TCRAP_Public/181101.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 1, 2018, Vol. 21, No. 217

                            Headlines


A U S T R A L I A

BIOGREEN ENERGY: Second Creditors' Meeting Set for Nov. 8
COMMERCIAL BUSINESS: Second Creditors' Meeting Set for Nov. 7
ICHOR CONSTRUCTIONS: Second Creditors' Meeting Set for Nov. 7
LA TROBE FINANCIAL: Moody's Rates Class F Notes (P)B2(sf)
LYGON FOOD: Second Creditors' Meeting Set for Nov. 8

OFF ROAD: Second Creditors' Meeting Set for Nov. 12
SHAQ INDUSTRIES: First Creditors' Meeting Set for Nov. 8
TIM FISHER: Second Creditors' Meeting Set for Nov. 8
UNLOCKD MEDIA: Files for Bankruptcy in the US, Blames Google
UNLOCKD MEDIA: Case Summary & 10 Unsecured Creditors


C H I N A

ANTON OILFIELD: Fitch Upgrades LT IDR to B, Outlook Stable
HENGDA REAL ESTATE: Fitch Publishes B+ IDR, Outlook Positive
HENGDA REAL ESTATE: Moody's Assigns B1 CFR, Outlook Positive
JIANGSU NANTONG: Moody's Lowers CFR to B3, Outlook Negative
OCEANWIDE HOLDINGS: Fitch Rates Proposed USD Sr. Notes B-(EXP)

SHANDONG RUYI: S&P Affirms B Issuer Credit Rating, Outlook Stable
TIANGJI HOLDING: Moody's Assigns B2 CFR, Outlook Positive
XINJIANG ZHONGTAI: Fitch Assigns BB+ LT IDR, Outlook Stable


I N D I A

ALIENS DEVELOPERS: CRISIL Assigns B- Rating to INR6.3cr Loan
ARCOTECH LIMITED: CARE Lowers Rating on INR266.81cr Loan to D
ASHOK MAGNETICS: NCLT Lets Promoters Bid Under Resolution Process
BRAND CONCEPTS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
DC INDUSTRIAL: CARE Lowers Rating on INR10cr ST Loan to D

ERNAD ENGINEERING: CRISIL Lowers Rating on INR20cr Loan to B+
G. B. AGRO: CRISIL Reaffirms B+ Rating on INR2.75cr Cash Loan
GAJANAND FOODS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
HANUMAN DAL: CARE Lowers Rating on INR25.06cr LT Loan to D

INCA HAMMOCK: CRISIL Lowers Rating on INR14.6cr Loan to D
INDO SPONGE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
IVRCL CHENGAPALLI: CARE Reaffirms D Rating on INR861.90cr Loan
KERALA STATE: Fitch Assigns BB LT IDR, Outlook Stable
MAA BALA: Ind-Ra Maintains B LT Issuer Rating in Non-Cooperating

MAGNUM AVIATION: CARE Raises Rating on INR9.50cr Loan to B
MEHUL GEO: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
NAHAR TEXTILES: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
NAVBHARAT EXPLOSIVE: CARE Moves D Rating to Not Cooperating
NAVBHARAT FUSE: CARE Migrates 'D' Rating to Not Cooperating

PRITHVI POLYMERS: Ind-Ra Maintains B LT Rating in Non-Cooperating
R & C INFRA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
RADHAKRISHNA OIL: CARE Assigns B+ Rating to INR9cr LT Loan
RANA MILK: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
RAYALA CORPORATION: Court Stays Insolvency Proceedings

REVIVE CONSTRUCTION: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
RIGA CERAMICA: CRISIL Migrates B+ Rating from Not Cooperating
RISING SUN: CARE Migrates D Rating to Not Cooperating Category
ROBBINS TUNNELING: Ind-Ra Maintains BB+ Rating in Non-Cooperating
SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR8cr Cash Loan

SHREE PARASHNATH: CARE Lowers Rating on INR166.95cr Loan to D
SIGMA CHEMTRADE: Ind-Ra Maintains BB+ Rating in Non-Cooperating
SIMPLEX ENGINEERS: CRISIL Lowers Rating on INR6.5cr Loan to D
SUPER DRILLING: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable


M A L A Y S I A

MALAYSIA PACIFIC: Auditors Express Disclaimer of Opinion


P H I L I P P I N E S

* PHILIPPINES: Falling Peso Hits Debt-Laden Philippine Companies


S I N G A P O R E

TRIYARDS HOLDINGS: Unit Hit with New Statutory Demands


                            - - - - -


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


BIOGREEN ENERGY: Second Creditors' Meeting Set for Nov. 8
---------------------------------------------------------
A second meeting of creditors in the proceedings of Biogreen
Energy Pty Limited has been set for Nov. 8, 2018, at 9:30 a.m. at
the offices of King & Wood Mallesons, Level 61, Governor Phillip
Tower, 1 Farrer Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 6, 2018, at 4:00 p.m.

Joseph Hayes and Andrew McCabe of Wexted Advisors appointed as
administrators of Biogreen Energy on Oct. 4, 2018.


COMMERCIAL BUSINESS: Second Creditors' Meeting Set for Nov. 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of The
Commercial Business Centre Pty Ltd, trading as Kogarah Business
Centre, has been set for Nov. 7, 2018, at 12:00 p.m. at the
offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 6, 2018, at 4:00 p.m.

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


ICHOR CONSTRUCTIONS: Second Creditors' Meeting Set for Nov. 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Ichor
Constructions Pty Ltd, trading as Ichor Group Holdings, has been
set for Nov. 7, 2018, at 11:00 a.m. at Karstens, 111 Harrington
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 6, 2018, at 4:00 p.m.

Christian Sprowles and Michael Hogan of Hogan Sprowles were
appointed as administrators of Ichor Constructions on Oct. 3,
2018.


LA TROBE FINANCIAL: Moody's Rates Class F Notes (P)B2(sf)
---------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited as trustee of La Trobe Financial Capital Markets Trust
2018-2.

Issuer: La Trobe Financial Capital Markets Trust 2018-2

AUD50.0 million Class A1S-S Notes, Assigned (P)Aaa (sf)

AUD50.0 million Class A1S-L Notes, Assigned (P)Aaa (sf)

AUD250.0 million Class A1L Notes, Assigned (P)Aaa (sf)

AUD83.5 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD39.5 million Class B Notes, Assigned (P)Aa2 (sf)

AUD6.0 million Class C Notes, Assigned (P)A2 (sf)

AUD9.0 million Class D Notes, Assigned (P)Baa2 (sf)

AUD3.5 million Class E Notes, Assigned (P)Ba2 (sf)

AUD4.0 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.5 million Equity Notes are not rated by Moody's.

The transaction is a securitisation of first-ranking mortgage
loans secured over residential properties located in Australia.
The loans were originated and are serviced by La Trobe Financial
Services Pty Limited (La Trobe Financial, unrated).

La Trobe Financial has been an originator of mortgage loans for
over 65 years. While it is a relatively new securitiser in the
Australian RMBS market -- having completed six term RMBS
transactions since 2014 -- the company has extensive
securitisation experience through its various warehouse funding
arrangements. This will be its seventh term RMBS transaction and
the second for 2018.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.5% of the notes balance, the legal structure, and the
experience of La Trobe Financial as servicer.

Moody's MILAN CE -- representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession
scenario -- is 13.3%. Moody's expected loss for this transaction
is 1.5%.

Key transactional features are as follows:

  - While the Class A2 Notes are subordinate to Class A1L Notes
in relation to charge-offs, Class A2 and Class A1L rank pari
passu in relation to principal payments, on the basis of their
stated amounts, before the call option date. This feature reduces
the absolute amount of credit enhancement available to the Class
A1L Notes.

  - The servicer is required to maintain the weighted-average
interest rates on the mortgage loans at least at 3.80% above one
month BBSW, which is within the current portfolio yield of 5.9%.
This generates a high level of excess spread available to cover
losses in the pool.

  - The yield enhancement reserve is available to meet the
required payments, while any Class A Notes are outstanding. The
reserve account is funded by trapping excess spread at an annual
rate of 0.40% of the outstanding principal balance of the
portfolio per annum up to a maximum amount of AUD2,200,000. After
Class A Notes have fully amortised the yield enhancement reserve
will be released to repay principal on the outstanding classes of
notes.

  - Under the retention mechanism, excess spread is used to repay
principal on the Class F Notes, thereby limiting their exposure
to losses. At the same time, the retention amount ledger ensures
that the level of credit enhancement available to the more senior
ranking notes is preserved.

  - The Class B to Class F Notes will start receiving their pro-
rata share of principal if certain step-down conditions are met.
Pro-rata allocation is effectively limited to a maximum of two
years.

  - While the Equity Notes do not receive principal payments
until the other notes are repaid, once step-down conditions are
met, their pro-rata share of principal will be allocated in a
reverse sequential order, starting from the Class F Notes.

Key pool features are as follows:

  - The pool has a relatively high weighted-average scheduled
loan-to-value (LTV) ratio of 72.8%. There are no loans with a
scheduled LTV ratio over 80.5%.

  - Around 62.8% of the borrowers are self-employed. The income
of these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

  - About 55.0% of the loans were extended on an alternative
documentation basis.

  - Loans secured by investment properties represent 55.4% of the
pool.

  - Interest-only loans represent 32.1% of the pool.

  - Based on Moody's classifications, around 17.0% of borrowers
have adverse credit histories.

  - Based on Moody's classifications, 88.9% of loans are secured
by properties located in metro areas, which is higher than the
market average.

  - 2.7% of the loans in the portfolio were extended to borrowers
classified as companies. These loans are secured against
residential property, and are provided wholly or predominantly
for business purposes. Moody's has penalized these loans in its
analysis of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization, or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance
and fraud.


LYGON FOOD: Second Creditors' Meeting Set for Nov. 8
----------------------------------------------------
A second meeting of creditors in the proceedings of Lygon Food
Store Pty Ltd has been set for Nov. 8, 2018, at 10:00 a.m. at the
offices of Cor Cordis, Level 29, 360 Collins Street, in
Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 7, 2018, at 5:00 p.m.
Sam Kaso and Bruno A Secatore of Cor Cordis were appointed as
administrators of Lygon Food on Oct. 3, 2018.


OFF ROAD: Second Creditors' Meeting Set for Nov. 12
---------------------------------------------------
A second meeting of creditors in the proceedings of Off Road
Camping Accessories Pty Limited has been set for Nov. 12, 2018,
at 11:30 a.m. at the offices of Moruya RSL Hall, 9 Page Street,
in Moruya, NSW, on Nov. 12, 2018, at 11:30 a.m.

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

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

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


SHAQ INDUSTRIES: First Creditors' Meeting Set for Nov. 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Shaq
Industries Pty Ltd will be held at the offices of Cor Cordis,
Level 29, 360 Collins, in Melbourne, Victoria, on Nov. 8, 2018,
at 10:30 a.m.

Sam Kaso and Glenn Spooner of Cor Cordis were appointed as
administrators of Shaq Industries on Oct. 29, 2018.


TIM FISHER: Second Creditors' Meeting Set for Nov. 8
----------------------------------------------------
A second meeting of creditors in the proceedings of Tim Fisher
Transport Pty has been set for Nov. 8, 2018, at 11:00 a.m. at
Dexus Place, Level 31, Waterfront Place, 1 Eagle Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 7, 2018, at 4:00 p.m.

Darryl Kirk of Cor Cordis was appointed as administrator of Tim
Fisher on Oct. 4, 2018.


UNLOCKD MEDIA: Files for Bankruptcy in the US, Blames Google
------------------------------------------------------------
Jonathan Randles at The Wall Street Journal reports that the
developer of Unlockd, a mobile app that sends targeted ads to
users when they open their smartphones, has filed for bankruptcy
in New York as it hunts for financiers to fund litigation against
Google, which the startup blames for its demise.

The Journal says the Australian-based tech startup has accused
Alphabet Inc.'s Google of flexing its dominance to kill a
potential competitor in the mobile advertising market. Unlockd's
U.S. subsidiaries filed for chapter 11 protection Oct. 26 in the
U.S. Bankruptcy Court in New York. The company also has filed for
the equivalent of chapter 11 protection in Australia and the U.K.

Founded in 2014, Unlockd's business model offered an alternative
to Google. Users of Unlockd receive credits that can be redeemed
for rewards in exchange for viewing targeted ads sent to their
Android phones, the Journal discloses.

Before its dispute with Google, the company attracted significant
investor interest. Among its backers was Lachlan Murdoch,
executive co-chairman of News Corp, the owner of The Wall Street
Journal.

The startup had been preparing an initial public offering in
Australia for early 2018 with an anticipated valuation of between
$180 million and $230 million, the Journal discloses citing a
report prepared by Australian administrators. But interest in
Unlockd, the startup said, evaporated after Google threatened to
remove the app from its Google Play store and Admob mobile
advertising sales tool, saying the app violated its terms of
service, the Journal states.

According to the Journal, Unlockd responded by taking action in
court and obtained preliminary injunctions in London and
Australia that prevented Google from removing the app. Despite
initial success in court, interest in the stock dried up because
of the dispute with Google and the public offering was pulled,
Unlockd co-founder Matthew Berriman said in a declaration filed
in bankruptcy court, the Journal relays.

"With no new infusion of capital, Unlockd found it difficult to
finance its growing business, the search for an alternative to
Google, and its lawsuits against Google," the Journal quotes
Mr. Berriman as saying. "In addition, the confidence of its
trading partners eroded; as, the future looked uncertain."

The Journal relates that a Google spokeswoman on Oct. 29 said:
"Our Google Play and AdMob policies clearly set out how our
products may be used, and are designed to protect the interests
of advertisers, publishers and users.

"We explained the issues to Unlockd, outlined how they could
address the violations, and gave them time to make the necessary
changes. Unlockd failed to abide by these polices. As we would
with any developer, we enforced our policies."

In June, Unlockd entered administration - a legal process similar
to chapter 11 bankruptcy in the U.S. - in Australia, the Journal
discloses.

Administrators from the advisory firm McGrathNicol who are
winding down Unlockd in Australia said earlier this month in a
report to creditors they have conducted a "thorough process to
seek litigation funding" but so far have been unable secure
funding for any legal action against Google, the Journal recalls.
The outcome of the dispute with Google "is currently unclear,"
the report said.

Mr. Berriman on Oct. 29 told The Wall Street Journal that Unlockd
is finalizing funding options that would allow his company to
"expose the truth" in open court.

The startup's two U.S. subsidiaries placed into chapter 11 are
Unlockd Media Inc. and Unlockd Operations US Inc.

Unlockd -- https://unlockd.com -- is a mobile platform that
rewards consumers when they unlock their digital device and view
targeted ads, content or offers.  The Company's white label app
serves users relevant ads, content or offers upon unlocking their
smartphone, users then collect points to redeem on things like
mobile credit, mobile data, premium entertainment content or
loyalty points. Unlockd was founded in 2014.


UNLOCKD MEDIA: Case Summary & 10 Unsecured Creditors
----------------------------------------------------
Two affiliates that have filed voluntary petitions seeking relief
under Chapter 11 of the Bankruptcy Code:

     Debtor                                     Case No.
     ------                                     --------
     Unlockd Media, Inc.                        18-13243
     214 W. 29th St., Suite 705
     New York, NY 10001

     Unlockd Operations US Inc.                 18-13248
     214 W. 29th St., Suite 705
     New York, NY 10001

Business Description: Unlockd -- https://unlockd.com -- is a
                      mobile platform that rewards consumers when
                      they unlock their digital device and view
                      targeted ads, content or offers.  The
                      Company's white label app serves users
                      relevant ads, content or offers upon
                      unlocking their smartphone, users then
                      collect points to redeem on things like
                      mobile credit, mobile data, premium
                      entertainment content or loyalty points.
                      Unlockd was founded in 2014.

Chapter 11 Petition Date: October 26, 2018

Court: United States Bankruptcy Court
       Southern District of New York (Manhattan)

Judge: Hon. James L. Garrity Jr.

