail.com

                            - and -

                         9/B, Vardan Complex, Nr. Vimal House
                         Lakhudi Circle, Narvangpura
                         Ahmedabad 380014

Last date for
submission of claims:    November 6, 2018


IL&FS CLUSTERS: Ind-Ra Cuts Rating on INR300MM Loan to 'B+/A4'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on IL&FS Clusters Development Initiative Limited's
(CDI) bank loan facilities:

-- INR300 mil. Fund-based working capital limits downgraded with
    IND B+ (SO)/Negative/IND A4 (SO) rating; and

-- INR60 mil. Non-fund-based working capital limits downgraded
    with IND B+ (SO)/Negative/IND A4 (SO) rating.

KEY RATING DRIVERS

Similar Action on Guarantor's Rating: The rating downgrade and
Outlook revision reflect a similar rating action on ISDC's
parent, IL&FS Education and Technology Services Limited (IETS;
'IND B+'/Negative). ISDC has strong legal linkages with IETS; the
latter has provided corporate guarantees for ISDC's bank
facilities. IETS' ratings are based on a consolidated view of
IETS' business and financials. CDI is a wholly-owned subsidiary
of IETS.

Strong Operational Linkages: IETS and CDI have a similar nature
of businesses, common need for government dealings and common
directors on the board.

At FYE18, IL&FS Financial Services Ltd ('IND D') had routed loans
totalling INR1.8 billion through CDI to support group companies.
The loans are secured by a charge on current assets, including
the loans and advances given to group companies, and a demand
promissory note.

CDI's revenue mainly comprises fee income and grant income. While
fee income mainly comes from advisory services, grant income is
derived from the skills business. Its portfolio includes advisory
services to the Telangana government, Bihar government, Tripura
government, central government (Ministry of Food Processing etc.)
and cluster SPVs. Not only B2G, management is now increasing its
engagement in the B2C segment and expanding its presence in
Africa by implementing projects awarded by the Ministry of
Commerce, United States Agency for International Development,
etc.

RATING SENSITIVITIES

Negative: Any further rating downgrade for IETS may lead to a
similar action on CDI.

Positive: A rating upgrade for IETS may lead to a similar action
on CDI.

COMPANY PROFILE

Set up in September 2006, CDI specializes in cluster development
and project management consultancy services. It focuses on 10
sectors and has a diversified client base comprising government,
private sector, bilateral and multilateral institutions. CDI
reported revenue of INR 414 million, EBITDA loss of INR 62
million and a net loss of INR 59 million for FY18.


IL&FS SKILLS: Ind-Ra Lowers Rating on INR100MM Loan to 'B+/A4'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IL&FS Skills
Development Corporation Limited's (ISDC) bank loan facilities as
follows:

-- INR100 mil. Non-fund-based limit/fund based limit* downgraded
     with IND B+ (SO)/Negative/IND A4 (SO) rating.

* The limit is fungible

KEY RATING DRIVERS

Similar Action on Guarantor's Rating: The rating downgrade and
Outlook revision reflect a similar rating action on ISDC's
parent, IL&FS Education and Technology Services Limited (IETS;
'IND B+'/Negative). ISDC has strong legal linkages with IETS; the
latter has provided corporate guarantees for ISDC's bank
facilities. IETS' ratings are based on a consolidated view of
IETS' business and financials.

Strong Operational Linkages: Strong operational linkages exist
between IETS and ISDC on account of the similar nature of the
business and government dealings in both the companies. ISDC uses
the training content developed by IETS. Also, both the companies
have common management and board representation.

Strong Strategic Ties: ISDC is of a high strategic importance to
IETS, as the new skills business is instrumental in expanding the
parent's overall addressable market. The company's business is
also synergistic with the existing businesses of IETS. ISDC
operates as a special purpose vehicle for the parent's skills
business. The company has hitherto not required any tangible
support from IETS.

RATING SENSITIVITIES

Negative: Any further rating downgrade for IETS may lead to a
similar action on ISDC.

Positive: A rating upgrade for IETS may lead to a similar action
on ISDC.

COMPANY PROFILE

ISDC is a joint venture between IETS (80.01% share) and National
Skill Development Corporation (19.99% share). The company aims at
providing training to 4 million people by 2022 through a network
of 300 plus institutes of skills on hub and spoke model. The
training will be targeted towards providing solutions for
infrastructure deficiencies, trainer quality, and supply-driven
curriculum, linkages with the job market and employability
issues. The company addresses training needs across government
organizations, private companies, international bodies and
trainees themselves. ISDC reported revenue of INR1,998 million,
EBITDA of INR291 million and a net income of INR110 million for
FY18.


KRISHNA FASHION: ICRA Withdraws B+ Rating on INR35.65cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+(Stable) with
a Stable outlook and short-term rating of [ICRA]A4 ISSUER NOT
COOPERATING assigned to the INR49.69 crore bank facilities of
Krishna Fashion (KF).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         12.50     [ICRA]B+(Stable) ISSUER NOT
   Working Capital               COOPERATING; Withdrawn

   Fund based-         35.65     [ICRA]B+(Stable) ISSUER NOT
   Term Loan                     COOPERATING; Withdrawn

   Non-fund based       1.50     [ICRA]A4 ISSUER NOT COOPERATING;
                                 Withdrawn

   Unallocated Limits   0.04     [ICRA]B+(Stable)/[ICRA]A4
                                 ISSUER NOT COOPERATING;
                                 Withdrawn

Rationale

The ratings assigned to Krishna Fashion have been withdrawn at
its request based on the no objection certificate provided by its
banker.

