TCRAP_Public/181105.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

           Monday, November 5, 2018, Vol. 21, No. 219

                            Headlines


A U S T R A L I A

AUSDRILL LTD: S&P Ups Issuer Credit Rating to BB, Outlook Stable
BIG REVIEW: Set to be Wound Up for Potential DOCA Breach
BROOME AIR: First Creditors' Meeting Set for Nov. 9
COMMONWEALTH BANK OF AUSTRALIA: S&P Rates PERLS XI Notes 'BB+'
GD PORK: First Creditors' Meeting Set for Nov. 12

GOLDSKY GLOBAL: Courts Appoints William Buck as Receivers
LIBERTY SERIES 2018-4: Moody's Gives (P)B1 Rating to Cl. F Notes
NATIONAL COMMERCIAL: First Creditors' Meeting Set for Nov. 13
NUTS-ABOUT-TELLA PTY: First Creditors' Meeting Set for Nov. 12
SOUTHERN HOSPITALITY: First Creditors' Meeting Set for Nov. 9

THOMAS MILLICENT: First Creditors' Meeting Set for Nov. 12


C H I N A

HENGDA REAL: Fitch Assigns B+ Ratings to Three USD Bond Tranches
HUAYUAN PROPERTY: Moody's Rates USD Unsec. Notes B2
HUAYUAN PROPERTY: S&P Rates New USD Sr. Unsecured Notes B+
SHANDONG SNTON: Fitch Cuts IDR to RD on Non-Payment of Loans
SHANXI ROAD: S&P Affirms BB- Issuer Credit Rating, Outlook Stable


I N D I A

4 GENIUS: Ind-Ra Maintains D LT Issuer Rating in Non-Cooperating
BMSS STEEL: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
CROWN CASHEW: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
DOLPHIN TERRA: CARE Assigns 'B' Rating to INR8.90cr LT Loan
EVERGREEN FARMHOUSE: Ind-Ra Retains B+ Rating in Non-Cooperating

HIMANSHU INDUSTRIES: CARE Lowers Rating on INR10cr Loan to D
IDBI BANK: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
JET AIRWAYS: Gets Payment Delays Notices from Aircraft Lessors
JUBILANT PHARMA: S&P Alters Outlook to Positive & Affirms BB- ICR
KARAN INTERMEDIATES: CARE Hikes Rating on INR3.43cr Loan to BB-

MAHALAXMI COAL: CRISIL Maintains 'B' Rating in Not Cooperating
MAYA SAHA: CRISIL Maintains B- Rating in Not Cooperating Category
MODERN CONSTRUCTION: CRISIL Retains B+ Rating in Not Cooperating
NAGPAL EXPORTS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
NEXTGEN TEXTILE: CRISIL Maintains B- Rating in Not Cooperating

NILADREE BUILD-TECH: CRISIL Maintains B Rating in Not Cooperating
NILKANTH COTTON: CARE Lowers Rating on INR7.32cr Loan to D
NOBLE EDUCATIONAL: Ind-Ra Affirms BB Rating on INR25.52MM Loan
NUTRI AGROVET: CRISIL Maintains B Rating in Not Cooperating
PARAMOUNT TEXTILE: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'

PHARMACON: CRISIL Raises Rating on INR4.5cr Cash Credit to B+
SAI SWADHIN: CARE Lowers Rating on INR7.64cr Loan to D
SANGAT PRINTERS: Ind-Ra Maintains BB- Rating in Non-Cooperating
SHELAR PROPERTIES: CRISIL Maintains B- Rating in Not Cooperating
SHREE KRISHNA: CRISIL Maintains 'B' Rating in Not Cooperating

SHREEMAAVAISHNAVI AGRI: CARE Gives B+ Rating to INR4.95cr Loan
STEELFUR SYSTEMS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
SUDHAKARAN NAIR: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
SURYA NARAYAN: CRISIL Maintains B- Rating in Not Cooperating
SWARUP POLYMERS: CRISIL Maintains B Rating in Not Cooperating

VEENDEEP OILTEK: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
VEER INDUSTRIES: CARE Assigns B+ Rating to INR6cr LT Loan


I N D O N E S I A

AGUNG PODOMORO: Fitch Lowers LT IDR to B, Outlook Stable
SAWIT SUMBERMAS: Fitch Affirms B+ IDR & Alters Outlook to Stable


N E W  Z E A L A N D

A&G PRICE: Bounces Back After Liquidation in 2017
CUI INSURANCE: Fitch Withdraws BB+ IFS Rating on Reorganisation
GRATO CONSTRUCTION: In Liquidation, Owes to 79 creditors


                            - - - - -


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A U S T R A L I A
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AUSDRILL LTD: S&P Ups Issuer Credit Rating to BB, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Ausdrill Ltd. to 'BB' from 'BB-'. The outlook is stable.

S&P said, "We also raised our issue-level ratings on Ausdrill's
senior secured facility to 'BBB-' from 'BB+', and on the senior
unsecured notes to 'BB' from 'BB-'. The '1' recovery rating on
the senior secured facility and '4' recovery rating on the senior
unsecured notes are unchanged, and indicate our expectation of
very high (90% to 100%; rounded estimate: 95%) recovery prospects
and average (30%) recovery prospects, respectively, in the event
of a payment default.

"At the same time, we raised the long-term issuer credit rating
on Barminco Holdings Pty Ltd. to 'BB' from 'B'. The outlook is
stable. We also raised our issue-level ratings on Barminco's
senior secured notes to 'BB' from 'B', in line with the ratings
on Ausdrill. The recovery rating on the notes remains unchanged
at '4' (45%), indicating average recovery prospects.

"We removed all ratings on Ausdrill and Barminco from CreditWatch
with positive implications, where they were initially placed on
Aug. 15, 2018."

Based in Australia, Ausdrill and Barminco are providers of mining
services.

S&P said, "We raised the ratings on Ausdrill to reflect our view
that the acquisition should improve the company's operating
scale, service and commodity diversity. In addition, given that
Barminco's projects are mainly based in Australia and heavily
production focused, Ausdrill's exposure to higher-sovereign risk
countries in Africa would reduce. Post the acquisition, Australia
accounts for about 50% of the consolidated group's revenues,
compared with 35% previously.

"The upgrade also reflects our view of Ausdrill's prudent
financial management and willingness to reduce its leverage to
levels commensurate with a 'BB' rating. The combined group will
operate with a strengthened balance sheet after having raised
AUD250 million (before costs). Ausdrill intends to utilize these
proceeds to repay its US$300 million senior unsecured notes
maturing in 2019. Barminco's bonds will remain in the
consolidated group's capital structure.

"We have equalized the ratings on Barminco to that on Ausdrill
because we consider it to be a core subsidiary of Ausdrill. In
our opinion, Barminco is unlikely to be sold, operates in the
same industry as Ausdrill, and will act as an additional division
of Ausdrill. Barminco represents about 30% of the consolidated
group earnings."

The acquisition has enlarged Ausdrill to become the second-
largest surface and underground mining services company in
Australia. With the consolidation of Barminco and the two
companies' African Underground Mining Services (AUMS) joint
venture, the combined group's revenues comprise about AUD1.8
billion on a pro-forma basis as of June 30, 2018.

Furthermore, Ausdrill's service offering would expand to
underground hard-rock mining, in addition to drill and blast,
exploration and surface mining. S&P said, "In our view, the
underground hard-rock services have a higher margin, greater
barriers to entry, and lower capital intensity compared with
open-cut mining. In our view, an improved product breadth should
help the group to better manage the rollover of contracts, which
is key to success for mining service providers."

Still, the group's scale is relatively small compared with other
service providers' globally, in S&P's view. The combined group's
pro-forma EBITDA on an S&P Global Ratings-adjusted basis would be
about AUD390 million to AUD400 million for the year ending June
30, 2019. However, Ausdrill's commodity exposure will improve
slightly, to base metals such as zinc and nickel, although the
combined group remains largely exposed to gold and copper.  The
trading outlook for mining services is positive, attributable to
the strong recovery in commodity prices, which lifts miners'
capital investment. Although the growth rate may be modest,
prospective projects in the pipeline for mining services
providers have increased.

Furthermore, the industry is transitioning through a period of
consolidation, with a number of mergers and acquisitions. S&P
said, "In addition to Ausdrill's acquisition of Barminco, other
issuers that we rate, such as Emeco Holdings Ltd. (B/Stable),
have made a few acquisitions over the past 24 months. In our
view, issuers are looking to grow through acquisitions, while
limiting pressure on balance sheets with the use of equity
raisings, which is positive from a credit perspective."

The 'BB' rating on Ausdrill reflects the company's smaller scale
globally, (notwithstanding its leadership position in a niche
market), material exposure to Africa, and indirect exposure to
volatile commodity prices. Offsetting these weaknesses is
Ausdrill's long track record and expertise of operating in
Africa, its conservative financial management, and a diversified
service offering that provides some resilience to an industry
downturn. Ausdrill has a track record of funding growth with
equity. For example, Ausdrill raised AUD100 million equity
(before costs) to fund its growth capital expenditure for new
contracts in late 2017.

S&P said, "In our base case, we forecast Ausdrill's credit
metrics would improve in fiscals 2019 and 2020, with adjusted
debt to EBITDA to be below 2.0x, and an adjusted funds from
operations (FFO) to debt of above 45%. The forecasts reflect
continued new project wins in Africa, as well as Ausdrill's
consolidation of Barminco and its 50% share in joint venture,
AUMS.

"The stable outlook reflects our expectation that Ausdrill will
continue to generate positive free operating cash flows, and
avoid significant missteps with the integration of Barminco. We
also expect the group to grow its order book across its key
geographies under the Ausdrill, Barminco, and AUMS brands."

During benign industry conditions, the group could generate an
adjusted debt-to-EBITDA ratio below 2.0x and FFO to debt above
45%. During an industry downturn, the rating could tolerate
Ausdrill's debt-to-EBITDA ratio weakening toward 3.0x and an FFO-
to-debt ratio of around 30%.

Downward rating pressure could arise if Ausdrill's key credit
metrics were to weaken, such that its adjusted debt-to-EBITDA
ratio approached 3.0x or adjusted FFO-to-debt ratio reached below
30%. This scenario could be precipitated by a reversal of trading
conditions or operational issues, or if Ausdrill were to pursue a
large debt-financed acquisition to the detriment of its key
credit metrics.

An upgrade of Ausdrill is less likely over the next 12 months,
due to its relatively small scale compared with global peers'.
S&P could ultimately consider an upgrade if Ausdrill's scale
materially increases, such that it believed it was better able to
sustain its operating and financial performance through the
cycle.


BIG REVIEW: Set to be Wound Up for Potential DOCA Breach
--------------------------------------------------------
Jonathan Shapiro at Australian Financial Review reports that
Big Review TV is on the verge of being wound up after
administrator DW Advisory found that the business was in
potential breach of its deed of company arrangement.

AFR relates that DW Advisory, the administrator of Big Review TV,
the company at the centre of the controversial Big Un empire,
wrote to creditors on Oct. 30 to inform them that they believed a
breach had occurred and recommended the company be "wound up".

The breach had occurred because of increased instances of
"chargeback notifications" from customers both in Australia and
the United States, the report says.

According to AFR, DW Advisory's Anthony Elkerton also said in the
letter that earlier last month, they were notified by a staff
member who had not been paid in full.

AFR says the company then informed the administrator that all
existing staff had been moved to two-day per week casual
contracts and without more funds would be unable to make their
employee tax and superannuation payments for the third quarter,
due on October 28.

Last month, the company said it would be unable to make the
payment. A meeting of creditors will take place on November 7 to
determine whether the company should be wound up, the report
discloses.

Big Review TV was placed in voluntary administration in May after
the company's parent Big Un Limited had been suspended from
trading on the ASX.

According to AFR, the company was founded by Brandon Evertz, 24,
who is still a director of Big Review TV along with Sonia
Thurston. Brandon's father, Richard Evertz, resigned as the chief
executive of Big Un in May.

Big Un had been the top performing stock on the exchange in 2017
and reached a market capitalisation of AUD900 million. But after
an investigation by The Australian Financial Review, it emerged
that the company's impressive cash flows arose because of an
unusual relationship with a Sydney-based finance company FC
Capital.

Big Review TV continued to operate after its creditors, led by AS
Ventures, which assumed the claims of FC Capital, agreed to a
deed of company arrangement, the report says.

In August, Big Review's parent company Big Un Limited was placed
in voluntary administration.

AFR relates that Deloitte, the appointed administrator, is
"continuing their investigation" into the company's failure and
are set to hold a meeting of creditors later this month.

At this time, no Deed of Company Arrangement has been
forthcoming, AFR notes.

Anthony Elkerton and Cameron Gray of DW Advisory were appointed
as administrators of Big Review on May 21, 2018.


BROOME AIR: First Creditors' Meeting Set for Nov. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Broome Air
Services Pty Ltd will be held at Fraser Room 2, Fraser Suites
Perth, 10 Adelaide Terrace, in Perth, WA, on Nov. 9, 2018, at
10:00 a.m.

Con Kokkinos and Mervyn Kitay of Worrells Solvency were appointed
as administrators of Broome Air on Nov. 1, 2018.


COMMONWEALTH BANK OF AUSTRALIA: S&P Rates PERLS XI Notes 'BB+'
--------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB+' issue credit
rating to Commonwealth Bank of Australia's (CBA; AA-/Negative/A-
1+) proposed CommBank PERLS XI Capital Notes (PERLS XI). PERLS XI
will refinance an existing security (PERLS VI) that is
approaching its call date on Dec. 15, 2018, and will be issued
out of CBA's head office in Australia akin to PERLS X.