Debtors' Counsel: Sandra E. Mayerson, Esq.
                  MAYERSON & HARTHEIMER PLLC
                  845 Third Ave., 11th floor
                  New York, NY 10022
                  Tel: 646-778-4381
                  Fax: 646-778-4384
                  Email: sandy@mhlaw-ny.com

Unlockd Media's
Estimated Assets: $100,000 to $500,000

Unlockd Media's
Estimated Liabilities: $1 million to $10 million

Unlockd Operations'
Estimated Assets: $100,000 to $500,000

Unlockd Operations'
Estimated Liabilities: $1 million to $10 million

The petitions were signed by Matthew Berriman, director.

A copy of Unlockd Media's list of 10 unsecured creditors is
available for free at:

     http://bankrupt.com/misc/nysb18-13243_creditors.pdf

A copy of Unlockd Operations' list of 10 unsecured creditors is
available for free at:

     http://bankrupt.com/misc/nysb18-13248_creditors.pdf

Full-text copies of the petitions are available for free at:

           http://bankrupt.com/misc/nysb18-13243.pdf
           http://bankrupt.com/misc/nysb18-13248.pdf



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C H I N A
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ANTON OILFIELD: Fitch Upgrades LT IDR to B, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded China-based Anton Oilfield Services
Group's Long-Term Issuer Default Rating to 'B' from 'B-'. The
Outlook is Stable. At the same time, Fitch has also upgraded
Anton's senior unsecured rating and the rating on the company's
9.75% bonds maturing 2020 to 'B' from 'B-'. The Recovery Rating
is 'RR4'.

The rating upgrades reflect Anton's order book growth, steady
contract execution, and stabilising conditions in the oilfield-
service industry. The improvements are evident in the decline in
FFO net leverage to around 3.3x in 1H18 from 5.7x in 2016. The
Stable Outlook reflects Fitch's expectation that Anton will
maintain relatively good revenue growth and profit generation,
which should keep leverage at around 3x over the next 18 to 24
months. Anton's liquidity position has improved over the last 12
months, though debt maturity is concentrated with the USD300
million notes due in December 2020. Continued order book growth,
supportive industry trends, and the company's availability of
unencumbered assets provide cushion against refinancing risk.

The 'RR4' Recovery Rating is based on average recovery prospects
for Anton's offshore senior unsecured creditors in a going-
concern scenario.

KEY RATING DRIVERS

Contract Growth and Execution: Anton's order book and execution
have benefited from increased oil prices, which have led its
customers to increase their upstream oil & gas exposure and
development activities since 2H17. The company's total orders on
hand rose to CNY4.9 billion at end-September 2018 from CNY3.5
billion at end-2017. Notably, orders picked up in both the
domestic and overseas markets, although growth in the domestic
market slowed during the first three quarters in 2018. Fitch
expects Anton's orders on hand to generate about CNY950 million
of consolidated EBITDA in 2018, compared with CNY693 million in
2017.

Higher Revenue Contribution from Iraq: The revenue contribution
from Anton's Iraqi operations could rise to above 50% in 2018-
2020 from 36% in 1H18 (2017: 39%), based on the company's
contracts on hand. Fitch believes the Iraqi operations'
contribution to Anton's profit would be even higher as it has
wider margins than domestic orders.

Fitch continues to see Iraq as a geopolitically riskier region
than Anton's home market of China (A+/Stable), even though the
growth potential there is good. This risk is partly balanced by
the solid quality of some of Anton's customers in Iraq, including
subsidiaries of China National Petroleum Corporation (A+/Stable)
or PJSC Lukoil (BBB+/Stable). Anton now holds 100% of the
operation after it bought back a 40% interest, which has removed
the minority interest leakage.

Cash Flows from Iraq Operation: There is no legal or regulatory
restriction over upstream of cash from the Iraqi operation to
Anton, which thus far has been largely channelled through intra-
group sales and purchases. Based on Anton's disclosures in
relation to its purchase of 40% interest in its Iraqi subsidiary,
purchases by the Iraqi operation from Anton group companies
amounted to CNY466 million in 2017.

Fitch has not capped Anton's ratings at Iraq's Country Ceiling of
'B-' as the EBITDA generated in China, with a Country Ceiling of
'A+', will be more than enough to cover Anton's hard-currency
interest payments. However, Anton's China-based operations have
negative FCF generation after interest payments and maintenance
capex due to lengthy working capital conversion days.

Leverage Decline: Fitch expects Anton's consolidated FFO net
leverage to decline to 3x in 2018-2019 from 3.5x in 2017,
assuming no increase in capex given the company's asset-light
strategy, and based on good growth in orders and smooth project
execution amid the higher oil prices. The company has indicated
the possibility of increasing shareholders' return through
dividend payments. Fitch currently assumes dividends will be
funded largely by the company's operating cash flow, and
therefore will not add to leverage.

Slow Working-Capital Conversion: Anton's receivable collection
stayed at 280-300 days in 2017-1H18. Its working-capital
conversion cycle is lengthier in China than in Iraq. Fitch does
not expect this situation to improve materially in the near term,
which leaves Anton to continue to rely on a considerable amount
of short-term debt to fund its working capital. It had short-term
debt of CNY869 million at end-June 2018, little changed from end-
2017, compared with unencumbered cash of CNY451 million and
unused cash facilities of CNY382 million (excluding performance-
bond facilities).

Concentrated Debt Maturity:  Anton has USD300 million of bonds
maturing in December 2020. Refinancing risk could be cushioned by
the company's unencumbered assets, primarily fixed assets. The
company had unencumbered property, plant and equipment at book
value of CNY2 billion at end-June 2018. The company is seeking to
widen its funding sources by engaging in leasing transactions.

DERIVATION SUMMARY

Compared to Precision Drilling Corporation (B+/Positive), Anton
is more diversified in terms of its business operations, while
Precision is primarily focused on drilling. Anton's FFO net
leverage of 3.4x in 2017, which Fitch expects to decline to 3x,
is stronger than Precision's 5.5x in 2017 and around 3.5x-4x in
the future. The one-notch difference in IDR between Anton and
Precision is appropriate, given Anton's substantial exposure (70%
of order book at end-September 2018) to Iraq, a higher-risk
country, and its smaller scale. Precision is one of the largest
North American onshore rig operators with 25% of its order book
sourced in Canada (AAA/Stable). In addition, Anton's debt
maturity is also more concentrated.

KEY ASSUMPTIONS

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

  - Revenue to grow by over 30% in 2018 and by 10%-15% in
    2019 based on Anton's order book growth trajectory

  - EBITDA margin of around 30% in 2018-2020

  - Working-capital conversion to stay broadly stable

  - Annual capex of around CNY250 million in 2018-2020

Fitch's key assumptions for bespoke recovery analysis include:

  - The recovery analysis assumes that Anton and its subsidiaries
    would be considered a 'going concern' in bankruptcy, and that
    the company would be reorganised rather than liquidated.

  - Anton's Enterprise Value (EV) is assumed at CNY2.3 billion
    based on 4x multiple of its expected 2018 EBITDA, after a 10%
    administrative claim.

  - Based on the waterfall of secured debt of CNY677 million at
    end-June 2018, and on-shore unsecured debt of CNY360 million,
    coverage for the offshore senior unsecured note holders would
    be 62%. However, Fitch applies a soft cap of 'RR4' for the
    Recovery Ratings of Anton, given that most of its businesses
    are located in China, a Group D country. Fitch consequently
    rates the senior unsecured US dollar notes at 'B'.

RATING SENSITIVITIES

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

  - Given Anton's high reliance on Iraq and debt maturity
    concentration, Fitch does not expect positive rating
    action in the medium term. The ratings may be revisited if
   there is significant improvement in trading performance
   and cash flow generation in the Chinese operations, with a
   substantial improvement in debt maturity profile.

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

  - Deterioration in trading performance, including shrinkage
    in order book, slowdown in project execution or narrowing
    in margins

  - Significant weakening in liquidity

  - Sustained significant negative free cash flow

  - FFO net leverage sustained above 5x

LIQUIDITY

High Short-Term Debt: Anton has considerable short-term debt,
given its lengthy working-capital conversion cycle. At end-June
2018, the company had unencumbered cash of CNY451 million and
unused cash facilities of CNY382 million (excluding performance-
bond facilities), compared with short-term debt maturities of
CNY940 million (including CNY71 million that forms the current
portion of long-term debt).

Secured Debt: Anton had secured debt of CNY677 million, excluding
its US dollar bonds, at end-June 2018, which makes up 65% of its
borrowings. However, the company enjoys a degree of flexibility
offered by a high proportion of unencumbered assets, including
CNY2 billion of unpledged fixed assets.


HENGDA REAL ESTATE: Fitch Publishes B+ IDR, Outlook Positive
------------------------------------------------------------
Fitch Ratings has published Hengda Real Estate Group Co., Ltd's
Long-Term Issuer Default Rating and senior unsecured rating of
'B+' with Recovery Rating of 'RR4'. The Outlook is Positive.
Fitch has also assigned Hengda's proposed US dollar-denominated
senior unsecured notes a 'B+(EXP)' expected rating with Recovery
Rating of 'RR4'.

Hengda's rating is equalised with that of its parent, China
Evergrande Group (Evergrande, B+/Positive), under the top-down
rating approach taken in line with Fitch's Parent and Subsidiary
Rating Linkage criteria.

The proposed notes will be issued by Scenery Journey Limited and
guaranteed by Tianji Holding Limited, a 100% owned subsidiary of
Hengda. Hengda has granted a keepwell deed and a deed of equity
interest purchase undertaking to ensure that the guarantor has
sufficient assets and liquidity to meet its obligations for the
senior unsecured notes. The final rating is contingent on the
receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

Ratings Linked to Parent's: Fitch has equalised Hengda's IDR with
that of its parent and rates Hengda based on the consolidated
profile of the Evergrande Group. This reflects the very strong
linkages between the two entities as well as Evergrande's weaker
credit profile than Hengda. Evegrande continues to exercise
control over Hengda even though its stake in the subsidiary fell
to 63.5% from 100% after Hengda issued new shares. This is
because there is a large number of new shareholders who are
unconnected, with the second-largest shareholder having only a
5.7% stake. Fitch also expects Hengda to continue to be the sole
platform for Evergrande to expand its core China homebuilding
business.

Improving Leverage: Evergrande's leverage, measured by net
debt/adjusted inventory, fell to 42% by end-June 2018 from 50% at
end-2017. The company's total and net debt dropped by around
CNY60 billion and CNY26 billion, respectively, in 1H18. The
deleveraging was mainly driven by a rise in construction payables
and increased participation in joint venture (JV) projects that
raised the equity contributions from its non-controlling
interests.

Evergrande's payables-to-inventory ratio increased to 0.44x by
end-June 2018 from 0.38x at end-2017 as the company used more
working capital to fund its property-development operations in
1H18. Fitch will assess Evergrande's deleveraging plan in
conjunction with its trade payable changes to ensure that the
company is not merely increasing its reliance on its contractors
and suppliers to extend more credit to help it deleverage.

Strong Sales Performance: Evergrande remains one of China's three
largest property developers, with 20% yoy growth in total sales
to CNY385 billion in January-August 2018, driven by a 13%
increase in gross floor area (GFA) sold and a 6% rise in average
selling price (ASP) to CNY10,510/sq m. Nevertheless, Evergrande's
attributable sales are likely to drop in the coming year due to
more investment in projects with JV partners or associates.

Sufficient Low-Cost Land Reserves: Evergrande has land reserves
of 305 million sq m with a low cost of CNY1,683/sq m, of which
Tier 1-2 cities with average land cost of CNY2,092/sq m accounted
for 68% and Tier 3 cities with average land cost of CNY1,196/sq m
made up 32%. Fitch thinks Evergrande's land reserves are
sufficient for around five years of development.

Shareholder-Friendly Measures: Evergrande bought back shares
totalling HKD6.3 billion (CNY5.6 billion) in 2017. It has also
declared a high dividend of 50% of distributable profit since
2016. These measures will exhaust liquidity at the holding
company level and weaken its debt-servicing capacity.

Positive Outlook: Fitch revised the Outlook on Evergrande's
Issuer Default Rating to Positive from Stable in May 2018 on its
expectation that the company's leverage can be sustained below
50%, if management follows through with its commitment to lower
the company's gearing. The Positive Outlook takes into
consideration the uncertainty over management's commitment to
lower the company's leverage while keeping control of its
payable-to-inventory ratio to prevent a material increase and
reduce its reliance on suppliers' credit.

DERIVATION SUMMARY

Hengda's rating is equalised with that of its parent Evergrande
using the top-down approach because of very strong linkages
between the two entities. Hengda accounts for essentially all of
Evergrande's profit and supports Evergrande's capacity to pay
dividends.

Evergrande's business profile is more reflective of 'BB' category
peers as the company has a diversified footprint across the
country and products. This is offset by its very aggressive
financial profile, which is in line with that of Chinese
homebuilders rated in the weak 'B' category.

Its peers like Country Garden Holdings Co. Ltd. (BBB-/Stable),
Greenland Holding Group Company Limited (BB-/Stable) and Sunac
China Holdings Limited (BB-/Stable) operate with similar
aggressiveness in expansion and are of similar size, except for
Sunac, which is growing very rapidly to match these peers.

Country Garden's leverage of around 30% and churn rate of over
1.5x, is commensurate with an investment grade profile and
explains the multiple notch rating difference it has with
Evergrande. Greenland's leverage is higher than Evergrande's but
Greenland has a large level of uncollected sales and lower
payables to offset its high leverage. Greenland, a state-owned
enterprise, has a strong position in acquiring land at low cost,
especially in new city districts that local governments are keen
to develop. Sunac's leverage is expected to fall below 50% in
2018 and it does not have high payables risks, unlike Evergrande.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for Evergrande
(given the analytical approach is driven by Evergrande's ratings)

  - low single-digit total growth in land bank over next three
    years

  - ASP to increase in 2018 but fall back to the 2017 level by
    2020; GFA sold to increase by between 5% and 10%, with
    single-digit contracted sales growth from 2019.

  - land cost to increase by 5% per annum resulting in EBITDA
    margin narrowing towards 25%

Recovery rating assumptions for Evergrande:

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

  - 10% administrative claims

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

  - Fitch applied a haircut of 30% on its receivables, and 50% on
    its investment properties

  - Fitch applied a higher haircut of 40% on adjusted inventory
    despite Evergrande's high margin, which would otherwise
    support a lower 25% to 30% discount rate, because Fitch
    believes there will be a leakage of its recoverable value
    to its very high level of trade creditors

  - Fitch also assumed Evergrande will be able to use 100% of
    the restricted cash to pay debt

Fitch estimates the recovery rate of the offshore senior
unsecured debt at 91%, which corresponds to a Recovery Rating of
'RR2'. However, Evergrande's Recovery Rating is capped at 'RR4'
because debt of offshore Chinese holding companies face
structural issues as the onshore operating companies do not
provide upstream guarantees, according to Fitch's Country-
Specific Treatment of Recovery Ratings Criteria.

RATING SENSITIVITIES

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

  - Evergrande is upgraded, provided linkages between Hengda
    and its parent remain intact

For Evergrande, Developments That May, Individually or
Collectively, Lead to Positive Rating Action Are:

  - Net debt/adjusted inventory sustained below 50% (49.6%
    in 2017)

  - Contracted sales/gross debt sustained above 0.8x (0.7x
    in 2017)

As Evergrande's Outlook is Positive, no negative action is
envisaged but Hengda's Outlook may revert to Stable if the same
happens to Evergrande. Developments that may lead to Evergrande's
Outlook reverting to Stable are:

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

  - Change in management strategy to refocus on aggressive
    expansion from stated objective to reduce gearing ratio

  - Failure to reduce short-term debt to below 35% of total debt
    (48% at end-2017; 44% at end-June 2018)

LIQUIDITY

Liquidity Remains Adequate: As of June 2018, Hengda had a large
cash balance totalling CNY223 billion, including CNY99 billion of
restricted cash. It had CNY283 billion of debt maturing before
June 2019 that can be funded by ongoing contracted sales and its
existing cash. Fitch expects Hengda's working capital investment
to reduce sufficiently to generate positive cash flow from
operations (CFO) in 2018 to support debt repayment.