Established as a partnership firm in November 2014 by Mr. Vikash
Madanlal Mittal and his wife Mrs. Renu Vikash Mittal, Krishna
Fashion (KF or the company) is engaged in the manufacturing of
knitted fabrics and has recently ventured into art silk fabric
manufacturing. KF is a group entity of the Mittal Group and the
promoters of the group have been present in the textile business
for over 15 years. The entity has its corporate and registered
office and a manufacturing facility in Surat, Gujarat. Vikash
Madanlal Mittal is one of the key partners of the firm and is
engaged in the textile business for more than 17 years. Mittal
group consists of eight group companies all of which are engaged
in the textile business.


KUMARAGIRI ELECTRONICS: ICRA Reaffirms B- Rating on INR9cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B- assigned to
the INR11.64-crore fund-based facilities of Kumaragiri
Electronics Ltd. ICRA has also reaffirmed the short-term rating
at [ICRA]A4 assigned to the Rs.4.00 crore short-term non-fund-
based limits of the company. The outlook on the long-term rating
is Stable.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-
   Term Loan            2.64     [ICRA]B- (stable); reaffirmed

   Fund based-
   Working Capital
   Facilities           9.00     [ICRA]B- (stable); reaffirmed


   Non-fund-based
   Facility             4.00     [ICRA]A4; reaffirmed

Rationale

The rating reaffirmation continues to be constrained by the KEL's
weak financial position following consecutive net-losses recorded
over the past three years (FY2016-FY2018), which resulted in
significant erosion in its net-worth. Despite the improvement in
profitability in FY2018, the debt protection metrics remain
stretched due to high-interest cost. The ratings are also
constrained by the modest scale of operations, and the
susceptibility of fluctuations raw material prices impacting the
profitability metrics.

The rating reaffirmation, nonetheless, positively factors in the
growth in the company's profitability in FY2018 and consequent
improvement in the coverage indicators. The rating reaffirmation,
nonetheless, positively factors into account the long-standing
experience of the promoters in the textile industry. The
company's long-standing relationship with its customers and its
primary raw material supplier, who offer flexible credit period
and funding support.

Outlook: Stable

ICRA believes Kumaragiri Electronics Ltd will continue to benefit
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if substantial growth in revenue and
profitability, and better working capital management, equity
infusion by the promoters and improving the financial risk
profile. The outlook may be revised to 'Negative' if liquidity
profiles continue to remain stretched. The ratings may also be
downgraded, going forward if liquidity profile worsens because of
deterioration in profitability.

Key rating drivers

Credit strengths

Experience of the promoters in the textile industry for over
three decades: The promoters having experience for more than
three decades in the textile industry and the long-standing
customer and supplier relationship provides additional comfort
for the business.

Credit weaknesses

Consecutive losses resulted in the erosion of net-worth: The
company continually incurred losses in FY2016, FY2017 and FY2018.
Despite the improvement in operating margin from 12.5% in FY2017
to 15.2% in FY2018, the company incurred loss at net level due to
high-interest expense. Hence, the capital structure of the
company continued to remain adverse in FY2018 as the net-worth
declined from INR(3.2) crore in FY2017 to INR(4.3) crore in
FY2018.

Financial profile characterised by the adverse capital structure
and weak coverage indicators: Debt protection metrics continue to
remain stretched, with interest coverage ratio at 1.4 times and
DSCR at 0.7 in FY2018. The high-interest expense was majorly due
to debt-funded capex undertaken in FY2016. Going forward, with
ongoing repayment of term-loan and improvement in profitability,
capital structure is expected to improve. However, the ability of
the company to sustain the external funding support, as witnessed
in the past, remains critical.

Modest scale of operations and profitability susceptible to
fluctuations in raw material prices: The company operates at a
capacity of 42,624 spindles. The profitability of the company is
susceptible to adverse fluctuations in cotton prices. Further,
the company is also susceptible to high supplier concentration
risk.

Incorporated in 1986, KEL is engaged in the production of cotton
yarn. Previously, the company was engaged in the manufacture of
aluminium metalized di-electric polypropylene film. In 1995, the
business became redundant due to advancement in technology.
Consequently, the Company decided to diversify into textiles. The
company presently has an installed capacity of 42,624 spindles.
KEL is closely held by the promoter and their relatives/friends.
The company has manufacturing facilities located in Dharmapuri,
Tamil Nadu.


KUNNATHAN WOOD: CRISIL Reaffirms B+ Rating on INR3cr Loan
---------------------------------------------------------
CRISIL reaffirmed its 'CRISIL B+/Stable/CRISIL A4' rating to the
bank long facilities of Kunnathan Wood Products (KWP).

