TCRAP_Public/181114.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 14, 2018, Vol. 21, No. 226

                            Headlines


A U S T R A L I A

CORRIDORS COLLEGE: Second Creditors' Meeting Set for Nov. 21
EASTERN FIRE: Second Creditors' Meeting Set for Nov. 20
FORSYTH TRANSPORT: Second Creditors' Meeting Set for Nov. 21
HORIZON CONSULTING: First Creditors' Meeting Set for Nov. 21
KAWANA JOINERY: Second Creditors' Meeting Set for Nov. 21

PSYCHE HOLDINGS: First Creditors' Meeting Set for Nov. 21
QLD PROPERTY: First Creditors' Meeting Set for Nov. 22


C H I N A

CERCG OVERSEAS: Korean Financial Firms Suffer Cross-Default


H O N G  K O N G

NOBLE GROUP: To Name Former Morgan Stanley Banker as Chairman


I N D I A

ASHIANA DWELLINGS: ICRA Assigns B- Rating to INR114.81cr Loans
ATTRUKAL BHAGAVATHY: CRISIL Assigns B+ Rating to INR5cr LT Loan
B T ROADLINES: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
BHAGATPUR TEA: ICRA Maintains 'B' Rating in Not Cooperating
BOSTIN ENGINEERS: Ind-Ra Maintains D LT Rating in Non-Cooperating

CELOGEN PHARMA: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
DARSHAN SAGAR: ICRA Withdraws B+ Rating on INR15cr Cash Loan
EAST HOOGHLY: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
EASTMAN METTCAST: ICRA Maintains C+ Rating in Not Cooperating
GARG INDUSTRIES: ICRA Lowers Rating on INR22cr Loan to B

GM REDDY: Ind-Ra Maintains B+ LT Issuer Rating in Non-Cooperating
INFRASTRUCTURE LEASING: Starts Steps to Monetise Certain Assets
INFRASTRUCTURE LEASING: Lenders Oppose 90-day Moratorium
INTERNATIONAL FRESH: ICRA Moves D Rating to Not Cooperating
JAJODIA EXPORTS: ICRA Maintains B Rating in Not Cooperating

KARYAVATTOM SPORTS: Ind-Ra Cuts Rating on INR1.6BB Loans to BB
KINGSMEN FAIRTECH: CRISIL Reaffirms B+ Rating on INR10cr Loan
NBM IRON: ICRA Maintains B+/A4 Ratings in Not Cooperating
ONE AUTO: CRISIL Lowers Rating on INR10.5cr Loan to B+
PROTHOM INDUSTRIES: ICRA Moves 'D' Rating to Not Cooperating

RGTL INDUSTRIES: ICRA Maintains D Rating in Not Cooperating
SATGURU METALS: ICRA Maintains 'D' Rating in Not Cooperating
SHREE SANGAMESWARA: ICRA Lowers Rating on INR3cr Loan to D
SHREE SHIVAM: ICRA Withdraws 'B' Rating on INR4.98cr Loans
SIKSHA 'O' ANUSANDHAN: ICRA Retains B+ Rating in Not Cooperating

SOLIZO VITRIFIED: ICRA Assigns B+ Rating to INR26.9cr Loan
SPECIALITY POLYMERS: ICRA Moves D Rating to Not Cooperating
SRI SAI AGRO: ICRA Maintains 'B' Rating in Not Cooperating
STANDARD CONSULTANTS: ICRA Maintains B+ Rating in Not Cooperating
SUNSTAR OVERSEAS: ICRA Maintains D Rating in Not Cooperating

TIRUMALA EDUCATIONAL: ICRA Reaffirms B+ Rating on INR20cr Loans
TOPLON INDUSTRIES: CRISIL Lowers Rating on INR13.5cr Loans to D
UNITED ELECTRICALS: ICRA Maintains B Ratings in Not Cooperating
V.P. HI-TECH: CRISIL Assigns B Rating to INR5.5cr Term Loan


I N D O N E S I A

MERPATI NUSANTRA: Hopes to Resume Operations Next Year


J A P A N

SURUGA BANK: Sues Former Management Team Over Irregularities


N E W  Z E A L A N D

EBERT CONSTRUCTION: Creditors Appoint BDO as New Liquidator
FOREX BROKERS: Director Mulls Bankruptcy After Facing NZ$4M Claim


S O U T H  K O R E A

GM KOREA: KDB Expresses Regrets Over Refusal of Talks With Union


                            - - - - -


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


CORRIDORS COLLEGE: Second Creditors' Meeting Set for Nov. 21
------------------------------------------------------------
A second meeting of creditors in the proceedings of Corridors
College Ltd has been set for Nov. 21, 2018, at 2:30 p.m. at the
offices of KPMG, Level 8, 235 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 20, 2018, at 4:00 p.m.

Clint Peter Joseph, Matthew David Woods and Hayden White of
KPMG were appointed as administrators of Corridors College on Oct.
17, 2018.


EASTERN FIRE: Second Creditors' Meeting Set for Nov. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Eastern Fire
Pty Ltd has been set for Nov. 20, 2018, at 3:00 p.m. at Chartered
Accountants Australia and New Zealand, at Level 18, 600 Bourke
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 19, 2018, at 5:00 p.m.

Greg Stuart Andrews & Andrew Juzva of G S Andrews Advisory were
appointed as administrators of Eastern Fire on Oct. 16, 2018.


FORSYTH TRANSPORT: Second Creditors' Meeting Set for Nov. 21
------------------------------------------------------------
A second meeting of creditors in the proceedings of Forsyth
Transport Pty Ltd has been set for Nov. 21, 2018, at 11:00 a.m. at
the offices of Mackay Goodwin, at Level 10, 239 George Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 20, 2018, at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Forsyth Transport on
Sept. 4, 2018.


HORIZON CONSULTING: First Creditors' Meeting Set for Nov. 21
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Horizon
Consulting Pty Ltd will be held at the offices of HoganSprowles,
at Level 9, 60 Pitt Street, in Sydney, NSW, on Nov. 21, 2018, at
3:00 p.m.

Christian Sprowles and Michael Hogan of HoganSprowles were
appointed as administrators of Horizon Consulting on Nov. 9, 2018.


KAWANA JOINERY: Second Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Kawana Joinery
Co. Pty Ltd has been set for Nov. 21, 2018, at 3:30 p.m. at
Leichhardt Hotel, Cnr Denham and Bolsover Street, in Rockhampton,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 20, 2018, at 4:00 p.m.

Derrick Craig Vickers and Michael Owen of
PricewaterhouseCoopers were appointed as administrators of Kawana
Joinery on Oct. 17, 2018.


PSYCHE HOLDINGS: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Psyche
Holdings Pty Limited and Clock Tower Systems Pty Ltd will be held
at McGrath Executive Suites, at Level 5, 115 Pitt Street, in
Sydney, NSW, on Nov. 21, 2018, at 10:00 a.m.

Anthony Elkerton and Cameron Gray of DW Advisory were appointed as
administrators of Psyche Holdings on Nov. 9, 2018.


QLD PROPERTY: First Creditors' Meeting Set for Nov. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of Qld
Property Developments Management Pty Ltd will be held at the
offices of McLeod & Partners, at Level 9, 300 Adelaide Street, in
Brisbane, Queensland, on Nov. 22, 2018, at 10:30 a.m.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Qld Property on Nov. 12, 2018.



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


CERCG OVERSEAS: Korean Financial Firms Suffer Cross-Default
-----------------------------------------------------------
The Korea Herald reports that South Korea's financial institutions
suffered insolvency of asset-backed commercial papers on Nov. 9,
following a Chinese firm's default on payments due for bonds.

The ABCPs were backed by dollar-denominated bonds worth $150
million that were declared insolvent on Nov. 8. This accounts for
some 7 percent of all bonds issued by CERCG Overseas Capital, a
Hong Kong subsidiary of China Energy Reserve & Chemicals Group.

ABCPs refer to short-term money-market securities collateralized
by other financial assets, the report discloses.

According to the Korea Herald, the securities have attracted
investments from nine Korean institutions -- Hyundai Motor
Securities, BNK Securities, KB Securities, KTB Asset Management,
Busan Bank, Yuanta Securities Korea, Shinyoung Securities, Golden
Bridge Asset Management and KEB Hana Bank.

Hyundai Motor Securities was the top investor, pouring in
KRW50 billion (US$44.3 million). Some 4,400 retail investors and
140 corporate investors are estimated to be affected by the
financial fallout, according to Rep. Ji Sang-wook of the small
opposition Bareunmirae Party, the Korea Herald relays. Losses from
the insolvency will be reflected in the respective financial
statements of the institutions, except for those already reflected
in the second quarter. Nearly half of investments by Hyundai Motor
Securities were recorded as losses in the second quarter.

Hanwha Investment & Securities and eBest Financial Investment
issued the ABCPs on May 8, the report says.

The Korea Herald notes that the cross-default expected Nov. 9
comes amid concerns that assets that serve as collateral for the
ABCP are subject to bankruptcy. Only three days later, CERCG
Overseas Capital missed payments of a separate bundle of bonds
worth $350 million, the report states. Later in May, the CERCG
cited "tightening in credit conditions" amid a state crackdown on
financial risk.

Litigation among parties concerned is looming, while authorities
and companies are at odds as to who to blame for the insolvency,
the Korea Herald says.

According to the report, Yuanta Securities and Shinyoung
Securities filed a respective damage suit against Hyundai Motor
Securities for its failure to buy back the commercial papers as
promised, while Hyundai Motor Securities sued an employee at
Hanwha Investment & Securities for failing to meet obligations to
explain investment risks to the investor.

In October, FSS Gov. Yoon Suk-heun said in a parliamentary audit
that Hanwha and eBest are legally responsible for the insolvency,
calling them "underwriters" of the securities, the Korea Herald
reports.