HENGDA REAL ESTATE: Moody's Assigns B1 CFR, Outlook Positive
------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Hengda Real Estate Group Company Limited, a
63.5% owned onshore subsidiary of China Evergrande Group
(Evergrande, B1 positive).

At the same time, Moody's has assigned a first-time B2 CFR to
Tianji Holding Limited, a wholly owned offshore subsidiary of
Hengda.

Moody's has also assigned a B2 senior unsecured rating to the
proposed notes to be issued by Scenery Journey Limited and
guaranteed by Tianji.

All the rating outlooks are positive.

The proposed notes will also be supported by a Deed of Equity
Interest Purchase Undertaking and a Keepwell Deed between Hengda,
Tianji, Scenery, and the bond trustee.

The note proceeds will be used mainly for offshore debt
refinancing by Hengda.

Moody's expects that Hengda will complete the note issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission in China (A1
stable).

RATINGS RATIONALE

"Hengda's B1 CFR reflects its status as an onshore flagship
subsidiary of Evergrande, and as the platform that owns and
manages Evergrande's core property development business in
China," says Wenhan Chen, a Moody's Assistant Vice President and
Analyst.

As of June 2018, Hengda accounted for 96% of revenue, 86% of
cash, 85% of adjusted debt, 88% of total assets, and 84% of the
land bank of Evergrande.

Hengda's B1 CFR reflects its strong sales execution. Its
contracted sales reached RMB285 billion in 1H 2018 after
achieving 35% year-on-year growth to RMB478 billion in the full
year 2017.

Moody's expects the company will achieve contracted sales of
around RMB570-RMB620 billion per annum over the next 12-18
months, despite the company's target of reducing its land reserve
by 5% per annum between July 2017 and June 2020.

This projected sales growth is underpinned by the company's
sizable land reserves nationwide, which totaled 809 projects with
256 million square meters in gross floor area as of June 30,
2018.

The company's large scale, as measured by contracted sales, will
continue to position it among the top residential developers in
China (A1, stable). This will support the company's access to the
domestic bank and debt markets.

In addition, the B1 CFR reflects Hengda's good profitability,
underpinned by a low-cost land bank and economies of scale.
Moody's expects Hengda's gross profit margin to stay around 35%
over the next 12-18 months, largely flat compared to the 2017
level of 35%. This level of profitability still compares well
with the average of around 30% reported by Moody's-rated property
developers in China.

Supported by revenue growth, declining debt and stable profit
margins, Moody's expects the company's interest coverage, as
measured by EBIT/interest, will improve to 2.8x in 2018 and 3.5x
in 2019 from 2.5x for the 12 months ended June 2018 .

On the other hand, the rating is constrained by the company's
still high debt leverage. At the end of June 2018, the company's
revenue/adjusted debt was 58%.

Given the strong contracted sales in the past 12-18 months,
Moody's expects the company's debt leverage -- as measured by
revenue/adjusted debt -- will improve to 61% and 81% by the end
of 2018 and the end of 2019, respectively, as it completes the
delivery of properties sold and slows the rise in debt through
slower land acquisitions.

Moody's has included the RMB130 billion in investments from
Hengda's strategic investors in the calculation of the company's
adjusted debt, but notes that the funds were treated as equity by
the company, in accordance with China GAAP.

The rating is also constrained by Hengda's private company
status, such that information disclosure is less transparent than
that of its listed peers.

The positive outlook on Hengda's rating reflects Moody's
expectation that Hengda will continue to improve its debt
leverage over the next 12-18 months.

The rating could be upgraded if Hengda (1) demonstrates tighter
discipline in its business growth and acquisitions, (2) continues
to report sufficient liquidity, and (3) improves its credit
metrics.

Financial indicators of rating upgrade pressure include Hengda's
(1) cash/short-term debt exceeding 1.0x-1.25x, (2)
revenue/adjusted debt exceeding 75%-80%, and (3) EBIT/interest
exceeding 2.5x-3.0x on a sustained basis.

A downgrade of Hengda's CFR is unlikely given the positive
outlook. However, the rating outlook could return to stable if
the company's credit metrics are unlikely to improve to levels
that will support an upgrade over the next 12-18 months.

Tianji's B2 CFR reflects the company's standalone credit profile
and a one-notch rating uplift, based on Moody's expectation that
Hengda will provide financial support to Tianji in a situation of
financial stress.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji, (2) Tianji's status as the primary platform for Hengda to
invest in offshore property projects and raise offshore funds,
and (3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in its moderately
large scale, weak liquidity, and weak credit metrics.

At the end of June 2018, Tianji had 33 projects across 20 cities
in China, with a total land bank of 16.6 million square meters.
The company reported RMB38 billion in contracted sales in 2017.
This scale is large relative to other low single B rated Chinese
property developers.

Tianji's liquidity position is weak, and it has to rely on
support from Hengda. Its cash of RMB18.6 billion at the end of
2017 was inadequate to cover its short-term debt of RMB89.4
billion.

Moody's expects Tianji's EBIT/interest will fall to around 1.4x-
1.5x in the next 12-18 months from 1.9x in 2017 as it takes on
debt to grow in scale.

Similarly, Tianji's debt leverage -- as measured by
revenue/adjusted debt -- will fall to around 22% over the next
12-18 months from 27% at the end of 2017.

The B2 senior unsecured rating of the proposed notes reflects
Moody's expectation that Hengda will provide financial support
through honoring its obligations under the Deed of Equity
Interest Purchase Undertaking rather than through a payment
guarantee.

The B2 senior unsecured rating is also not affected by
subordination to claims at the operating companies because
Moody's expects support from Hengda to Tianji to flow through the
holding company rather than directly to the main operating
companies, thereby mitigating any differences in expected loss
that could result from structural subordination.

The positive outlook on Tianji's rating reflects the positive
outlook on Hengda's rating as well as Hengda's strengthened
capability to provide support in times of need.

Tianji's CFR could be upgraded if (1) Hengda's rating is upgraded
and (2) Tianji maintains a stable standalone profile, with its
EBIT/interest ratio staying above 1.25x-1.50x.

On the other hand Tianji's rating outlook could return to stable
if (1) its liquidity position further weakens; (2) the outlook on
Hengda's rating is revised to stable due to a deterioration in
its financial profile; (3) its significance within the Hengda
group declines, leading to reduced financial or operation
support.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Hengda Real Estate Group Company Limited is among the top
property developers in China by sales volume, with a standardized
operating model. Founded in 1996 in Guangzhou, Hengda has rapidly
expanded its business across the country over the past few years.
At June 30, 2018, Hengda's land bank totaled 256 million square
meters (sq.m) in gross floor area across 220 cities in China.
Hengda is the property arm and the flagship subsidiary of
Evergrande. At June 30, 2018, Evergrande owned 63.5% of Hengda's
shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters.


JIANGSU NANTONG: Moody's Lowers CFR to B3, Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has downgraded Jiangsu Nantong Sanjian
Construction Group Co., Ltd.'s corporate family rating and
Jiangsu Nantong Sanjian International Co., Ltd.'s senior
unsecured rating to B3 from B2.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects our concerns over JNTC's weakened
liquidity position", says Danny Chan, a Moody's Analyst.
"Together with the decline in operating cash flow, the tighter
credit conditions in China, and the consideration that it has
RMB1 billion in onshore bonds puttable in 2Q2019, we believe its
debt refinancing risk has increased."

JNTC liquidity is tight. As of June 30, 2018, the company's cash
and cash equivalent of RMB3.1 billion were insufficient to cover
its short-term borrowings of RMB5.4 billion.

Moody's also expects the company to report operating cash outflow
of RMB150-200 million yearly in 2018 and 2019, compared with
RMB250 million of operating cash inflow in 2017, because of a
longer cash-conversion cycle amid a cooling property market in
China.

JNTC's cash-conversion cycle increased to 178 days for the 12
months ended June 30, 2018 from 99 days in 2015, owing to longer
settlement days with property developers in China.

In addition, increased lending activities outside the scope of
the construction business over the past 12 months have also
contributed to JNTC's tight liquidity. As of June 2018,
intercompany borrowings provided by JNTC amounted to RMB6.5 --
7.0 billion, representing nearly 25% of its total assets.

"The downgrade also reflects JNTC's potentially higher cash
extraction risk, potentially weaker disclosure and potentially
weaker access to the capital market following its delisting from
the National Equities Exchange and Quotations (NEEQ) market,"
adds Chan.

On July 18, JNTC announced that it will be delisted from NEEQ,
effective immediately, making it a private company. JNTC remains
73% owned by Nantong Sanjian Holding Co., Ltd. (Nantong Sanjian
Holding) following the delisting.

The delisting could lead -- as indicated -- to the potentially
higher risk of cash extractions. Any change in JNTC's financial
policies, such that the company is used as a financing vehicle
for its parent, Nantong Sanjian Holding, will add pressure to its
already weak liquidity profile.

JNTC's rating is also constrained by the weak financial profile
and limited disclosure of its parent, Nantong Sanjian Holdings, a
private company.

Meanwhile, the delisting could also undermine JNTC's quality of
disclosure.

Moody's expects JNTC to continue reporting on key financials on a
quarterly basis, owing to requirements for its onshore bonds
outstanding.

But the reporting and disclosure requirements for private
companies are less stringent than those for listed public
companies, thus resulting potentially in lower quality
disclosures.

The delisting of JNTC from NEEQ could also negatively impact its
ability the tap the capital market. However, Moody's notes that
it has a track record of tapping both the onshore and offshore
bond markets in the past two years.

Moody's anticipates that it will maintain moderate revenue growth
and steady margins. However, adjusted debt/EBITDA will likely
stay elevated in the range of 5.5x-6.0x in the next 12-18 months
as it will remain impacted by the long conversion cycle.

The negative ratings outlook mainly reflects Moody's concern over
JNTC's potential high refinancing risk and the potential erosion
in disclosure quality and corporate governance following the
delisting from NEEQ.

The prospect of upward rating pressure in the near term is
limited, given the negative outlook on the ratings. But the
outlook could return to stable if the company demonstrates a
significant improvement in its liquidity position.

Downgrade rating pressure could arise if JNTC fails to meet its
payment obligations.

The principal methodology used in these ratings was Construction
Industry published in March 2017.

Jiangsu Nantong Sanjian Construction Group Co., Ltd.,
headquartered in Haimen, Jiangsu Province, is a privately owned
engineering contractor in Eastern China. Revenue for the 12
months ended June 30, 2018 totaled approximately RMB21 billion.

The company is 73.05% owned by Nantong Sanjian Holdings Co.,
Ltd., which is in turn majority owned by its founders and 13.2%
owned by Haimen City Development and Construction Co., Ltd.,
under the Haimen State-owned Assets Supervision and
Administration Commission.


OCEANWIDE HOLDINGS: Fitch Rates Proposed USD Sr. Notes B-(EXP)
--------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Oceanwide
Holdings Co. Ltd.'s (B-/Stable) proposed US dollar senior notes a
'B-(EXP)' expected rating and a Recovery Rating of 'RR4'.

The proposed notes will be issued by the company's wholly owned
subsidiary, Oceanwide Holdings International Development III Co.,
Ltd. They will be guaranteed by the parent and are rated at the
same level as the company's senior unsecured rating as they will
represent its direct and senior unsecured obligations. The final
rating is subject to the receipt of final documentation
conforming to information already received.

Oceanwide's ratings are constrained by its high leverage,
measured by net debt/adjusted inventory including available-for-
sale financial assets (AFS) and financial institution (FI)
investments, of 78.6% at end-2017. Fitch believes it will be
sustained above 70% as the small reduction of its net debt in the
first eight months of 2018 will not materially reduce its
leverage and its sales collection pace continues to be
constrained by China's restrictive policies.

Oceanwide's high leverage is partly offset by the improving
performance of its finance business that had an EBITDA of CNY3.1
billion in 2017, up from CNY1.1 billion in 2016. The growth
continued in 1H18 as the segment's gross profit rose by an
additional CNY250 million from 1H17. The improvement has
strengthened its non-development property EBITDA/interest paid
ratio to 0.4x in 2017 from 0.2x in 2016, which provides some
buffer in servicing its debt. Peers that have similar levels of
interest cover and reasonable leverage levels are rated 'B' or
above.

KEY RATING DRIVERS

Leverage Stays High: Oceanwide's leverage is one of the highest
among 'B' rated Chinese homebuilders. The company's weak credit
metrics are due to its investments in its FI subsidiaries and its
larger exposure to commercial-development properties that have a
longer cash-collection cycle. Fitch believes Oceanwide's leverage
will continue to rise over the next two years without equity
funding because of continued development expenditure for the 2.5
million sq m gross floor area of projects under construction, as
well as its high interest and tax burden that will amount to
CNY12 billion-15 billion a year in the next three years.

Slow Sales to Bottom: Fitch expects Oceanwide's sales efficiency,
measured by contracted sales to net debt excluding FIs, to remain
below 0.25x until 2019, longer than previously expected. The
stringent home-purchase policies and housing-price controls in
its key markets of Beijing and Shanghai have delayed sales in
these cities. As a result, Oceanwide's property sales more than
halved in 2017 from 2016 and Fitch estimates its contracted sales
to net debt ratio declined to 0.05x in 2017 from 0.16x in 2016.
Fitch believes Oceanwide's sales bottomed in 2017, albeit at a
very low level of under CNY6 billion.

Sales in 2018 year-to-date have exceeded 2017 levels, supported
by its projects in Shanghai, and management believes it can
generate CNY15 billion in sales for the year. Property sales in
2019 will rise further to CNY18 billion with contributions from
its US projects. Fitch believes Oceanwide's sales plan is
achievable but the sales-collection pace for its projects in
Shanghai and Beijing is less predictable. A slow cash collection
will continue to put pressure on its weak liquidity and high
leverage.

High Funding Pressure: Oceanwide had available cash at end-2017
of CNY9.6 billion, including CNY4.6 billion of cash in its FI
subsidiaries. This is inadequate to cover its large short-term
debt balance of CNY47.6 billion and its expectation of negative
free cash flow of CNY9 billion in 2018. The company's liquidity
position did not improve at end-1H18, when total cash was at
CNY16.8 billion, down from CNY19.3 billion at end-2017, while
short-term debt increased to CNY60.4 billion.

Growing Finance Businesses: Oceanwide's FI segment EBITDA
increase provides growing non-property development cash flow to
service its rising debt. The low net debt of its FI segment of
CNY1 billion at end-2017, unchanged from 2016, means Oceanwide
can comfortably upstream dividends from these businesses without
impairing their capital base. This is demonstrated by the
increase in shareholders' equity of the FI subsidiaries
attributable to Oceanwide to CNY25 billion by end-2017 from
CNY23.4 billion a year earlier.

Asset Base Supports Funding Access: Fitch believes Oceanwide
still has borrowing capacity, although its unencumbered assets of
CNY42 billion in 1H18 were lower than the CNY49 billion at end-
2017 mainly because more of its development properties have been
pledged. The company has pledged property and financial assets of
CNY95 billion as well as shares of its FI subsidiaries for CNY69
billion in secured debt.

DERIVATION SUMMARY

Oceanwide's rating is severely constrained by its ratio of
contracted sales to net debt excluding FIs of below 0.25x, which
is much weaker than the contracted sales/gross debt of all rated
homebuilders. Its poor cash generation has resulted in constantly
rising leverage, which reached 78.6% in 2017, making it the
highest leveraged among 'B' category peers.

Oceanwide's poor credit metrics are partly due to larger exposure
to commercial-development properties that have a longer cash-
collection cycle. Its slow-churn business model, however, means
that its land bank is much older and substantially undervalued
compared with those of fast-churn homebuilders. This also means
Oceanwide has one of the highest EBITDA margins among the 21
Fitch-rated peers in the 'B' category. Its margin is only
exceeded by that of LVGEM (China) Real Estate Investment Company
Limited (B/Stable) and China South City Holdings Limited
(B/Stable).