S&P said, "We rate PERLS XI four notches below CBA's stand-alone
credit profile (SACP) of 'a-'. The starting point of the SACP
reflects our view that, if required, it is unlikely that the
Australian government's support for CBA and other Australian
banks--if needed--would extend to hybrid capital instruments
issued by the banks."

To arrive at the rating on PERLS XI, S&P deducts notches off
CBA's SACP reflecting the following factors:

-- S&P deducts one notch for PERLS XI's subordinated status;

-- Two notches for the risk of partial or untimely payment; and

-- One notch for a nonviability contingent capital feature that
    would require CBA to convert all or a proportion of PERLS XI
    into ordinary shares or write them off if a nonviability
    trigger event occurred.

S&P said, "We have assessed the proposed issue as having
intermediate equity content. In our view, PERLS XI capital notes
will be a permanent part of the capital structure of CBA and
would be able to absorb losses on a going-concern basis through
nonpayment of coupons without causing a default. On issuance, we
understand that PERLS XI securities will qualify as fully
compliant Basel III Additional Tier 1 capital under Australian
Prudential Regulation Authority requirements."


GD PORK: First Creditors' Meeting Set for Nov. 12
-------------------------------------------------
A first meeting of the creditors in the proceedings of GD Pork
Pty Ltd and GD Pork Holdings Pty Ltd as trustee for the G D Pork
Unit Trust will be held at Level 28, 108 St Georges Terrace, in
Perth, WA, on Nov. 12, 2018, at 11:00 a.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of GD Pork on Oct. 31, 2018.


GOLDSKY GLOBAL: Courts Appoints William Buck as Receivers
---------------------------------------------------------
The Queensland Supreme Court has appointed Anthony Castley of
William Buck as receiver and manager over the assets of Goldsky
Global Access Fund Pty Ltd, Kenneth Charles Grace and associated
entities. Freezing orders were also made restraining the disposal
of any property (including money and securities) by Mr. Grace,
Goldsky Global Access Fund Pty Ltd, Goldsky Asset Management
Australia Pty Ltd and Goldsky Investments Pty Ltd.

Following an investigation, ASIC alleges that Mr. Grace, through
his companies:

  - operated a financial services business without holding an
    Australian Financial Services (AFS) license and, since at
    least June 5, 2018, was aware that an AFS license was
    required; and

  - operated an unregistered managed investment scheme called
    'Goldsky Global Access Fund' that has raised more than
    AUD16 million from more than 50 investors; and

  - used investor funds for his own personal use, including
    substantial payments to family members and the purchase
    of personal items.

ASIC commenced its proceedings in the Supreme Court for the
appointment of a receiver to identify and secure the assets of
the alleged scheme for the benefit of investors and creditors.
The orders were made on an ex parte basis on Oct. 29, 2018 and
Mr. Grace consented to the continuation of those orders on Nov.
1, 2018.

Mr. Castley is to provide a report to the court by Nov. 26, 2018.

The matter returns to the court on Nov. 8, 2018.

ASIC investigations into the current scheme are ongoing.

Mr. Grace, through his company, Goldsky Asset Management LCC, a
US-incorporated company, advised ASIC that it had commenced
operating a financial services business in Australia in March
2017. Goldsky Asset Management LLC purported to rely on relief
from the requirement to hold an Australian Financial Services
license available to certain foreign financial services firms
providing services to wholesale clients in Australia on the basis
that they are subject to equivalent regulation offshore. Goldsky
Asset Management LLC was authorised as an 'investment advisor' by
the United States Securities and Exchange Commission (SEC).

Goldsky Asset Management LLC had appointed Goldsky Asset
Management Australia Pty Ltd as its agent in Australia. On
June 5, 2018, ASIC advised Goldsky Asset Management LLC that ASIC
considered that it was no longer entitled to rely on the relief
as it had not complied with the conditions of the relief.

On Sept. 27, 2018 the SEC filed a civil suit in the United States
District Court, Southern District of New York against Goldsky
Asset Management LLC and Kenneth Grace. See SEC Litigation
Release No. 24291 SEC Charges Australia-Based Investment Adviser
with Fraud.

ASIC acknowledges the assistance of the SEC in its investigation.


LIBERTY SERIES 2018-4: Moody's Gives (P)B1 Rating to Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Ltd in
respect of Liberty Series 2018-4.
Issuer: Liberty Funding Pty Ltd in respect of Liberty Series
2018-4

AUD345.0 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD150.0 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD20.3 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.4 million Class C Notes, Assigned (P)A2 (sf)

AUD6.6 million Class D Notes, Assigned (P)Baa2 (sf)

AUD6.0 million Class E Notes, Assigned (P)Ba1 (sf)

AUD2.2 million Class F Notes, Assigned (P)B1 (sf)

The AUD9.5 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of Australian
prime and non-conforming residential mortgages. All mortgages
were originated and are serviced by Liberty Financial Pty Ltd
(Liberty, unrated).

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans.

Residential mortgages remain Liberty's predominant business. As
of August 2018, it had a portfolio of Australian mortgage assets
over AUD7.6 billion, of which 76% was securitised in public
transactions.

RATINGS RATIONALE

The provisional rating takes into account, among other factors,
evaluation of the underlying receivables, the evaluation of the
capital structure and credit enhancement provided to the notes,
the availability of excess spread over the life of the
transaction, the liquidity reserve in the amount of 2.00% of the
notes balance, the legal structure, and the credit strength and
experience of Liberty as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral
pool is 9.80%, while the expected loss is 1.50%. MILAN CE
represents the loss Moody's expects the portfolio to suffer in a
severe recessionary scenario, and does not take into account
structural features of the transaction. or lenders mortgage
insurance (LMI) benefit. The expected loss represents a stressed,
through-the-cycle loss relative to Australian historical data.

After lenders mortgage insurance (LMI) benefit, MILAN CE is
9.49%.

The key transactional features are as follows:

  - Class A1 and Class A2 Notes benefit from 10.0% credit
enhancement (CE).

  - The principal pay-down sequentially across all notes, unless
there is an event of default. Upon satisfaction of all stepdown
conditions which include - the payment date falling on or after
the payment date in April 2021, absence of charge offs on any
notes and average arrears greater than or equal to 60 days (as
calculated over the prior three periods plus the current period)
do not exceed 4% - Class A (sequentially to Class A1 and Class A2
notes), Class B, Class C, Class D, Class E, and Class F Notes
will receive a pro-rata share of principal payments (subject to
additional conditions). The Class G Notes do not step down and
will only receive principal payments once all other notes have
been repaid. The principal pay-down switches back to sequential
pay across all notes, once the aggregate loan amount falls below
20.0% of the aggregate loan amount at closing, or on or following
the payment date in November 2022. The principal pay-down
switches back to sequential pay across all notes.

  - The liquidity facility provided by the National Australia
Bank Limited (NAB, Aa3/P-1/Aa2(cr)/P-1(cr)), with a required
limit equal to 2.0% of the aggregate invested amount of the notes
less the redemption fund balance. The facility is subject to a
floor of AUD600,000.

  - The guarantee fee reserve account, which will be funded at
(AUD1,650,000) at closing. The reserve will be replenished
through trapping the excess spread up to a limit of 0.30% of the
issued notional from proceeds paid to Liberty Credit Enhancement
Company Pty Ltd as Guarantor, from the bottom of the interest
waterfall prior to interest paid to the Class G noteholders. The
reserve account will firstly be available to meet losses on the
loans and charge-offs against the notes. Secondly, it can be used
to cover any liquidity shortfalls that remain uncovered after
drawing on the liquidity facility and principal. Any reserve
account balance used can be reimbursed to its limit from future
excess income.

The key pool features are as follows:

  - The portfolio has a relatively high scheduled loan to value
ratio of 69.9%, with relatively high proportion of loans with
scheduled LTV above 80.0% (12.1%) and above 90% (8.4%).

  - The portfolio has a low weighted average seasoning of 3.0
months, with 84.6% of the portfolio originated in the past six
months.

  - 4.2% of the loans in the portfolio were extended on an
alternative documentation ('alt doc) basis.

  - The portfolio contains 2.6% exposure to borrowers with prior
credit impairment (default, judgment or bankruptcy). Moody's
assesses these borrowers as having a significantly higher default
probability.

  - Investment and IO loans represent 30.4% and 9.4% of the pool,
respectively.

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:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans. The Australian job 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 for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.


NATIONAL COMMERCIAL: First Creditors' Meeting Set for Nov. 13
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of National
Commercial Insurance Solutions (NCIS) Pty Ltd will be held at
Australian Institute of Company Directors, Optus Centre, Level
26, 367 Collins Street, in Melbourne, Victoria, on Nov. 13, 2018,
at 12:00 p.m.

Grahame Robert Ward and Domenic Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of National Commercial
on Oct. 31, 2018.


NUTS-ABOUT-TELLA PTY: First Creditors' Meeting Set for Nov. 12
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Nuts-
About-Tella Pty Ltd will be held at the offices of Cor Cordis,
Level 29, 360 Collins, in Melbourne, Victoria, on Nov. 12, 2018,
at 11:00 a.m.

Glenn John Spooner and Sam Kaso at Cor Cordis were appointed as
administrators of Nuts-About-Tella Pty on Nov. 1, 2018.


SOUTHERN HOSPITALITY: First Creditors' Meeting Set for Nov. 9
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Southern
Hospitality Australia Pty Ltd, trading as Southern Hospitality
Australia, and Project Stainless Sydney Pty Ltd will be held at
the offices of BDO, Level 11, 1 Margaret Street, in Sydney, NSW,
on Nov. 9, 2018, at 10:00 a.m.

Andrew Thomas Sallway an Duncan Clubb of BDO were appointed as
administrators of Southern Hospitality on Oct. 31, 2018.


THOMAS MILLICENT: First Creditors' Meeting Set for Nov. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Thomas
Millicent Property Pty Ltd will be held concurrently at the
offices of MaC Insolvency, Level 7, 91 Phillip St, in Parramatta,
NSW, and The Grand Hotel, 55 George Street, in Millicent, SA, on
Nov. 12, 2018, at 3:30 p.m. and 3:00 p.m., respectively.

Trent McMillen of MaC Insolvency was appointed as administrator
of Thomas Millicent on Oct. 31, 2018.



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HENGDA REAL: Fitch Assigns B+ Ratings to Three USD Bond Tranches
----------------------------------------------------------------
Fitch Ratings has assigned Hengda Real Estate Group Co., Ltd's
(B+/Positive) USD565 million 11.00% senior notes due 2020, USD645
million 13.00% senior notes due 2022 and USD590 million 13.75%
senior notes due 2023 final 'B+' ratings with Recovery Ratings of
'RR4'.

The notes are issued by Scenery Journey Limited and guaranteed by
Tianji Holding Limited, both fully owned subsidiaries 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 ratings are in line with the expected
rating assigned on October 29, 2018.

KEY RATING DRIVERS

Ratings Linked to Parent: Fitch has equalised Hengda's Issuer
Default Rating (IDR) with that of its parent, China Evergrande
Group (B+/Positive), and rates Hengda based on the consolidated
profile of the Evergrande group under the top-down rating
approach taken in line with Fitch's Parent and Subsidiary Rating
Linkage criteria. This reflects the very strong linkages between
the two entities as well as Evergrande's weaker credit profile
than Hengda.

Evergrande 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 are a large
number of new shareholders who are unconnected, with the second-
largest shareholder having only a 5.7% stake. Fitch expects
Hengda to remain as 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/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 the company
is not merely increasing its reliance on 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 7M18, driven by a 13% increase in
gross floor area sold and a 6% rise in average selling price to
CNY10,510 per square metre (sq m). Nevertheless, Evergrande's
attributable sales are likely to drop in the coming year due to
more investment in projects with JV partners and 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 IDR
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/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. Fitch expects Sunac's leverage to fall below 50% in
2018 and it does not have high payables risk, 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

  - Average selling price to increase in 2018 but fall back to
the 2017 level by 2020; gross floor area 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 Hengda:

  - Hengda 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 Hengda'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 Hengda 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 86%, which corresponds to a Recovery Rating of
'RR2'. However, Hengda's Recovery Rating is capped at 'RR4',
which is the cap for Group D countries that include China, in
accordance 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 50.0% (2017:
49.6%)
  - Contracted sales/gross debt sustained above 0.8x (2017: 0.7x)

As the Outlook on Evergrande is Positive, no negative action is
envisaged. However, the Outlook on Hengda may revert to Stable if
the same happens to Evergrande. Developments that may lead to the
Outlook on Evergrande 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
(end-2017: 48%; end-June 2018: 44%)

LIQUIDITY

Liquidity Remains Adequate: Hengda had a large cash balance
totalling CNY223 billion at end-June 2018, 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 existing cash. Fitch expects Hengda's
working capital investment to reduce sufficiently to generate
positive cash flow from operations in 2018 to support debt
repayment.


HUAYUAN PROPERTY: Moody's Rates USD Unsec. Notes B2
---------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured
rating to the USD notes to be issued by Huayuan Property Co.,
Ltd. (B1 stable).

The rating outlook is stable.

The proceeds of the notes will be used to refinance existing
indebtedness.

RATINGS RATIONALE

"The proposed note issuance will lengthen Huayuan Property's debt
maturity profile and will not materially affect its credit
metrics, since the proceeds will be used to refinance existing
debt," says Cedric Lai, a Moody's Assistant Vice President and
Analyst.

Huayuan Property's B1 CFR reflects its long operating history and
well-recognized brand in Beijing, as well as the company's good
funding access, underpinned by its close linkage with the Beijing
government.