The report relates that Hanwha Investment & Securities Chief
Executive Kwon Hee-baek denied claims that it issued the
securities as underwriters. He added the company's decision to
issue the securities was based on a report by Korean rating agency
Nice Investors Service, which rated the Chinese bonds at a rating
of "A2." Later in May, the rating plummeted to "C," the report
adds.



================
H O N G  K O N G
================


NOBLE GROUP: To Name Former Morgan Stanley Banker as Chairman
-------------------------------------------------------------
Neil Hume and Stefania Palma at The Financial Times reports that a
former Morgan Stanley banker has emerged as the frontrunner to be
the next chairman of Noble Group, the commodity trader trying to
push through a $3.5 billion debt restructuring.

Ian Potter, who ran Morgan Stanley's Asian commodities business
and is now a partner at a private equity group, is in advanced
discussions with the company, said people with knowledge of the
situation, the FT relates.

According to the FT, Hong Kong-based Noble is looking to replace
Paul Brough, a restructuring expert who was brought in to try to
save the company after it was plunged into crisis by a large debt
load and questions about its accounting.

In August, Mr. Brough revealed plans to step down, telling a
shareholder meeting that his successor had to be someone with
"extensive" industry expertise, the FT relates.

Mr. Potter is managing partner of Singapore-based Lion City
Capital Partners, which according to its website has "deep
expertise in hard and soft commodity-related assets". Before Lion
City he was head of Morgan Stanley's Asian commodities business,
the FT says.

According to the FT, Noble, which is listed in Singapore, once had
ambitions to be an Asia-based rival to Glencore, buying up mining
and agriculture assets and growing to become a full-scale
international commodity trader.

But over the past three years, concerns about its accounting and
ability to service a large debt load led to its near collapse,
before its creditors agreed to a $3.5 billion debt-for-equity swap
that will hand them control of the business.

Noble's market value has shrunk to just $86 million and its shares
are down 98 per cent since concerns about its accounting first
surfaced in a series of research reports in February 2015, the
report discloses. Noble has always defended its accounting.

The FT says Noble's creditors - mainly hedge funds - backed the
debt-for-equity swap last week and the company is now seeking
court approval in the UK and Bermuda to complete the
restructuring.

Under the deal, Noble's debt burden will be halved and its
creditors will take a 70 per cent stake in the company, which is
planning to focus on its Asian coal trading business and liquefied
natural gas, the FT states.

Even after the debt-for-equity swap is complete, Noble will still
face a battle to survive and service its remaining debts,
according to rivals and analysts, the FT relays. Commodity trading
is a fiercely competitive industry where margins are razor thin
and access to cheap credit is essential.

"Steering Noble out of the doldrums is a daunting challenge," the
FT quotes Jean-Francois Lambert, a former HSBC commodities banker
who now runs his own consultancy Lambert Commodities, as saying.
"It is not unfair to say that the management's credibility has
been harmed by huge losses over a long-lasting and painful
restructuring process."

Noble, led by Will Randall, an Australian, warned last month that
it would record a loss for the third quarter, blaming financing
and restructuring costs and losses from discontinued operations,
according to the FT.

In a recent ruling, a judge in London's High Court highlighted
more than $80 million of fees Noble had paid to creditors and
lenders supporting the restructuring, saying these were not
"insignificant amounts".

The FT relates that the court documents also showed Noble had
agreed to settle a $100 million claim made by Cofco, the China's
state-owned grains company, related to its $1.5 billion purchase
of a 51 per cent stake in Noble's agricultural business in 2014.

                         About Noble Group

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

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

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

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

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

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

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



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


ASHIANA DWELLINGS: ICRA Assigns B- Rating to INR114.81cr Loans
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- for the
INR64.81-crore optionally convertible debentures (OCD), INR40.00-
crore term loan and INR10.00-crore non-fund based facilities of
Ashiana Dwellings Private Limited. The outlook on the long-term
rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            40.00      [ICRA]B-(Stable); assigned

   Non-fund based-
   BG                   10.00      [ICRA]B-(Stable); assigned

   Optionally
   Convertible
   Debenture            64.81      [ICRA]B-(Stable); assigned

Rationale

The rating takes into consideration the Group's [with flagship
Ashiana Homes Private Limited (AHPL)] track record and experience
in the real estate industry, and intermediate execution stage of
the phase-1 of the project with structural work completed.
However, the rating is constrained by the stretched liquidity
position of the company due to weak sales velocity and inadequate
customer advances, leading to high dependence on borrowings. High
debt repayments, coupon payments and redemption premium payments
in the near term are expected to keep the cashflows of the company
under pressure, thereby necessitating reliance on timely promoter
support, refinancing/extension of debt repayments, and higher
incremental sales. The execution risk remains high as only 60% of
the construction cost has been incurred for phase-1 and the
company has a target completion date of June 2019. Further, the
execution of the project remains highly dependent on fund
availability.

The company's ability to bring in additional funds or refinance
existing debt/receive extension for debt, as well as increase its
sales velocity, will remain crucial for timely debt payments and
timely completion of the project.

Outlook: Stable

ICRA expects ADPL's credit profile to remain modest and in line
with the rating. The outlook may be revised to Positive if the
company is able to extend its debt maturity profile and improve
customer collections, easing its liquidity position. The outlook
may be revised to Negative if the liquidity position remains weak
for a prolonged period of time, thereby impacting debt servicing
and project execution capacity.

Key rating drivers

Credit strength

Established track record of AHPL and experience of promoters: The
company, which is a special purpose vehicle (SPV) of AHPL, is
promoted by the Modi family that has been involved in the real
estate industry for more than 30 years. AHPL has built over 34
lakh square feet (lsft) of residential and commercial space.
ICRA's rating draws comfort from the company's track record and
experience of more than 30 years of promoters in the industry.

Credit challenges

Substantial debt repayments in near term despite extension of
earlier repayments: The company has taken extension in the due
date of the first instalment of INR22.0-crore OCDs along with the
applicable coupon and redemption premium from February 16, 2018 to
December 31, 2018. However, the incremental sales and customer
collections remain weak, resulting in stretched liquidity position
for the company. It remains highly dependent on timely promoter
support or additional funding support and incremental sales for
the timely payment of debt due in December 2018 and February 2019.
This apart, the company has been regular in making the monthly
interest payments against term loan, while it has also taken
extension in the principal payment of the term loan.

Low sales velocity and exposure to market risk: The market risk
continues to be high as is evident from the moderate sales (~58%
of phase-1 area sold till September 2018) and customer collections
due to the subdued market conditions, high supply in the real
estate market in Gurgaon, and under-construction status of the
project. The sales velocity has remained very weak in the last 12
months. Timely completion of the project remains crucial for
improvement in the incremental sales velocity and sales price of
the project.

High execution risk: The execution risk remains for phase-1 as the
target completion date is June 2019. The company remains highly
dependent on timely fund availability for completion of phase-1 of
the project on time. Further, execution risk is high for the
remaining phases.

Ashiana Dwellings Pvt Ltd (ADPL) is an SPV of AHPL, incorporated
in 2014 for the purpose of development of Ashiana Mulberry
project. AHPL holds ~80% stake in the company, while the remaining
20% is held by Indiareit, the real estate private equity arm of
the Piramal Group. AHPL was incorporated in 1987, with presence
mostly in north India, and has developed more than 3.4 msf
(million square feet) of area. Ashiana Mulberry is a residential
project located in Sector 2, Sohna, Gurugram with total saleable
area of 0.95 msf. The company plans to develop the project in
phases, wherein 2.62 msf of area is part of Phase-I (which is
under development), while the other phases are yet to be launched.
Phase-1 consists of two towers of G+13 floors and 1 tower of G+17
floors with four flats per floor. The total project cost for
phase-1 is INR115.82 crore and full project is INR460.02 crore.


ATTRUKAL BHAGAVATHY: CRISIL Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long term
bank facilities of Attrukal Bhagavathy Amman tex (AB).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed Working
   Capital Facility      5         CRISIL B+/Stable (Assigned)

   Cash Credit           2         CRISIL B+/Stable (Assigned)

   Long Term Loan        5         CRISIL B+/Stable (Assigned)

The ratings reflect the firm's nascent stage of operations. The
rating weakness is partially offset by proprietor's extensive
experience.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: The firm's scale of operations is
expected to remain modest over the medium term, owing to the
nascent stage of operations.

Strength

* Proprietor's extensive experience: Mr. Jeyaprakashnarayanan has
an extensive experience of more than a decade in the textile
industry. CRISIL believes AB will continue benefit from the
experience of the proprietor.

Outlook: Stable

CRISIL believes that AB will benefit over the medium term from its
proprietor's extensive experience. The outlook may be revised to
'Positive' if AB ramps up operations faster than expected and
generates healthy cash accruals leading to better financial
profile. Conversely outlook may be revised to 'Negative' if drop
in cash accrual or stretch in working capital cycle leads to
weakening of its financial profile, particularly liquidity.

Established in August 2017, AB commenced the operations in April
2018. AB is engaged in the business of manufacturing of cotton and
polyester yarn. The company has its registered office in Dindigul,
Tamil Nadu.


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

The instrument-wise rating actions are:

-- INR12.7 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating;

-- INR38.73 mil. Term loan maintained in non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR1 mil. Non-fund-based working capital limits maintained in
    non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2011, B T Roadlines is a subsidiary of Gujral
Group of companies, engaged in the transportation and hotel
business, governed by the board of directors Mr. Bhupinder Singh
Gujral, Mrs. Tejinder Kaur Gujral , Mr. Gaganjeet Singh Gujral,
Mr. Sudipta Bhattacharya and Mr. Debdulal Talukdar.