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

   Import Letter
   of Credit Limit      10         CRISIL A4 (Reaffirmed)

The rating reflects KWP's small scale and working capital-
intensive operations in the competitive plywood industry. These
weaknesses are partially offset by the extensive experience of
promoters in the plywood industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale in the competitive plywood industry: With a
turnover of INR32.4 crores in fiscal 2018, the scale remains
small. Moreover, the industry is dominated by the unorganized
sector, resulting in intense competition.

* Working capital-intensive operations: Gross current assets
(GCA) were 161 days as on March 31, 2018, driven by high
receivables and inventory of 58 and 85 days respectively on
account of differentiation in product portfolio.

Strengths

* Extensive experience of promoters: Benefits from promoters'
over many years of experience in the plywood industry with sound
understanding of the business, and healthy relations with
suppliers and customers should continue to support business.

Outlook: Stable

CRISIL believes that KWP's business risk profile will continue to
benefit from its promoters long standing industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the company's operating margins leading to
improvement in cash accruals and net worth. Conversely, the
outlook may be revised to 'Negative' in case the company's lower
than expected cash accruals or larger than expected working
capital requirements leading to pressure on liquidity.

KWP was promoted by K.V. Abbas and K.V. Pareeth. The Company is
engaged in manufacturing of plywood and veneers. KWP's facility
is based in Odakalli (Kerala) and company sells under its brand
name.


LOF CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR5.5cr LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facility of LOF Constructions (LOF).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Proposed Long
   Term Bank Loan
   Facility              5.5        CRISIL B+/Stable (Assigned)

   Bank Guarantee        4.5        CRISIL A4 (Assigned)

   Cash Credit           4          CRISIL B+/Stable (Assigned)

The rating reflects the firm's small and volatile scale and
working capital intensive operations, geographical concentration
in revenues and a small networth which constrains financial risk
profile. These weaknesses are partially offset by the extensive
experience of partners in the industry and moderate order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and geographical concentration: LOF
has a small scale of operations indicated by operating income of
INR3.44 crore in FY18; and net-worth of Rs. 4.26 crore as on
March 31st, 2018. The firm's scale of operations had remained
small and volatile at less than Rs.10 crore over past three years
through 2018. The firm faces geographical concentration in its
revenue as its construction activity is primarily focused on to
state of Karnataka, making LOF a regional player. Also the firm
major customers are Karnataka government departments; namely
Public works department and Karnataka Road Development
Corporation Ltd (KRDCL). KRDCL constitutes over 80% of its
current outstanding book of INR56 crores as on June 20, 2018.

* Working capital intensive operations: The firm's operations are
working capital intensive as evident from its gross current asset
(GCA) days of around 843 as on March 31, 2018. This is on account
of high debtors at around 142 days and high work in progress of
545 days as on March 31st 2018 accentuated by declined revenues.

Strengths

* Extensive experience of partners: The promoters' experience in
construction business along with cement trading, established
associations with suppliers and customers is likely to support
business operations over the medium term.

* Moderate order book provides revenue visibility: The firm has
an outstanding order book of Rs. 56 crore to be executed over
next 2 years, this renders revenue visibility over the medium
term.

Outlook: Stable

CRISIL expects that LOF will benefit over the medium term backed
by the extensive experience of partners and moderate order book.
The outlook may be revised to 'Positive' in case of significant
improvement in scale of operations along with moderate
profitability and sustenance of capital structure. Conversely,
the outlook may be revised to 'Negative', if the firm registers
less than expected revenue or decline in profitability or if its
working capital cycle elongates or it undertakes any large
additional debt-funded capex leading to deterioration in its
financial risk profile and liquidity.

LOF, established in 1984, is a partnership firm of Mr. P M
Muhammed Kunhi, Mr. P M Nizamudeen and his family members. LOF is
a civil-contactors in bridges for government departments; namely
Public Works Department (PWD) and Karnataka Road Development
Corporation Ltd (KRDCL). The firm is based out of Kasaragode,
Kerala.


MARUTI INTERNATIONAL: CRISIL Withdraws B+ Rating on INR5cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Maruti
International - New Delhi (MI) on the request of the company. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

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

CRISIL has been consistently following up with MI for obtaining
information through letters and emails dated May 28, 2018,
June 30, 2018, July 9, 2018 And July 13, 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 they are arrived at without any
management interaction and are 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 MI. This restricts CRISIL's
ability to take a forward MI is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of MI
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MI was set up as a proprietorship firm in April 2006 by Mrs Meenu
Goel, wife of Mr. Vinod Kumar. MI trades in dry fruits.


MILLENIUM GRANITES: CRISIL Reaffirms B+ Rating on INR7cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Millenium Granites And Marbles Private
Limited (MGMPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           7         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan        3.6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.4       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of MGMPL's
operations in an intensely competitive building product industry
and a below-average financial risk profile. These weaknesses are
partially offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Intense
competition may continue to constrain scalability, pricing power,
and profitability. Revenue was modest at INR26.55 crore in fiscal
2018.

* Below-average financial risk profile: Financial risk profile is
likely to remain weak over the medium term. Total outside
liabilities to adjusted networth ratio was high at 4.5 times as
on March 31, 2018, while networth was modest at INR4.38 crore.
Debt protection metrics were average, with interest coverage and
net cash accrual to total debt ratios of 1.60 times and 0.06
time, respectively, in fiscal 2018.