However, the company's B1 CFR is constrained by (1) its
relatively small operating scale and volatile operating
performance when compared with domestic rated peers, (2) its
weakening credit metrics, and (3) increased execution risk and
debt-funding needs associated with its expansion to cities
outside Beijing.

The company achieved 61% year-on-year contracted sales growth to
RMB9.1 billion in the first three quarters of 2018. This sales
performance will provide funding for the company's debt repayment
and support future revenue growth.

Moody's expects Huayuan Property's debt leverage, as measured by
revenue/ adjusted debt, will remain weak at around 45%-50% over
the next 12-18 months compared to 42% for the 12 months ended
June 2018 and 58% in 2017, because of rapid land acquisitions to
support growth and its expansion into new regions.

The company's interest coverage, as measured by adjusted EBIT/
interest, will likely also weaken to around 2.0x-2.5x over the
next 12-18 months from 2.8x for the 12 months ended June 2018,
due to an increase in interest expense from increased debt levels
and higher average borrowing costs amid the tight onshore credit
environment.

The stable outlook reflects Moody's expectation that Huayuan
Property will manage the refinancing of its short-term debt and
adopt a measured approach in land acquisitions to keep its debt
leverage at appropriate levels over the next 12-18 months.

The B2 senior unsecured rating is one notch lower than its CFR
due to structural subordination risk.

This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over
Huayuan Property's senior unsecured claims in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

Huayuan Property's rating could be upgraded if it improves its
debt leverage, while achieving substantial growth in its
operating scale.

Credit metrics that indicate a possible upgrade include: (1)
revenue/adjusted debt above 80%-85%; or (2) adjusted
EBIT/interest cover above 3x on a sustained basis.

The rating could be downgraded if Huayuan Property's credit
metrics deteriorate or its liquidity position weakens, or if the
ownership by its parent is reduced materially.

Credit metrics that could trigger a rating downgrade include
EBIT/interest coverage below 1.5x-2.0x on a sustained basis.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Huayuan Property Co., Ltd. is a Chinese residential developer.
Its parent company, Beijing Huayuan Group Co., Ltd, effectively
owned 53.24% of Huayuan Property at June 30, 2018, through a
direct shareholding of 46.40% and a 6.84% ownership by a party
acting in concert. Huayuan Group is 100% owned by the Xicheng
SASAC under the Xicheng District People's Government of Beijing.
Huayuan Property was listed on the Shanghai Stock Exchange in
2008.

The company operates in Beijing, Tianjin, Zhuozhou, Xi'an,
Chongqing, Changsha, Guangzhou and Foshan. At the end of May
2018, it had a land bank of around 3.8 million square meters by
gross floor area (GFA).


HUAYUAN PROPERTY: S&P Rates New USD Sr. Unsecured Notes B+
----------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to
the U.S.-dollar-denominated senior unsecured notes that Huayuan
Property Co. Ltd. (B+/Negative/--) proposes to issue. The China-
based developer will use the proceeds to refinance its existing
debt. The issue rating is subject to our review of the final
issuance documentation.

S&P equalizes the issue rating with its long-term issuer credit
rating on Huayuan because it sees no material structural
subordination risks in the company's capital structure. As of
June 30, 2018, Huayuan's capital structure (after adjustments for
guarantees) consists of Chinese renminbi (RMB) 10.2 billion of
unsecured debt at the headquarter level, RMB5.9 billion of
secured debt issued by the company, and RMB2.9 billion of
priority debt issued by its subsidiaries. The priority debt ratio
is therefore below S&P's notching threshold of 50%.

Huayuan's leverage is likely to deteriorate over the next 12
months, given its large expenditure for land acquisitions and
weak revenue recognition. The company's liquidity should also
remain tight over the period due to its concentrated debt
maturities. S&P estimates Huayuan's debt-to-EBITDA ratio to
increase to 10x-11x in 2018, from 5.4x in 2017.

S&P said, "We could lower the issuer credit rating on Huayuan if
the company's liquidity sources remain less than liquidity uses
over the next 12 months. We could also downgrade Huayuan if its
leverage and debt servicing ability deteriorate from our base-
case expectation of about 10x debt-to-EBITDA and 2x EBITDA
interest coverage.

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


SHANDONG SNTON: Fitch Cuts IDR to RD on Non-Payment of Loans
------------------------------------------------------------
Fitch Ratings has downgraded Shandong SNTON Group Co., Ltd.'s
Long-Term Foreign-Currency Issuer Default Rating to 'RD'
(Restricted Default) from 'BB' as the company did not repay
CNY138 million in bank acceptance drafts and loans. Fitch has
also downgraded the senior unsecured rating to 'C' with Recovery
Rating of 'RR4' from 'BB' and withdrawn the rating as it is no
longer considered by Fitch to be relevant to the agency's
coverage because Fitch does not expect the company to proceed
with a US dollar bond issuance.

The non-payment is consistent with an 'RD' rating, signifying the
uncured expiry of any applicable grace period, cure period or
default forbearance period following a payment default on a
material financial obligation.

KEY RATING DRIVERS

Overdue Bank Loan: On October 30, 2018, Snton announced it is
being sued by the Hebei Bank Qingdao Branch (Hebei Bank) for
CNY139.4 million after Snton failed to repay debt of CNY50
million that fell due on September 2, 2018. Hebei Bank filed a
suit on September 25, 2018 for the repayment of CNY88.2 million
outstanding on a CNY180 million bank acceptance draft extended on
Aug. 28, 2017, the full amount of a CNY50 million revolver
extended on March 3, 2018, and accrued interest of CNY1.2
million. As a result of the lawsuit, some of Snton's bank
accounts and equity stakes have been frozen.

Non-Payment of Bank Loans: Snton's failure to repay the bank
acceptance draft and loans is consistent with Fitch's definition
of an 'RD' rating as the company has not yet entered into
bankruptcy filings, administration, receivership, liquidation, or
other formal winding-up procedure, and has not otherwise ceased
operating.

Bonds Still Being Serviced: Despite the non-payment of the Hebei
Bank loan, Snton continues to service its onshore bonds. It
appears to have paid the coupon due on October 16, on its CNY700
million 7.2% bond maturing in 2022. The company has a CNY600
million 6% bond due on November 2, 2018 and the company announced
the bond redemption on October 26. However, the market price of
its traded bonds has declined sharply.

Liquidity Does Not Explain Default: As of June 30, 2018, Snton
had short-term borrowings of CNY4 billion and a reported cash
balance of CNY4 billion, of which Fitch estimates roughly half
was readily available. Management has indicated to us that the
company currently has CNY1.2 billion in readily available cash.
In addition, the company continued to have access to domestic
funding in 1H18 and raised CNY400 million via bond issuance.
Liquidity is weak, but does not indicate that company is unable
to repay debt of only CNY139 million. It appears management has
intentionally chosen not to repay the loan to Hebei Bank.

Operations Appear to be Intact: In 1H18, Snton's sales increased
by 2% yoy. However, lower gross margins and a rise in management
expenses led to a 31% fall in operating profits to CNY1.1
billion. Total debt of CNY10.2 billion was largely unchanged from
the level at December 31, 2017. The operating results for 1H18
were marginally weaker than Fitch's expectations when Fitch
downgraded the company on May 21, 2018.

DERIVATION SUMMARY

Shandong SNTON's ratings are driven by the non-payment of its
CNY138 million in bank acceptance drafts and loans. The non-
payment is consistent with an 'RD' rating, signifying the uncured
expiry of any applicable grace period, cure period or default
forbearance period following a payment default on a material
financial obligation.

KEY ASSUMPTIONS

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

  - Low single-digit revenue growth between 2018 and 2020

  - EBITDA margin to remain at around 16% between 2018 and 2020

  - Capex of CNY1 billion per year between 2018 and 2020

RATING SENSITIVITIES

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

  - Snton restructures or repays the defaulted debt, and
    resumption of regular funding channels

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

  - The IDR will be further downgraded to 'D' if Snton enters
    into bankruptcy proceedings

LIQUIDITY

Liquidity Constrained: Snton's liquidity will be driven by banks'
willingness to continue rolling over debt falling due after the
non-payment of the bank draft and loan.


SHANXI ROAD: S&P Affirms BB- Issuer Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-'long-term issuer credit
rating on Shanxi Road & Bridge Construction Group Co. Ltd.
(SXRB). The outlook is stable. S&P also affirmed its 'BB-' long-
term issue rating on the company's outstanding senior unsecured
notes.

SXRB is a toll road construction, financing, investing, and
operating platform in Shanxi province.

S&P said, "We affirmed the rating on SXRB following a change in
its parent. We consider SXRB to be a strategically important
subsidiary of its new parent Shanxi Transportation Holdings Group
Co. Ltd. (SXTH), which is fully controlled by the Shanxi
government. Therefore, we believe SXRB will continue to receive
government support through its parent whenever necessary. As part
of its transportation assets reorganization plan, the Shanxi
government set up SXTH in November 2017 to hold almost all of the
toll roads and other transportation assets under the Shanxi
provincial government.

"We assess SXRB as strategically important subsidiary of SXTH
because SXRB is the primary road construction platform under the
parent. SXTH is the sole entity for government toll road
operation and primary investment and financing platform for the
province's key transportation projects. It consolidates all the
government toll road and the majority of franchised toll road
assets in Shanxi, with over 5,000 kilometers (km) of toll roads.
Under the provincial government's 13th five-year plan, nearly
2,000 km of toll roads will be constructed in Shanxi by 2020. We
expect SXRB to play a very important role in executing the
government's construction work. The company is also building 500
km of rural roads in Shanxi. In our view, although SXRB is no
longer directly owned by the government, it will receive
government support through its parent.

"The injection of toll road assets into SXRB has been and is
likely to remain much slower than we had expected. The government
and the parent are likely to position SXRB as an engineering,
procurement, and construction (EPC) company over the next two
years, and could therefore downsize SXRB's toll operations
whenever necessary. At 233 km as of Sept. 30, 2018, the company's
length of operating toll roads is very small. In addition,
traffic volume is exposed to cyclical and volatile coal prices
and coal transportation demand. We also expect SXRB's
construction business to remain smaller than industrial peers'.
We have therefore revised downward our assessment of SXRB's
stand-alone credit profile (SACP) to 'b-' from 'b'."

SXRB's cash flow and leverage ratios are likely to remain
sluggish over the next 12 months. The company's capital
expenditure will stay high and working capital control will
remain weak. Its funding costs have also been increasing, given a
more stringent financing environment. The stable outlook reflects
S&P's expectation that SXRB will remain a strategically important
subsidiary of SXTH in the next 12 months, and receive timely
support from the parent.

S&P said, "We could downgrade SXRB if its liquidity position
weakens significantly, making its capital structure
unsustainable. This could happen if the company's banking
relationship or access to capital markets deteriorates
significantly, such that its funding costs go up or its
dependence on short term or off-balance sheet funding
alternatives increases.

"We could also downgrade SXRB if its status within the group
diminishes significantly. This could happen if the government or
the parent identify other EPC platforms, and SXRB ceases to be
the primary road constructor in the province.

"We see limited upgrade potential over the next 12 months.
Nevertheless, we could raise the rating if, over time, SXRB
demonstrates its highly strategic importance within the group.
This could happen if: (1) SXRB's assets and profits increase
materially through large scale toll road injections; or (2) the
company undertakes additional infrastructure investments that are
critical to achieving the provincial government's economic and
social objectives."



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


4 GENIUS: Ind-Ra Maintains D LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained 4 Genius Minds
Private Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR 450 mil. Fund-based working capital facilities (long-term
     and short-term) maintained in Non-Cooperating Category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital facilities
     (long-term and short-term) maintained in Non-Cooperating
     Category with Provisional IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

4 Genius Minds is a leading authorized reseller of all Apple
products in India and is authorized to provide both system
integration and after-sales services such as repair and
maintenance in the B2B segment.


BMSS STEEL: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned BMSS Steel
Industries Pvt. Ltd. (BSIPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45.0 mil. Fund-based facilities assigned with IND BB-
     /Stable/IND A4+ rating;

-- INR80.0 mil. Non-fund-based facilities assigned with IND A4+
    rating;

-- INR35.0 mil. Proposed fund-based facilities* assigned with
    Provisional IND BB-/Stable/Provisional IND A4+ rating; and

-- INR40.0 mil. Proposed non-fund-based facilities* assigned
    with Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect BSIPL's modest credit metrics. Its interest
coverage (operating EBITDA/gross interest expense) was 1.5x
(FY17: 1.0x) and net leverage (total adjusted net debt/operating
EBITDAR) was 2.8x (FY17: 7.1x). The improvement in the credit
metrics in FY18 was primarily driven by an increase in absolute
EBITDA to INR21 million in FY18 from INR8 million in FY17.

The ratings also reflect BSIPL's tight liquidity, indicated by
the full utilization of the fund-based limits in and an average
96.8% utilization of the non-fund-based limits for the 12 months
ended September 2018.

The ratings, however, are supported by BSIPL's revenue growth,
though its scale of operations is small. Its revenue rose at a
CAGR of 57.89% to INR531 million over FY16-FY18, driven by the
addition of new customers and an increase in orders from existing
customers. Its revenue was INR229.15 million in 1HFY19.

The ratings are also supported by BSIPL's healthy EBITDA margin,
which rose to 4.0% in FY18 from 1.7% in FY17, as the company
ventured into steel processing. In addition, its return on
capital employed was 21% in FY18 (FY17: 10%). Its 400-tonne-per-
month steel processing unit in Kalamboli (Navi Mumbai) commenced
commercial operations from April 2017.

The ratings are further supported by the promoters' experience of
more than three decades in the steel industry and the company's
long-standing ties with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue and the EBITDA margin, leading
to deterioration in the credit metrics, on a sustained basis,
will be negative for the ratings.