Oceanwide also has one of the strongest business profiles among
'B' category peers due to its diversification into a wide array
of finance businesses. Its non-property development EBITDA covers
0.4x of interest expenses, which supports its debt servicing.
Peers that have similar levels of interest coverage are rated 'B'
or above.

KEY ASSUMPTIONS

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

  - New land acquisitions limited to 0.5x of contracted sales'
    gross floor area

  - Contracted sales of CNY17 billion in 2018 and increases of
    25% per year thereafter

  - Property development EBITDA margin of 25%-40% in 2018-2020

  - Stable performance of finance segment

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory including AFS and FI investment
    sustained below 70% (78.6% at end-2017)

  - Consolidated EBITDA margin sustained above 35% (27% in 2017)

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

  - Further weakening of Oceanwide's liquidity position

  - Non-property development EBITDA/interest paid sustained
    below 0.25x (0.4x in 2017)

LIQUIDITY

Refinancing Plan in Place: Oceanwide has secured new banking
facilities and raised funds through the sale of its development
properties and investment assets to supplement its liquidity
position. Selling stakes in its projects and subsidiaries to
strategic partners are also options being explored. The company
estimated it will be able to raise just under CNY40 billion in
2H18. Furthermore, CNY32 billion of its short-term debt at end-
1H18 was secured borrowings and Oceanwide can negotiate for a
rollover. Fitch believes Oceanwide had unencumbered assets of
CNY42 billion that can be collateralised to raise additional
secured borrowings.


SHANDONG RUYI: S&P Affirms B Issuer Credit Rating, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B' long-term issuer credit
rating on Shandong Ruyi Technology Group Co. Ltd. (Ruyi) with
stable outlook. S&P also affirmed its 'B-' long-term issue
ratings on the senior unsecured notes issued by Prime Bloom
Holdings Ltd., a wholly owned subsidiary of Ruyi. Ruyi
unconditionally and irrevocably guarantees the notes of US$345
million and US$300 million.

Ruyi is a China-based textile manufacturer with operations across
upstream cultivation and trading, and textile manufacturing to
downstream apparel brand management. It is the controlling
shareholder of the French fashion firm SMCP Group.

S&P said, "Our rating affirmation reflects our expectation that
Ruyi's debt leverage will remain high, offset by the strong
performance of SMCP, Ruyi's overseas fashion apparel subsidiary.
We expect the company's EBITDA interest coverage to remain above
2.0x and its debt-to-EBITDA ratio to stay below 6.0x over the
next 12-24 months. This is even when we consider a worst-case
scenario for the planned acquisition of Eagle Super Global
Holding B.V. (Lycra), where we may consolidate US$2 billion of
debt at Ruyi.

"In the worst-case scenario, we estimate that by undertaking the
full US$1 billion investment and fully consolidating all of
Lycra's debt of about US$1 billion, the acquisition of Lycra
would modestly increase Ruyi's debt-to-EBITDA ratio by about
0.5x. We expect the total deal size for Lycra to be about US$2.5
billion, of which US$1 billion will be funded by debt issued by
Lycra and the remaining US$1.5 billion will be funded by Ruyi and
other investors."

The Lycra deal could increase Ruyi's debt-to-EBITDA ratio by less
than 0.5x. This depends upon whether Ruyi can find additional
domestic investors to help finance the acquisition. However, S&P
could still include the equity investments from domestic
investors in Ruyi's adjusted debt calculation if it believes the
investments have conditions attached that would constitute a
contingent liability. Such conditions could include put options
or fixed dividend payments.

S&P said, "Our base-case assumptions do not include the
acquisitions for Lycra or Bally Schuhfabriken AG (Bally). This is
because of significant uncertainties around the timing and
likelihood of closing for each acquisition, as well as Ruyi's
total investment.

"Our analysis considers Ruyi's low economic ownership of SMCP
despite its control of the subsidiary. Ruyi is able to exercise
control due to its holding through several layers of intermediate
holding companies above SMCP. If we proportionally consolidate
Ruyi's 30% economic ownership of SMCP, Ruyi's debt-to-EBITDA
ratio would increase by about 1.0x.

"That said, we still expect SMCP's strong performance to help
Ruyi's deleveraging prospects despite Ruyi's appetite for
acquisitions. We expect SMCP's revenue growth to remain in
double-digits in 2018 and 2019 and EBITDA margin to improve from
2017. On a fully consolidated basis, we estimate SMCP contributes
30%-35% of Ruyi's total EBITDA, which could increase to 35%-40%.

"We expect Ruyi to have sufficient liquidity over the next 12
months despite its large proportion of short-term debt. This is
because most of the short-term debt are bank loans, which are
likely to be extended given Ruyi's good banking relationship and
because the company does not have any significant bullet
maturities until the US$345 million senior unsecured notes mature
in December 2019.

"Our credit analysis of Ruyi also considers the debt leverage of
Ruyi International Fashion Industry Group Co. Ltd. (Ruyi
International), the parent company of Ruyi. We believe Ruyi
International's debt leverage to be about in line with Ruyi's.

"The stable outlook reflects our expectation that Ruyi will
maintain its market position as one of the top textile
manufacturers in China with good scale and product diversity
ranging from upstream cotton production to downstream apparel
brands. We project its debt-to-EBITDA ratio on a fully
consolidated basis to remain below 6.0x over the next 12 months.

"We may lower the rating if the company's liquidity declines
materially, which could happen if: it uses debt to finance more
acquisitions; short-term debt increases materially; or cash flow
declines due to increased competition in the textile and apparel
industries. More specifically, we will lower the rating if Ruyi's
debt-to-EBITDA ratio approaches 6.0x on a fully consolidated
basis with no sign of improvement (7.0x if we proportionally
adjust for Ruyi's economic stake in SMCP) or if Ruyi has free
operating cash flow deficits for more than 12 months and we do
not expect the situation to reverse.

"We may upgrade Ruyi if its debt leverage decreases materially
such that the company's adjusted debt-to-EBITDA ratio falls below
4.0x on a fully consolidated basis (5.0x if we proportionally
adjust for Ruyi's economic stake in SMCP) on a sustainable basis.
This could occur through capital injections from shareholders or
using potential subsidiary IPO proceeds to repay debts. The ratio
could also improve on the back of materially enhanced operating
cash flow on strong revenue growth, or margin improvement
combined with financial discipline and continued deleveraging."


TIANGJI HOLDING: Moody's Assigns B2 CFR, Outlook Positive
---------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Hengda Real Estate Group Company Limited, a
63.5% owned onshore subsidiary of China Evergrande Group
(Evergrande, B1 positive).

At the same time, Moody's has assigned a first-time B2 CFR to
Tianji Holding Limited, a wholly owned offshore subsidiary of
Hengda.

Moody's has also assigned a B2 senior unsecured rating to the
proposed notes to be issued by Scenery Journey Limited and
guaranteed by Tianji.

All the rating outlooks are positive.

The proposed notes will also be supported by a Deed of Equity
Interest Purchase Undertaking and a Keepwell Deed between Hengda,
Tianji, Scenery, and the bond trustee.

The note proceeds will be used mainly for offshore debt
refinancing by Hengda.

Moody's expects that Hengda will complete the note issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission in China (A1
stable).

RATINGS RATIONALE

"Hengda's B1 CFR reflects its status as an onshore flagship
subsidiary of Evergrande, and as the platform that owns and
manages Evergrande's core property development business in
China," says Wenhan Chen, a Moody's Assistant Vice President and
Analyst.

As of June 2018, Hengda accounted for 96% of revenue, 86% of
cash, 85% of adjusted debt, 88% of total assets, and 84% of the
land bank of Evergrande.

Hengda's B1 CFR reflects its strong sales execution. Its
contracted sales reached RMB285 billion in 1H 2018 after
achieving 35% year-on-year growth to RMB478 billion in the full
year 2017.

Moody's expects the company will achieve contracted sales of
around RMB570-RMB620 billion per annum over the next 12-18
months, despite the company's target of reducing its land reserve
by 5% per annum between July 2017 and June 2020.

This projected sales growth is underpinned by the company's
sizable land reserves nationwide, which totaled 809 projects with
256 million square meters in gross floor area as of June 30,
2018.

The company's large scale, as measured by contracted sales, will
continue to position it among the top residential developers in
China (A1, stable). This will support the company's access to the
domestic bank and debt markets.

In addition, the B1 CFR reflects Hengda's good profitability,
underpinned by a low-cost land bank and economies of scale.
Moody's expects Hengda's gross profit margin to stay around 35%
over the next 12-18 months, largely flat compared to the 2017
level of 35%. This level of profitability still compares well
with the average of around 30% reported by Moody's-rated property
developers in China.

Supported by revenue growth, declining debt and stable profit
margins, Moody's expects the company's interest coverage, as
measured by EBIT/interest, will improve to 2.8x in 2018 and 3.5x
in 2019 from 2.5x for the 12 months ended June 2018 .

On the other hand, the rating is constrained by the company's
still high debt leverage. At the end of June 2018, the company's
revenue/adjusted debt was 58%.

Given the strong contracted sales in the past 12-18 months,
Moody's expects the company's debt leverage -- as measured by
revenue/adjusted debt -- will improve to 61% and 81% by the end
of 2018 and the end of 2019, respectively, as it completes the
delivery of properties sold and slows the rise in debt through
slower land acquisitions.

Moody's has included the RMB130 billion in investments from
Hengda's strategic investors in the calculation of the company's
adjusted debt, but notes that the funds were treated as equity by
the company, in accordance with China GAAP.

The rating is also constrained by Hengda's private company
status, such that information disclosure is less transparent than
that of its listed peers.

The positive outlook on Hengda's rating reflects Moody's
expectation that Hengda will continue to improve its debt
leverage over the next 12-18 months.

The rating could be upgraded if Hengda (1) demonstrates tighter
discipline in its business growth and acquisitions, (2) continues
to report sufficient liquidity, and (3) improves its credit
metrics.

Financial indicators of rating upgrade pressure include Hengda's
(1) cash/short-term debt exceeding 1.0x-1.25x, (2)
revenue/adjusted debt exceeding 75%-80%, and (3) EBIT/interest
exceeding 2.5x-3.0x on a sustained basis.

A downgrade of Hengda's CFR is unlikely given the positive
outlook. However, the rating outlook could return to stable if
the company's credit metrics are unlikely to improve to levels
that will support an upgrade over the next 12-18 months.

Tianji's B2 CFR reflects the company's standalone credit profile
and a one-notch rating uplift, based on Moody's expectation that
Hengda will provide financial support to Tianji in a situation of
financial stress.

The one-notch uplift reflects (1) Hengda's full ownership of
Tianji, (2) Tianji's status as the primary platform for Hengda to
invest in offshore property projects and raise offshore funds,
and (3) Hengda's track record of providing financial support to
Tianji.

Tianji's standalone credit profile factors in its moderately
large scale, weak liquidity, and weak credit metrics.

At the end of June 2018, Tianji had 33 projects across 20 cities
in China, with a total land bank of 16.6 million square meters.
The company reported RMB38 billion in contracted sales in 2017.
This scale is large relative to other low single B rated Chinese
property developers.

Tianji's liquidity position is weak, and it has to rely on
support from Hengda. Its cash of RMB18.6 billion at the end of
2017 was inadequate to cover its short-term debt of RMB89.4
billion.

Moody's expects Tianji's EBIT/interest will fall to around 1.4x-
1.5x in the next 12-18 months from 1.9x in 2017 as it takes on
debt to grow in scale.

Similarly, Tianji's debt leverage -- as measured by
revenue/adjusted debt -- will fall to around 22% over the next
12-18 months from 27% at the end of 2017.

The B2 senior unsecured rating of the proposed notes reflects
Moody's expectation that Hengda will provide financial support
through honoring its obligations under the Deed of Equity
Interest Purchase Undertaking rather than through a payment
guarantee.

The B2 senior unsecured rating is also not affected by
subordination to claims at the operating companies because
Moody's expects support from Hengda to Tianji to flow through the
holding company rather than directly to the main operating
companies, thereby mitigating any differences in expected loss
that could result from structural subordination.

The positive outlook on Tianji's rating reflects the positive
outlook on Hengda's rating as well as Hengda's strengthened
capability to provide support in times of need.

Tianji's CFR could be upgraded if (1) Hengda's rating is upgraded
and (2) Tianji maintains a stable standalone profile, with its
EBIT/interest ratio staying above 1.25x-1.50x.

On the other hand Tianji's rating outlook could return to stable
if (1) its liquidity position further weakens; (2) the outlook on
Hengda's rating is revised to stable due to a deterioration in
its financial profile; (3) its significance within the Hengda
group declines, leading to reduced financial or operation
support.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Hengda Real Estate Group Company Limited is among the top
property developers in China by sales volume, with a standardized
operating model. Founded in 1996 in Guangzhou, Hengda has rapidly
expanded its business across the country over the past few years.
At June 30, 2018, Hengda's land bank totaled 256 million square
meters (sq.m) in gross floor area across 220 cities in China.
Hengda is the property arm and the flagship subsidiary of
Evergrande. At June 30, 2018, Evergrande owned 63.5% of Hengda's
shares.

Incorporated in Hong Kong in 2009, Tianji Holding Limited is an
offshore holding company that houses some of Hengda's property
projects in China and overseas, including Hengda's Hong Kong
headquarters.


XINJIANG ZHONGTAI: Fitch Assigns BB+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned China-based Xinjiang Zhongtai Group
Co., Ltd. Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'BB+'. The Outlook is Stable.

XJZT was established in 2012 and is currently positioned as a
state-owned capital-investment company in Xinjiang with the key
mission of promoting industry upgrade and economic development in
the autonomous region. XJZT's major assets include a 22.8%
controlling stake in Zhongtai Chemical, a leading integrated
chemical producer.

Fitch has classified XJZT as a credit-linked government-related
entity and the company is rated below Fitch's internal credit
assessment of Xinjiang. The top-down approach has factored in
XJZT's provincial ownership and control, as well as its move
towards a more functional role as a state-owned capital-
investment company since 2016.

XJZT's relatively short history in managing state-owned asset
investments, its limited operations at the parent level, and the
self-funding nature of its key chemical subsidiary resulted in a
wider notching under the top-down approach in the GRE criteria.
Fitch may review its assessment of the government's incentive to
support the company as XJZT's policy role expands gradually.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, Control: XJZT is wholly owned by
the government via the Xinjiang State-owned Assets Supervision
and Administration Commission (SASAC). The rating attribute has
factored in the state ownership and the resultant control over
XJZT's board and strategic direction. The Xinjiang SASAC also
tightly monitors XJZT's annual budgets and financial planning.

'Moderate' Support Track Record: Fitch believes the government
has the incentive to provide extraordinary support, if needed.
Moreover, Fitch expects the government to remain supportive of
XJZT's stated-owned capital-investment operations, which include
injections of controlling stakes in important state-owned
enterprises. However, the lack of consistent subsidies and
injections constrains its assessment of the attribute strength.

'Moderate' Socio-Political Implications: XJZT plays a crucial
role in promoting economic development and employment in
Xinjiang, which are the local government's key policy areas for
maintaining social stability. In the event of a default by XJZT,
this could result in a change in control and ownership of its
subsidiary, Zhongtai Chemical, an important asset to the
province. However, XJZT is one of four state-owned asset
operators in Xinjiang and therefore there are potential
substitutes for its policy role, although there may be a
temporary negative impact.

'Moderate' Financial Implications: XJZT is considered a key GRE
in the province at the group level as it is the largest by total
revenue and assets among the GREs directly controlled by the
Xinjiang SASC. Fitch believes a failure by the government to
provide timely support could have reputational risk for Xinjiang
and may affect the availability of financing for the province's
other GREs. The attribute strength was capped at moderate,
considering the smaller asset size at the parent level and the
self-funding nature of Zhongtai Chemical.

'Weak' Standalone Credit Profile: Fitch believes XJZT's
standalone credit profile is not material to the rating outcome
under its GRE criteria as it is more than four notches below its
internal assessment of the sponsor. XJZT's parent-level
operations are small if Zhongtai Chemical is excluded and it also
has a weak financial profile in light of its large debt-funded
capex and high leverage. On a consolidated level, Fitch believes
XJZT's earnings and credit profile face inherent risks from the
cyclical nature of the chemical operations.