Strength

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

Outlook: Stable

CRISIL believes MGMPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if substantial and sustainable increase in revenue and
profitability or sizeable capital infusion strengthens financial
risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected cash accrual, stretched working
capital cycle, or any large, debt-funded capital expenditure
weakens financial risk profile and liquidity.

MGMPL, incorporated in 1999 at Silvassa. Company imports and
processes natural marble with installed processing capacity of
12,000 tonne per annum. Mr. Manoj Agarwal, Mr. Pradeep Chawla,
and Mr. Sunil Vaswani are the promoters.


MNR COTTONS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MNR Cottons
Limited (MNRCL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR96.6 mil. Term loans due on June 2021 assigned with
    IND BB/Stable rating;

-- INR80.0 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR8.0 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect MNRCL's volatile-albeit-modest profitability
due to fluctuations in raw material prices. According to FY18
provisional financials, MNRCL's return on capital employed was 7%
in FY18 (FY17: 5%), and EBITDA margins were 9.1% (7.8%) and
ranged between 7.8%-9.9% during FY15-FY18. Also, MNRCL's
liquidity position is tight, as indicated by its nearly full
utilization of the fund-based facilities over the 12 months ended
September 2018.

The ratings are constrained by the company's modest credit
metrics. Net leverage (adjusted debt net of cash/EBITDA) reduced
to 2.8x in FY18 (FY17: 3.9x) on account of the repayment of long-
term borrowings while interest coverage (operating EBITDA/gross
interest expense) marginally decreased to 3.6x (4.2x) because of
an increase in finance cost.

The ratings also factor in MNRCL's moderate scale of operations.
Revenue fell to INR688.7 million in FY18 (FY17: INR719.6 million)
on account of climatic changes in environment and unfavorable
market conditions.

However, the ratings are supported by MNRCL's promoters' over two
decades of experience in various businesses along with textiles.
Also, its net working capital cycle was comfortable at 26 days in
FY18 (FY17: 32 days), owing to better management of working
capital days.

RATING SENSITIVITIES

Negative: Any substantial deterioration in the credit metrics or
the liquidity, or any substantial decline in the revenue or the
EBITDA margin would lead to a negative rating action.

Positive: A sustained improvement in the liquidity, revenue,
profitability and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Established in 2011, MNRCL owns a 16,320 spindles spinning mill
in Mahbubnagar (Telangana).


MOTIL DEVI: CRISIL Withdraws 'B' Rating on INR5cr Term Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Motil
Devi Organic Food Industries Private Limited (MDO) on the request
of the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            1        CRISIL B/Stable/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Term Loan              5        CRISIL B/Stable/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with MDO for obtaining
information through letters and emails dated December 31, 2017
and June 29, 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 they are arrived at without any
management interaction and are 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 MDO. This restricts CRISIL's
ability to take a forward MDO is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of MDO
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2013, MDO manufactures ice-creams under the brand
Mental. The company has a manufacturing plant in Raipur
(Chhattisgarh). Its operations are managed by Mr. Deepak Wadhwani
and Mr. Harish Wadhwani.


PARATUS REAL: ICRA Lowers Rating on INR18cr Term Loan to D
----------------------------------------------------------
ICRA has revised the rating of bank facilities of Paratus Real
Estates Pvt. Ltd. to [ICRA]D from [ICRA]B+(Stable). ICRA has also
moved the ratings to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based-         18.00     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Revised from [ICRA]B+(Stable)
                                 and moved to 'Issuer Not
                                 Cooperating' category

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

Rationale

The rating revision factors in the delay in debt servicing by the
company. Going forward, the ability to demonstrate a track record
of timely debt servicing will be the key rating sensitivity.

PREPL is a special purpose vehicle floated in 2013 by Earthcon
Construction Private Limited and ISP Construction Private
Limited, holding 50.74% and 49.26% stake, respectively. It is
developing a residential project, 'Mega County', in Dehradun,
Uttarakhand with a saleable area of 174,335 square feet. The
project consists of one hundred and nineteen 2/3 BHK flats, in
two towers, of six floors each. The construction started in 2013-
14 and as of Feb, 2016, ~70% of the estimated construction cost
had been incurred and ~77% area had been sold. The total project
cost is estimated at INR62.48 crore, with INR18.00 crore proposed
to be funded through bank loan, INR12.10 crore through promoter's
contribution and the remaining through customer advances.