BHAGATPUR TEA: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the bank facilities of Bhagatpur Tea Co.
Ltd (BTCL) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         0.06       [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-         6.44       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

BTCL was acquired by the present management in October 2000 from
the erstwhile promoters and is engaged in the production and
processing of tea from its garden located in Jalpaiguri, West
Bengal.


BOSTIN ENGINEERS: Ind-Ra Maintains D LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Bostin
Engineers Pvt 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:

-- INR60 mil. Fund-based limits (Long-term) maintained in Non-
    cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR4.96 mil. Term loan (Long-term) maintained in non-
    Cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR89 mil. Non-fund-based limits (Short-term) maintained in
    Non-cooperating Category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Bostin Engineers is a design, engineering
and manufacturing entity for boiler pressure parts and other
customized products for the power industry. It has a manufacturing
facility in West Bengal.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limit maintained
    in non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Celogen Pharma was incorporated in 2005 by Mr. Vijaykumar Nair. It
manufactures pharmaceutical formulations at its facility in
Mahape, Navi Mumbai, and exports them to Nigeria, South East Asia
and Sri Lanka.


DARSHAN SAGAR: ICRA Withdraws B+ Rating on INR15cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a stable
outlook - ISSUER NOT COOPERATING assigned to the INR15.00-crore
bank facilities of Darshan Sagar Developers as the debt facilities
has been fully repaid and there is no outstanding debt as on date.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-Cash      15.00      [ICRA]B+ (Stable) ISSUER NOT
   Credit                          COOPERATING; Withdrawn

Rationale

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

Mumbai based Darshan Sagar Developers, a joint venture between Mr.
Sanjeev Malik promoted Soham Group and Mr. Jitendra Mehta of JVM
Spaces, was incorporated in the year 2011. Mr. Sanjeev Malik
independently as also with other JVs has developed approximately
13 lakh sq ft in Mulund and Thane over the past 10 years and
currently he is developing about 10 lakh sq ft in Thane and
Khandala. Mr. Jitendra Mehta is the chief founder of JVM Spaces
and had been associated with Soham Group for ~10 years and served
as the chief executor in many projects.


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

The instrument-wise rating actions are:

-- INR76.5 mil. Fund-based limits maintained in non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR3.84 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating; and

-- INR38.43 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 3, 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 December 2009, East Hooghly PolyPlast, promoted by
Mr. Mainak Mondal, Mr. Bimal Pal and Mr. Kamal Pal, manufactures
high-density polyethylene tarpaulins and fabric sheets used in
agriculture and construction industries.


EASTMAN METTCAST: ICRA Maintains C+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR17.00-crore bank facility of
Eastman Mettcast Limited (EML) continues to be in the 'Issuer Not
Cooperating' category. The rating is denoted as [ICRA]C+ ISSUER
NOT COOPERATING.

                  Amount
   Facilities   (INR crore)    Ratings
   ----------   -----------    -------
   Cash Credit      15.00      [ICRA]C+ ISSUER NOT COOPERATING;
                               Rating continues to remain in
                               the 'Issuer Not Cooperating'
                               category

   Term Loan         2.00      [ICRA]C+ ISSUER NOT COOPERATING;
                               Rating continues to remain in
                               the 'Issuer Not Cooperating'
                               category

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

EML, initially promoted by Mr. Jagdeep Singal and his family, was
incorporated in June 2006, as Swift Mettcast Limited and
manufactures casting parts for the automotive ancillary industry.
EML manufactures aluminum high pressure die cast and precision
machined sand cast parts for auto ancillaries, at its
manufacturing facility located in Hambran, Ludhiana, Punjab. In
December 2013, the company was taken over by Mr. Subhash Goel and
his family and currently both the families are jointly managing
the operations of the company.


GARG INDUSTRIES: ICRA Lowers Rating on INR22cr Loan to B
--------------------------------------------------------
ICRA has downgraded the long-term rating for the INR22.01 crore
fund-based limits of Garg Industries Limited to [ICRA]B ISSUER NOT
COOPERATING from [ICRA]BB ISSUER NOT COOPERATING. The outlook on
the long-term rating is Stable. Further, ICRA has reaffirmed the
short-term rating for the INR2.0 crore non-fund based limits of
GIL at [ICRA]A4 ISSUER NOT COOPERATING. The ratings continue to
remain in the 'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund-based         22.00      [ICRA]B (Stable) ISSUER NOT
   Limits                        COOPERATING; Revised from
                                 [ICRA]BB (Stable), Rating
                                 continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Non-fund based      2.00      [ICRA]A4 ISSUER NOT
   limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

As part of its process and in accordance with its rating agreement
with GIL, ICRA has been trying to seek information from the entity
so as to monitor its performance, but despite repeated requests by
ICRA, the entity's management has remained non-cooperative. In the
absence of requisite information, and in line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

Rationale

The rating revision takes into account ICRA's expectation of
deterioration in GIL's financial profile post the significant
weakening in the overall credit profile of other group entities
namely Raipur Power and Steel Limited (RPSL, rated [ICRA]D ISSUER
NOT COOPERATING) and Parth Concast Limited (PCL, rated [ICRA]D
ISSUER NOT COOPERATING).

Incorporated in 1991, GIL manufactures wire rods from steel
billets (capacity of 36,000 tonne per annum or TPA) at its
manufacturing facilities in Ludhiana. The company is promoted by
the Garg family of Ludhiana - Mr. N.D. Garg, Mr. Vinod Garg and
Mr. Balraj Garg. The promoters of the company have set-up two
other companies - RPSL and PCL. RPSL manufactures sponge iron,
ferro alloys, billets, iron ore pellets, wire rods and HB wires in
Durg, Chattisgarh. PCL manufactures billets from sponge iron at
its manufacturing facilities located adjacent to those of RPSL in
Durg.


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

The instrument-wise rating action is:

-- INR75 mil. Fund-based working capital limits maintained
    in Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 9, 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 July 2010, GM Reddy Cotton Industries is engaged
in cotton ginning and pressing at its plant in Parkal, Warangal.
The site is equipped with 36 ginning machines and one pressing
machine, with a processing capacity of 320 bales per day.


INFRASTRUCTURE LEASING: Starts Steps to Monetise Certain Assets
---------------------------------------------------------------
Reuters reports that Infrastructure Leasing and Financial Service
(IL&FS) has initiated steps to explore the sale of certain assets,
as it attempts to move forward on a restructuring plan for the
wider group, the company said in a statement on Nov. 12.

According to Reuters, the firm said IL&FS' board has decided to
publicly solicit expressions of interest for its stakes in both
IL&FS Securities Services, and ISSL Settlement & Transaction
Services, which both play in the financial services space.

It added that any transactions however, would be subject to
regulatory approvals, the report relates.

                            About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments over the last one month. This was
said to be an attempt to restore the confidence of financial
markets in the credibility and solvency of the infrastructure
financing and development group.


INFRASTRUCTURE LEASING: Lenders Oppose 90-day Moratorium
--------------------------------------------------------
Livemint.com reports that lenders of IL&FS group on Nov. 13
opposed before the National Company Law Tribunal (NCLAT) the 90-
day moratorium over the loans taken by the debt-laden group and
its subsidiaries.

The banks have also asked the appellate tribunal to allow them not
to classify IL&FS account as NPA in case of non-payment,
Livemint.com relates.

Meanwhile, the government informed National Company Law Appellate
Tribunal (NCLAT) that it has prepared a roadmap to revamp the
company, the report says.

The tribunal has fixed December 17 as the next date of hearing,
the report discloses.

On October 15, NCLAT had stayed all proceedings against IL&FS
group and its 348 firms till its further orders, over an urgent
petition moved by the government, Livemint.com recalls.

According to the report, the ministry of corporate affairs had
approached the appellate tribunal after the Mumbai bench of
National Company Law Tribunal (NCLT) turned down its plea to grant
90-day moratorium over the loans taken by IL&FS and its
subsidiaries.

The NCLT on October 1 suspended the board of IL&FS on the
government's plea and authorised reconstitution of the board by
appointing seven directors two days later, the report notes.

                          About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments over the last one month. This was
said to be an attempt to restore the confidence of financial
markets in the credibility and solvency of the infrastructure
financing and development group.


INTERNATIONAL FRESH: ICRA Moves D Rating to Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR30.00-crore bank facility of
International Fresh Farm Products Private Limited (IFFPL) has been
moved to the 'Issuer Not Cooperating' category. The rating is
denoted as [ICRA]D ISSUER NOT COOPERATING.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       13.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

   Term Loan         17.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating moved to 'Issuer Not
                                Cooperating' category

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

Incorporated in 1996, International Fresh Farm Products India
Limited (IFPIL) is a limited company promoted by Mr. Sukhinder
Singh and his family members. Initially the company was engaged in
the business of providing cold storage and warehousing facility on
a rental basis. In FY2012, the company ventured into processing of
wheat and started manufacturing various Wheat Products like Atta,
Maida, Suji, Bran and other by products. In FY2014, the company
commenced processing of vegetables and installed a cold chain
facility for frozen vegetables. The company mainly store
vegetables like Peas and Potatoes (~80%). The company procures
most of its requirement of Peas from farmers, local vendors, and
from open market. IFPIL sells its frozen food products under its
own in-house brands "Fresh Farm".


JAJODIA EXPORTS: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the bank facilities of Jajodia Exports
Pvt Ltd (JEPL) continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Cash      7.50      [ICRA]B (Stable) ISSUER NOT
   Credit                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in 2011, Jajodia Exports Pvt Ltd (JEPL) is engaged in
the trading of food grains, diesel engines for irrigation pumps
and completely knocked down E-rickshaw components. The promoters
of JEPL started operations in the year 1995 as a partnership firm
under the name of Jajodia Exports and were initially engaged in
the trading of food grains only. Over the period of time, the
entity has also ventured into trading of diesel engines for
irrigation pumps and completely knocked down E-rickshaws. JEPL
primarily sells food grains and E-rickshaws (CKD) in the state of
West Bengal, while diesel engines are sold in the state of Uttar
Pradesh, Bihar and West Bengal.