RATING SENSITIVITIES

Links with Xinjiang Autonomous Region: A change in Fitch's credit
view on Xinjiang will result in a similar change to XJZT's
rating. A growing policy role for the company in the capital-
investment segment and stronger government support may result in
positive rating action.

Any significant change in state ownership or a dilution in XJZT's
policy role, resulting in a weakening of the government's
incentive to provide potential support, could lead to XJZT no
longer being classified as a GRE.



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


ALIENS DEVELOPERS: CRISIL Assigns B- Rating to INR6.3cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the long
term bank loan facilities of Aliens Developers Private Limited
(ADPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           6.3      CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    1.7      CRISIL B-/Stable (Assigned)

CRISIL's rating reflects susceptibility to risks related to the
completion and saleability of ADPL's ongoing residential real
estate projects in Hyderabad, and to cyclicality, inherent in the
real estate industry. These weaknesses are partially offset by
the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Susceptibility to risks related to the completion and
salability of the ongoing project: The Company has completed
around 25% of the total construction by September 2018, exposing
the company to project implementation risks. Though the company
has booked around 90% of the total saleable area, around 18-20%
of the total booked flats have been cancelled till now and
booking and advances received in future will remain key rating
sensitivity factor over the medium term.

* Cyclicality inherent in the real estate sector: The real estate
sector in India is cyclical marked by volatile prices, opaque
transactions, and a highly fragmented market structure. The
execution of projects is affected by multiple property laws and
non-standardized government regulations across states. The risk
is compounded by aggressive timelines for completion with
shortage of manpower (project engineers and skilled labor)

Strengths:

* Extensive experience of the promoters in the real estate
business: ADPL benefits from the promoters' extensive experience
in the residential real estate business. The company is promoted
by Mr. Hari Challa and Mr. Venkata Prasanna Challa. Both the
promoters have been involved in the similar business for more
than one decades. In this span they have executed around 5
different residential projects, totaling to around 2 million
square feet area.

Outlook: Stable

CRISIL believes that ADPL will continue to benefit from the
extensive experience of its promoters in the residential real
estate segment. The outlook may be revised to 'Positive' if
earlier-than-expected completion of projects, or substantial
sales realisations from ongoing projects, lead to a sharp growth
in cash flow. The outlook may be revised to 'Negative,' in case
of any delay in project completion, or in receipt of advances
from customers, or if ADPL undertakes a large, debt-funded
project.

Incorporated in 2004, ADPL, is promoted by Mr. Hari Challa and
Mr. Venkata Prasanna Challa. The company is based out of
Hyderabad and undertakes residential real estate projects in
Hyderabad and adjacent locations.


ARCOTECH LIMITED: CARE Lowers Rating on INR266.81cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Arcotech Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      266.81     CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB-; ISSUER
                                  NOT COOPERATING on the basis of
                                  Best available information

   Long-term/Short     205.00     CARE D/CARE D; Issuer not
   Term Bank                      cooperating; Revised from
   Facilities                     CARE BB-/CARE A4; ISSUER NOT
                                  COOPERATING on the basis of
                                  best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from Arcotech Limited to
monitor the ratings vide e-mail communications dated October 8,
2018, October 4, 2018, October 1, 2018, September 30, 2018,
September 21, 2018, September 14, 2018, September 7, 2018,
September 5, 2018, September 3, 2018, August 31, 2018, August 16,
2018, August 7, 2018, August 3, 2018, August 1, 2018, July 31,
2018 and numerous phone calls. However, despite our repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of
Arcotech Limited takes into account ongoing delays in debt
servicing by the company.

Arcotech was incorporated as Shri Krishna Strips Ltd in 1984 and
started its operations with a unit at New Delhi to manufacture
cold rolled copper/brass strips & foils with a capacity of 1,666
MT. In 2006, the company relocated its unit to Bawal, Haryana and
its shares were listed on the Bombay Stock Exchange Ltd (NSE &
BSE) with effect from December 28, 2007. The company undertakes
manufacturing of brass & copper foils, strips and sheets
including radiator brass foils and radiator copper foils with a
capacity of 24,000 MTPA as on March 31, 2017 at its facility in
Bawal (Haryana).


ASHOK MAGNETICS: NCLT Lets Promoters Bid Under Resolution Process
-----------------------------------------------------------------
The Hindu reports that the Chennai Bench of the National Company
Law Tribunal (NCLT) has allowed the promoters of Ashok Magnetics
to bid for the company in a resolution process under the
Insolvency and Bankruptcy (IBC) code.

The Hindu relates that the promoters had filed an application
seeking to bid for the company in the resolution process, citing
an ordinance to the IBC which made promoters of micro, small and
medium enterprises (MSMEs) eligible to bid.

Last year, NCLT had ordered insolvency proceedings against Ashok
Magnetics for non-payment of dues, the report recalls.

The company owed almost INR13 crore to the Central Bank of India
and about INR27.5 crore to the State Bank of India, The Hindu
discloses citing the petition.

The 180 day-time frame given for finding a resolution plan ended
on March 3, 2018, and the additional 90 days ended on June 1,
2018, the report notes.

On April 4, the promoters had sought for filing a resolution
plan.

However, the resolution professional declined the request
following which the firm filed a petition before the NCLT.

In their petition, the promoters said the company had the
potential for revival and no resolution process had been approved
by committee of lenders, The Hindu relates. "In such
circumstances, the resolution professional and committee of
creditors are required to consider all viable resolution plans
for the company . . .," they added. Section 29A of the IBC Code
2016 with effect from November 23, 2017 barred the promoter from
submitting a resolution professional.

However, the promoters pointed out that an exception was granted
by promulgating IBC (Amendment) Ordinance 2018, with the
introduction of Section 240 A of the code which said the
provisions of Section 29A shall not apply to the resolution
applicant in case of micro, small and medium enterprises, says
The Hindu.

"The ordinance has been enforced from 06.06.2018 that makes
promoters of MSMEs eligible to submit resolution plan," the
promoters, as cited by The Hindu, said in their petition.

They said the company had a permanent registration certificate as
a small scale unit dated April 2, 1998, the report discloses.

According to the Hindu, the promoters said that the company was
facing insolvency due to external factors such as demonetisation,
financial crunch, economic meltdown, poor demand, scarcity of
funds, political instability in the State and the like.

The Hindu relates that the resolution professional opposed the
move, citing that the company had moved out of MSME definition as
its investment in plant and machinery exceeded INR10 crore.

However, the NCLT rejected that argument stating that the Micro,
Small and Medium Enterprises Development Act, 2006, did not
contain any provision for automatic cancellation of the permanent
registration certificate, says The Hindu.

Ashok Magnetics Limited manufactures & supplies Ingot moulds,
ingot mold, ingot moulds.


BRAND CONCEPTS: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brand Concepts
Pvt Ltd.'s Long-Term Issuer Rating of 'IND BB (Issuer Not
Cooperating)'.

The instrument-wise rating actions are:

-- The IND BB rating on the INR1.4 mil. Term loan are withdrawn;

-- The IND BB rating on the INR77 mil. Fund-based working
    capital limit are withdrawn; and

-- The IND BB rating on the INR31 mil. Non-fund-based working
    capital limit are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Incorporated in 2007, Brand Concepts sells branded goods all over
the country. It also has its own brands, namely Sugarush in the
ladies handbag category, The Vertical in the travel bag category
and small leather goods categories.


DC INDUSTRIAL: CARE Lowers Rating on INR10cr ST Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
DC Industrial Plant Services Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank       2.00      CARE D Revised from CARE C;
   Facility                       Stable

   Short Term Bank     10.00      CARE D Revised from CARE A4
   Facility                       Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of DC
Industrial Plant Services Private Limited takes into account the
ongoing delays in debt servicing due to liquidity mismatch.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
debt servicing due to liquidity mismatch.

DCIPS incorporated in June 1983 is a turnkey Ash Handling System
Contractor for coal fired Power Plant Projects in India. In FY14,
the Chatterjee Group (TCG) group had acquired 50% stake in DCIPS
and the company is now jointly owned by Development Consultants
Pvt Ltd (DCPL) and TCG group. DCPL is an established player in
the area of engineering & consulting services in various
industries especially in the power sector. The contracts being
executed by DCIPS include complete design, engineering, supply
and installation including civil works of ash handling plants.
The company also undertakes contracts for operation and
maintenance of such plants along with supplying spare parts.


ERNAD ENGINEERING: CRISIL Lowers Rating on INR20cr Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ernad
Engineering Enterprises (EEE) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        30        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit           20        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects steadily declining revenues and
profitability over the past three years. Revenues declined from
INR82.18 crore in fiscal 2016 to INR70.64 crore in fiscal 2018,
while operating margins declined from 16.4 per cent to 10.5 per
cent during the same period. The downgrade also reflects
deterioration in financial risk profile due to large capital
withdrawals and weak business performance. The networth reduced
to INR13.34 crores as on March 31, 2018, from INR22.74 crore a
year ago, leading to increase in total outside liabilities to
tangible networth (TOLTNW) to 5.20 times (from 2.45 times
previously). The liquidity profile is also stretched with high
bank limit utilisation due to large working capital requirements.

The ratings continue to reflect large working capital
requirements and the moderate scale of operations in highly
fragmented civil construction industry and weak financial risk
profile. These rating strengths are partially offset by
promoter's extensive industry experience and healthy order book.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirements: Operations are working
capital intensive, as reflected in its gross current asset (GCA)
days of around 315 days, as on March 31, 2018. This is mainly
because of high inventory holding due to high work-in-progress.

* Weak financial risk profile: The gearing and TOLTNW was at
around 4.29 times and 5.20 times respectively, as on March 31,
2018. Debt-protection metrics are weak, with interest coverage of
1.16 time in fiscal 2018. The liquidity profile is also weak with
low net cash accruals on account of heavy withdrawal in fiscal
2018.

* Moderate scale of operations in highly fragmented road
construction industry: The civil construction industry is
intensely competitive and highly fragmented. EEE's scale of
operations is moderate, with a turnover of INR71.78 crore in
fiscal 2018. Being a mid-sized player in the intensely
competitive construction industry, its operating margin is
exposed to pressures related to competitive pricing.

Strength:

* Promoters' extensive industry experience and healthy order
book: Promoter's extensive experience of over five decades in
civil construction business, and established track record as a
civil contractor in Kerala, have enabled it to establish a
healthy relationship with various government agencies in Kerala,
thereby building a healthy current order book of INR300 crores as
on September 30, 2018.

Outlook: Stable

CRISIL believes that EEE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if sustained improvement in
revenue and profitability, leads to higher cash accruals, or
significant equity infusion, leads to better financial and
liquidity profile. Conversely, the outlook may be revised to
'Negative' if decline in revenue or profitability, elongation in
working capital cycle, or a large debt-funded capex, weakens
financial risk profile and liquidity.

Established in 1974 as a partnership firm, EEE constructs roads
and bridges in Kerala. EEE is promoted and managed by Mr. Abu
Haji, and his sons - Mr. Hashim Haji, Mr. Kunju Mohammad, and Mr.
Yunus Haji.


G. B. AGRO: CRISIL Reaffirms B+ Rating on INR2.75cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of G. B. Agro Products (GBAP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        3         CRISIL A4 (Reaffirmed)

   Cash Credit           2.75      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .25      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, amidst intense competition, and weak financial risk
profile. These weaknesses are partially offset by extensive
experience of the partners in the rice processing industry.

Analytical Approach

Unsecured loans extended by GBAP's promoters (outstanding at
INR2.7 crore as on March 31, 2018) have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest but improving scale of operations amidst intense
competition: Scale of operations remains modest, as reflected in
topline of INR19.31 crore in fiscal 2018, as against INR15.36
crore in fiscal 2017. Exposure to intense competition may keep
GBAP a marginal player in the rice processing industry.

* Weak financial risk profile: Financial risk profile is marked
by a modest networth and a leveraged capital structure. Networth,
which was around INR1.4 crore as on March 31, 2018, remains
constrained by modest accretion to reserves Total outside
liabilities to adjusted networth ratio was high around 3.85 times
as on same date, with significant portion of short-term working
capital debt.

Strength:

* Extensive experience of the partners in the rice processing
industry: The decade-long experience of the partners in the rice
processing industry, and their healthy relationships with
customers and suppliers, will continue to support the business
risk profile.

Outlook: Stable

CRISIL believes GBAP will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if substantial growth in revenue, profitability and
net cash accrual, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if any decline in revenue
and profitability, major capital expenditure, or sizeable working
capital requirement weakens the financial risk profile and
liquidity.

GBAP, which was set up as a partnership firm in fiscal 2003,
manufactures, mills, processes, and polishes various categories
of rice. The firm caters to the retail market through its own
brands, such as Red Garden, and Kitchen King, which also account
for bulk of the revenue. The rice is sold via brokers who further
sell it to marts and retail shops. The firm also undertakes
custom milling for government entities and thus, is part of the
pubic distribution system. Operations are managed by M. Rajesh
Bindal and Mrs Madhu Bindal.



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

The instrument-wise rating actions are:

-- INR 52.46 mil. Long-term loan maintained in non-cooperating
    category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Fund-based facilities maintained in 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
November 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established by Mr. Natvarbhai Patel and Mr. Vijaybhai Patel in
1982, Gajanand Foods manufactures spices and instant food
products.


GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GMW Engineers
Private Limited's (GEPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR12 mil. (reduced from INR17 mil.) Fund-based limits
    affirmed with IND BB+/Stable/IND A4+ rating;

-- INR105 mil. Non-fund-based limits affirmed with IND A4+
    rating; and

-- INR5.88 mil. (increased from INR3 mil.) Term loan due on
    March 24 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects GEPL's continued small scale of
operations as reflected by revenue of INR101 million in FY18
(FY17: INR98 million) due to execution of small size sub-contract
works. It achieved a turnover of INR69 million in 1HFY19. As of
September 2018, the company had an order book of INR128.13
million, of which it expects to book INR70 million in FY19 and
the remainder in FY20.

The ratings continue to be constrained by the company's elongated
net cash cycle due to working capital intensive nature of
operations. However, the net cash cycle improved to 108 days in
FY18 (FY17: 189 days) owing to a decrease in inventory period to
86 days (158 days)  and debtor period of 180 days (206 days) with
faster approval of projects undertaken and payments received.

GEPL's return on capital employed was 10% and EBITDA margins were
modest at 15.95% in FY18 (FY17: 19.88%). The decline in the
margins was attributed to an increase in raw materials consumed
and fluctuation in steel prices. The company also began trading
of steel products in FY18, which contributed about 15% to the
revenue.

The ratings also continue to factor in the company's modest
credit metrics as indicated by interest coverage (operating
EBITDA/gross interest expense) of 3.2x in FY18 (FY17: 5.6x) and
net leverage (total adjusted debt/operating EBITDAR) of 0.9x
(1.6x). The decline in interest coverage was due to an increase
in interest expense, resulting from higher utilization of the
working capital limits at the end of the year, while the net
leverage improved on account of repayment of term debts.

However, the ratings are supported by GEPL's comfortable
liquidity position as reflected by 90% maximum average
utilization of the working capital limits over the 12 months
ended September 2018.

The ratings are also supported by the promoters more than 30
years of experience in executing engineering, procurement and
construction contracts.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
and the net cash cycle, leading to an improvement in the credit
metrics on a sustained basis will be positive for the ratings.

Negative: A substantial decline in the EBITDA margins and/or
elongation of the net cash cycle leading to deterioration in the
credit metrics or liquidity position on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1986, GEPL is into installation of hydro-
mechanical and water intake equipment such as hydel gates, stop
log gates, piping work, etc. for various power projects, mainly
hydro power projects. The work includes designing, supply and
installation of steel structures for meeting the demands of
projects. The company undertakes 100% sub-contract works for
hydro power civil contractors. GEPL is promoted by Mr. Onkar
Singh, Mr. Pritam Singh, Mr. Sarwan Singh, Mr. Balbir Singh and
their family.