Positive: A substantial rise in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics, on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

Incorporated in July 1987, BSIPL processes and trades steel.


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

The instrument-wise rating action is:

-- INR99 mil. Fund-based working capital migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING) /
    IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2015, Crown Cashew Impex is engaged in the
processing and export of value-added products such as shelled
cashews, chosen by specialists, and inert-packed cashews.


DOLPHIN TERRA: CARE Assigns 'B' Rating to INR8.90cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Dolphin Terra Firma Private Limited (DTF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.90       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DTF is constrained
by execution risk associated with debt funded green field project
and revenue concentration risk due to single property. The rating
is further constrained by competitive nature of hospitality
industry. The rating, however, derives strength from experienced
promoters, relevant approvals in place and strategic location of
the resort. Going forward, the ability of the company to execute
the project within time and cost estimates and to achieve
envisaged revenue and margins would remain its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Execution risk associated with debt funded green field project
Execution risk is associated with green-field project which
involves setting up a holiday resort at Nahan, Himachal Pradesh.
The total project cost is INR13.32 crore, which will be financed
with promoters' capital of INR0.10 crore, unsecured loans of
INR4.32 crore and term loan of INR8.90 crore. As on August 18,
2018, the company has incurred approximately INR3.00 crore
towards the project funded through promoters' capital of INR0.10
crore, unsecured loans of INR2.60 crore and term loan of INR0.30
crore.

The project is expected to be fully completed by February 2021.
And the commercial operations of the unit are expected to
commence from April 2021. Thus, the company is exposed to
execution risk for project under development. Further, during the
initial phases of operations, the capital structure of the
company is expected to remain leveraged. Also, the solvency
position of the company is projected to remain weak due to high
level of debt and low capital base.

Revenue concentration due to single property: DTF will operate
only one resort in Nahan, Himachal Pradesh which restricts the
operations to a single site leading to revenue concentration
risk. The single-site operations expose the company's revenue and
profitability margins to seasonality in business and happening of
unfavorable event in relation to property or Nahan town.

Competitive nature of hospitality industry: The Indian
hospitality industry is highly fragmented in nature with presence
of large number of organized and unorganized players spread
across various regions. Further, the industry is region-based and
is highly sensitive to the untoward events such as slowdown in
the economy and any unfortunate event which may have an adverse
impact on the
whole industry.

Key Rating Strengths

Experienced promoters: DTF is currently being managed by Mr.
Neeraj Soni and Mr. Nitigya Soni. Mr. Neeraj Soni has an industry
experience of one and a half decade in event management & hotel
consultancy services through his association with other regional
entities. Mr. Nitigya Soni has an experience of one year through
his other businesses. Furthermore, the promoters are supported by
experienced team having varied experience in the field of
marketing and finance aspects of business.

Relevant approvals in place: The entire cost of the land
acquisition for the ongoing project has been fully paid amounting
to INR0.37 crore and construction has already started. As per
management, the company has taken all requisite approvals and
clearances for the project namely construction approval, etc.

Strategic location of the resort: DTF is located at Nahan,
Himachal Pradesh (NH-07). The project site is located nearby to
cities like Trilokpur, Kala Amb, Shimla, and Paonta Sahib. The
location is well connected to various religious destinations and
tourist places in the town. The company also plans to leave ample
space for vehicle parking (which is a major problem for the
palaces and the hotel in the town due to space constraints). As
per the management, the resort will be able to accommodate more
than 100 cars and 5 buses after complete construction.

Dolphin Terra Firma Private Limited (DTF) was incorporated as a
private limited company in February 2011 and is currently being
managed by Mr. Neeraj Soni and Mr. Nitigya Soni. DTF is
incorporated with an aim to set up a holiday resort located at
Nahan, Himachal Pradesh. The project is being constructed on a
land parcel of approximately 37 bighas. The resort consists of 20
cottages, 25 hotel rooms and one restaurant. The project is
expected to be fully completed by February 2021. And the
commercial operations of the unit are expected to commence from
April 2021.


EVERGREEN FARMHOUSE: Ind-Ra Retains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Evergreen
Farmhouse LLP'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 action is:

-- INR70 mil. Term loan maintained in Non-Cooperating Category
     with IND B+ (ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 2, 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 2014, Evergreen Farmhouse is a partnership firm
that constructs residential properties.


HIMANSHU INDUSTRIES: CARE Lowers Rating on INR10cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Himanshu Industries, as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      10.00      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B; Stable
                                  on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Himanshu Industries to
monitor the rating(s) vide e-mail communications/letters dated
October 25, 2018, October 1, 2018, September 20, 2018,
September 17, 2018, August 8, 2018, July 30, 2018, etc. and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Himanshu Industries' 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(s).

The rating has been revised on account of ongoing delays in
meeting the debt obligations.

Detailed description of the key rating drivers

The rating has been revised on account of ongoing delays in debt
servicing due to stretched liquidity position.

Faridabad, Haryana based Himanshu Industries (Himanshu) commenced
its manufacturing operations in April, 2016. The firm is
currently being managed by Mr. Himanshu Garg. It is engaged in
the manufacturing of corrugated boxes, mono cartons and rigid
boxes. The manufacturing unit is located in Faridabad, Haryana.
The firm undertakes sales under the brand name "BigBox Inc" The
major raw materials are paper boards, duplex board, kraft paper,
dyes, art paper, etc. which the firm procures from local dealers.


IDBI BANK: Fitch Affirms 'BB+' Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed IDBI Bank Ltd.'s Long-Term Issuer
Default Rating at 'BB+' and its Viability Rating at 'ccc' while
removing it from Rating Watch Evolving. The Outlook on the IDR is
Stable.

IDBI Bank's Support Rating Floor of 'BB+' is several notches
higher than its VR and remains the primary driver for its IDR.
Fitch believes the government's willingness to support the bank
remains intact given its size and systemic role, although 100%
state-owned Life Insurance Corporation of India (LIC), India's
largest life insurer, will be the bank's first port of call for
support once it becomes the majority shareholder of IDBI Bank.
The state is diluting its 79.0% stake in IDBI Bank to below 51%,
while LIC plans to increase its shareholding in IDBI Bank to
51.0%, from 14.9%.

The removal of the VR from Rating Watch Evolving reflects better
visibility on the potential new equity IDBI Bank will receive
from its stake sale to LIC. IDBI Bank received INR21 billion in
August 2018 from LIC when LIC increased its stake in IDBI Bank to
14.9% and expects to receive an additional INR200 billion of
fresh equity (cumulatively equivalent to 83% of 1Q19 equity) by
financial year-end March 2019 (FY19). The significant improvement
in the bank's core capital from the fresh equity injection could
more than offset downside risk in asset quality and earnings, on
which Fitch has a weak near-term outlook.

KEY RATING DRIVERS

IDR, SUPPORT RATING AND SUPPORT RATING FLOOR

IDBI Bank's Long-Term IDR is at the same level as its Support
Rating Floor. The ratings are driven by its Support Rating of '3'
and Support Rating Floor of 'BB+', which reflects Fitch's
expectation of a moderate probability of extraordinary state
support given the bank's market position, systemic importance and
linkages to the state.

IDBI Bank's competitive position has eroded as it deals with its
balance-sheet challenges, but Fitch believes the bank's moderate
size, significant deposit base and ultimate state ownership will
remain instrumental in underpinning government support prospects;
albeit at a level lower than for larger and more systemically
important government banks. Moreover, Fitch expects the state to
remain influential even after the share sale, as it fully owns
LIC.

The Stable Outlook mirrors the Outlook on India's rating (BBB-
/Stable), reflecting its view of no significant change in either
the sovereign's propensity or ability to support government banks
like IDBI Bank in the event of stress.

VIABILITY RATING

Fitch sees less downside potential in IDBI Bank's intrinsic risk
profile due to substantial fresh capital from its stake sale to
LIC, although at 'ccc' it continues to reflect high fundamental
credit risk. This takes into account IDBI Bank's high non-
performing loan (NPL) ratio of 31% at June 2018 (1Q19) which may
not have peaked, more expected losses during the fiscal year,
following a return on assets of -2.9% in 1Q19, and a high net
NPL/equity ratio of 112%.

Fitch believes the bank's core capital buffers, such as common
equity Tier 1 (CET1) of 5.8% in 1Q19, show potential for
significant improvement by FYE19. The risk of financial losses
consuming a large portion of new capital is high, but Fitch
believes the bank's chances of meeting the minimum 8% Basel III
CET1 plus capital conservation buffer by FYE19 are now higher
considering ongoing internal efforts on capital conservation and
generation.

IDBI Bank's gross NPL ratio is the highest among Indian banks and
Fitch expects it to rise further in FY19, albeit at a slower
pace. The bank has a large share of existing NPL stock featuring
in the Reserve Bank of India's large NPL lists, which implies
that there could be potential upside from the resolution of a few
large NPLs. It may not be enough to outweigh the slippages, but
will help mitigate the huge provisions the bank will have to take
on account of NPL ageing and fresh slippages. On the other hand,
the bank may further improve its specific provision cover of 48%,
albeit at the expense of weaker profitability.

The VR also takes into account management instability, with
frequent changes at the managing director level limiting the
bank's ability to formulate and execute medium- to longer-term
strategies. IDBI Bank's current managing director has been
appointed for tenure of six months, while the previous managing
director served just three months.

Positively, funding has been stable, notwithstanding the stake
sale. Fitch believes the bank's stable funding is underpinned by
market expectations of implicit government support, which results
in a high degree of depositor confidence. IDBI Bank reported a
low-cost deposit ratio of above 30% and a liquidity coverage
ratio of 115% at 1Q19.

SENIOR DEBT

IDBI Bank's senior debt rating is at the same level as its IDR,
as the debt represents its unsecured and unsubordinated
obligations.

RATING SENSITIVITIES

IDR, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT

The Support Rating and Support Rating Floor are sensitive to the
agency's assessment of the government's propensity and ability to
support the bank, based on its size, systemic importance and
linkage to the state. This includes LIC becoming its majority
owner or if it becomes privatised. A change in the government's
ability to provide extraordinary support due to a change in
sovereign ratings or Fitch's Outlook or the government's
propensity to extend timely support may affect the Support Rating
and Support Rating Floor, and in turn, the bank's IDRs and senior
debt ratings.

VIABILITY RATING

A substantial capital injection from the share sale to LIC can be
positive for the bank's intrinsic credit profile, provided it
more than offsets deterioration from asset quality and earnings.
This would also be aided by the bank making meaningful progress
in NPL resolution and more stable earnings. The VR could be
downgraded if poor earnings and weak asset quality significantly
compromise the bank's progress on improving its core capital
position and increased the need for the state to inject capital
on a last resort basis. However, Fitch sees less risk of that
occurring in the near-term. The VR could also be affected if
there are funding difficulties after the change of ownership,
although this is not its base case.

The rating actions are as follows:

IDBI Bank:

  - Long-Term IDR affirmed at 'BB+'; Outlook Stable

  - Short-Term IDR affirmed at 'B'

  - Viability Rating affirmed at 'ccc'; off Rating Watch Evolving

  - Support Rating affirmed at '3'

  - Support Rating Floor affirmed at 'BB+'

  - USD5.0 billion medium-term note programme affirmed at 'BB+'

  - USD1.5 billion senior unsecured notes affirmed at 'BB+'


JET AIRWAYS: Gets Payment Delays Notices from Aircraft Lessors
--------------------------------------------------------------
Reuters reports that Jet Airways Ltd said on Oct. 31 it has
received notices on payment delays from a few aircraft lessors,
adding to the debt-laden airline's woes.

Profits of airlines in the world's fastest-growing aviation
market have been dented with the surge in crude oil prices and a
depreciating rupee, the report says.

Reuters relates that Jet has been struggling to keep itself
afloat and it had said in August that it will inject funds and
cut costs to turn around the business.

According to Reuters, Jet said in a statement on Oct. 31 that it
had got notices for payment delays/defaults from few aircraft
lessors, but did not elaborate further.

" . . . they (aircraft lessors) are mindful of the challenges
currently faced by the Indian aviation industry and they have
been supportive of the company's efforts," the airline said in a
statement, Reuters relays.

The company also said its payments to the Airports Authority of
India are up-to-date and it had not received any "show-cause"
notice from the body, add Reuters.

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.


JUBILANT PHARMA: S&P Alters Outlook to Positive & Affirms BB- ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Jubilant Pharma Ltd.
(JPL) to positive from stable. At the same time, S&P affirmed its
'BB-' long-term issuer credit rating on the company and its
senior unsecured notes. JPL is a wholly owned subsidiary of
India-based pharmaceutical company Jubilant Lifesciences Ltd.
(JLL).

S&P said, "We revised the outlook on JPL to reflect our view of
the strengthening financial position of JLL, supported by the
group's strong operating performance. Our credit assessment of
JPL mirrors our view of JLL because we consider JPL as an
inseparable part of JLL's operations. JPL accounts for more than
55% of JLL's revenues, and JLL drives the strategic decisions for
JPL.

"JLL's steady profitability and improving operating cash flows
should help it deleverage such that the debt-to-EBITDA ratio
could dip below our upgrade threshold of 2.0x over the next 12-18
months.

"In our view, JLL will continue to grow faster than most of its
India-based pharmaceutical peers owing to its broad-based growth
in the pharmaceuticals and lifesciences ingredients (LSI)
segments. The company's revenue rose 36% in the first half of
fiscal 2019 (year ending March 31, 2019). Its pharmaceutical
segment grew 51%, supported by growth in radio pharmaceuticals,
allergy therapy products, active pharmaceutical ingredients, and
generic pharmaceuticals, and the acquisition of Triad Isotopes
Inc.'s U.S. radio pharmacy business in 2017. We estimate the
Triad acquisition contributed 17%-18% of JLL's revenue growth
during the first half of fiscal 2019. The LSI business grew 21%
during the period, supported by price hikes in existing products,
launch of new products, and commissioning of a multipurpose
chlorinated pyridine plant. The pharmaceutical segment accounts
for 58% of JLL's revenue, while the LSI segment accounts for 40%.