KARYAVATTOM SPORTS: Ind-Ra Cuts Rating on INR1.6BB Loans to BB
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on Karyavattom Sports Facilities Limited's (KSFL)
senior project bank loans:

-- INR1.680 bil. Senior project bank loans* downgraded; Placed
    on RWN with IND BB/RWN rating; and

-- INR735 mil. Senior project bank loans* downgraded; Placed on
    RWN with IND BB/RWN rating.

* INR1,906 million outstanding as on November 5, 2018

KEY RATING DRIVERS

The ratings reflect KSFL's non-realization of additional annuity
income from its counterparty (National Games Secretariat), lower-
than-estimated realization of non-annuity income compared with the
base case estimates, as well as deterioration in credit profile of
the sponsor, IL&FS Transportation Networks Limited (ITNL; 'IND
D'). KSFL is likely to face a shortfall in cash flows for debt
servicing in the short-term in the event of non-realization of
additional annuity from the counterparty and non-annuity income
lower than the base case estimates. This could also result in
depletion of created debt service reserve account.

KSFL received the fourth annuity of about INR305 million on
September 6, 2018. The annuities are to be received in the form of
13 structured installments from National Games Secretariat. KSFL
was expected to receive an additional annuity by 1HFYE19 due to an
incremental change in the scope of work undertaken by the company.
As per management, it will receive an additional annuity as a
lump-sum payment or on a pro rata basis over 10 years.

The sponsor risks have increased due to the deterioration of
ITNL's credit profile; hence, support to the project in case of a
shortfall in cash flow for debt servicing is limited.

KSFL is a new and integrated facility comprising sports and
recreational facilities. National Games Secretariat is a state
government undertaking and has timely made three annuity payments
in full, as per the original concession agreement. Ind-Ra will
continue to monitor the quantum and timely receipt of annuities
from the counterparty.

There is no performance deduction mechanism specified in the
concession agreement. However, as per the concession agreement,
National Games Secretariat will release annuity payments only
after the certification of independent consultant on satisfactory
maintenance of the facilities every year.

KSFL's projected revenue for the loan tenor factors in revenue
from multiple streams such as use of varied sports facilities and
non-sports facilities. KSFL has an agreement with the Kerala
Cricket Association for the usage of field of play and associated
facilities for 180 days annually for a period of 11 years ending
FY28. KSFL plans to host T20 cricket league and football league
matches each year. Moreover, KSFL operates a sports academy for
cricket, football, swimming and badminton.

KSFL has selected a multiplex operator, which has been paying rent
since September 2017. As per the company, the negotiations for
selecting the naming rights partners for the stadium and the
stands are underway and likely to be finalized in FY19.
Discussions for leasing out retail/office space, restaurant and
convention center are also underway. Any shortfall in non-annuity
revenue compared with Ind-Ra's base case projections could lead to
stressed coverage metrics.

The project debt will amortize over December 2015-December 2026,
leaving a one-year tail. A debt service reserve account of INR55
million (as on 5 November 2018) in the form of a fixed deposit is
being maintained. The debt is at a floating interest rate,
exposing cash flows to some volatility. Debt service coverage
metrics will depend on timely and complete receipt of annuities
and sustained non-annuity income in line with Ind-Ra's
projections.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded
upon resolution. Ind-Ra will monitor the receipt of additional
annuity from the counterparty, non-annuity income generation in
line with estimates and maintenance of debt service reserve.
Operational and financial performance lower than base case
estimates is a key rating sensitivity.

PROJECT PROFILE

KSFL is a special purpose vehicle sponsored by ITNL. It was set up
to develop a multi-purpose Greenfield stadium in Karyavattom,
Thiruvananthapuram, Kerala, on a design, build, operate and
transfer annuity basis. It is the first sports infrastructure
project to be built by a private player in an annuity format in
India and the first design, build, and operate and transfer-
modelled stadium. The project achieved the final completion date
on February 29, 2016.


KINGSMEN FAIRTECH: CRISIL Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Kingsmen Fairtech Interiors Private Limited
(KFIPL).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Bank Guarantee      10.25      CRISIL A4 (Reaffirmed)

   Cash Credit          5         CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit        10         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the capital intensive operations
and tender-based nature of business. These weaknesses are
partially offset by company's established relationship with
clients and benefits derived from its association with Kingsmen
Creative Ltd, Singapore.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Capital intensive
operations reflected in GCA of 257 days as on march31, 2018 on
account of debtors and inventory of 164 days and 106 days
respectively.

* Exposure to risks relating to the tender-based nature of
business: As all revenue accrues from tender-based projects, the
ability to successfully bid for and execute those remains
critical. Moreover, the periodicity of floatation of tenders is
not fixed and hence revenue can be high in certain years and low
in others. Also, most of the tenders can be executed in a short
duration, leading to under utilisation of capacities in certain
years. These risks will persist.

Strengths

* Established relationship with clientele: After over only 5 years
in the industry, KFIPL has completed more than 100 projects. There
has not been any case of performance guarantee being invoked or
liquidation damages being charged (due to time overrun), which is
indicative of the quality of products supplied and project
execution capability by the company. These factors have ensured
repeat orders from clients such as BMW India Pvt Ltd, LG
Electronics India Pvt Ltd, Jubliant FoodWorks Ltd., Apollo Tyres
Ltd, TAG Heuer S.A., Ford India Pvt Ltd, Toyota Kirloskar Motor
Pvt Ltd, Maruti Suzuki India Ltd, PVR Ltd, and Lenskart.com. Going
forward KFIPL is expected to maintain its established market
position on the back of its strong track record and client
relations.

Outlook: Stable

CRISIL believes KFIPL will continue to benefit from the
established relationship with its clientele. The outlook may be
revised to 'Positive' if increase in revenue and cash accruals and
improvement in working capital management and capital structure
strengthens financial risk profile. The outlook may be revised to
'Negative' if decline in revenue or accrual, large, debt-funded
capex or stretch in working capital cycle weakens financial risk
profile.

Incorporated in 2010 as a joint venture of Delhi-based Mr Ajay
Kumar Kapoor and the Singapore-based Kingsmen group, KFIPL
provides end-to-end interior design solutions for corporate
clients. It primarily provides interior design services for retail
showrooms and exhibition stalls, and recently ventured into
designing museums for government authorities. After the demise of
Mr Ajay Kapoor in fiscal 2017, all operations are managed by his
wife Ms Pooja Kapoor, who is now managing director of KFIPL.


NBM IRON: ICRA Maintains B+/A4 Ratings in Not Cooperating
--------------------------------------------------------
ICRA said the rating for INR69.36 crore bank facilities of NBM
Iron and Steel Trading Private Limited continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Non fund-based     49.98      [ICRA]A4; ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Unallocated        19.38      [ICRA]A4; ISSUER NOT
   limits                        COOPERATING; Rating continues
                                 to remain under 'Issuer Not
                                 Cooperating' category

   Long-term/Short-  (49.00)     [ICRA]B+ (Stable)/A4; ISSUER
   term non fund-                NOT COOPERATING; Rating
   based limits                  continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

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

NBM Iron & Steel Trading Private Limited ('NBM' or 'the company')
was originally incorporated in August 1997 as Hussain Sheth Ship
Breakers Private Limited, in Bhavnagar. After temporarily
suspending ship-breaking activities, the company was renamed as
NBM Iron and Steel Trading Private Limited in 2005 and resumed
ship-breaking activities in 2009. Presently, NBM operates from
Plot No. 61 (2,178 square metres) at Alang-Sosiya Ship breaking
Yard, Bhavnagar on a lease basis from Gujarat Maritime Board
(GMB). NBM procures ships from the international market for the
purpose of ship-breaking, recycling and selling the scrap in the
domestic market.


ONE AUTO: CRISIL Lowers Rating on INR10.5cr Loan to B+
------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of One
Auto Private Limited (OAPL) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Drop Line          1.47        CRISIL B+/Stable (Downgraded
   Overdraft                      from 'CRISIL BB-/Stable')
   Facility

   Electronic        10.5         CRISIL B+/Stable (Downgraded
   Dealer Financing               from 'CRISIL BB-/Stable')
   Scheme(e-DFS)

   Inventory          9.0         CRISIL B+/Stable (Downgraded
   Funding Facility               from 'CRISIL BB-/Stable')

   Overdraft          2.88        CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Long Term Loan     9.15        CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The ratings downgrade reflects deterioration in the business risk
profile with flattish scale of operation despite addition of new
term loans. The financial risk profile has also weakened further,
due to subdued debt protection metrics and low networth, leading
to weak liquidity.

The ratings continues to reflect benefits derived from association
with Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL
A1+), a well managed working capital cycle over the past three
years. These strengths are partially offset by the moderate scale
of operations in an intensely competitive automobile dealership
business, and weak financial risk profile.

Key Rating Drivers & Detailed Description

Strengths

* Association with MSIL: The company has obtained the MSIL's
dealership to sell its passenger cars in February 2012 in Kolkata.
Benefits enjoyed are in the form of incentives on sales,
reimbursement of sale promotion expenditure incurred under print
media and hoardings, and price benefits in case of appreciation in
inventory price. Furthermore, the robust market position of MSIL
also aids the company.

* Healthy and stable working capital cycle: Working capital cycle
has been efficiently managed as indicated by gross current assets
(GCAs) of 70 days in last three years ended March 31, 2018, driven
by inventory holding period of 30-40 days and low debtors of 16
days, while almost no credit is received from its principal.