HANUMAN DAL: CARE Lowers Rating on INR25.06cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hanuman Dal Industries (HDI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      25.06       CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Stable;
   (Fund Based)                    ISSUER Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 21, 2018, placed the
rating of HDI under the 'issuer non-cooperating' category as HDI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HDI continues to be non-
cooperative despite repeated requests for submission of
information through emails, phone calls and a email dated
May 29, 2018. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The revision in the ratings assigned to
the bank facilities of Hanuman Dal Industries (HDI) takes into
account of delays in servicing its debt obligation. Timely
repayment of debt going forward is the key rating sensitivity.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Due to stressed liquidity there have
been delays in debt servicing. Timely repayment of debt is key
rating monitorable.

Hanuman Dal Industries (HDI) was established in 2010 by Mr.
Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The
promoters operate other group entities viz Hanuman Rice
Industries, Shree Laxmi Tirupati Amma Murmura Industries, Balaji
Industries, Tirumala Dal Udyog and Adinath Cold Storage Private
Limited. The firm is engaged in processing & milling of pulses
(tur and chana dal) and sale of its by-products in the domestic
market. The processing unit is located at Kamptee, Nagpur. The
firm mainly supplies its products in the state of Maharashtra and
Andhra Pradesh through agents and brokers.


INCA HAMMOCK: CRISIL Lowers Rating on INR14.6cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Inca
Hammock Manufacturing and Export Private Limited (INCA) to
'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1         CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Export Packing       14.6       CRISIL D (Downgraded from
   Credit                          'CRISIL BB-/Stable')

   Foreign Bill
   Discounting           6.4       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit      1.5       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delays by the firm in servicing its debt
obligations on account of stretch in receivable collection.

The ratings also factor the firm's modest scale of operations and
large working capital requirement. However, the firm benefits
from extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: INCA's scale of operations have
remained modest due to high competition in the hammock
manufacturing industry restricting company's bargaining power
with customers.

* Working capital intensive nature of operations: INCA's
operation remains working capital intensive on account of high
inventory levels due to long manufacturing cycle and the
seasonality of the sales and high receivable period; operations
are expected to remain working capital intensive over the medium
term. Further, stretch in working capital has led to delays in
servicing debt obligation

Strength

* Extensive experience of the promoters: INCA benefits from over
20 years' experience of its promoters, Mr. D S Bhatt, and his
family in the hammock manufacturing industry. Healthy established
business relation with customers has resulted in continuous order
flow over the years.

Incorporated in 1994, Chennai-based INCA manufactures and exports
hammocks. Operations are managed by director Mr D S Bhatt.


INDO SPONGE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Indo Sponge
Power and Steel Limited's Long-Term Issuer Rating to 'IND D' from
'IND B- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limit (long-term)
    downgraded with IND D rating; and

-- INR50 mil. Long-term loan (long-term) due on March 2023
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by Indo Sponge
Power and Steel during the 12 months ended September 2018 due to
tight liquidity and delays in the repayment of its term loan.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 2008 by Mr. Asutosh Sharma, Indo Sponge Power and
Steel was taken over by Mr. Ankit Agarwal, Mr. Manas Agarwal and
Mr. Rahul Agarwal in FY16. Indo Sponge Power and Steel is engaged
in the manufacturing of sponge iron.


IVRCL CHENGAPALLI: CARE Reaffirms D Rating on INR861.90cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
IVRCL Chengapalli Tollways Limited (ICTL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          861.90      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ICTL continues to
remain constrained by the weak liquidity profile resulting in
delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak liquidity profile: Weak liquidity profile of the sponsor and
relatively lower toll collections have led to delays in interest
servicing on term loans. ICTL recorded toll revenue for 99%
completed project whereas the project achieved 100% completion in
March, 2018. Further, time and cost overrun with respect to the
project have also led to liquidity constraints for the company.

Key Rating Strengths

Established promoter group: IVRCL is an established
Infrastructure company with interests in a variety of
infrastructure projects, including Water & Environment, Roads &
Bridges, Railways, Buildings & Industrial Structures, Mining, Oil
& Gas exploration as well as Power transmission. However, the
company has a weak financial and liquidity profile with net loss
registered since last two years.

Commencement of tolling operations: The project started
collecting toll revenue from October 14, 2015. The company
collected toll revenue of INR90.11 crore during FY18. The company
is awaiting approval from National Highway Authority of India
(NHAI) to collect toll revenue for 100% as the project length has
been completed.

ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL was implementing a road project (under NHDP
Phase-II programme) envisaging 4/6 laning of the road in
Chengapalli-Coimbatore-Walayar of NH-47 in the state of Tamil
Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate
and Transfer (DBFOT) toll basis for a concession period of 27
years. The project stretch is divided into two sections; from Km
102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to
Km 183.01 of 12.13 Kms (Section II). The project achieved
provisional Commercial Operational Date (COD) on October 9, 2015
and has started collecting toll revenue from October 14, 2015.


KERALA STATE: Fitch Assigns BB LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned the State of Kerala first-time Long-
Term Foreign- and Local-Currency Issuer Default Ratings of 'BB'.
The Outlook is Stable.

Kerala's ratings reflect the state's high political and fiscal
hierarchy, adequate policy consistency and execution and sound
socio-economic development in a national context (India, BBB-
/Stable). The ratings are constrained by Kerala's limited fiscal
flexibility due to high committed expenditure and reliance on
debt to finance its operating deficit and capital expenditure.

KEY RATING DRIVERS

Neutral/Stable Institutional Framework: India's constitutionally
and legislatively stable state institutional framework is
characterised by strong integration with central government
finances via formula-based tax sharing and grants, improved
collaborative federalism after goods and services tax reform,
central oversight of fiscal and debt discipline, ready-access to
domestic debt financing and satisfactory economic and fiscal
disclosure. Fitch does not expect major changes that would alter
the political dynamics of Kerala's interaction with central
government.

Neutral/Stable Management and Administration: Kerala emphasises
social goals, particularly in education and healthcare, as part
of its socio-economic development and the government's adequate
execution and policy consistency makes Kerala a leading state in
these sectors.

Kerala has institutionalised financial and debt management
policies, a robust budgeting process with regular interim reviews
and contingency planning. It generally meets its fiscal targets;
debt/gross regional product (GRP) averaged at 28% for 2014-2017
against a 30% target in its medium-term fiscal plan for 2015-2020
and fiscal deficit/GRP averaged at 3.50% against a target of
3.51%.

Neutral/Stable Economy: Kerala's socio-economic status reflects
its best-in-nation human-development index ranking, which
includes a high literacy rate and strong economic performance.
This follows decades of strong policy execution in social
development and welfare, with higher-than-national-average
spending on education, healthcare and pensions. Kerala's GRP per
capita in 2016-2017 was around USD2,300, higher than the national
average of USD1,939 but falling into the low-to-middle income
tier if compared globally; World Bank lower-to-middle income
country average: USD2,188, OECD members: USD38,148.

Kerala's economic growth is driven by the construction,
transport, storage, communication, trade, tourism and real estate
sectors, but it faces inadequate industrial development, private
investment and physical infrastructure, high dependence on the
external economies of other states and countries as well as
challenges posed by rapid urbanisation.

Weak/Stable Fiscal Performance: Fitch sees the fiscal deficit as
a key measure of India's state governments' fiscal imbalances and
health. Kerala's current balance/current revenue was -19% in
2014-2017, worse than the national state average of -2% and
Fitch's peer-average of 6%. Its gross deficit/total revenue of
30.9% was also worse than the state average of 23% and its
revenue deficit accounts for 62% of the gross fiscal deficit,
versus a state average of 8%. Fitch expects Kerala's fiscal
deficit/GRP to remain at around 3.0% to 3.4% with a negative
current balance during 2018-2021.

However, Kerala has better revenue mobilisation and lower
reliance on central transfers than many other states; its own
fiscal revenue accounted for 69% of operating revenue during
2014-2017 compared with a state average of 55%; capex/total
expenditure was 9% versus the state average of 18%; and capex/GRP
was 1.5% against a state average of 2.7%. The lower capex was due
to high committed operating expenditure, which lowered the
state's flexibility due to a deficit limit as well as the
government's ability to generate revenue surplus.

Weak/Stable Debt and Liabilities: India's state governments use
debt to finance their fiscal deficit. Kerala has a higher
reliance on debt to finance its expenditure gap, as reflected by
its negative operating and current balance, due to the high
committed expenditure pressure on its healthcare, education and
pension sectors. Capex, though a small proportion of total
expenditure, is fully debt funded.

Kerala's direct risk/GRP ratio averaged at 28% in 2014-2017,
higher than the national state average of 23%, and its direct
risk/operating revenue was 247%, against a 174% state average.
The use of Kerala Infrastructure Investment Fund Board - a
government financing vehicle - to finance public infrastructure
is likely to increase the government's indirect risk burden and
increase overall risk/current revenue to over 330% in 2021, from
282% in 2017. However, Kerala's annual debt repayment is small
relative to outstanding debt, partly due to its well-spread debt
maturity profile.

RATING SENSITIVITIES

The ratings could be downgraded after a prolonged period of
continuous and rapid leverage with direct risk/GRP of above 35%
and a worsening fiscal deficit of above 4% of GRP.

The ratings could be upgraded by continuous narrowing of the
fiscal deficit, with an operating surplus, and slower overall
debt growth relative to GRP growth, with direct risk/GRP of below
25%.


MAA BALA: Ind-Ra Maintains B LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Maa Bala
Sundri Plywood 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:

-- INR50 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Maa Bala Sundri Plywood is engaged in the manufacturing and
trading of timber.


MAGNUM AVIATION: CARE Raises Rating on INR9.50cr Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Magnum Aviation Private Limited (MAPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.50      CARE B; Stable Revised from
   Facilities                     CARE D

   Short-term Bank     8.50      CARE A4 Revised from CARE D
   Facilities

Detailed Rationale and key rating drivers

The revision in the rating assigned to the bank facilities of
MAPL takes into consideration improvement in debt servicing by
the company. The rating, however, continues to be constrained by
small and fluctuating scale of operations with relatively low net
worth base, leveraged capital structure and weak coverage
indicators. The ratings are further constrained by working
capital intensive nature of operations and presence in
competitive nature of industry. The ratings, however, draw
comfort from experienced promoters.

Going forward, the ability of the company to profitably increase
its scale of operations while improving the capital structure
with effective working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Small and fluctuating scale of operations: The scale of
operations of firm stood small marked by total operating income
and gross cash accruals of INR41.95 crore and INR3.05 crore
respectively during FY18 (FY refers to the period April 1 to
March 31; based on provisional results). Furthermore, MAPL's
total operating income has been fluctuating over the past three
years (FY16-FY18). The TOI has declined from INR34.04 crore to
INR26.86 crore in FY17; thereafter registered growth in FY18
mainly on account of higher quantity sold and services rendered
to existing customers. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. The company has achieved TOI of INR15.00 crore
during 6MFY18 (refers to the period April 1 to September 30,
based on provisional results).

Leveraged capital structure with weak coverage indicators: The
capital structure of the company marked by overall gearing stood
leveraged at above 5x as on past two balance sheet date i.e.
March 31, '17-'18 on account of high dependence on external
borrowings to meet its working capital requirement coupled with
relatively low net worth base. Further, owing to high debt
levels; the debt service coverage indicators as marked by
interest coverage and total debt to GCA stood weak at 1.88x and
10.56x during FY18.

Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 195 days for FY18 owing
to high inventory and collection period. The company extends
credit period of around 4-5 months to its customers owing to
delays in payments from the clients. The company maintains
adequate level of inventory for spares and other consumables
items for the smooth conduct of service operations. The company
also maintains inventory of some of the traded products to enable
delivery of the products within a short lead time. The company
receives an average credit period of around one and half month
from its suppliers. The average working capital utilization of
its sanctioned limit remained fully utilized for the last 4-month
period ended September 2018.

Presence in competitive industry: MAPL operates in a competitive
industry, wherein there is the presence of a large number of
small and mid-size players catering to the same market segment.
This is due to the low initial capital expenditure requirement to
enter into the market. The high competition restricts the pricing
flexibility and bargaining power of the company, which is further
intensified by the tender-based nature of the business for
certain customers in the industry.

Key rating strength

Experienced promoters and management team: MAPL is promoted and
led by Mr Vishal Varshnei. He has around one and half decade of
experience in trading of aircraft products through his
association with the company. Mr Varshnei is actively engaged in
the day-to-day operations of the company and is supported by
qualified second tier management team who has requisite
experience for their respective fields in the industry.

Improvement in debt servicing track record: The liquidity
position of the company improved on account of infusion of funds
by the promoters in form of unsecured loans amounting to INR8.08
crore during FY18 coupled with improvement in operating
performance of the company. During FY18, the profitability marked
by PBILDT margin and PAT margin improved on account of higher
proportion of services rendered and stood at 13.24% and 3.49%
respectively in FY18 as against operational losses in FY17. The
cash profit of the company stood at INR3.05 crore for FY18.

Noida, Uttar Pradesh based MAPL was incorporated in 2002 by Mr
Vishal Varshnei and Ms Manvi Varshnei. The company is engaged in
the trading of aircraft spares such as aircraft wheels, brakes,
avionics, propellers hoses, lubricants, etc. Also, the company
provides maintenance, repairs & overhaul (MRO) services for the
aircraft components.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND BB- (ISSUER NOT COOPERATING)/INDA4+
    (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based facilities migrated to Non-
    Cooperating Category with INDA4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 30, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mehul Geo Projects is an engineering, procurement and
construction contractor engaged in government and private
projects. It undertakes civil construction contracts for dams,
canals and bridges for the Gujarat government (60% of revenue)
and undertakes tiling works for the real estate sector (private
sector; 40% of revenue).


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

The instrument-wise rating actions are:

-- INR115 mil. Fund-based limits migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 31, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, Nahar Textiles manufactures and exports
fabrics.


NAVBHARAT EXPLOSIVE: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Navbharat Explosive Company Limited (NECL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       8.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank      7.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 10, 2017, placed the
ratings of NECL under the 'issuer non-cooperating' category as
NECL had failed to provide information for monitoring of the
rating. NECL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone
calls and letter/email dated August 13, 2018 and has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Deterioration in financial performance in FY17: The Company
reported 48% y-o-y decrease in total operating income to
Rs.8.36 crore in FY17 and incurred losses on PBILDT level.
However, NECL reported non-operating income of INR3.19 crore
comprising mainly of profit on sale of land and investments in
Navbharat Fuse Company Ltd.

Stretched liquidity position: The average collection period &
inventory period of the company has increased significantly
from 236 days & 68 days respectively in FY16 to 502 days & 188
days respectively in FY17 leading to elongation of the
operating cycle from 218 days in FY16 to 531 days in FY17.

Incorporated in the year 1984, Navbharat Explosives Company
Limited (NECL) is a part of the Navbharat group of companies
based in Raipur, Chattisgarh. Controlled by the Singh family, the
group has interests in steel, mining, explosives and real estate
sector. NECL is a manufacturer of industrial explosives and
accessories, which encompass cartridge explosives, bulk
explosives, detonating fuse and cast booster. The company has
three manufacturing facilities, with a combined installed
capacity of 28,000 tpa. Apart from NECL, the Navbharat group
carries out the explosives business through another legal entity
i.e. Navbharat Fuse Company Limited.

The Navbharat group also has interest in real estate activities
which it carries out through its group companies. The main
promoters of the group - the Singh family of Raipur - have over
three decades of track record in the industrial explosives
segment.


NAVBHARAT FUSE: CARE Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Navbharat Fuse Company Limited (NFCL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      31.30      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

   Short term Bank     23.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 10, 2017, placed the
ratings of NFCL under the 'issuer non-cooperating' category as
NFCL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. NFCL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and letter/email dated
August 13, 2018. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Ongoing delays in debt servicing: The liquidity position of the
company has been severely impacted leading to ongoing delays in
servicing of its debt obligations. The account has been reported
as NPA and transferred to Stressed Asset Management Branch.