"We expect JLL's pharmaceuticals segment to continue to grow 20%-
25% in fiscal 2019 as the company consolidates the Triad business
and launches new radio pharmaceutical products." JLL's U.S.
allergy therapy products business could gain traction from
reduced competition in the venom immunotherapy space as a key
competitor recently exited the market.

JLL's 96 abbreviated new drug applications (ANDAs), 11 radio
pharma registrations, and four injectible ANDA filings in the
U.S. as of Sept. 30, 2018, should provide a good product
portfolio. The company also has drug registration filings in
other markets such as Canada and Europe. The U.S. and Europe
contributed to 62% of JLL's revenues in fiscal 2018.

S&P said, "We anticipate that JLL's LSI segment will grow by
about 20% in fiscal 2019 and by about 10% in fiscal 2020. Benign
pricing of lifesciences chemicals, new capacities for
multipurpose chlorinated pyridine and acetic anhydride starting
in fiscal 2019, and launch of new products should support growth.

"JLL's faster growth and improving market position (post the
Triad acquisition) in the niche radio pharma business should help
the company maintain profitability (EBITDA margin) of about 20%.
In S&P's view, JLL's radio pharma business remains somewhat
insulated from the price compression seen in the generic
pharmaceuticals segment. Further, the Triad business, which was
loss-making at the time of acquisition, is likely to turn around
over the next 12-18 months owing to revenue expansion and cost
synergies with JLL. We expect margins for JLL's LSI operations to
remain lower and more volatile than the pharmaceuticals business,
given a commoditized product portfolio. However, the business
provides some business diversity.

"We believe a proposed IPO of JPL will enhance JLL's financial
position. JLL intends to sell up to 20% stake in JPL. A
successful IPO could also result in mandatory conversion of a
loan of about US$56.7 million (about Indian rupee [INR] 4.1
billion or roughly 10% of JLL's reported debt as of Sept. 30,
2018) from the International Financial Corp. (IFC). JLL's
refinancing requirements in 2020 and 2021 would also reduce
following the IPO. We do not factor the planned IPO in our base
case because its size and timing is uncertain. Nevertheless,
management continues to reiterate its commitment to reduce
leverage using free operating cash flows or through other
measures.

"Our positive outlook on JPL reflects our view that JLL's
financial position will continue to strengthen over the next 12-
18 months. We expect JLL's faster growth and steady profitability
to help the company deleverage such that the debt-to-EBITDA ratio
could improve beyond 2.0x.

"We will revise the outlook to stable if JLL fails to perform in
line with our expectation and its leverage stays above 2.0x. A
sudden downturn in business segments with growth sliding below
10% and margins below 18%, or any significant debt-funded
acquisitions or shareholder distributions could delay the
improvement.

"We will upgrade JPL by one notch over the next 12-18 months if
JLL's leverage strengthens below 2.0x on a sustainable basis, the
company proactively manages its IFC loan maturity in 2020 and
2021, and has a credible plan for its senior unsecured notes
maturing in 2021. Sustained revenue growth in line with, or
above, our expectations, with EBITDA margin above 20% should help
the company achieve such improvement."

S&P could also upgrade JPL if the IPO of JPL goes ahead, and JLL
uses the proceeds to reduce debt. This is also assuming that the
support from JLL to JPL will remain unchanged.


KARAN INTERMEDIATES: CARE Hikes Rating on INR3.43cr Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karan Intermediates Private Limited (KIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       3.43       CARE BB-; Stable Revised
   Facilities                      from CARE B+; Stable

   Long Term/Short      2.00       CARE BB-; Stable/CARE A4;
   Term Bank                       Long term rating revised
   facilities                      from CARE B+; Stable;
                                   Short term rating assigned

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of KIPL is primarily on account of a significant
increase in its scale of operations and profitability during
FY18. The ratings, further, continue to derive strength from the
comfortable liquidity position along with the vast experience of
the promoters and location advantage.

The ratings, however, continue to remain constrained on account
of its moderate capital structure and moderate debt coverage
indicators along with KIPL's presence in a highly competitive and
fragmented chemical industry and susceptibility of operating
margin to volatile raw material prices.

The ability of KIPL to increase its scale of operations with
improvement in profitability and solvency position are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate capital structure and debt coverage indicators: As on
March 31, 2018, the capital structure of KIPL moderated
marginally as marked by overall gearing ratio of 1.40 times (1.14
times as on March 31, 2017), owing to an increase in total level
of debt. The debt coverage indicators also remained moderate
marked by total debt to GCA of 4.03 times as on March 31, 2018
(11.57 times as on March 31, 2017), while the interest coverage
stood comfortable at 7.18 times during FY18 (38.59 times during
FY17).

Presence in highly fragmented and competitive chemical industry:
KIPL is into manufacturing of pharmaceutical and pesticide
intermediates. The chemical industry is highly fragmented in
nature with presence of huge number of organized as well as
unorganized players. Hence, KIPL being into the chemical
processing faces high degree of competition from numerous
players.

Susceptibility of operating margin to volatile raw material
prices: KIPL's profitability is susceptible to volatility in raw-
material price movement as it accounts for roughly 65% of the
total cost of sales and the entity holds raw-material inventory
for around a month. This might put pressure on the margins of the
company in case of its inability to pass on the raw material
price rise to the customers.

Key Rating Strengths

Significant increase in scale of operations and profitability:
During FY18, KIPL reported significant improvement in its total
operating income (TOI), which almost doubled and stood at
INR10.48 crore as compared to INR3.64 crore during FY17, owing to
an increase in sales volume of its products led by capacity
expansion. Also, the PBILDT margin increased and stood healthy at
17.95% during FY18 as against 9.78% during FY17. Resultantly, the
company generated net profits of INR0.96 crore (9.13%) during
FY18 as compared to net losses of INR0.07 crore during previous
year.

Comfortable liquidity position: KIPL's overall liquidity position
stood comfortable marked by operating cycle of 8 days during
FY18, while the average working capital limit utilization
remained low at 35% during past 12 months ended September, 2018.
The current ratio remained moderate at 1.12 times as on March 31,
2018 (0.70 times as on March 31, 2017).

Experienced promoters: KIPL is promoted by Mr. Gautam Patel and
Mr. Vakesh Patel. Mr. Gautam Patel holds more than 25 years of
experience in manufacturing and marketing of chemicals and is
responsible for overall management and operations of the company.
Mr. Vakesh Patel holds around two decades of experience in
manufacturing and developing chemicals.

Location advantage: KIPL has its plant located at Khambhat
(Gujarat), with easy access to raw materials, labour, power and
logistics.

Ahmedabad-based (Gujarat), KIPL was incorporated during July,
1994 by two promoters namely Mr. Gautam Patel and Mr. Vakesh
Patel. The company is in the business of manufacturing
pharmaceuticals and pesticides intermediates like Chloro Acetyl
Chloride, Trichloro Acetic Acid, Sodium Bisulphate etc., and
operates with an installed capacity of 6,890 Metric Tonnes Per
Annum (MTPA) as on March 31, 2018 from Anand, Gujarat.


MAHALAXMI COAL: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings on bank facilities of Mahalaxmi Coal
Private Limited (MCPL) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

   Working Capital       2.5       CRISIL B/Stable (ISSUER NOT
   Term Loan                       COOPERATING)

CRISIL has been consistently following up with MCPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MCPL continue to be 'CRISIL B/Stable Issuer not
cooperating'.

MCPL was incorporated in 1996 and commenced commercial operations
in 2002. The company manufactures welding electrodes, binding
wires and drawn wires, submerged arc welding wires, galvanised
iron wires, CO2 MIG wires, copper-coated mild steel wires, and
other such items. Its manufacturing facilities are in
Nagpur,Maharashtra.


MAYA SAHA: CRISIL Maintains B- Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings on bank facilities of Maya Saha (MSA)
continue to be 'CRISIL B-/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with MSA for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MSA continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

Established in 2004, MSA is a partnership firm of Mr. Souvik
Saha, Mr. Tanmoy Saha, and Ms. Maya Saha; operations are
primarily managed by Mr. Souvik Saha. It is an authorised
distributor for the brands and varieties of United Spirits Ltd,
United Breweries Ltd, Sula Vineyards Pvt Ltd, and Allied Blenders
Distillers for West Bengal.


MODERN CONSTRUCTION: CRISIL Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings on bank facilities of Modern Construction
Company (MCC) continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        10        CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MCC for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MCC continues to be ''CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 1992, MCC undertakes civil construction work, largely
related to the construction of bridges and roads, in Assam. Mr.
Raj Kumar Agarwalla manages the firm's daily operations.


NAGPAL EXPORTS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Nagpal
Exports' 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:

-- INR55 mil. Fund-based working capital Limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR34.5 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND B+ (ISSUER NOT COOPERATING)/Provisional IND A4 (ISSUER
    NOT COOPERATING) rating; and

-- INR10.5 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
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 in 1995, Nagpal Exports manufactures hosiery goods
for kids and adults. The firm is also engaged in the
manufacturing of various types of yarns such as acrylic and
polyester yarn.


NEXTGEN TEXTILE: CRISIL Maintains B- Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings on bank facilities of Nextgen Textile Park
Private Limited (NTPPL) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan             10       CRISIL B-/Stable (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with NTPPL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of NTPPL continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

NTPPL, incorporated in March 2007, is a special purpose vehicle
promoted by Mr. Aloke Bhatnagar, Mr. B S Bhatnagar, and Mr.
Dinesh Gangadharan (nominee director) to set up a textile park
near Pali (Rajasthan). The company was set up under SITP,
supported by the Ministry of Textiles, the Government of India,
to set-up textile park infrastructure to house units of small
entrepreneurs. The project is expected to be fully operational
from April 2016.


NILADREE BUILD-TECH: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings on bank facilities of Niladree Build-Tech
Private Limited (NBTPL) continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           0.6       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Letter of credit      1.0       CRISIL A4 (ISSUER NOT
   & Bank Guarantee                COOPERATING)

   Term Loan            16.2       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with NBTPL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of NBTPL continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2009, NBTPL is developing a hotel in Puri
(Odisha) named Niladree Deluxe; it is already operating two
hotels, Niladree East and West Towers; while taking another
hotel, Blue Lilly, on lease. The company is promoted by Mr
Nilkantha Mohapatra and his family.


NILKANTH COTTON: CARE Lowers Rating on INR7.32cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nilkanth Cotton Industries (NCI), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      7.32      CARE D; ISSUER NOT COOPERATING;
   Facilities                    Based on best available
                                 information Revised from CARE B;
                                 Stable; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCI to monitor the ratings
vide e-mail communications/letters dated July 6, 2018, September
30, October 1, 2018, October 4, 2018, October 8, 2018,
October 17, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information and monthly NDS 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. The
rating on Nilkanth Cotton Industries' 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(s).

The rating has been revised on account of the delays in debt
repayments owing to weak liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: Nilkanth Cotton Industries has
been irregular in servicing its debt obligation due to weak
liquidity position of the firm. The firm has not repaid its term
loan debt obligations since August 31, 2018.

Jangvad, Jasdan-based (Rajkot) NCI was established as a
partnership firm in 2014 by six partners. The partners of NCI
include mainly Mr Hareshbhai H Tadhani and Mr Chandubhai H
Tadhani. The firm is engaged into the activity of cotton ginning,
bailing and cleaning. The main products of NCI includes cotton
seeds, cotton bales, cotton cake and cotton wash oil. The firm
has an installed capacity of 18144 Metric Ton per annum for raw
cotton processing and 2160 Metric Ton per annum for cotton seeds
processing as on March 31, 2016. The firm's manufacturing
facilities are equipped with 24 ginning machine, 1 pressing
machine and 5 expellers for crushing of cotton seeds. The firm
operated at 90% capacity utilization for the year ending on
March 31, 2016. The firm has an established selling network for
selling the products outside Gujarat i.e. Tamil Nadu and
Rajasthan.


NOBLE EDUCATIONAL: Ind-Ra Affirms BB Rating on INR25.52MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Noble
Educational Trust's (NET) bank facilities at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR25.52 mil. (reduced from INR35.29 mil.) Term loans due on
    March 31, 2022 affirmed with IND BB/Stable rating;

-- INR2.50 mil. Fund-based working capital affirmed with
    IND BB/Stable rating; and

-- INR49.10 mil. (reduced from INR55.00 mil.) Term loans* due on
    March 31, 2025 assigned with IND BB/Stable rating.

* The final rating is assigned based upon the receipt of the
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The ratings continue to reflect NET's small scale of operations,
despite a 21.98% yoy growth in revenue to INR128.65 million in
FY18 (FY17: INR105.47 million). The increase in revenue was
driven by a rise in tuition fee per student and headcount. FY18
financials are provisional in nature.

The ratings remain constrained by the trust's tight liquidity
position. NET's cash and unrestricted investments stood at
INR4.37 million in FY18 (FY17: INR5.25 million, FY16: INR1.05
million). The cash and unrestricted investments covered 4.68% of
its total debt of INR93.31 million in FY18 (FY17: 9.70%) and
5.23% of its operating expenditures of INR83.56 million (7.22%).