PV KNIT: ICRA Maintains B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA continues to place the long-term and short-term ratings for
the bank facilities of PV Knit Fashion in the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+/A4
(Stable) ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-Term:          0.09      [ICRA]B+;(Stable) ISSUER NOT
   Term Loan                     COOPERATING Rating Continues
                                 to remain in Non-Cooperating
                                 category

   Long-term:          7.50      [ICRA]B+;(Stable) ISSUER NOT
   Fund based                    COOPERATING Rating Continues
   facilities                    to remain in Non-Cooperating
                                 category

   Long-term:          3.58      [ICRA]B+;(Stable) ISSUER NOT
   Proposed                      COOPERATING Rating Continues
   Facilities                    to remain in Non-Cooperating
                                 category

   Short-term:         0.15      [ICRA]A4 ISSUER NOT
   Non-fund-based                COOPERATING: Rating Continues
   facilities                    to remain in Non-Cooperating
                                 category

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

PV Knit Fashions, incorporated in the year 1989 by Mr. Ramasamy,
is engaged in manufacturing and export of garments, primarily to
European markets. The firm manufactures knitted garments like T-
shirts, polo shirts, sweatshirts, nightwear, pyjamas, shorts,
skirts, trousers etc. It has in-house facilities for knitting,
printing, embroidering, cutting, stitching, and packaging, and
outsources dyeing and bleaching to sister concerns. PVKF has 10
knitting machines with a capacity to produce 1,600 kg of fabric
per day and 250 sewing units to manufacture up-to 10,000 pieces
of garments (basic style).


SAHARANPUR INSTITUTE: ICRA Withdraws B- Rating on INR15cr Loan
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- for the
INR15-crore long-term fund-based bank facilities of Saharanpur
Institute of Medical Sciences Private Limited (SIMSPL).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Fund-      15.0      [ICRA]B-(Stable); withdrawn
   based/Term Loan

Rationale

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

SIMS was incorporated in July 2010, by a team of doctors led by
Dr. Ravi Jain and Dr. Ajay Kumar. Located at Delhi Road in
Saharanpur, Uttar Pradesh, SIMS is a multi-specialty hospital
spread over an area of about 6,800 square metreswith a capacity
of 120beds. The institute commenced operations in December 2015
and provides a comprehensive suite of health services,which
include neurology, cardiology, oncology, and orthopaedics.The
company reported a net loss of INR6.1 crore in FY2017 on an
operating income (OI) of INR7.5 crore against a net loss of
INR4.7 crore on an OI of INR2.3 crore in 4MFY2016.


SAHIL PACKAGING: CRISIL Withdraws D Rating on INR3.5cr Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Sahil
Packaging (SP) on the request of the company and after receiving
no objection certificate from the bank. The rating action is in-
line with CRISIL's policy on withdrawal of its rating on bank
loan facilities.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           3.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)
   Proposed Cash
   Credit Limit          3.5       CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

   Term Loan             8.0       CRISIL D (ISSUER NOT
                                   COOPERATING; Migrated from
                                   'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with SP 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 SP. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for SP
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of SP to
'CRISIL D Issuer not cooperating' from 'CRISIL D'.

Based in Goa, SP is proprietorship firm set up by Mr. Rajesh
Bohra, and has been operational since September 2015. It
manufactures corrugated boxes.


SAI SWADHIN: ICRA Cuts Ratings to D, Maintains 'Not Cooperating'
----------------------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D ISSUER NOT
COOPERATING from [ICRA]B-(Stable) ISSUER NOT COOPERATING assigned
to the INR3.75-crore term loan and the INR5.00-crore cash credit
facilities of Sai Swadhin Commercials Private Limited. The rating
continues to be in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based          3.75      [ICRA]D ISSUER NOT COOPERATING;
   Limit-Term                    Downgraded from [ICRA]B-
   Loan                          (Stable) and continue to remain
                                 under 'Issuer Not Cooperating'
                                 category

   Fund-based          5.00      [ICRA]D ISSUER NOT COOPERATING;
   Limit-Cash                    Downgraded from [ICRA]B-
   Credit                        (Stable) and continue to remain
                                 under 'Issuer Not Cooperating'
                                 category

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

Rationale

The rating downgrade follows the delay in debt servicing
obligations by SSCPL due to stretched liquidity position.

Incorporated in 2008, SSCPL is engaged in the extraction of crude
rice bran oil and cashew nut shell liquid. The company commenced
operations from April2015 onwards from its facilities based out
of Ganjam district in Odisha. The company has an installed
capacity of 37,500 metric tons per annum (mtpa) each for rice
bran oil and cashew nut shell liquid. The capacity utilization
remained low during FY2016 and H1 FY2017. The key raw materials
required are rice bran and cashew outer shell which are easily
available in Odisha.


SHANTHA PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s Shantha Projects Ltd
        S-9/A First Floor, Shantha Skyline Apartment
        Adjacent to KPTCL, M J Nagar, Hospet
        Karnataka 583203
        E-mail: shanthagroupindia@gmail.com

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: April 22, 2019

Insolvency professional: B Parameshwara Udpa

Interim Resolution
Professional:            B Parameshwara Udpa
                         827/7, 8th A Main
                         4th Block, BEL Layout
                         Vidyaranyapura Bangalore
                         560097
                         E-mail: beepeeyou@gmail.com

Last date for
submission of claims:    November 5, 2018


SHANTI SHEET: CRISIL Migrates B+ Rating From Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated the long-
term rating of Shanti Sheet Grah Private Limited (SSGPL) to
'CRISIL B/Stable/issuer not cooperating'. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating.
Consequently, CRISIL has upgraded the rating on the long-term
bank facilities of SSGPL from 'CRISIL B/Stable/Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          7.5       CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

   Term Loan            7.0       CRISIL B+/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects SSGPL's successful commencement of operations
from January 2018 against expectation of August 2017. Revenue
rose to INR7.5 crore as of September 2018 from INR0.5 crore as on
March 2018; it may reach around INR15 crore till March 2019.
Financial risk profile has also improved with moderately
leveraged capital structure. Networth rose to INR10.1 crore as on
March 31, 2018, from INR4.35 crore a year ago, supported by
capital subsidy of INR5 crore from the government in fiscal 2018.
The promoters have also extended unsecured loans (outstanding at
INR6.42 crore as on 31st March 2018) to support liquidity.