Weakness

* Moderate, flattish scale of operations: Scale of operations is
moderate with operating income at Rs 126.7 crore in fiscal 2018,
improving from Rs 118 crore in the previous fiscal and Rs 132.76
crore in fiscal 2016. Intense competition from the dealers of
other leading and established players exerts pressure on the sales
and profitability of the company.

* Weak financial risk profile: Financial risk profile is expected
to remain weak over the medium term. Networth and total outside
liabilities and tangible networth (TOLTNW) ratio were at Rs 6.89
crore and 5.14 times, respectively, as on March 31, 2018. The
TOLTNW ratio remains high on account of sizeable dependence on
working capital debt as well as capital expenditure (capex)
requirements. Modest profitability and high debt have also
resulted in weak debt protection metrics, with interest coverage
of 1.3 times and net cash accrual to total debt ratio of 0.03 time
in fiscal 2018.

Outlook: Stable

CRISIL believes OAPL will continue to benefit from its association
with MSIL. The outlook may be revised to 'Positive' if increase in
revenue and cash accrual or efficient working capital management
strengthen liquidity. The outlook may be revised to 'Negative' if
low cash accrual or large debt-funded capital expenditure weakens
the financial risk profile.

Incorporated in 2011, OAPL is an authorised dealer for sales and
service of MSIL's cars. It has two showroom and four service
centre, one resale showroom and four sales point in and around
Kolkata, West Bengal. It is promoted by Mr Soham Misra and Mr
Sourav Misra.


PROTHOM INDUSTRIES: ICRA Moves 'D' Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term rating for the NCD facilities of
Prothom Industries India Private Limited (PIPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING". The rating was earlier placed under
review due to non-confirmation on ISIN status from the rated
entity and debenture trustee.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   LT Scale: Non-      15.0      [ICRA]D ISSUER NOT COOPERATING;
   Convertible                   moved to the 'Issuer Not
   Debentures                    Cooperating' category

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

The entity's credit profile may have changed since the time it was
last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

Prothom Industries (India) Private Limited is a contract
manufacturer of toys for the global toy industry. Its plant is
situated at Dighi (Pune), and was commissioned in October 2014.
The company primarily engages in assembling of toys at its plant,
while activities such as moulding and painting are outsourced to
vendors certified by the customers.


RGTL INDUSTRIES: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR164.11-crore bank facilities of
RGTL Industries Limited continue to remain under the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Working Capital    125.0     [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Continues to remain under the
                                'Issuer Not Cooperating' category

   Term Loans         29.32     [ICRA]D; ISSUER NOT COOPERATING;
                                Continues to remain under the
                                'Issuer Not Cooperating' category

   Unallocated         8.79     [ICRA]D; ISSUER NOT COOPERATING;
                                Continues to remain under the
                                'Issuer Not Cooperating' category

   Non Fund Based      1.00     [ICRA]D; ISSUER NOT COOPERATING;
   Limits                       Continues to remain under the
                                'Issuer Not Cooperating' category

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

RGTL Industries Limited (RIL) is a public limited company engaged
in the manufacturing of Thermo Mechanically Treated (TMT) bars.
RIL was promoted in 2004 by Mr. Raj Kumar Rathi and became a 100%
subsidiary of Rathi Graphic Technologies Limited in 2007-08.
However Rathi Graphic Technologies Limited now holds 49.18% stake
in RIL. RIL has its manufacturing unit in Bhiwadi (Rajasthan),
with a rolling mill capacity of 150000 TPA.


SATGURU METALS: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the bank facilities of Satguru Metals &
Power Private Limited (SMPPL) continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        4.00      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund Based-        4.95      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Satguru Metals & Power Private Limited (SMPPL) was established in
August 2008. The company started commercial production with an
installed capacity of 16005 MTPA in MS ingots at its manufacturing
unit in Sundargarh, Odisha. It thereafter expanded its capacity to
18,000 MTPA of MS ingots and 9000 MTPA of pig iron, with the pig
iron facility having been recently commissioned in August 2012.


SHREE SANGAMESWARA: ICRA Lowers Rating on INR3cr Loan to D
----------------------------------------------------------
ICRA has downgraded the long-term rating and short-term ratings to
[ICRA]D from [ICRA]B+ (stable)/A4 for the INR10.00 crore bank
limits of Shree Sangameswara Electricals (SSE) and ICRA has
reassigned the long-term rating of [ICRA]C+ and a short-term
rating of [ICRA]A4 for the INR10.00 crore bank limits of SSE.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based          3.00      Ratings downgraded to [ICRA]D
   limits                        from [ICRA]B+ (Stable) and
                                 reassigned to [ICRA]C+

   Non fund-based      7.00      Ratings downgraded to [ICRA]D
   Limits                        from [ICRA]A4 and reassigned
                                 to [ICRA]A4

Rationale

The rating action factors in continuous overutilization of
overdraft account for over 30 days in the months of May and June
2018 owing to LC devolvements and constrained liquidity position
on account of high debtors. However, the utilisation of the
overdraft facility has been regular over the past four months
(July 2018 to October 2018) with receipt of receivables from its
customers. The ratings are constrained by SSE's small scale of
operations with revenues of INR41.3 crore in FY2018 in the
transformer manufacturing industry, and its moderate financial
profile with thin margins and moderate coverage indicators for
FY2018. The ratings consider high customer concentration with
Shirdi Sai Electricals Ltd (SSEL) as the single largest customer
of the firm. ICRA also notes the low entry barriers and presence
of several established players leads to intense competition in the
transformer manufacturing industry. The ratings are further
constrained by risks arising from proprietorship nature of the
firm.

The ratings are however supported by the extensive experience of
SSE's proprietor of over two decades in the transformers
manufacturing industry. The ratings also consider healthy growth
in operating income in FY 2018 owing to increase in work orders
from SSEL.

Key rating drivers

Credit strengths

Significant experience of the proprietor in the transformer
manufacturing industry: The proprietor Mr. N.Visweswara Reddy has
significant experience of over 20 years in transformer
manufacturing industry.

Significant revenue growth in FY2018: SSE has recorded a
significant revenue growth of ~299% in FY2018 aided by increased
orders from SSEL. Despite improvement in revenues in FY2018, SSE's
scale remained small with a revenue of INR43.1 crore.

Credit weaknesses

Constrained liquidity position and LCs' devolvement lead to over
utilisation of its working capital limits: SSE's working capital
limits (overdraft facility) have been overutilised for over 30
days during the months of May and June 2018 owing to constrained
liquidity position with LC devolvements and significant increase
in receivables. While, utilisation of overdraft facility has been
within limits since July 2018 with receipt of payments from its
customers, liquidity continues to remain stretched as indicated by
high average utilisation of working capital limits.

Moderate financial profile: SSE's financial profile has been
moderate with thin operating margins of 4.4% and moderate coverage
indicators with interest coverage ratio of 2.5 times in FY2018.

High customer concentration: SSE has high customer concentration
with Shirdi Sai Electricals Ltd accounting for over 95% of its
revenues in FY2017 and FY2018.

Competitive nature of industry: The transformer manufacturing
industry is highly competitive with presence of a large number of
unorganized players and a few established players, limiting its
margin expansion.

Risks arising from proprietor ship nature of the firm: SSE is
exposed to the risks inherent to the proprietor ship nature of
firm including capital withdrawal risk

Founded in May 2012, M/s Shree Sangameswara Electricals is a
proprietary concern and commenced its operations in January 2014.
The entity is engaged in manufacturing of transformer tanks.
Proprietor, Mr. N. Visweswara Reddy, is an Engineering graduate
with a vast experience of more than 20 years in transformer
manufacturing field. He is also Managing Director of Shirdi Sai
Electricals Ltd, which is also into transformer manufacturing.
SSE has reported an operating income(OI) of INR43.1 crore and net
profit of 0.8 crore in FY2018 as against an OI of INR10.8 crore
and net profit of 0.6 crore in FY2017.


SHREE SHIVAM: ICRA Withdraws 'B' Rating on INR4.98cr Loans
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B ISSUER NOT
COOPERATING with a Stable outlook assigned to the INR4.98 crore
bank facilities of Shree Shivam Cotton Industries (SSCI).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-          4.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Withdrawn

   Fund based-          0.98      [ICRA]B (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Withdrawn

Rationale

The ratings assigned to Shree Shivam Cotton Industries have been
withdrawn at its request based on the no objection certificate
provided by its banker.

Established in 2012, Shree Shivam Cotton Industries is engaged in
cotton ginning, pressing and cotton seed crushing facility with 24
ginning machines and 4 crushing machines having installed capacity
of producing 200 cotton bales and crushing 30 MT of cotton seed
per day. In July 2014, SSCI was reconstituted and is currently
managed by Mr. Chandu Bediya along with six other partners. The
firm's plant is located in Rajkot (Gujarat).


SIKSHA 'O' ANUSANDHAN: ICRA Retains B+ Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the bank facilities of Siksha 'O'
Anusandhan (SOA) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based          115.00      [ICRA]B+ (Stable) ISSUER NOT
   Limit-Term                      COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

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

SOA was established in 1995 as a society in Bhubaneswar, Odisha
and manages SOA University (deemed University). SOA University
offers under and post graduate courses across different
disciplines like engineering, medicine, law, management and also
manages a 750 bed hospital. Currently, it has strength of more
than 12,000 students.