The trust's debt burden increased to 2.07x in FY18 (FY17: 1.65x,
FY16: 1.98x) on account of a 72.3% yoy increase in debt to fund
capex of INR66.07 million (85% debt, 15% equity/internal
accruals) during FY18-FY19. The capex was incurred for
constructing an arts college for women with an annual approved
intake of 200 students.

The ratings are also constrained by NET's volatile operating
margins during FY12-FY18. The margins increased to 34.98% in FY18
(FY17: 31.02%, FY16: 33.13%) on account of a 21.93% yoy increase
in operating income, partially offset by a 14.93% yoy rise in
operating expenditures.

However, the ratings are supported by the trust's comfortable
coverage ratios as indicated by debt service coverage ratio of
2.56x in FY18 (FY17: 1.82x). The improvement was attributed to a
37.62% yoy increase in current balance before interest and
depreciation (CBBID) to INR45.09 million, resulting from a 21.98%
yoy increase in total income to INR128.65 million. Interest
coverage ratio also improved to 5.99x in FY18 (FY17: 4.10x) owing
to improvement in the current balance before interest and
depreciation.

NET's headcount increased 2.89% yoy to 2,135 in FY18. The trust
operated at 85% capacity in FY18 (FY17: 83%). Ind-Ra expects the
headcount to improve during FY19-FY20 owing to availability of
infrastructure to accommodate nearly 2,500 students. Also,
commencement of the arts college in the academic year 2018-2019
will further support the company's operational profile.

RATING SENSITIVITIES

Negative: Any unexpected decline in student headcount and NET's
debt servicing ability would lead to a negative rating action.

Positive: A sustained improvement in the operational performance
and a comfortable liquidity profile would lead to a positive
rating action.

COMPANY PROFILE

NET was established as Public Charitable Trust in 2002 by Dr. A S
A Jerald Gnanarathinam. The trust manages Noble Matriculation
Higher Secondary School (NMHSS) in Aruppukottai, Tamil Nadu which
provides education to K-12 students. The school is affiliated to
the Directorate of Matriculation Schools, Tamil Nadu which have
unique curriculum until grade X and follow the Tamil Nadu State
Board curriculum for grades XI and XII. The campus is spread
across 8.33 acres in Aruppukottai, Tamil Nadu.


NUTRI AGROVET: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings on bank facilities of Nutri Agrovet (Nutri)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan              2        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with Nutri for
obtaining information through letters and emails dated March 31,
2018 and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Nutri continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Nutri, set up in 2013, manufactures poultry feed with capacity of
100 tonne per day. The firm has a manufacturing facility in
Kanpur, Uttar Pradesh. Nutri is a partnership firm with Mr. Ajay
Tiwari, Mr. Mohammad Imran, Mr. Jitendra Dixit, Mr. Mahanand
Pathak and Mr. Mohammad Naseem as partners.


PARAMOUNT TEXTILE: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Paramount
Textile Mills Private Limited's (PTMPL) Long-Term Issuer Rating
to 'IND BB+' from 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limits Long-term
    rating upgraded; Short-term rating affirmed with
    IND BB+/Stable/IND A4+ rating.

-- INR75 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating;

-- INR80.4 mil. (reduced from INR101.78 mil.) Term loan due on
    March 2023 upgraded with IND BB+/Stable rating; and

-- INR20 mil. Proposed fund-based limits* Long-term rating
    upgraded; Short-term rating affirmed with Provisional
    IND BB+/Stable/Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The upgrade reflects a substantial increase in PTMPL's revenue
during 1HFY19, led by an increase in the number of orders
received and executed along with the addition of new customers,
after a dip in sales in FY18. PTMPL achieved revenue of INR727.96
million during 6MFY19 as against the revenue of INR371.90 million
during 6MFY18 (FY18: INR934 million; FY17: INR1,179 million).
Despite dip in revenue, the EBITDA margin rose to 10.5% in FY18
(FY17: 8.2%), on account of an increase in the revenue
contribution from the high-margin made-up segment, and was 11.2%
during 6MFY19. However, the scale of operations remains small and
margin average with ROCE of 14% in FY18 (FY17: 17%).

The rating also factor in PTMPL's modest credit metrics, as
reflected in the net leverage (net debt/operating EBITDA) of
3.35x (FY17: 3.17x) and interest coverage (operating EBITDA/gross
interest expense) of 1.95x (2.99x). The deterioration in credit
metrics was mainly due to an increase in total debt and interest
expenses. Ind-Ra expects the total debt position to increase over
the medium term on account of a debt-led capex. However, the
credit metrics are likely to improve on account of a higher
increase in operating EBITDA.

The ratings also reflect PTMPL's tight liquidity and a stretch in
its working capital cycle to 106 days in FY18 (FY17: 51 days)
primarily due to an increase in inventory days to 101 days (46
days) as some of the customers asked to defer the delivery while
maintaining continuous production. The receivable cycle also
increased to 68 days in FY18 (FY17: 60 days) as the company had
extended the credit period offered to their major customers to
maintain the relationships. Also, the company's average maximum
utilization of the fund-based limits was up to 95% over the eight
months ended September 2018.

The ratings, however, are supported by PTMPL's track record of
over 30 years in the textile industry which results in strong
customer relationships.

RATING SENSITIVITIES

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

Positive: A substantial rise in the revenue and the EBITDA
margin, leading to an improvement in the credit metrics, on a
sustained basis, will lead to a positive rating action.

COMPANY PROFILE

Established in 1979, PTMPL manufactures grey fabrics and made-ups
and exports them to the US and European countries. The company is
located in Madurai, south India and is managed by Mr. Ramu
Murugesan.


PHARMACON: CRISIL Raises Rating on INR4.5cr Cash Credit to B+
-------------------------------------------------------------
CRISIL has upgraded its rating at 'CRISIL B+/Stable' from CRISIL
B/Stable for the bank facilities of Pharmacon (PC); while
reaffirming short term rating at 'CRISIL A4'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee        2.5      CRISIL A4 (Reaffirmed)

   Cash Credit           4.5      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The rating upgrade reflects the steady business growth rate while
maintaining healthy margin along with moderate financial risk
profile. The firm has a moderate debt protection metrics marked
by increased accruals against which there are no major repayment
obligations.

The ratings also continue to reflect PC's modest scale of
operation along with large working capital requirement. These
weaknesses are partially offset by extensive experience of
promoters in the medical equipment distribution business and
healthy relationship with suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation:  Scale of operations are small as
reflected in sale of INR22.15 crore in 2016-17; which is majorly
on account of the  trading nature of operations, high competition
with distributers of other medical equipment manufacturers, other
manufacturers.

* Large working capital requirement: The Company has large
working capital requirements, as reflected in high gross current
assets of 166 days as on March 31, 2017.

Strength

* Extensive experience of promoters in the medical equipment
distribution business and healthy relationship with suppliers:
The partners have been in the medical equipment industry for more
than two decades and this extensive experience has helped the
company to grow over the years by expanding its geographical
presence to Kerala.

Outlook: Stable

CRISIL believes PC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant and sustained increase in revenue and
profitability strengthens cash accrual and either there is no or
minimal withdrawals to maintain the liquidity. Conversely, the
outlook may be revised to 'Negative' if stretch in working
capital cycle, or adverse risk management policies or large cash
withdrawals by proprietor weaken financial risk profile,
particularly liquidity.

PC was set up in 2007 by Mr. C. P. Rajeev, Mr. Madhavan, Mrs.
Praseeda and Mr. Priya. The firm is engaged in the trading of
medical devices and medicines like pacemaker, coronary stent,
heart valves and syringes to hospitals and medical institutes in
Kerala.


SAI SWADHIN: CARE Lowers Rating on INR7.64cr Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sai Swadhin Commercials Private Limited (SSCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.64      CARE D Revised from CARE B;
   Facilities                     Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
SSCPL is takes into account the on-going delay in the debt
servicing of the company. Going forward, the ability of the
company to regularize the debt servicing obligations and timely
repayment of debt will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
the debt servicing of the company. The term loan installments are
over-dues for more than three months and the account is
classified as NPA as confirmed by the banker.

Sai Swadhin Commercials Private Limited (SSCPL) was incorporated
in August, 2008, however after remaining dormant for seven years
the company started commercial operation from April 2015. The
company was promoted by Mr. Jami Ramesh, Mr. Jami Sivasai , Mrs.
Jami Kavita and Mrs. Jami Nirmala based out of Koraput, Odisha.
The company has been engaged in extraction of cashew nut shell
liquid and cashew de-oiled cake at its plant located at Ganjam,
Odisha. The plant has a processing capacity of 252,000 quintals
for cashew de-oiled cake and 108,000 quintals for cashew nut
shell liquid. The company procures its raw materials from
domestic markets and sales through dealers across all over India.
Presently, the company has around 25 dealers. Mr. Jami Ramesh and
Mr. Jami Sivasai looks after the day to day activities of the
company and has more than two decades of experience in the same
line of business through other similar group companies they are
equally supported by other directors and a team of experienced
professionals who are having adequate experience in the similar
line of business.


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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR1 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND BB- (ISSUER NOT COOPERATING) / Provisional IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR16 mil. Term loan maintained in Non-Cooperating Category
     with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994 by Mr. Sarabjit Singh and Ms. Malveen Kaur,
Sangat Printers is engaged in the printing of food packaging
materials, magazines, banners and cartons. It has two servicing
facilities in Haryana and one each in Delhi and Hyderabad.


SHELAR PROPERTIES: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings on bank facilities of Shelar Properties
Private Limited (SPPL) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Long Term Loan        6.95      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    5.55      CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan            24.00      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SPPL continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

SPPL, incorporated in 1999, operates two multi-facility hotels at
Nashik and Thane, both in Maharashtra, under the Express- Inn
brand. Its operations are managed by the promoter, Mr. Narayan
Shelar.


SHREE KRISHNA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings on bank facilities of Shree Krishna Rice
and General Mills (SRGM) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          7.75       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term   1.25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan            1.50       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

   Warehouse Receipts   4.50       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SRGM for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SRGM continue to be 'CRISIL B/Stable Issuer not
cooperating'.

SRGM was set up in 2000 as a partnership between Mr. Abhinav Goel
and his brother. The firm, based in Kotkapura, mills and sort
basmati rice. It deals in PUSA1121 and PL11 varieties of basmati
rice.


SHREEMAAVAISHNAVI AGRI: CARE Gives B+ Rating to INR4.95cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shreemaavaishnavi Agri Producer Company Limited (SMV), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            4.95      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SMV is primarily
constrained on account of its modest scale of operations with
financial risk profile marked by thin profitability margins, weak
solvency position and working capital intensive nature of
operations. The rating is, further, constrained on account of
seasonality associated with agro commodities with presence in
highly fragmented and government regulated industry. The rating,
however, favorably takes into account the experienced management
in the agro industry with location advantage.  Improvement in the
scale of operations while improving profitability margins along
with improvement in solvency and liquidity position would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous growth in Total Operating Income (TOI) and thin
profitability margins: During FY18, TOI witnessed a significant
growth of around 66.31%, however stood modest at INR24.24 crore.
Further till June 30, 2018, the company has registered TOI of
INR12 crore. Being present in the industry of trading of
agriculture commodities as well as processing of dall, the
profitability of the company is exposed to fluctuation in prices
as well as availability of agriculture commodities. The
profitability margins of SMV stood thin with PBILDT and PAT
margin of 4.56% and 0.23% respectively in FY18 as against 1.10%
and 0.23% respectively in FY17.

Weak solvency position: The capital structure of the company
stood weak with an overall gearing of 6.86 times as on March 31,
2018. Further, the debt service coverage indicators of the
company stood weak with total debt to GCA of 19.64 times as on
March 31, 2018 and interest coverage ratio stood moderate at 1.62
times in FY18.

Working Capital intensive nature of operations: The business of
the firm is working capital intensive in nature with moderate
operating cycle of 47 days in FY18. The current ratio and quick
ratio stood moderate at 1.18 times and 1.05 times respectively as
on March 31, 2018. It has utilized 90% its working capital bank
borrowings in last twelve month ended June 2018.

Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry: As the
company is engaged in the processing of agriculture commodities,
the prices of agriculture commodities remained fluctuating and
depend on production yield, demand of the commodities and
vagaries of weather. Hence, profitability of the SPPL is exposed
to vulnerability in prices of agriculture commodities. Further,
the business of the SPPL is characterized by highly fragmented
and competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the
industry do not have any pricing power. Furthermore, the industry
is characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.

Key Rating Strengths

Experienced management: Mr. Virendra Rathore, director, looks
after the overall affairs of the company and has around 15 years
of experience in the industry. Further he is supported by other
directors, Mr. Sarvesh Upadhyay, post graduate by qualification
and has 20 years of experience. Mr. Sanjay Joshi looks after
advertising and marketing function of the SMV, Mr. Dharmendra
Rathore looks after the accounts and finance function of the
company and Ms Reena Rathore, graduate by qualification and looks
after operations of the company. Further, the management is
supported by a team of 30 skilled and experienced employees in
smooth functioning of the company.

Location advantage: The main raw material of the company is
agricultural products majorly pulses. The company is located at
Madhya Pradesh, which is one of the major pulses growing area in
India. SMV's presence in the region results in benefit derived
from cheap and easy availability of raw material and low
transportation and storage cost.

SMV based out of Madhya Pardesh was incorporated in 2016. It is
engaged in the trading of agricultural commodities including
wheat, soyabean, Chana etc.

During FY17, the company undertook a project for establishing a
dall processing mill with an installed capacity of 720 tonne per
day. It has incurred total cost of INR6.00 crore funded through
term loan of INR3.50 crore and balance through promoters both by
way of capital and unsecured loans and was completed in January,
2017. The company purchases raw material directly from the
farmers and sells its products all over India under the brand
name of "SMVAP".