The rating also considers SSGPL's modest scale of operations,
large working capital requirement, and average debt protection
metrics. These weaknesses are partially offset by the experience
of the promoters and their funding support along with a
moderately leveraged capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue was INR0.6 crore in fiscal
2018 due to just three months of operations. Revenue in the first
half of fiscal 2019 was INR7.5 crore.

* Large working capital requirement: Operations shall remain
working capital intensive due to seasonality of the business.
Gross current assets were over 500 days as on March 31, 2018, and
are likely to remain stable even over the medium term.

* Average debt protection metrics: Interest coverage and net cash
accrual to total debt ratios were around 2 times and 8%,
respectively, in fiscal 2019.

Strengths

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

* Moderate leveraged capital structure: Networth and gearing were
around INR10 crore and 1.9 times, respectively, as on March 31,
2018.

Outlook: Stable

CRISIL believes SSGPL will continue to benefit from the
experience of the promoters. The outlook may be revised to
'Positive' if timely implementation and stabilisation of the
project leads to anticipated revenue, profitability and cash
accrual, during the initial phase of operations. Conversely, the
outlook may be revised to 'Negative' if delay in implementation
or stabilisation of the project leads to lower revenue and cash
accrual, or if a stretch in the working capital cycle weakens
financial risk profile and liquidity.

SSGPL, incorporated in January 2015 at Jalaun (Uttar Pradesh),
has a cold storage facility for processing and preservation of
frozen vegetables, with installed capacity of 60,000 quintals.
The promoters -- Mr. Indrakant Tripathi, Mr. Mohammad Javed Khan
and Mr. Brajendra Kumar Singh, have been operating a cold storage
facility under another associate concern, for four fiscals
through 2018.


SHEETAL AGROFOOD: CRISIL Lowers Rating on INR5cr Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sheetal Agrofood Park Private Limited (SAPPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term     4         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Term Loan              5         CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delays by SAPPL in meeting debt
obligation. Also, the company has modest scale of operations and
faces project risk. However, it benefits from the extensive
experience of the promoters in the cold storage and agricultural
commodities trading business.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting debt obligation: SAPPL has delayed servicing
of debt because of weak liquidity, driven by inadequate cash
accrual. The company paid interest that was due in September, in
October. This trend should continue over the medium term.

* Modest scale of operation: The modest scale, reflected in
estimated revenue of INR1.63 crore for fiscal 2018 (Rs 1.90 crore
in fiscal 2017), limits bargaining power with suppliers and
customers.

* Exposure to project risks: The company is setting up a cold
chain facility with capacity of 4200 tonne per annum (tpa) for
processing frozen fruits and vegetables. The project cost of
INR21.60 crore is to be funded through term loan of INR5.00
crore, subsidy from MOFPI of INR8.56 crore, equity infusion of
INR4.55 crore, and unsecured loan of INR3.49 crore. The capex is
expected to be completed by the end of December 2018 and
commercial operation is likely to start from January 2019. The
company will face risks related to implementation of the project
due to its large scale, and will also be susceptible to demand
risk. While the term loan has been sanctioned, its timely
disbursement and equity infusion by the promoters will remain
critical to project completion.

Strength:

* Extensive experience of the promoters in the agricultural
commodities trading business: SAPPL is promoted by Mr. Mehboob
Alam and Mr. Masroor Alam. The moderate business risk profile is
supported by the promoters' experience of around a decade in
trading of agricultural commodities and in the cold storage
industry. The company's presence in the cold storage segment of
potatoes, onions, and garlic enables healthy utilisation of its
storage capacity.

SAPPL was incorporated in 2010 by Mr. Mehboob Alam and Mr.
Masroor Alam. The company has a cold storage with capacity of
5326 tpa at Lalganj in Rae Bareli, Uttar Pradesh. It also trades
in agricultural commodities such as potatoes, onions, and garlic.


SHREE MURUGAN: ICRA Lowers Rating on INR30cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B- (Stable)
ISSUER NOT COOPERATING to [ICRA]D ISSUER NOT COOPERATING assigned
to the INR30.00-crore fund-based facility of Shree Murugan Flour
Mills (P) Ltd (SMFMPL). The rating continues to remain in Issuer
Not Cooperating category. ICRA has earlier moved the ratings of
SMFMPL to the 'ISSUER NOT COOPERATING' category due to non-
submission of No Default Statement (NDS).