SOLIZO VITRIFIED: ICRA Assigns B+ Rating to INR26.9cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR26.69-crore term loans and the INR10.23-crore cash credit
facility of Solizo Vitrified Pvt. Ltd. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR3.00-crore non-fund based
bank guarantee of SVPL. The outlook on the long-term rating is
Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loans           26.69      [ICRA]B+ (Stable); Assigned

   Fund-based-
   Cash Credit          10.23      [ICRA]B+ (Stable); Assigned

   Non-fund Based-
   Bank Guarantee        3.00      [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the initial phase of the
company's operations (commenced from May 2018) and the risk
associated with the successful scale-up of operations, as per the
expected parameters. The ratings also consider the below-average
financial profile, marked by lower-than-expected accruals in the
initial phase of operations, the leveraged capital structure, and
the below-average debt coverage indicators due to the
predominantly debt-funded capex. The ratings also remain
constrained by the highly fragmented nature of the ceramic tiles
industry, which results in intense competition. Furthermore, the
ratings reflect the cyclicality inherent the real estate industry,
which is the main end-user sector and the exposure of the
company's profitability to volatility in raw material and gas
prices.

The ratings, however, favorably factor in the vast experience of
SVPL's promoters in the ceramic industry, the benefits derived
from its associate concern's marketing and distribution network
and the location-specific advantage, which ensures easy
availability of raw materials.

Outlook: Stable

ICRA believes that Solizo Vitrified Private Limited will continue
to benefit from the past experience of its promoters and the
distribution network of its associate concerns. The outlook may be
revised to Positive if the company successfully increases the
scale of operations, reports healthy revenue and profitability,
efficiently manages the working capital while ensuring regular
debt repayment, which is likely to strengthen the financial risk
profile. The outlook may be revised to Negative if cash accruals
are lower than expected or delay in debt repayments or stretch in
working capital cycle weakens the company's liquidity position.

Key rating drivers

Credit strengths

Experience of promoters in ceramic industry: The key promoters of
the company have more than a decade-long experience in the ceramic
industry vide their association with other ceramic entities that
operate in the same business sector. SVPL also derives support
from the marketing and distribution network of its associate
concerns.

Favourable location for raw material procurement: The company's
manufacturing facility is located in the ceramic tiles
manufacturing hub of Morbi (Gujarat), which provides easy access
to quality raw materials and allows savings on the transportation
cost.

Credit challenges

Limited track record of operations: Being in the nascent stage
(operations commenced from May 2018), the company remains exposed
to risks associated with successful scale up of operations of
SVPL's plant as per the expected parameters.

Below average financial risk profile: The capital structure is
likely to remain adverse with high gearing levels (~5.25 times as
on March 31, 2019 at projected level) in the medium term, given
the debt-funded nature of the capex and the dependence on working
capital borrowings. The debt coverage indicators are also
estimated to remain below average, because of low expected
accruals in the initial phase of operations and the relatively
high debt obligations.

Intense competition in ceramic industry: The company faces stiff
competition from established tile manufacturers as well as
unorganised players, which limits its pricing flexibility.

Vulnerability of profitability and cash flows to cyclicality
inherent in real estate industry: The real estate industry is the
key end user of vitrified tiles. Hence, the profitability and cash
flows are likely to remain vulnerable to the inherent cyclicality
of the real estate industry.

Vulnerability of profitability to any adverse fluctuations in raw
material and fuel prices: The margins of the company are primarily
affected by the raw material price and the piped natural gas price
fluctuation. Any adverse movement in the prices of raw materials
and fuel could have an adverse impact on SVPL's margins,
considering the limited ability to pass on the price hike owing to
intense industry competition. The price fluctuations also impact
the company's realisations.

SVPL was incorporated in May 2017 as a private limited company by
Mr. Gautam Kanjiya and his family members and relatives. The
company has set up a greenfield project at Wankaner in Morbi
district, Gujarat, to manufacture glazed vitrified tiles, with an
annual production capacity of ~73,500 metric tonne of vitrified
tiles of 600mmX600mm, 600mmX1200mm and 200mmX1200mm dimensions.
The company's operation commenced from May 2018. SVPL's promoters,
Mr. Dipak Moradiya and Mr. Gautam Kanjiya have more than a
decade's experience in the ceramic industry through their
association with other ceramic entities.


SPECIALITY POLYMERS: ICRA Moves D Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the long-term and short-term rating for the bank
facilities of Speciality Polymers Private Limited (SPPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based        55.50       [ICRA]D ISSUER NOT COOPERATING;
   Limits-Cash                   Rating moved to the 'Issuer Not
   Credit & Term                 Cooperating' category
   Loan

   Fund based        (8.50)      [ICRA]D ISSUER NOT COOPERATING;
   Sub-limits of                 Rating moved to the 'Issuer Not
   Cash Credit-                  Cooperating' category
   FDPN/FDBP/FDBD

   Non Fund based    16.10       [ICRA]D ISSUER NOT COOPERATING;
   Limits-Letter                 Rating moved to the 'Issuer Not
   of Credit &                   Cooperating' category
   Bank Guarantee

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

Incorporated in October, 1988, Speciality Polymers Private limited
(SPPL) is engaged in the business of manufacture of various types
of emulsions , adhesives, binders, construction chemicals etc. The
company has its manufacturing unit located at Badlapur, Thane with
an installed capacity of 12,000 metric ton per annum (MTPA) and a
new manufacturing set up with an installed capacity of 63000 MTPA
in Ambernath MIDC, Thane.


SRI SAI AGRO: ICRA Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the rating for the INR6.50 crore bank facilities of Sri
Sai Agro Industries continue to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable);
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term-Cash       4.00      [ICRA]B (Stable); ISSUER NOT
   Credit                         COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long-term-Term       2.50      [ICRA]B (Stable); ISSUER NOT
   Loan                           COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

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

Sri Sai Agro Industries was established in 2014 by Mr.
Balarammurthy, Mr. Prasad and Mr. Venkateshwar Rao. The firm is
involved in milling, processing and selling of boiled rice, raw
rice, bran and husk. It started its operations in April, 2015
after the promoters had closed the operations of another entity,
Sri Guru Sai Rice Industries, involved in the same line of
business. The firm procures a major portion of its raw material
requirements from farmers located in Raichur and its neighbouring
districts in Karnataka and sells the finished products in the
domestic market (primarily Maharashtra) to rice traders mainly
under the brand name "RB Gold". The firm's manufacturing facility
is located in Sindhanur in Karnataka, spread over six acres of
land with an aggregate installed capacity of 6 tonnes per hour of
milling.


STANDARD CONSULTANTS: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings of INR22.0-crore bank limits of Standard
Consultants Limited continue to remain under 'Issuer not
cooperating' category. The ratings are denoted as "[ICRA]B+
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   LT-Fund based-       7.00      [ICRA]B+ (Stable) ISSUER NOT
   cash credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   ST-Non-fund         15.00      [ICRA]A4 ISSUER NOT
   Based                          COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Standard Consultants Limited (SCL), incorporated in May 1992, had
been involved in importing and trading in Compressed Natural gas
(CNG) and Liquefied Petroleum gas (LPG) kits till 2012, following
which it ventured into the execution of electrical turnkey
projects, supplying erection testing commissioning and
construction of sub-stations and transmission lines from 33/11KV
to 300KV.


SUNSTAR OVERSEAS: ICRA Maintains D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating of INR825.00 crore bank facilities of Sunstar
Overseas Limited (SOL) continues to remain under 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based        568.45      [ICRA]D ISSUER NOT COOPERATING;
   limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Term Loans        211.44      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Unallocated        45.11      [ICRA]D ISSUER NOT COOPERATING;
   Limits                        Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

The rating takes into account continued delays in debt servicing
by the entity as per the lender's feedback. As part of its process
and in accordance with its rating agreement with SOL, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative.
In the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016,
ICRA's Rating Committee has taken a rating view based on the best
available information.

SOL commenced operations as a partnership firm in 1989. Its
founder promoters are Mr. Man Mohan Sarup Aggarwal, Mrs. Navita
Aggarwal, Mrs. Rama Rani and Mrs. Sadhna Aggarwal. SOL was
converted into a public limited company in 1995. In the same year,
three new promoters, namely Mr. Naresh Aggarwal, Mr. Rakesh
Aggarwal and Mr. Kapil Aggarwal joined the company.


TIRUMALA EDUCATIONAL: ICRA Reaffirms B+ Rating on INR20cr Loans
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR0.20 crore cash credit limits, INR13.10 crore term loans
and INR6.70 crore unallocated limits of Tirumala Educational
Institutes. The outlook on the long-term rating is 'Stable'. The
rating has also been removed from the 'Issuer Not Co-operating'
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit         0.20       [ICRA]B+(Stable) reaffirmed;
   limits                         removed from Issuer not
                                  cooperating

   Term Loans          13.10      [ICRA]B+(Stable) reaffirmed;
                                  removed from Issuer not
                                  cooperating

   Unallocated          6.70      [ICRA]B+(Stable) reaffirmed;
   Limits                         removed from Issuer not
                                  cooperating

Rationale

The reaffirmation of rating is constrained by leveraged capital
structure with gearing of 4.07 times as on March 31, 2018 owing to
high debt levels and low net worth; and moderate debt coverage
indicators with interest coverage of 1.74 times and Debt/OPBDIT of
3.18 times for FY2018. Moreover, the proposed debt funded capital
expansion plans to accommodate the expected increase in student
strength is likely to adversely impact the capital structure and
debt coverage indicators. The rating is also constrained by risks
associated with partnership nature of the firm and significant
competition from other established institutions in the region that
could impact the occupancy and profitability levels. However, the
rating positively considers significant experience of promoter for
30 years in the field of education; strong reputation of Tirumala
institutes in Rajahmundry and surrounding regions which supported
increase in student strength over the years; and steady growth in
revenues with increase in operating income by 59% from INR11.55
crore in FY2016 to INR18.42 crore in FY2017 and further by 11% to
INR20.46 crore in FY2018 owing to increase in student strength.