STEELFUR SYSTEMS: Ind-Ra Withdraws 'BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Steelfur System
Private Limited's (Steelfur) Long-Term Issuer Rating of 'IND BB-
(ISSUER NOT COOPERATING)'.

The instrument wise rating actions are:

-- The IND BB- rating on the INR28.5 mil. Fund-based working
    capital limits are withdrawn;

-- The IND BB- rating on the INR18.6 mil. Term loan are
    withdrawn;

-- The IND BB- rating on the INR5.0 mil. Non-fund-based working
    capital limits are withdrawn;

-- The IND BB- rating on the INR1.5 mil. Proposed fund-based
    working capital limits are withdrawn; and

-- The IND BB- rating on the INR5.0 mil. Proposed non-fund-based
    working capital limits are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Established in 2007, Steelfur mainly provides storage solutions
such as racks and cabinets to supermarkets and various
industries.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limit maintained in non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR11 mil. Term loan maintained in non-cooperating category
    with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR95 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 26, 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 1986 in Chennai, the company provides plumbing
and sanitary installation, fire protection installation as well
as specialized installation services.


SURYA NARAYAN: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings on bank facilities of Surya Narayan Agro
Private Limited (SNAPL) continue to be 'CRISIL B-/Stable Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2         CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    0.5       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             3.0       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SNAPL for
obtaining information through letters and emails dated March 31,
2018 and September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SNAPL continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

Incorporated in 2014, Surya Narayan Agro Private Limited (SNAPL),
has set up 8 ton per hour (TPH) non-basmati rice mill unit at
Burdwan,West Bengal having an estimated cost of around Rs.7.19
crores (including working capital margin). The project was funded
by term loan of Rs.3 crores and remaining through funding support
from promoters in the form of equity or unsecured loan. When the
case was discussed in the committee last time the company was in
the process for contracting the necessary funding support from
the bank, but the promoters had already infused their part equity
capital in the company. SNAPL's day to day operations are looked
after by its promoter director Mr. Subhash Ghosh.


SWARUP POLYMERS: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings on bank facilities of Swarup Polymers
Private Limited (SPPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

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

   Letter of Credit      5         CRISIL A4 (ISSUER NOT
                                   COOPERATING)

   Proposed Long Term    1.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

   Term Loan             3.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated March 31, 2018 and
September 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SPPL continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

SPPL, incorporated in 1988, is being promoted by Mr. Ram Swarup
Baisiwala, his son Mr. Yogesh Baisiwala and Mr. Pradeep Kumar
Gupta. It manufactures bumper of the passenger cars for the
replacement market, and PVC flex sheet for the advertisement
purpose.


VEENDEEP OILTEK: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Veendeep Oiltek
Exports 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:

-- INR50 mil. Fund-based facilities migrated to  non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based facilities migrated to  non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.


VEER INDUSTRIES: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Veer
Industries, as:

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

   Short-term Bank
   Facilities           1.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Veer Industries
are primarily constrained by the small scale of operations in
highly competitive nature of industry, low profitability margins,
leveraged capital structure coupled with low partners' capital
base and weak debt coverage indicators and working capital
intensive nature of operations. The ratings are further
constrained by VEI being susceptible to fluctuations in raw
material price. The ratings, however, draw comfort from
experienced partners and growing scale of operations.

Going forward; the ability of the firm to increase its scale of
operations while improving its profitability, improvement in
capital structure and managing its working capital requirements
shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations with low partners' capital base: The
scale of operations of the firm stood small as marked by total
operation income and gross cash accrual at INR35.09 crore and
INR0.28 crore respectively for FY18 (FY refers to period April 1
to March 31). Further, the partners' capital base of the firm
stood low at INR4.81 crore as on March 31, 2018. The small scale
of operations limits the firm's financial flexibility in times of
stress and deprives it of scale benefits.

Low profitability margins, leveraged capital structure and weak
debt coverage indicators: The profitability margins of the firm
remained low marked by PBILDT and PAT margins stood at around
4.40% and 0.60% respectively for the past two financial years
i.e. FY17 and FY18 owing to highly competitive nature of
industry.

The capital structure of the firm stood leveraged as marked by
overall gearing ratio of above 2.50x as on past two balance sheet
dates ending March 31, '17-'18 owing to high dependence on
external borrowings to meet working capital requirements.  Owing
to low profitability margins with high debt levels, the debt
coverage indicators stood weak marked by interest coverage of
below 1.30x and total debt to GCA of above 40x for the past two
financial years i.e. FY17-FY18.

Working capital intensive nature of operations: Operations of the
firm are working capital intensive as reflected from almost full
utilization of the working capital limits for past 12 months
period ending September 30, 2018. The high working capital
requirements pertain to high realization period. The firm
receives payment from the customers in around 3-4 months.
Furthermore, the firm caters to government sector entities,
wherein the payments realisation is delayed due to procedural
delays. The firm maintains an inventory of around one month for
smooth running of its production process. On the contrary, the
firm has to make payment to the suppliers in around 3-4 months.
All this resulted into high working capital requirements, which
are met through external borrowings.

Susceptible to fluctuations in raw material price: Raw material
constituted more than 90% of the total raw material cost for
FY18, thereby making profitability sensitive to raw material
prices mainly due to the reason that the major raw material are
commodity in nature and witness frequent price fluctuations.
Furthermore the prices of copper are driven by the international
prices which had been volatile in past. Thus, any adverse change
in the prices of the raw material may affect the profitability
margins of the firm.

Highly competitive industry: The firm operates in a competitive
industry wherein there is presence of a large number of players
in the unorganized and organized sectors. Hence, the players in
the industry do not have any pricing power and are exposed to
competition induced pressures on profitability.

Key rating strengths

Experienced partners and long track record of operations: Mr.
Ajit Prasad Jain and Mr. Prateek Jain are the partners in the
firm and both manage the overall operations of the firm. Mr. Ajit
Prasad Jain, has around four decades and Mr. Prateek Jain has an
experience of one and half decades of experience in the industry
through their association with VEI. VEI has been operating in
this business for nearly four decades, which aid in establishing
relationships with both customers and suppliers and also in
understanding the market dynamics.

Growing scale of operations: For the period FY17-FY18, VEI's
total operating income grew from INR22.13 crore to INR35.09 crore
owing to higher quantity sold. Further, the firm has achieved a
total operating income of INR16.38 crore for 6MFY18 (refers to
period April 1 to September 30; based on provisional results).

Delhi based, Veer Industries was established in 1978 as a
proprietorship firm by Mr. Ajit Prasad Jain. It reconstituted in
partnership firm in year 2011. The firm is managed by Mr. Prateek
Jain and Mr. Ajit Prasad Jain sharing profit and losses in equal
proportion. VEI is engaged in manufacturing of cables and wires
such as submersible winding wire, copper winding wire, enameled
copper wire, motor wing wire, transformer winding wire, three
core cable etc. The main raw materials required for manufacturing
are copper road, polyfilm and insulation (varnish) and mainly
procured domestically. The firm sells its products under the name
of 'Aqua Wires', through network of dealers and distributor
network located across India. Furthermore, the firm also supplies
to public sector undertaking where it gets order through tenders.



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


AGUNG PODOMORO: Fitch Lowers LT IDR to B, Outlook Stable
--------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based property developer
PT Agung Podomoro Land Tbk's Long-Term Issuer Default Rating to
'B' from 'B+'. The Outlook is Stable.

At the same time, the agency has downgraded the rating on APLN's
USD300 million of notes due 2024 to 'B' from 'B+'; the Recovery
Rating on the notes remains at 'RR4'. The notes are issued by
APLN's wholly owned subsidiary APL Realty Holdings Pte. Ltd. and
guaranteed by APLN and several of its subsidiaries.

The rating downgrades follow deterioration in APLN's operating
cash flows, which has forced it to take on more borrowing. Fitch
expects APLN's operating cash flows to be increasingly negative
over the medium term and presales are unlikely to recover
significantly. This is exacerbated by APLN's capex plans which
will remain high at around IDR2 trillion through to 2019 (in
first 9 months of FY18, capex was IDR533bn).

APLN's rating reflects the company's sufficient land bank and
strong brand franchise in Indonesia's property market. The rating
also benefits from non-development cash flows from APLN's
investment property portfolio, which includes the Central Park
and Emporium shopping malls, which are flagship malls in West and
North Jakarta that enjoy high foot traffic. However, the cash
flow quality of APLN's non-development portfolio has worsened in
the past few years due to increasing contribution from its
hotels, which have more volatile income than shopping malls.

KEY RATING DRIVERS

Additional Debt to Cover Expenses: APLN's high exposure to mixed-
use property projects leaves it with less flexibility to time
capex and construction. The weak presales in 2018 resulted in
negative operating cash flow, and APLN did not generate enough
cash to cover interest and taxes. It had to rely on external
borrowings and asset sales to fund the cash flow gap, which
pushed up leverage. Fitch does not expect a meaningful turnaround
in presales, and estimates that APLN's leverage will increase to
above 50% over the short to medium term.

Presales Weaker than Expected: Fitch has reduced its forecast for
APLN's 2018 attributable presales to IDR1.4 trillion from IDR 3.7
trillion. The lower presales were due to weak consumer sentiment
ahead of major elections in 1H19 and delays in APLN's permit to
start sales for its Medan mixed-use project. In addition, there
was a delay in land sales to China Fortune Land Development Co
Ltd (CFLD, BB+/Stable), which Fitch now expects to be executed in
stages in the next three years compared with one-time sales in
2018.

Fitch expects presales from APLN's development projects to
recover after the elections due in April 2019, and assuming the
bulk land sales are executed as planned. APLN has also received
the permit for the Medan project and presales there have
improved. The bulk land sales lower the predictability of
operating cash flows and reduce overall realisations from the
company's land bank, but the cash from such sales helps plug the
negative operating cash flows.

Jakarta Bay Reclamation Project: Fitch has adjusted APLN's
leverage metrics to exclude inventory from its projects on
islands I and F totalling IDR836 billion, after the Jakarta
government annulled the reclamation licences for those two
undeveloped islands. However, APLN says it may recover some of
the costs related to islands I and F that stem from the
contribution it made to the Jakarta provincial government's
public infrastructure projects to secure licences for the
islands. The Jakarta government requires developers to contribute
to public infrastructure projects, such as public housing, before
granting them development permits for their property projects.

Fitch continues to include inventory from island G, where APLN's
Pluit City project is located, as the licence for this island has
not been revoked. APLN reported that it has collected IDR2.1
trillion in customer advances for Pluit City, and spent IDR2.7
trillion on land reclamation. To date, APLN received requests to
cancel IDR611 billion of the advances, with IDR123 billion
refunded in cash. The remaining customers elected to transfer
their advances to APLN's other projects. Fitch believes that APLN
has sufficient inventory to allow the switches. As of June 30,
2018, APLN reported real-estate inventory, excluding reclamation
projects, of around IDR6.6 trillion.

Capex Bridged by Sofitel Sale: APLN is in the process of selling
the Sofitel Bali hotel, from which the company expects to receive
net proceeds of IDR1.2 trillion, which will be used to partly
fund its capex plans. APLN's capex pace has slowed this year as
presales and associated cash flows have weakened. As of September
30, 2018, the company had made total capex of IDR533 billion
versus its previous expectation of IDR1.5 trillion for the full
year. Fitch, however, expects APLN to resume its capex pace as
soon as the Sofitel sale is completed, because the projects will
drive non-development income and some of them are critical
selling points in some of its mixed-use developments.

Strong Presales from Bandung Project: Presales at a landed
township in Bandung, in which APLN has a 38% investment, have
been strong since the launch earlier this year, and are on track
to meet management's target for 2018. APLN previously expected to
consolidate the project into its financial statements by
increasing its shareholding to 64% by end-2018, but the
transaction is not yet finalised and ownership at end-2018 is
likely to be 55%. Fitch has not yet factored in cash flows from
the Bandung project into the rating forecast, but has included
APLN's equity contribution in this project in the leverage
calculation, and included the project's attributable presales
when assessing APLN's operating scale

DERIVATION SUMMARY

Fitch views that APLN has a more favourable property development
profile than PT Kawasan Industri Jababeka Tbk (KIJA, B/Stable),
as it has larger development scale and its portfolio is more
diversified and less exposed to cyclical industrial land demand.
However, APLN leverage is rising due to high capex commitments
and weak presales from its mixed-use projects. KIJA has lower
development risk and stronger non-development coverage from a
long-term electricity contract with state-owned PT Perusahaan
Listrik Negara (Persero) (PLN, BBB/Stable). As a result, both
companies are rated at the same level.

APLN is rated at the same level as PT Intiland Development Tbk
(Intiland, B(EXP)/Stable) as Fitch expects both companies to
generate similar attributable presales. APLN has more meaningful
non-development income contribution and better project
diversification than Intiland, but this is counterbalanced by
APLN's higher leverage.

KEY ASSUMPTIONS

  - Sofitel Bali sold by end-2018, with net proceeds of IDR1.2
    trillion

  - Land sales to CFLD totalling IDR1.2 trillion (attributable)
    in stages from 2019 to 2021

  - No cash refunds related to Pluit City project and APLN will
    switch customers' advances received for Pluit City to other
    projects

  - Capex totalling IDR2.3 trillion in 2018-2019

Key Recovery Rating Assumptions:

  - The recovery analysis assumes APLN would be liquidated in a
bankruptcy rather than continue as a going-concern because it is
an asset-heavy company. The analysis is based on management
accounts as of December 31, 2017.