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term-         30.00      [ICRA]D ISSUER NOT COOPERATING,
   Fund-based                    revised from [ICRA]B- (Stable)
                                 ISSUER NOT COOPERATING; Rating
                                 continues to remain in the
                                 'Issuer Not Cooperating'
                                 Category
Rationale

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

Key rating drivers

Credit strengths

Extensive experience of the promoter: The Managing Director of
the company, Mr. G Balasubramanian, has a long presence in the
flour-milling industry for more than two decades. The rich
experience of the promoter coupled with the proven track record
of the firm in the business have facilitated in establishing
strong association with key customers.

Credit challenges

Recent delays in debt servicing owing to stretched liquidity
position: The company's liquidity position deteriorated in the
recent past due to financial support extended to a weaker group
entity. The stretched liquidity position of SMFMPL has resulted
in over utilisation of the working capital facilities for more
than 30 days.

Shree Murugan Flour Mills (P) Ltd was established in 1986 by Mr.
G Balasubramanian. The manufacturing facility of SMFMPL is
located in Coimbatore and has an installed capacity to grind 70
MT of wheat per day. RMFPL manufactures various wheat products
including 'maida', wheat flour ('atta') and 'sooji', among
others. The products are sold under the brand name Bell. Besides,
the company is involved in trading of wheat and sale of by-
products including bran, bran flakes and dust.


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

The instrument-wise rating actions are:

-- INR147.5 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR52.68 mil. Term loans maintained in Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR90 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 22, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1992, Shree Prithvi Steel Rolling Mills
manufactures mild steel angles and channels. It is currently
engaged in rolling head tube and mild steel angles for
transmission line towers projects of 400kV and 765kV power
transmission lines for Rajasthan Rajya Vidyut Prasaran Nigam
Limited, Power Grid Corporation India Ltd. and UP Power
Transmission Corporation Limited.


SHRIVISION TOWERS: CRISIL Withdraws B Rating on INR50cr LT Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on bank facility of Shrivision
Towers Private Limited (STPL) following a request from the
company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Long Term Loan        50       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable ISSUER NOT
                                  COOPERATING'; Rating Withdrawn)

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of STPL to 'CRISIL
B/Stable/Issuer not cooperating'. CRISIL is migrating the ratings
on bank facilities of STPL from 'CRISIL B/Stable/Issuer Not
Cooperating to 'CRISIL B/Stable'.

Incorporated in 2008 and based in Bengaluru, STPL is a special-
purpose vehicle set up to undertake development of a residential
project, Shriram Greenfield, on Old Madras Road, Bengaluru.


SNOWQUEEN TOWERS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Snowqueen Towers Pvt. Ltd.

        Registered office address as per the MCA Records:
        119, Manohar Das Street
        Kolkata 700007
        West Bengal, India

Insolvency Commencement Date: October 26, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kanchan Dutta

Interim Resolution
Professional:            Kanchan Dutta
                         Chatterjee International Centre
                         14th Floor, Flat No. 13A 33A
                         J.L. Nehru Road
                         Kolkata 700071
                         E-mail: kanchan@kgrs.in
                                 kdutta.ip@gmail.com

Last date for
submission of claims:    November 9, 2018


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

The instrument-wise rating actions are:

-- INR77.5 mil. Term loan maintained in non-cooperating category
    with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR75.5 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sonamoti Agrotech was incorporated in 2010 by Kasera family of
Patna, Bihar for setting up a paddy processing unit at Karmali
Chak in Patna.


SRI VENKATA: Ind-Ra Retains BB+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Venkata
Siva Parvathi Spinning Mills Pvt. Ltd.'s Long-Term Issuer Rating
in the non-cooperating category. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using the rating. The rating
will continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on
the agency's website.

The instrument-wise rating actions are:

-- INR417.03 mil. Long-term loans maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR457 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR113.3 mil. Non-fund-based facilities maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 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 2003, Sri Venkata Siva Parvathi Spinning Mills
manufactures cotton yarn with installed capacity of 56,064
spindles in Guntur, Andhra Pradesh.


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

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        .5        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit          4.5        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit     2.25       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan       1.25       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

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

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


WARADE PACKTECH: CRISIL Assigns B Rating to INR5cr Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Warade PackTech Private Limited (WPPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        4         CRISIL A4 (Assigned)
   Cash Credit           5         CRISIL B/Stable (Assigned)

The ratings reflect the company's below-average financial risk
profile driven by modest debt protection metrics and high total
outside liabilities to tangible networth (TOLTNW) ratio, its
modest scale of operations, and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of the promoters in the automation industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The financial risk
profile is constrained by high TOLTNW ratio of 2.4 times as on
March 31, 2018, and weak debt protection metrics reflected in
interest coverage and net cash accrual to total debt ratio of
1.05 times and 0.02 time, respectively, in fiscal 2018.

* Modest scale of operations: Modest revenue of INR12 crore in
fiscal 2018 indicates the company's small scale of operations.

* Large working capital requirement: Operations are working
capital intensive, as reflected in large gross current assets
driven by sizeable work-in-progress inventory.

Strength

* Extensive experience of the promoters: The promoters'
experience of 20 years in the automation segment has helped the
company obtain repeat orders from customers.