Outlook: Stable

The stable outlook reflects ICRA belief that Tirumala Educational
Institutes will continue to benefit from the extensive experience
of its promoters in the field of education. The outlook may be
revised to 'Positive' if there is substantial growth in revenues
and improvement in capital structure and coverage metrics. The
outlook may be revised to 'Negative' if there is decline in
performance, deterioration of capital structure and weakening of
coverage metrics.

Key rating drivers

Credit strengths

Steady growth in revenues: The operating income has increased by
59% from INR11.55 crore in FY2016 to INR18.42 crore in FY2017 and
further by 11% to INR20.46 crore in FY2018 owing to increase in
student strength. The total student strength has increased by 40%
from 4256 in AY20163 to 5968 in AY2017 and further by 24% to 7386
in AY2018. The operating margins have improved to 24.29% in FY2018
from 17.87% in FY2017 owing to benefits arising from increased
revenues.

Experienced promoters: The institute is promoted by Mr. Nunna
Tirumala Rao, who is a post graduate in chemistry and has
experience of 30 years in the teaching field. The school was
started in 2011-12 and college was started in 2012-13. The school
and college get lot of admissions due to the reputation of the
promoter, who along with senior faculty resides in the campus and
monitors the school and colleges.

Credit weaknesses

Stretched capital structure and modest coverage indicators: The
capital structure is leveraged with gearing of 4.07 times owing to
high debt levels and low net worth. The debt coverage indicators
are modest with interest coverage of 1.74 times as on March 31,
2018, Total Debt/OPBDITA of 3.18 times for FY2018.

Debt-funded capex: TEI has incurred significant debt-funded
capital expenditure over the past five years to support the
increased student strength. Further debt funded capital expansion
of infrastructure facilities to support the expected increase in
student strength would adversely impact the debt protection
metrics.

Significant competition in the School and College Segment: The
institute faces competition from other established institutions in
the region that could impact the occupancy and subsequently the
profitability levels. However, Tirumala's school and college has
reputation in Rajahmundry and the surrounding regions due to which
the strength has consistently increased over the years.

Risks associated with partnership firm: The institute is exposed
to risks associated with capital withdrawal for a partnership firm
as witnessed in the past.

Tirumala Educational Institutes was established in the year 2011-
12 by Mr. N Tirumala Rao. The institute campus is spread over an
area of 8.8 acres, about 9 KMs away from Rajahmundry, Andhra
Pradesh. In the year 2011-12, LKG to 9th standard was started and
subsequently 10th standard was started in the year 2012-13. It
also started Junior Intermediate in the year 2012-13 and expanded
to Senior Intermediate in the year 2013-14. The total strength of
Tirumala Group for the year AY2018-19 has increased to 8244
students from 7386 students in AY2017-18. The institute provides
buildings, hostel and other related services to the school and
three junior colleges run by Tirumala Group.


TOPLON INDUSTRIES: CRISIL Lowers Rating on INR13.5cr Loans to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Toplon Industries Private Limited (TIPL) to 'CRISIL D' from
'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           4.5       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Long Term Loan        6.5       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term    2.5       CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

The rating reflects instances of delay by TIPL in servicing debt.

The rating also takes into consideration the company's limited
track record of operations and exposure to intense competition.
These weaknesses are partially offset by backward integration and
promoters' funding support.

Key Rating Drivers & Detailed Description

Strengths

* Delay in repayment of term loan: There have been instances of
delay in servicing debt due to liquidity crunch.

Weakness

* Limited track record and exposure to intense competition: Scale
is expected to be modest over the medium term, compared with the
industry size, because of early stage of operations. Furthermore,
intense competition will, likely, continue to constrain pricing
power and scalability.

Strength

* Backward integration and promoters' funding support: Promoters'
experience of over three decades in the textile industry through
the group concern'Suzlon Synthetics Ltd (Suzlon)-should continue
to support business risk profile. Suzlon manufactures and exports
fabric; therefore, TIPL's final product (grinded polyethylene
terephthalate [PET]) will be sold to the group concern. Financial
assistance from the promoters may also be expected whenever
necessary, as in the past.

TIPL is setting up a manufacturing unit in Kathua (Jammu and
Kashmir) for grinding PET from PET bottles and scrap. The proposed
capacity of the facility is 3,000 kilogram per hour. The company
is promoted by Mr Daljit Singh Rana and Mr Kush Aggarwal.


UNITED ELECTRICALS: ICRA Maintains B Ratings in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the bank facilities of United Electricals
& Engineering Pvt Ltd (UEEPL) continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-          2.35       [ICRA]B (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund Based-          2.65       [ICRA]B (Stable) ISSUER NOT
   Proposed Cash                   COOPERATING; Rating continues
   Credit                          to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based-      3.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based-     26.50       [ICRA]A4 ISSUER NOT
   Proposed Bank                   COOPERATING; Rating continues
   Guarantee                       to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund Based-      7.00       [ICRA]A4 ISSUER NOT
   Proposed Letter                 COOPERATING; Rating continues
   of Credit                       to remain under 'Issuer Not
                                   Cooperating' category

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

United Electricals & Engineering Private Limited (UEEPL), located
in Odisha, is engaged in the manufacture of both power and
distribution transformers. The company also undertakes projects
pertaining to installation of electrical sub-station. The entity
was set up as a proprietorship firm in 1987 and later in 2004 it
was incorporated as a private limited company. As such, the
promoters of the company have been associated in the field of
transformer manufacturing for more than two decades now. UEEPL
primarily caters to the government sector with nominal presence in
the private sector.


V.P. HI-TECH: CRISIL Assigns B Rating to INR5.5cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of V.P. Hi-Tech Modern Rice Mill (VPH).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.5        CRISIL B/Stable (Assigned)
   Term Loan            5.5        CRISIL B/Stable (Assigned)

The rating reflects VPH's average financial risk profile, and risk
associated with stabilisation of operations. These weaknesses are
partially offset by the extensive experience of the promoter.

Analytical Approach

CRISIL has taken a standalone approach while arriving at the
rating for VPH.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Gearing is high due to early
stage of operations and because the rice mill is predominantly
debt-funded; it would take a considerable time for gearing to
improve. Furthermore, the rice milling industry is working
capital-intensive due to seasonal availability of paddy, and the
company relies on external borrowing to meet working capital
requirements.

* Early stage of operations: Operations began in May 2018, and the
installed capacity is 5 tonne per hour. While revenue of Rs 2-3
crore is being generated per month, operations are still in an
early phase and likely to be scaled up gradually.

Strength

* Experience of the promoter: The promoter's experience of more
than 15 years in operating a rice mill through the erstwhile V P
traders, and need-based financial assistance should support
business risk profile.

Outlook: Stable

CRISIL believes VPH will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if higher revenue and profitability strengthen
liquidity and capital structure. The outlook may be revised to
'Negative' if weak cash flows or stretch in working capital cycle
weakens liquidity.

VPH is a proprietary concern of Mr V P Raghu. It has a newly set
up rice mill in Red hills (Chennai). The firm processes and mills
paddy into par-boiled, steamed, and raw rice, and sells the by-
products: husk and rice bran.



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


MERPATI NUSANTRA: Hopes to Resume Operations Next Year
------------------------------------------------------
Nikkei Asian Review reports that Indonesia's state-owned Merpati
Nusantara Airlines, which stopped flying in 2014 due to financial
problems, hopes to resume operations next year, the company's
president said on Nov. 12, revealing that the airline has received
a promise of financial backing from a domestic investor.

But whether the carrier can take to the air again will depend on
settling with creditors over its IDR10.95 trillion (US$734.2
billion) in debt, the report says.

"We are well-assured and optimistic that we will operate again
next year," Asep Ekanugraha, Merpati's president director, told
local media, the Nikkei relays. He said the company has received a
commitment for IDR6.4 trillion from Intra Asia Corpora, an
investment group.

The Nikkei relates that Asep also said that if the airline does
start operating again it will not fly planes made by Boeing and
Airbus, but will instead "use Russian-produced aircraft, but
. . . not the ones that crashed on Mount Salak." In 2012, a Sukhoi
Superjet 100 crashed into a mountain in West Java Province during
a demonstration flight, killing all on board.

Merpati, founded in 1962 as Indonesia's second state-owned
airline, after Garuda Indonesia, operated domestic flights, as
well as international flights to East Timor. But it suspended
service in 2014 after failing to pay its employees and
encountering cash-flow problems.

According to the Nikkei, the airline is currently seeking a
deferment of its debts at the Surabaya Commercial Court. Should an
amicable resolution be reached with its creditors on the IDR10
trillion debt, Merpati will be free to move ahead with the
permitting process, and resume flying once it is complete, the
report states.

At the previous court hearing in October, four out of 85 creditors
opposed a resolution. The Finance Ministry, which is owed IDR2.66
trillion by Merpati, according to local media, is also opposed. A
ruling by the court is expected November 14, the Nikkei discloses.

"Merpati has tried its best to convince creditors to approve the
restructuring proposed by the company," the Nikkei quotes Asep as
saying. "It is our hope that the panel of judges can decide . . .
because the restructuring proposal that we are going to run
depends on the acceptance of peace by the creditors."

The Nikkei adds that Finance Minister Sri Mulyani Indrawati told
reporters that anyone who wanted to inject capital into the
airline needed to have a clear background, as well as the
expertise to help Merpati.

"Of course, I hope that they have credibility, because what I want
is always a track record," she said, adding that she did not want
investors without expertise, adequate technology, funds, or those
hoping only to raise their public profile, the Nikkei relays.

Merpati, like its Indonesian peers, has a patchy safety record. A
crash in 2011 killed 25 passengers, while a hard landing in 2013
left five people with serious injuries, the report recalls.

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned
carrier that services predominantly international routes.



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


SURUGA BANK: Sues Former Management Team Over Irregularities
------------------------------------------------------------
The Japan Times reports that Suruga Bank is suing its former
management team, claiming they overlooked lending irregularities
and caused losses at the regional bank.