  - Fitch assumes 75% recovery from accounts receivable;

  - 50% recovery from short-term inventory;

  - 60% recovery from investment property and fixed assets;

  - 100% recovery from land for future development. Fitch assumes
full recovery because land is recognised at historical
acquisition cost, and the current market value is considerably
higher.

Fitch has adjusted the assets and debt by minorities' shares, and
deducted inventory from island I and F from the recovery
calculation.

  - Fitch estimates APLN's liquidation value to be able to cover
100% of its secured and unsecured debt, corresponding to a 'RR1'
Recovery Rating for the senior unsecured notes after adjusting
for administrative claims. The Recovery Rating is, however,
capped at 'RR4' because under Fitch's Country-Specific Treatment
of Recovery Ratings criteria, Indonesia falls into 'Group D' of
creditor friendliness. Instrument ratings of issuers with assets
in this group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

  - Neutral to positive net cash flows from operation after
    interest and taxes

  - Attributable presales of more than IDR3 trillion a year

  - Net debt/ adjusted inventory below 50%

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

  - Attributable presales lower than IDR1.5 trillion a year

  - Net debt/ adjusted inventory higher than 60% (2018F: 44.4%;
    2019F: 50.4%)

  - Evidence of weakening liquidity such as inability to
    refinance maturing debts

LIQUIDITY

APLN has significant debt maturity of IDR1.7 trillion in 2019.
Liquidity is supported by an unrestricted cash balance of IDR1
trillion and undrawn credit limit of IDR2.1 trillion as of
September 30, 2018. Fitch believes APLN will continue to have
access to various domestic funding avenues to refinance maturing
debts or to support short-term working capital needs. This is
recently demonstrated in June 2018 when the company secured
IDR1.3 trillion in syndicated loans due in 2020.


SAWIT SUMBERMAS: Fitch Affirms B+ IDR & Alters Outlook to Stable
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based palm oil
producer PT Sawit Sumbermas Sarana Tbk's long-term ratings to
Stable from Positive. At the same time, the agency has affirmed
the Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+' and the rating on the USD300 million 7.75% senior notes due
2023 issued by SSMS Plantation International Pte. Ltd. at 'B+',
with Recovery Rating of 'RR4'. Fitch Rating Indonesia has also
affirmed SSMS's National Long-Term Rating at 'A(idn)'.

Fitch had previously expected that net leverage, as measured by
adjusted net debt to EBITDAR, would reduce to below 2.5x by 2019,
but Fitch believe this will be challenging to achieve. Fitch now
expects slower deleveraging due to increasing challenges for the
palm oil industry and the likelihood of further acquisitions by
the company to expand its acreage. Accordingly, Fitch has revised
the Outlook to Stable. SSMS's rating reflects its low-cost and
efficient plantation profile, relatively small scale and
concentrated plantation, and its moderate financial profile.

'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.

KEY RATING DRIVERS

Consolidated Profile: Fitch rates SSMS based on the consolidated
profile of its parent PT Citra Borneo Indah (CBI) due to the
strong linkages between CBI and its subsidiaries, in line with
Fitch's Parent and Subsidiary Rating Linkage criteria. Fitch's
assessment reflects the strong legal linkage stemming from the
cross default and guarantees provided by CBI to SSMS's US dollar
notes, and moderate operational linkage. CBI derives most of its
earnings from SSMS.

Deleveraging to Slow: Fitch no longer expect leverage to fall to
below 2.5x by 2019. Instead, Fitch expects leverage of between
3.0x and 3.5x in the next two years, which is consistent with the
rating. Higher capex and continued losses in CBI's other
businesses compared with its previous expectations contributed to
leverage remaining above 2.5x. Fitch believes the decline in CPO
prices has also increased the overall risks for the CBI group.
The company's ambition to expand its plantation asset or
supporting infrastructure will also help keep leverage above
2.5x.

Efficient, Low-Cost Producer: SSMS's rating is supported by its
low cash production costs, which are due to its good upstream
operating metrics and the strategic location of its plantation
asset. SSMS's plantation yields 20.8 tonnes of fresh fruit
bunches (FFB) per hectare with CPO oil extraction rate (OER) of
23.1% in 2017, higher than its peers' 20%-21%. SSMS benefits from
the well-connected infrastructure and logistics of its plantation
and favourable soil and terrain. SSMS's plantation area is close
to ports and processing facilities, which allows the company to
produce high-quality CPO with low free fatty acid (FFA) content.

Small, Concentrated Plantation: SSMS had planted acreage of
around 71,000 ha concentrated within a 60km radius in Central
Kalimantan end-June 2018. This concentration leaves the company
vulnerable to negative developments or issues, such as weather or
social issues, in the area, which may impact its operation. The
risk is mitigated by SSMS's track record of stable operation.

Increasing Production: Fitch expects SSMS's CPO production to
rise gradually to around 460,000 tonnes in 2020 (2017: 343,000
tonnes), driven by improving age profile and larger mature area.
SSMS has an average maturity profile of around 9 years as of end-
June 2018 with around 35% of its plantation in the immature and
young mature stage.

Construction of Downstream Facility Completed: CBI's first
refinery started operation in the middle of 2018, and is
gradually ramping up its production. The refinery will expand the
group's operations over the value chain and improve its business
profile in the longer run. However, Fitch sees execution risk in
ramping up the business, and Fitch does not expect meaningful
operating cash flow generation for one or two years after project
commissioning.

Increasing Sustainability Effort; Risks Remain: The company is
putting in more effort towards improving the sustainability of
its operation. The company is working to achieve this with
Daemeter, a social and environmental group with expertise in the
commodity supply chain. However, continued allegations about
shortcomings in sustainability and environmental standards by
other organisations may cause reputational damage in the longer
run.

Exposure to Commodity Risk: SSMS is vulnerable to volatility in
CPO prices. The average CPO benchmark price fell to an average of
USD535/tonne in 3Q18 from an average of around USD650/tonne in
2017 due to robust output and a more challenging export market.
Fitch sees risk of sustained pressure on CPO prices over the next
year from weak export demand and robust production levels.

Risk of Acquisitions: Fitch expects SSMS will remain acquisitive
and expansionary in the medium term, which could delay debt
reduction and increase operational risk. SSMS will focus on
acquiring a producing or planted asset. However, Fitch believes
the new plantation asset is not likely to have operating
performance comparable to its existing plantation due to limited
availability and strong demand for such assets in light of
planting restrictions.

DERIVATION SUMMARY

SSMS's operational profile is comparable to other higher rated
Indonesian peers. SSMS's nucleus plantation yields 19.8 million
tonnes of FFB per ha, while its mills generate CPO OER of 23.1%.
SSMS maintains a competitive cost structure, which provides
buffer against volatility in CPO prices. However, SSMS's
plantation size is considerably smaller and is concentrated in
one region.

SSMS's credit profile can be compared with that of PT Tunas Baru
Lampung Tbk (TBLA, BB-/A+(idn)/Negative), an Indonesian-based
palm oil and sugar producer. Compared with SSMS, TBLA has a
smaller plantation profile and weaker palm oil operating
performance. However, TBLA has more diversified products and
distribution channels than SSMS with over 50% of its palm oil
sales derived from downstream products, and it has a sugar
business that lends stability. These factors justify the one
notch difference in the rating.

A closer peer is Golden Energy and Resources Limited (GEAR)
group, a coal producer, rated at 'A(idn)' with Positive Outlook.
Similar to SSMS, GEAR has good cost position in the top quartile
of the production cost curve. However, GEAR's coal calorific
value (CV) is low compared to the industry average, which results
in lower selling prices and weaker profitability. In comparison,
SSMS generates high quality CPO and is able to generate better
profitability than the industry average. Fitch thinks this factor
is offset by GEAR's better financial profile compared to SSMS.

KEY ASSUMPTIONS

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

  - Benchmark CPO prices: USD575/tonne in 2018, USD600/tonne in
    2019, USD625/tonne in 2020, and long-term price of
    USD650/tonne thereafter

  - FFB yield (nucleus) gradually improving to 23.2 tonne/ha by
    2020; CPO OER at around 22.8% in 2018 and 23.1% in 2019
    onwards.

  - Investments in new assets of around IDR500 billion-600
    billion per year

  - Capex at around IDR540 billion in 2019-2020 and IDR465
    billion a year from 2021

  - Minimal EBITDA contribution from refinery; continued EBITDA
    losses of around IDR150 billion per year for CBI's other
    businesses

  - SSMS's dividend payout at 30% of net income; no dividend
    payout by CBI

RATING SENSITIVITIES

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

  - Fitch would consider positive rating action when SSMS's
planted acreage trends towards 100,000 ha while maintaining its
operating profile

  - Consolidated leverage (adjusted net debt to EBITDAR) falls to
below 2.5x for a sustained period (end-2017: 2.5x)

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

  - Consolidated leverage (adjusted net debt to EBITDAR)
increases to above 3.5x for a sustained period

  - Consolidated coverage (operating EBITDA/interest paid)
decreases to below 2x for a sustained period (end-2017: 2.9x)

LIQUIDITY

Adequate Liquidity, Lumpy Maturity: SSMS's near- to medium-term
liquidity is comfortable with large cash balance and in the
absence of any significant debt maturities. SSMS had unrestricted
cash of IDR2.3 trillion as of end-June 2018, which is sufficient
to meet its IDR200 billion loan maturing within one year. The
USD300 million US dollar bond that matures in 2023 accounts for
78% of the company's debt. Fitch expects SSMS to have some
flexibility in managing its debt maturity profile in the near to
medium term before the debt matures, although rising global
interest rates and CPO price volatility present risks.



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


A&G PRICE: Bounces Back After Liquidation in 2017
-------------------------------------------------
Jake McKee Cagney at Stuff.co.nz reports that A&G Price, a
company which shed 100 employees last year, is making a comeback,
securing contracts in Australia, Singapore, and New Caledonia.

Foundry business A&G Price, which was established in Thames in
1871 after opening in Auckland in 1868, went into liquidation in
July 2017, only months from marking their 150th year, Stuff
notes.  The liquation saw 100 employees lose their jobs, Stuff
says.

In April this year, it was sold to Auckland businessman Chris
Reeves and is now coming up to having a 40-person staff.

According to Stuff, engineering manager Peter Yates, who has
worked at A&G Price for 24 years, said they could "safely say
it's a healthy business now".

Stuff relates that Mr. Yates said the market would dictate how
far the company would grow, to which they were taking a "fairly
conservative" approach towards.


CUI INSURANCE: Fitch Withdraws BB+ IFS Rating on Reorganisation
---------------------------------------------------------------
Fitch Ratings has downgraded New Zealand-based CUI Insurance
Limited's Insurer Financial Strength Rating to 'BB+' (Moderately
Weak) from 'BBB-' (Good). The Outlook is Stable and the Rating
Watch Negative has been removed.

Fitch has simultaneously withdrawn the rating of CUI Insurance as
CUI Insurance is undergoing a reorganisation. Accordingly, Fitch
will no longer provide ratings or analytical coverage for CUI
Insurance.

KEY RATING DRIVERS

The downgrade follows the weaker business franchise and earnings
generation from its credit union owner, the New Zealand
Association of Credit Unions (trading as Co-op Money NZ; Issuer
Default Rating: BB/Negative).

The withdrawal follows the completion of the sale of CUI
Insurance's entire business book to Provident Insurance
Corporation, and its intention to give up its insurance licenses.
CUI Insurance was previously known as Credit Union Insurance
Limited.

RATING SENSITIVITIES

Not applicable.


GRATO CONSTRUCTION: In Liquidation, Owes to 79 creditors
--------------------------------------------------------
Stuff.co.nz reports that new homes under construction have been
caught up in the collapse of a Taranaki building company.  On
October 3, Grato Construction Limited, which traded as Navigation
Homes Taranaki, was put into liquidation.

According to Stuff, the initial liquidator's report said the
company had five builds on the books.

Grato Construction's voluntary liquidation was initiated by its
joint shareholders, Michael Van Prehn and Sara Greensill.

Stuff relates that the couple voted to undertake the action using
a special resolution under the Companies Act.

The initial report by liquidators Philip Macey and James Eden,
which was written on October 10 and is publicly available,
indicated liabilities for the business totalled about NZ$887,000,
Stuff discloses.  But work was continuing to ascertain the exact
amount of money involved.

"At this stage, creditor claim forms are still being processed
and until they have been an exact figure cannot be confirmed,"
Stuff quotes Mr. Macey as saying in a written reply to questions.

The report shows there were 79 creditors listed at the time of
the company's liquidation, the majority of which are based in
Taranaki, Stuff discloses.

It also said Van Prehn and Greensill owed the company about
NZ$226,000 but this figure had yet to be officially confirmed by
the liquidators, Stuff states.

The company operated from premises on South Rd and was registered
with the Master Builders Association.

Stuff adds that the report said early inquiries revealed the
company had experienced cash flow problems "for several years"
prior to liquidators being appointed.

"In late September 2018, the directors of the company attempted
to put in place a creditor compromise, however this was
unsuccessful," the report, as cited by Stuff, said.

On the morning of the liquidators' appointment, tools, vehicles
and other assets were taken away from the South Rd property and
all the building sites were visited apart from one outside of New
Plymouth, according to Stuff.

In a written statement, Scott Matthews, general manager of Master
Build Services, said it was working with home owners caught up in
liquidation fall out, Stuff relays.

"We understand that this is a very stressful time for the home
owners and we have been in touch with clients of Grato
Construction Limited who hold a Master Build Guarantee. Several
guarantee claims have already been resolved and we are working
with the remaining home owners who have a guarantee. Due to
confidentiality, we are not able to comment on individual
contracts," Stuff quotes Mr. Matthews as saying.




                             *********

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
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Information contained herein is obtained from sources believed
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