Outlook: Stable

CRISIL believes WPPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
substantial and sustained improvement in revenue and working
capital cycle, and stable operating profitability result in
significant increase in cash accrual. The outlook may be revised
to 'Negative' if the financial risk profile, particularly capital
structure, weakens considerably due to lower-than-expected sales
or profitability leading to low cash accrual, or if stretch in
working capital cycle constrains liquidity.

Incorporated in 2007, WPPL provides packaging solutions. The
company is promoted by Mr. Suresh Warade and is based in Pune,
Maharashtra.



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


1MALAYSIA BHD: Malaysia Challenges US$5.78BB IPIC Settlement
------------------------------------------------------------
Channel NewsAsia reports that Malaysia will file a legal
challenge to a 2017 consent award granted to Abu Dhabi fund IPIC
in a debt dispute with scandal-hit state fund 1MDB, its attorney
general said on Oct. 30.

Under the 2017 award, Malaysia was obliged to pay US$5.78 billion
to IPIC and the bond trustee over five years, attorney general
Tommy Thomas said in a statement, CNA relates.

"The base of Malaysia's legal challenge in the High Court in
London is that the consent award was procured by fraud or in a
manner contrary to public policy," CNA quotes Mr. Thomas as
saying.  Malaysia will seek relief from any payment obligations
to IPIC, he added.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion (US$2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


RURAL BANK OF SALINAS: Insurance Claims Deadline Set for Nov. 12
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
depositors of the closed Rural Bank of Salinas, Inc. to file
their deposit insurance claims on or before the last day for
filing of claims for insured deposits on November 12, 2018 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, or personally during business hours at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank takeover to file their deposit insurance claims. Rural
Bank of Salinas was ordered closed by the Monetary Board (MB) of
the Bangko Sentral ng Pilipinas on November 11, 2016.

According to PDIC, deposit insurance claims for 111 deposit
accounts with aggregate insured deposits amounting to PhP3.5
million have yet to be filed by depositors. Data show that as of
August 31, 2018, PDIC had paid depositors of the closed Rural
Bank of Salinas the total amount of PHP278.7 million,
corresponding to 98.8% of the bank's total insured deposits
amounting to PHP282.2 million.

In filing claims personally, depositors are required to submit
their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required
to submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the
PDIC website.

Depositors who have been notified of their documentary
deficiencies through official letters from PDIC are requested to
comply with the indicated requirements. The procedures and
requirements for the filing of deposit insurance claims are
posted in the PDIC website, www.pdic.gov.ph.

Meanwhile, depositors with balances of more than the maximum
deposit insurance coverage (MDIC) of PhP500,000 who were not able
to file their claims on January 20, 2017, the deadline earlier
set, should file their claims with the Liquidation Court
(Regional Trial Court, First Judicial Region, Branch 15, Laoag
City, Ilocos Norte) under Special Proceedings No. 17069-15.
Likewise, depositors who will not be able to file their deposit
insurance claims on November 5, 2018 should file their claims
with the said Liquidation Court. Payment of these claims shall be
subject to availability of assets of the closed bank, legal
priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



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S I N G A P O R E
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NOBLE GROUP: Warns of Another Loss as Restructuring Costs Mount
---------------------------------------------------------------
Krystal Chia and David Yong at Bloomberg News report that Noble
Group warned of another quarterly loss, driven by restructuring
and finance costs, as the embattled commodity trader moves toward
completing a $3.5 billion rescue deal that'll hand control to
creditors.

The net loss for the three months to September will be US$90
million to US$115 million, Bloomberg discloses citing a filing on
Oct. 29). It expects to incur restructuring costs of about US$35
million, after spending more than US$100 million in the first
half, Bloomberg relates.

Once Asia's largest commodity trader, Noble Group's crisis has
escalated in recent years as losses and defaults mounted.
Creditors gather on Nov. 8 to vote on its restructuring plan,
which has been approved by shareholders.

Bloomberg relates that in addition to restructuring costs, the
company highlighted a loss of US$55 million from discontinued
operations, including from assets disposed of several years ago
as troubles intensified. The figure included a provision for
agricultural operations sold in 2014 and 2015, as well as against
the oil liquids business.

More than 88 per cent of creditors have acceded to the
restructuring, Noble said on Oct. 29. The deal, which is due to
be completed before the end of the year, will wipe out about half
of the trader's debt, says Bloomberg.

Bloomberg adds that the loss left the company with a negative net
asset position of US$1.1 billion, it said. Despite "constraints
on liquidity and availability of competitive trade finance to
support operations," Noble said implementing the debt plan should
"restore shareholders' equity and create a sustainable capital
structure."

Once worth more than US$10 billion, the company is now valued at
about US$83 million on the Singapore Exchange, Bloomberg
discloses.

According to Bloomberg, the trader expects to report third-
quarter operating income of US$40 million to US$55 million,
driven by the metals business, which includes its Jamalco alumina
plant in Jamaica. Prices of alumina have spiked this year on
supply concerns.

While Noble continued to execute on contracted flows in the
latest period, total volumes - including offtake and marketing -
were lower than in the first and second quarters as the group
reduced freight business volumes, it said, adds Bloomberg.

                         About Noble Group

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court will conduct the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***