In the lawsuit filed on Nov. 12 with Shizuoka District Court,
Suruga Bank called for the team to pay a total of JPY3.5 billion
in damages, the report says.

The Japan Times relates that the amount may increase if losses
stemming from irregular lending practices involving share house
investments grow further, according to the bank.

The former management team consists of nine current and former
directors, including Mitsuyoshi Okano, former chairman; Akihiro
Yoneyama, former president; and the late Kinosuke Okano, former
vice president, the report discloses.

Previously, an investigative committee of outside lawyers
established by Suruga Bank in September concluded that the former
management team failed to fulfill its legal obligations and let
the improperly screened loan deals go through, according to the
report.

The committee, however, said Michio Arikuni, who became president
of the bank in September after serving as a board director, was
not in a position to be aware of the misconduct, The Japan Times
relays.

Suruga Bank financed buyers of share houses managed by Tokyo-based
Smart Days Inc., which collapsed in April. Many investors
struggled to repay the money due to sluggish occupancy rates, the
report notes.

A lawyer group supporting the owners of the share houses had
called for a damages suit against the former management team, adds
The Japan Times.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 8, 2018, Moody's Japan K.K. downgraded the short- and long-
term bank deposit ratings, the baseline credit assessment,
Adjusted BCA, and the Counterparty Risk Assessments of Suruga
Bank, Ltd.  At the same time, the BCA, Adjusted BCA, long-term
bank deposit ratings, and long-term CRA for Suruga Bank remain on
review for further downgrade.

The affected ratings are:

  - Baseline credit assessment (BCA): downgraded to ba3 from
    baa3, review for further downgrade

  - Adjusted BCA: downgraded to ba3 from baa3, review for further
    downgrade

  - Long-term bank deposit rating (domestic and foreign
    currency): downgraded to Ba2 from Baa1, review for further
    downgrade

  - Short-term bank deposit rating (domestic and foreign
    currency): downgraded to Not Prime from P-2

  - Long-term Counterparty Risk (CR) assessment: downgraded to
    Ba1(cr) from A3(cr), review for further downgrade

  - Short-term Counterparty Risk (CR) assessment: downgraded to
    Not Prime(cr) from P-2(cr)

"The rating action reflects the risk of further material credit
costs related to its real estate investment lending in the light
of a recent independent investigative report," Moody's said.

"This investigation revealed that the size of this portfolio was
much larger than previously reported, as well as documenting
widespread breaches of the bank's lending policies and document
falsification. The downgrades also reflect a deterioration in the
bank's liquidity.

"The continuing review will continue to focus on the quality of
the bank's loan portfolio and the impact on profitability, and
its liquidity and funding positions."



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


EBERT CONSTRUCTION: Creditors Appoint BDO as New Liquidator
-----------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that creditors of failed
construction firm Ebert have booted out the liquidators appointed
by the shareholders and replaced them with a more "independent"
option.

Ebert went into receivership in August owing about $45 million,
nearly NZ$34 million of which was to unsecured creditors, but the
amount claimed now totals about NZ$100 million.

According to Stuff, Tempest Litigation Funders has been holding
informal creditor meetings as part of a campaign to replace
liquidator Grant Thornton, chiefly because it was appointed by
Ebert's shareholders, which include Beatrice Ebert and Ebert
director Kelvin Hale's wife Bronwyn Hale.

Stuff relates that the decision was made through a vote at a
creditors' meeting held by Grant Thornton liquidators David Ruscoe
and Timothy Downes on Nov. 13.

At the creditor meeting, Ruscoe said Grant Thornton would co-
operate with the new liquidator in its investigation.

According to Stuff, Mr. Ruscoe said Ebert had about 1,000
creditors, and Grant Thornton had spent NZ$50,000 so far in the
liquidation process.

While Grant Thornton were liquidators, it received claims
totalling about NZ$100 million, he said, Stuff relays.

Stuff says Tempest director Damien Grant, a liquidator himself,
had suggested BDO, Mainzeal's liquidator, take over the
investigation because it had been courageous enough to take
Mainzeal's directors to court.

Mr. Grant said was pleased with the change and had big
expectations for BDO, the report adds.

"This is an excellent result because it shows the creditors are
willing to come out and support a insolvency firm that is prepared
to take action to enforce the rights of creditors in a situation
like this," Stuff quotes Mr. Grant as saying.

"It would be excellent if we could see a change in the way
insolvency practitioners think about their business."

Unsecured creditor Keith Blind, who voted for the change, said he
was hopeful BDO would take a different approach to a liquidator
appointed by the shareholders, Stuff relays.

"Whatever way you look at it, somebody independent is somebody
independent," Mr. Blind said.

According to Stuff, BDO liquidator Iain Shephard he was ambivalent
of the case until recently.

He said this week he would be in talks with Grant Thornton and
would put out a circular to formally announce the takeover, Stuff
relays.

"The beauty of co-operation is there will be less time reinventing
the wheel."

                      About Ebert Construction

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

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

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

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

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


FOREX BROKERS: Director Mulls Bankruptcy After Facing NZ$4M Claim
-----------------------------------------------------------------
Matt Nippert at NZ Herald reports that a Queen St forex broker
whose business collapsed leaving clients - mostly used-car
importers - owed NZ$13 million, is mulling bankruptcy after being
served with a NZ$4 million claim by liquidators.

According to the Herald, the latest liquidators report for Forex
Brokers, prepared by Christopher McCullagh and Stephen Lawrence of
PKF, claimed the company's sole director Russell Maher had
breached his duties under the Company Act by continuing to trade
for four years while incurring "significant losses".

The Herald relates that the liquidators said this meant they
considered Mr. Maher was personally liable for some debts of the
company and had served him a demand for NZ$4 million, but recovery
was unlikely.

"Maher responded advising that he did not have the means to settle
the demand and therefore intended to declare himself as bankrupt
shortly."

Such a move would likely forestall any recovery action, and
liquidators gave Mr. Maher a deadline of November 30 to bankrupt
himself or proceedings would begin, the Herald relays.

The Herald says Mr. Maher, Forex Brokers' managing director, had
earlier told liquidators he blamed the failure on "too many 'out
of money' contracts," and competition that forced him to adopt an
overly-large position.

"I had tried to devise a plan to start returning investor funds
and start scaling back the company until I could close it down,
but I ran out of time and cash flow," the report quotes Mr. Maher
as saying.

The website for Forex Brokers, founded in 1995, claimed Mr. Maher
had "over 20 years experience in the foreign currency industry"
and "an extremely high level of business integrity and customer
service".

Several of the company's clients have told the Herald payment
delays with the company seemed to accelerate from late 2016, and
Mr. Maher had also offered high-risk foreign exchange investment
services.

In March, the company's website went offline, its doors were shut
and phones began to ring unanswered. McCullagh and Lawrence were
appointed in April, the Herald recalls.

Shortly after the collapse, when the scale of creditors became
apparent and liquidators flagged discrepancies with the company's
accounts, the Serious Fraud Office announced it was opening an
investigating.

The liquidators' report notes this SFO investigation is
continuing, the Herald says.

According to the Herald, the liquidators report also provides a
conclusion to a dispute over hundreds of thousands of dollars
worth of gold and silver bullion found locked in the company's
office safe in the Dingwall Building.

A third party, who had a key for the safe, had claimed ownership
of the stash of precious metals, but liquidators were unconvinced
and proceedings began at the High Court to determine to whom
should go the spoils, the Herald says.

"After obtaining legal advice from a Queens Council and extensive
negotiations, the liquidators settled the proceedings in September
2018. The liquidators received NZ$260,771 in full and final
settlement, and the bullion was handed over to the third party,"
the Liquidators, as cited by the Herald, said.

The liquidators report said 96 unsecured creditors had submitted
claims saying they were owed NZ$12,834,505, but the state of the
company's finances meant they "do not anticipate there will be
sufficient funds to make a distribution of significant value to
unsecured creditors," the Herald adds.

Auckland-based Forex Brokers was established in 1995 and had an
office in the Dingwall Building on Auckland's Queen Street.

PKF Corporate Recovery & Insolvency was appointed as liquidator
of the company on April 11, 2017.



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


GM KOREA: KDB Expresses Regrets Over Refusal of Talks With Union
----------------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) on Nov. 13 expressed regrets after GM Korea refused to
hold three-way talks with its labor union and the KDB over the
carmaker's controversial plan to spin off its research unit.

Yonhap relates that the KDB, GM Korea's second-largest
shareholder, proposed holding the talks last week to normalize
operations, but the carmaker rejected the proposal. Instead, GM
Korea proposed holding one-on-one talks with the KDB.

The KDB said it will separately talk with both GM Korea and the
union, Yonhap relays.

According to Yonhap, shareholders of GM Korea approved the spin-
off plan last month, sparking concerns that the U.S. carmaker may
keep only its research facility in South Korea and eventually shut
down its manufacturing facilities there.

The KDB criticized GM Korea for unilaterally pushing ahead with
the spin-off plan, the report says.

In February this year, GM unveiled a restructuring plan for the
loss-making GM Korea, including shuttering one of its four plants
in South Korea, Yonhap recalls.

GM and the KDB signed a binding pact in May on the rescue package
for GM Korea. Under the agreement, the KDB pledged to inject
US$750 million, while GM will provide $3.6 billion in fresh loans
to keep GM Korea afloat.

The agreement prohibits GM from selling any stake in GM Korea over
the next five years and limits GM's right to sell shares or assets
for 10 years, the report notes.

                           About GM Korea

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.

GM Korea continued to post net losses worth an accumulated
KRW3.134 trillion from 2014-2017 due to lower demand for its
models, according to Yonhap News.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***