Deterioration in financial performance in FY17: The company
reported 65% y-o-y decrease in total operating income to INR35.38
crore in FY17 and decrease in PBILDT margin from 11.10% in FY16
to 1.55% in FY17.

Stretched liquidity position: The average collection period of
the company has increased significantly from 219 days in FY16 to
501 days in FY17 leading to elongation of the operating cycle
from 146 days in FY16 to 365 days in FY17.

Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for
manufacturing of industrial explosives at Raipur, Chhattisgarh.
The company produces bulk and cartridge explosives with an
aggregate installed capacity of 50,000 tons per annum (TPA). The
company supplies explosives majorly to Coal India Ltd (CIL) and
its subsidiaries including South Eastern Coalfields Ltd, Northern
Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Explosives Company Limited
(NECL). This apart, the company is also engaged into
manufacturing of sponge iron with a 60,000 TPA plant at
Jagdalpur, Chhattisgarh.

The Navbharat group also has interest in real estate activities
which it carries out through its group companies. The main
promoters of the group - the Singh family of Raipur - have over
three decades of track record in the industrial explosives
segment.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limits maintained in non-cooperating
    category with IND B (ISSUER NOT COOPERATING) rating;

-- INR7.25 mil. Non-fund-based Limits maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating; and

-- INR70 mil. Term loans maintained in non-cooperating category
    with IND B (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2014, Prithvi Polymers Industries manufactures
thermoform disposables in Mumbai.


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

The instrument-wise rating actions are:

-- INR15 mil. Term loan due on March 2021 migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR33.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
October 23, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

R & C Infraengineers was incorporated in 2013 in Uttar Pradesh,
to execute government road projects.


RADHAKRISHNA OIL: CARE Assigns B+ Rating to INR9cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Radhakrishna Oil Industries (RKOI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RKOI is primarily
constrained on account of its modest scale of operations and its
financial risk profile marked by thin profitability margins,
leveraged capital structure and stressed liquidity position. The
rating is, further, constrained on account of operating margins
susceptible to cotton price fluctuation, its presence in the
lowest segment of the textile value chain and in a highly
fragmented cotton ginning industry as well as constitution as a
partnership concern.

The rating, however, derives strength from the experienced
management in the cotton ginning industry and strategically
location in the cotton growing region.  The ability of the firm
to increase its scale of operations with improvement in
profitability and efficient management of working capital would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with constitution as a partnership
firm, thin profitability margins, leveraged capital structure and
moderate liquidity position The scale of operations of the firm
stood modest with Total Operating Income (TOI) of INR34.56 crore
and PAT of INR0.04 crore in FY17 and tangible net-worth of
INR1.79 crore as on March 31, 2017. Further, its constitution as
a partnership firm restricts its overall financial flexibility in
terms of limited access to external funds for any future
expansion plans. As per provisional results of FY18, the firm has
achieved TOI of INR 34.00 crore.

The profitability margins of the firm stood thin on account of
limited value addition and presence in the lowest segment of the
textile value chain. During FY17, the firm registered PBILDT and
PAT margin of 2.63% and 0.10% respectively. The capital structure
of the firm stood leveraged with an overall gearing of 4.07 times
as on March 31, 2017.

The debt service coverage indicators of the firm stood weak with
total debt to GCA stood at 75.07 times as on March 31, 2017,
improved from 76.23 times as on March 31, 2016, due to
improvement in GCA level. However, the interest coverage
indicators stood weak at 1.12 times in FY17 marginally improved
from 1.11 times in FY16.

The liquidity profile of the firm stood stressed with 90-95%
utilization of working capital bank borrowings in last twelve
month ended August 2017. The current ratio stood moderate at 1.16
times as on March 31, 2017 however, quick ratio stood below unity
at 0.10 times as on March 31, 2017. The firm maintains inventory
period of 2-3 months and the payments from debtors is typically
received within 30-45 days. The outstanding debtors, creditors
and inventory of the company stood at INR 0.57 lakh, INR 0.06
crore and INR 8.70 crore as on March 31, 2018.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by government and inventory carried forward of the last year.

Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of industry leading to
intense competition amongst the players. As RKOI operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power
against both its customers as well as its suppliers. This coupled
with limited value addition in cotton ginning process results in
the firm operating at very thin profitability (PAT) margins.

Key Rating Strengths

Long track record of operations and experienced management in the
cotton ginning industry: The firm was formed in 1999, hence has a
track record of around two decades in the industry. Mr. Mahesh
Kumar Jaiswal, Partner, has more than 2 decades of experience in
the cotton ginning and pressing industry and manages the overall
functions of the firm. Mr. Dinesh Kumar Jaiswal, Mr. Subash
Chandra Jaiswal, partners, looks after sales/production and
marketing functions of the company. Being present in the industry
since long, the promoters have established relations with
customers and suppliers.

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer's states in India. The plant
of RKOI is located in one of the cotton producing belt of
Bhikangaon, Khargone (Madhya Pradesh) in India. The presence of
RKOI in cotton producing region results in benefit derived from
lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Bhikangaon, Khargone (Madhya Pradesh) situated RKOI was
established as a partnership firm in 1999. Its operations are
been managed by Jaiswal family comprising of Mr. Subhash Jaiswal,
Mr. Mahesh Kumar Jaiswal and Mr. Dinesh Jaiswal having equal
profit sharing ratio and having wide experience in cotton ginning
and farming in Bhikangaon, Khargone, Madhya Pradesh. ROI gins
cotton and extracts oil and has installed capacity of 300
bales/day. It is engaed in the manufacturing of Rui from Kapas.
The by-products manufactured include Seed Cake and oil
respectively.


RANA MILK: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rana Milk
Foods 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 action is:

-- INR190 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 2005, Rana Milk Foods is into milk processing and
manufacturing of other milk products. It supplies its products
under the brand name Royal.


RAYALA CORPORATION: Court Stays Insolvency Proceedings
------------------------------------------------------
The Hindu reports that the Madras High Court has granted an
interim stay on the insolvency proceedings ordered against Rayala
Corporation Private Limited by the Chennai bench of the National
Company Law Tribunal (NCLT).

The Hindu relates that in a statement issued in Chennai, the
company said: "The management of Rayala believe that they have a
substantial case on merits and are in the process of filing an
appeal before The National Company Law Appellate Tribunal (NCLAT)
in New Delhi shortly against such order."

According to the Hindu, the 70-year-old company said it has had
large financial transactions with reputed nationalised banks and
financial institutions in the past. "There has not been a single
instance of default", the statement read.

The statement clarified that the application before the NCLT in
Chennai was filed by seven persons/entities of the same family
and "these individuals were unsecured creditors," the Hindu
relays.

Rayala Corporation Private Limited provides diversified services.
The Company offers hospitality, real estate, engineering, and
scientific farming services. Rayala serves customers globally.


REVIVE CONSTRUCTION: Ind-Ra Assigns BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Revive
Construction Company (India) Private Limited (RCCIPL) a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based facilities assigned with
    IND BB+/Stable/IND A4+ rating;

-- INR200 mil. Non-fund based facilities assigned with IND A4+
    rating;

-- INR300 mil. Proposed fund-based facilities* assigned with
    Provisional IND BB+/Stable/IND A4+ rating; and

-- INR650 mil. Proposed non-fund based facilities* assigned with
    Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan/transaction documents for the
above instrument to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect RCCIPL's medium scale of operations, as
indicated by revenue of INR1,253 million in FY18 (FY17: INR913
million). The rise in revenue was on account of the execution of
a higher number of work orders. The company has an unexecuted
order book of INR2,144.39 million, with modest revenue visibility
of 1.7x. It expects to complete the projects by FY20. The revenue
booked for 4MFY19 was INR350 million. FY18 financials are
provisional in nature.

Moreover, the company's return on capital employed was 15% in
FY18 (FY17: 12%) and EBITDA margin thus was average at 10.7%
(9.1%). The margins increased due to a reduction in variable cost
and raw material prices.

The ratings are also constrained by RCCIPL's weak credit metrics,
as reflected by gross interest coverage (operating EBITDA/gross
interest expenses) of 2.14x in FY18 (FY17: 2.53x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
5.03x (5.60x). The deterioration in the gross interest coverage
was on account of an increase in finance cost, resulting from
higher utilization of its short-term limit.

The ratings factor in RCCIPL's tight liquidity position, as
reflected by 94% of average utilization of the working capital
limits for the 12 months ended August 2018. Also, net cash
conversion cycle elongated to 152 days in FY18 (FY17: 112 days),
primarily on account of high debtors days of 247 days (118 days).

However, the ratings are supported by RCCIPL's promoter's
experience of more than a decade in the civil construction
business.

RATING SENSITIVITIES

Positive: Timely completion of the work orders and an increase in
the scale of operations while maintaining profitability leading
to an improvement in the credit metrics, all on a sustained
basis, could lead to a positive rating action.

Negative: Any decline in the revenue and profitability leading to
deterioration in the credit metrics, all on a sustained basis,
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2009, RCCIPL is mainly engaged in the execution
of roads, bridges and tunnels projects in Kerala and Maharashtra.


RIGA CERAMICA: 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 ratings
on the bank facilities of Riga Ceramica Private Limited (RCPL) to
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. However, RCPL
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating. Thus, CRISIL
is migrating the ratings on the bank facilities of RCPL from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        1.2      CRISIL A4 (Migrated from
                                  'CRISIL A4 ISSUER NOT
                                  COOPERATING')

   Cash Credit           2.75     CRISIL B+/Stable (Migrated
                                  from 'CRISIL B/Stable ISSUER
                                  NOT COOPERATING')

   Proposed Long Term     .07     CRISIL B+/Stable (Migrated
   Bank Loan Facility             from 'CRISIL B/Stable ISSUER
                                  NOT COOPERATING')

   Term Loan             5.98     CRISIL B+/Stable (Migrated
                                  from 'CRISIL B/Stable ISSUER
                                  NOT COOPERATING')

The migration in the rating reflects improved profitability
marked by improvement in operating margin from -19.7% in FY 16-17
to 11.3% in FY 17-18, improved debt protection metrics marked by
interest coverage of 1.6 times in FY 17-18 compared to -1.7 times
in FY 16-17 and funding support from promoters in form of
unsecured loan of INR2.75 crore as on March 31, 2018.

The rating also reflects the modest scale of RCPL's operations
and large working capital requirement. These weaknesses are
partially offset by the experience of the promoters in the
ceramics business and proximity of its manufacturing facility to
sources of cheap material and labour.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was modest at INR13.94 crore in fiscal 2018.

* Large working capital requirement: Operations are likely to
remain working capital intensive over the medium term, with gross
current assets, inventory and debtors projected at around 276
days, 92 days and 141 days, respectively as on March 31, 2018

Strength

* Experience of the promoters: The promoters have about eight
years of experience through another group company, Toronto
Ceramic Pvt Ltd. Benefits from the promoters' experience, their
strong understanding of local market dynamics, and healthy
relations with customers and suppliers should continue to support
the business.

Outlook: Stable

CRISIL believes RCPL 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.

RCPL, incorporated in 2014 at Morbi (Gujarat), has its
manufacturing unit at Morbi, Gujarat.  The company is promoted by
Mr. Yogesh who has an experience of around 8 years in the ceramic
industry.


RISING SUN: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rising
Sun Power Private Limited (RSPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.26      CARE D; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RSPL to monitor the rating
vide e-mail communications/ letters dated May 8, 2018, May 31,
2018, June 12, 2018 and September 3, 2018 and numerous phone
calls. However, despite our repeated requests, the company has
not provided the requisite information for monitoring the rating.
In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's opinion is not sufficient
to arrive at fair rating. The rating on Rising Sun Power Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.

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

Detailed description of the key rating drivers

Key Rating Weakness

Nascent stage of operation: The Company has started its
commercial operations from October 2014 and hence has a limited
track record of operations. The company is also exposed to
stabilization risk for the recently concluded hydro power
project.

Hydrological risks associated with run-of-the-river power
generation: Run-of-the-river power is considered an un-firm
source of power, as a run-of-the-river project has little or no
capacity for water storage and therefore is dependent on the flow
of river water for power generation. It thus generates much more
power during times when seasonal river flows are high and much
less during the drier months.

Decline in total operating income and continuing net losses:
Total Operating income of RSPL has decreased from INR1.86 crore
in FY16 to INR1.26 crore in FY17 on account of reduction in power
generated and sold from 28 lakh units of energy in FY16 to nearly
20 lakh of energy in FY17. The PBILDT margin of the company
dipped by 1292 bps to 57.40% in FY17 over FY16 due to under
absorption of fixed overheads on account of decline in CUF and
generation of power. The company continues to incur net loss due
to low PBILDT resulting in under absorption of financial expenses
and depreciation provisions. The company incurred net loss of
INR2.01 crore in FY17 compared to net loss of INR1.92 crore in
FY16.

Leveraged capital structure, weak debt coverage indicators and
stressed liquidity: The capital structure of the company marked
by Debt equity ratio and overall gearing of RSPL has deteriorated
as on March 31, 2017 owing to its negative networth for the year
on account of negative balances in reserves that have arisen from
RSPL's inability to generate profits over the years. Current and
quick ratios also remained weak at 0.01x as on March 31, 2017.

Key Rating Strengths

Experienced promoters: The Company has been promoted by Mr R
Shridhar and Mr Ashirwad Agarwal from Bangalore, Karnataka. Mr R
Shridhar (aged about 57 years), Managing Director, is having an
experience of more than 30 years in hydel power project (Mechno
Engineering Company), looks after the overall management of the
company and is ably supported by Mr Ashirwad Agarwal (aged about
38 years), having more than a decade of experience in the steel
industry.

Favourable policy framework for the small hydro-power projects
GOI is promoting hydro power projects by providing income tax
holiday for 10 years under section 80IA of IT Act. The project is
also entitled to receive capital subsidy (Rs.1.4 crore) from the
Ministry of New & Renewable Energy Sources (MNRE), of which
Rs.0.7 crore has been already received.

Power purchase agreement with Ozone Properties Private Limited
RSPL, in order to avail better rates, has entered into five years
power purchase agreement (PPA) with Ozone Properties Private
Limited (OPL) to sell 2.5 MW of power. As per the PPA, the annual
average base rate (ABR) has been fixed at INR6.05 per unit and
OPL will remit the amount based on the units purchased from RSPL
at ABR. On the expiry of the term a fresh agreement shall be
signed between the two parties based on mutual consent.

Rising Sun Power Private Limited (RSPL) was incorporated in
December, 2009 by Mr Ashirwad Agarwal and Mr R Shridhar of
Bangalore, Karnataka with the objective of setting up a hydel
power plant. The company commenced operation from October 26,
2014 with commencement of 2MW (1MWx2) run-of-the-river hydro
power generation plant in Ramanagaram district of Karnataka. RSPL
has already entered into medium-term (5 years) power purchase
agreements (PPAs) with Ozone Properties Private Limited for the
entire hydro power generation capacity (expiring in the year
2019) at a tariff of INR6.05 per kwh, which ensures steady
revenues from sale of power.

For FY17, the company achieved total operating income of INR1.26
crore and incurred net loss of INR2.01 crore as against total
operating income of INR1.86 crore in FY16 and net loss of INR1.92
crore in FY16.


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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit maintained
    in Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR50 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
September 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, Robbins Tunneling and Trenchless Technology
is a 100% subsidiary of Robbins USA specializing in manufacturing
of tunneling boring machines. The company provides various
tunneling projects in India for hydro-power, irrigation and
underground rail transport system.


SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR8cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Sagar Cotton Industries (SCI).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL B+/Stable (Reaffirmed)
   Term Loan             1        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in
the highly competitive cotton industry, and a below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of the partners and
proximity to the cotton-growing belt in Gujarat.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry: The
limited capacity of the firm and fragmentation in the textile
industry have led to modest revenue of INR37 crore in fiscal
2018. This restricts benefits of economies of scale and limits
pricing flexibility, thus constraining profitability

* Below-average financial risk profile: As on March 31, 2018, the
networth was small at INR3 crore and gearing high at 2.27 times.
With continued large working capital debt, the gearing is
expected to remain high over the medium term. The debt protection
metrics were weak, with interest coverage ratio of 1.68 times for
fiscal 2018.

Strengths

* Extensive industry experience of the partners: The partners
have an experience of more than 15 years in the cotton ginning
industry. This has enabled them to understand the dynamics of the
local market, and establish relationships with customers and
suppliers.

* Proximity to the cotton-growing belt in Gujarat: Unit in Babra
is close to Kadi, Gujarat's cotton-growing belt. This enables
easy access to raw material and also cuts down transportation
cost.

Outlook: Stable

CRISIL believes SCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if sustained revenue growth, along with improvement
in profitability and the working capital cycle, leads to a better
capital structure. The outlook may be revised to 'Negative' if a
considerale decline in revenue and profitability, deterioration
in working capital management, or any large, debt-funded capital
expenditure weakens the financial risk profile.

Set up in 1998, SCI is a partnership firm promoted by the Gangani
family. The firm undertakes cotton ginning and pressing
operations at its facility at Babra in Amreli, Gujarat.


SHREE PARASHNATH: CARE Lowers Rating on INR166.95cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Parashnath Re-Roolling Mills Limited (SPRML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          166.95      CARE D Revised from CARE B+;
                                   Stable

   Short term Bank
   Facilities           53.92      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
SPRML takes into the on-going delays in servicing of debt.

The ratings continue to be constrained by the low profitability,
high overall gearing, working capital intensive operations
with elongated operating cycle, intense competition, cyclical
nature of industry and exposure to volatility in raw material
prices. The ratings also take into account the diversified
clientele of the company.

Effective working capital management and ability to improve
profitability amidst intense competition and volatile input
prices remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays: There are on-going delays in the servicing of
SPRML's debt obligations.

Low profitability: Operating income witnessed a y-o-y decline of
5% in FY17 due to decrease in sales realisations despite
improvement in sales volume. PBILDT margin, however, improved
from 3.74% in FY16 to 5% in FY17 due to better absorption of
overheads on increase in capacity utilisation. The company
continued to incur let loss despite improvement in operating
profits due to heavy interest burden. However, the company
achieved cash profit of INR0.37 crore in FY17 as against cash
loss of INR3.26 crore in FY16. The interest coverage ratio also
improved from 0.85x in FY16 to 1x in FY17 due to improvement in
PBILDT.

Elongated operating cycle: The operating cycle continued to
remain stretched and increased further from 133 days in FY16 to
149 days in FY17 due to increase in average inventory and
collection period.

High overall gearing: The overall gearing ratio deteriorated from
1.83x as on Mar.31, 2016 to 2.20x as on Mar.31, 2017 with
increase in borrowings (mainly unsecured loans for working
capital) along with erosion of net worth due to loss.

Intense competition and cyclical nature of the industry: SPRML is
engaged in manufacturing and trading of billets, wire rods and
structurals the industry of which is characterized by high
fragmentation mainly due to presence of a large number of
integrated steel players as well as unorganized sector players.
Further, there are a number of small steel manufacturers and
traders in the market with low level of product differentiation
which results in very high competition leading to lower
bargaining power vis-a-vis the customers.  Accordingly, the
profitability remains impacted.

Volatility in raw material prices: Raw material expense is the
major cost driver for SPRML forming about 73% of the total cost
of sales for FY17. The raw materials are procured from open
market at spot rates. This exposes the margins of the company to
raw material price fluctuations.

Key Rating Strengths

Diversified clientele: SPRML supplies structural products, wire
rods & billets to leading developers, pipe manufacturers and
steel manufacturers operating in Eastern region. Further, it is
also an approved vendor for various PSUs.

SPRML, incorporated in 2002, was promoted by two brothers, Mr.
Anil Kumar Jain and Mr. Vipin Kumar Jain, of Durgapur. The
company is presently engaged in manufacturing of Billets, Wire
Rods and Structural products like Angles, Channels, Joists, H
Beam, MS Flat, MS Round and MS Scrap with manufacturing facility
located at Durgapur in West Bengal. The products are sold under
"PARAS" brand. In July 2014, SPRML was referred to CDR. In
November 2014, CDR cell approved the restructuring package of the
company with effective date of July 1, 2014.


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

The instrument-wise rating actions are:

-- INR12.5 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR130 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Sigma Chemtrade, set up in 2007 in Indore (Madhya Pradesh), is
engaged in the trading of polymers and plastic raw materials such
as high-density polyethylene, low-density polyethylene,
polypropylene and chemicals.


SIMPLEX ENGINEERS: CRISIL Lowers Rating on INR6.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings to the bank facilities of
Simplex Engineers and Traders (SET) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        0.4       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            .5       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit      6.5       CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Short Term   5.1       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL A4+')

The downgrade reflects weak liquidity, as reflected in
devolvement of Letter of Credit (LC) in August, 2018, and
subsequent non-payment of the same for more than 30 days
consecutively due to delay in sale of a consignment.

The ratings continue to reflect modest business risk profile of
SET with small scale of operations as well as low profitability
with vulnerability to foreign exchange fluctuation risk. These
weaknesses are partially offset by promoters' experience in the
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Scale of operations is small and
intense competition due to fragmented nature of the industry with
low entry barriers is expected to constrain the scale of
operations over the medium term.

* Low profitability with vulnerability to foreign exchange
fluctuations: The operating profitability of the company remained
low and fluctuated between 2.6 per cent (in fiscal 2015) and 0.9
per cent (in fiscal 2016) during the four fiscals through 2018.
The company imports raw materials from African countries. The
imports being unhedged leave SET vulnerable to exchange risk.

* Weak liquidity: Liquidity is weak, as reflected in devolvement
of Letter of Credit (LC) in August, 2018, and subsequent non-
payment of the same for more than 30 days consecutively due to
delay in sale of a consignment.

Strength

* Extensive experience of Promoters: The promoters of SET have
over 4 decades of experience in the manufacturing of machinery
components for sugar mills and cement plants.

SET was established as a proprietorship firm in 1965 by Mr K.M.
Mehra. The firm is currently being managed by Mr K.M. Mehra, Mr
Vijay Mehra and Mr Nischint Mehra sharing profit and losses in
the ratio 40%, 40% and 20%, respectively. The firm is primarily
in the business of trading in agricultural products, primarily
cashew nuts. The firm is also engaged in the manufacturing of
machinery parts such as vacuum filters and clarifiers which are
primarily used in sugar mills. The major raw material being steel
(stainless steel to carbon steel) is mainly procured from
domestic manufacturers and traders.


SUPER DRILLING: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Super Drilling
Private Limited (SDPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20.00 mil. Fund-based working capital limit assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR60.00 mil. Non-fund-based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect SDPL's small scale of operations as indicated
by revenue of INR165 million in FY18 (FY17: INR216.13 million).
The dip in the revenue is attributable to slow down in the
industry, leading to slow order execution. The company's return
on capital employed stood at 9% in FY18 (FY17: 25%) and EBITDA
margin was modest at 11.10% (15.81%). The decline in the EBITDA
margin was on account of execution of low-margin contracts. FY18
financials are provisional in nature.

The ratings are also constrained by the company's moderate-to-
weak credit metrics as indicated by net financial leverage
(adjusted net debt/operating EBITDA) of 3.28x in FY18 (FY17:
0.67x) and gross interest coverage (operating EBITDA/gross
interest expense) of 4.33x (8.33x). The deterioration in the
credit metrics was due to a decline in EBITDA and an increase in
total debt as the company availed an office loan amounting to
INR22.95 million.

The ratings also reflect SDPL's stressed liquidity position as
reflected by about 99% average utilization of the working capital
limits during the 12 months ended September 2018 and an elongated
working capital cycle of 631 days (322 days). The increase in the
working capital cycle was on account of subdued realization of
receivables coupled with high inventory.

However, the ratings are supported by SDPL's management's
experience of more than three decades in the mining industry.

RATING SENSITIVITIES

Negative: Any deterioration in the operating profitability and/or
further elongation of the net working capital cycle, leading to a
further deterioration in the credit metrics would be negative for
the ratings.

Positive: Any significant increase in the revenue and the
operating margin, leading to an improvement in the credit metrics
along with improvement in the liquidity position on a sustained
basis would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1987, SDPL is undertakes drilling activities such
as destructive drilling, tube well or water well drilling, micro
tunneling, pipe jacking, etc. The company's clientele includes
reputed companies such as Gail Gas Limited ('IND AA'/Stable), L&T
Limited and Minerals Exploration Corporation Limited.



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


MALAYSIA PACIFIC: Auditors Express Disclaimer of Opinion
--------------------------------------------------------
Samantha Ho at theedgemarkets.com reports that the auditors of
Malaysia Pacific Corp Bhd (MPC) have released a disclaimer of
opinion on the group's financial statements for the financial
year ended June 30, 2018 as the group's current liabilities have
exceeded current assets. Moreover, MPC has continued to default
on repayments to creditors, the report says.

"(These factors) indicate the existence of material uncertainties
that may cast significant doubt on the ability of the group to
continue as a going concern," theedgemarkets.com quotes Messrs
UHY as saying in an independent auditors' report attached in
MPC's filing with the bourse on Oct. 31.

MPC may therefore be unable to realise its assets and discharge
its liabilities in the normal course of business, UHY added.

According to theedgemarkets.com, the group's current liabilities
exceed its current assets by MYR44.41 million. It has also
defaulted in the repayment of revolving credit and bank overdraft
facilities amounting to MYR149.62 million.

On top of that, MPC has continued to default in a creditor
repayment of up to MYR115 million on a settlement agreement
signed on March 10, 2014.

UHY also observed accounting records kept by MPC and certain of
its subsidiaries were not properly kept in accordance with the
Companies Act 2016, theedgemarkets.com relates.

"As at the date of this report, replies relating to certain
creditors confirmation requests of certain subsidiary companies
are outstanding," UHY said, adding that it was unable to confirm
or verify the appropriate carrying amounts for creditor balances
in FY18, when MPC reported a net loss of MYR2 million,
theedgemarkets.com relays.

MPC's financial statements for FY18 were prepared on a going
concern basis, UHY said, with its appropriateness dependent upon
the successful formulation and implementation of its
regularisation plan, according to theedgemarkets.com.

                       About Malaysia Pacific

Malaysia Pacific Corporation Berhad is a Malaysia-based company
engaged in the business of letting of investment properties and
investment holding. The Company's segments are Property
development, Investment property and Construction. The Property
development segment is engaged in development of residential and
commercial properties. The Investment property segment is engaged
in letting of investment properties. The Construction segment is
engaged in construction of buildings. The Company's projects
include LakeHill Resort City, which include the LakeHill Medical
& Rejuvenation Center, the Heritage and Cultural Village, the
Entertainment City of Nusa Paradis, Factory Premium Outlets and
Real Rock Cafe; Asia Pacific Trade & Expo City-APTEC, which
include trade and Expo Center, Office Towers, Hotels; and a
Residential, Halal Center and Retail Mall. The Company's
subsidiaries include MPC Properties Sdn. Bhd. and MPC Management
Services Sdn. Bhd.

MP Corp fell into Practice Note 17 (PN17) status after its
external auditors expressed a disclaimer opinion on its latest
audited accounts in December 2014. The Company on July 13, 2018,
secured approval for an extension of time until Dec. 31, 2018, to
submit its regularisation plan.

Since June 25, MPC shares have been suspended from trade
following a winding-up petition by RHB Bank Bhd, according to
theedgemarkets.com.



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


* PHILIPPINES: Falling Peso Hits Debt-Laden Philippine Companies
----------------------------------------------------------------
Claire Jiao and Ditas B Lopez at Bloomberg News report that the
Philippines' biggest companies face another year of significant
repayments of U.S. dollar debt after record amounts came due in
2018, even as a slumping peso makes it costlier to pay back.

A total of $4.9 billion in dollar bonds and loans have matured or
will still come due in 2018, more than four times the amount last
year and the highest since at least 2003, according to data
compiled by Bloomberg. Obligations that groups such as San Miguel
Corp., SM Investments Corp. and Ayala Corp. need to refinance or
repay in the next five years will remain sizable, Bloomberg says.

According to Bloomberg, the Philippine credit market is seeing
reminders of the late 1990s Asian financial crisis, as big
companies including banks, brewers and builders must pay back
dollar debt at a time when the home currency is depreciating.

The peso, among Asia's worst performers this year, will likely
weaken by 2.4 percent in 2019 to 54.90 pesos per dollar and to 55
the year after, according to a Bloomberg survey. It closed at
53.590 a dollar on Oct. 30.

As currency volatility lingers, the Philippine central bank is
closely monitoring corporate credit for risks it could pose to
the financial system, Bloomberg notes.

Huge exposure to foreign-currency debt, at a time when the peso
has touched 12-year lows, could erode corporate profitability and
add to banks' overall credit risks, the central bank said in an
emailed reply to questions, Bloomberg relays. This is especially
true for companies that haven't sufficiently hedged their dollar
obligations, it said.

Bloomberg relates that probably only 20 percent to 30 percent of
private dollar debt is hedged, excluding any natural cover from
dollar earnings, according to Eduardo Francisco, president of BDO
Capital & Investment Corp., which is engaged in securities
underwriting, loan syndication and the financial advisory
business. No official numbers are reported to the central bank.

"Hedging levels have likely remained the same over the years
because hedge cover has always been expensive," Bloomberg quotes
Mr. Francisco as saying. "The market is not that deep."

The most at risk from the peso slump are construction and
transportation companies, whose revenues are in the local
currency but they make large investments in dollars, according to
S&P Global Ratings analyst Bertrand Jabouley, Bloomberg relays.

According to Bloomberg, San Miguel and its energy units have to
pay off the most dollar debt in the next five years at $3.3
billion, based on publicly available data. The beer maker that
had expanded to infrastructure enters into currency swaps to
manage its long-term borrowings, Bloomberg discloses citing
regulatory filings.

Bloomberg relates that the conglomerate and units including oil
refiner Petron Corp. and SMC Global Power Holdings Corp. have
been borrowing in pesos in the past three years to refinance
dollar obligations. The company declined to provide details of
its hedging, the report notes.

While hedge cover remains costly, companies like Ayala count on
their dollar earnings to provide protection. The conglomerate,
whose banking, utility and telecom units face $1.5 billion in
outstanding dollar debt to 2023, said in latest regulatory
filings it is fully covered by its foreign currency assets,
according to Bloomberg.

"Despite the weakness of the peso against the dollar, Ayala did
not incur materially significant debt-related foreign exchange
losses" as of the third quarter, it said.

Bloomberg adds that SM Investments vice chairman Teresita Sy-
Coson said she doesn't expect the peso slump to have a great
impact on the company's ability to service its debts.

"As long as we're hedged, we're OK. We've learned our lessons
from the 1997 Asian financial crisis," she said. SM, which owns
the Philippines' biggest bank and largest mall operator, has $1.9
billion in outstanding dollar debt in the next five years,
Bloomberg discloses.



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


TRIYARDS HOLDINGS: Unit Hit with New Statutory Demands
------------------------------------------------------
Seatrade Maritime News reports that Triyards Holdings said that
its subsidiary Triyards Marine Services (TMS) has received
statutory demands from CTBC Bank and one of its suppliers
amounting to approximately US$14.6MM and US$800,000,
respectively.

In addition, another unnamed subsidiary of Triyards is involved
in litigation claims amounting to approximately US$500,000, says
the report.

"The group is taking advice and considering its options in
respect of the statutory demands received by TMS, the TMS winding
up application and the litigation claims involving the company's
subsidiary," Triyards stated, the report relays.

Seatrade meanwhile reports that Triyards said a hearing of the
winding up application filed by Tractors Singapore against TMS
has been rescheduled to November 9 this year from October 26.

Triyards has another hearing on November 7 relating to a winding
up application filed by Hong Leong Finance, the report notes.

Triyards, whose ultimate parent is bankrupt Ezra Holdings, has
been struggling with a weak financial position and seeking to
restructure its debts for over a year.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.



                             *********

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 ***