TCRAP_Public/181123.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

          Friday, November 23, 2018, Vol. 21, No. 233

                            Headlines


A U S T R A L I A

BALMAIN LEAGUES: Second Creditors' Meeting Set for Nov. 30
DIG-IT CIVIL: First Creditors' Meeting Set for Nov. 29
GLADSTONE PARK: First Creditors' Meeting Set for Nov. 29
GRADEC PTY: Second Creditors' Meeting Set for Nov. 29
HALLS STAR: First Creditors' Meeting Set for Nov. 30

HYDRO SERVICES: Second Creditors' Meeting Set for Nov. 30
IHS BROTHERS: First Creditors' Meeting Set for Nov. 30
LIBERTY TRUST 2015-1: Moody's Hikes Cl. F Notes Rating to Ba2
MAIDENWELL DIATOMITE: Second Creditors' Meeting Set for Nov. 20
QUALITY ESTATE: First Creditors' Meeting Set for Nov. 30

SIMPSON ST: Second Creditors' Meeting Set for Nov. 30


C H I N A

BLUEFOCUS INTELLIGENT: Fitch Affirms B+ LT IDR, Outlook Negative
CHINA COMMERCIAL: Incurs $635,000 Net Loss in Third Quarter
GREENLAND GLOBAL: Moody's Assigns Ba2 to New USD Unsec. Notes
TIMES CHINA: Moody's Rates New USD Sr. Unsec. Notes B1


I N D I A

AMBICA AGARBATHIES: ICRA Withdraws B Rating on INR66cr Loan
ANUBHAV PLAST: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
AURO INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
B.H. COTTON: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
BALAJI OVERSEAS: ICRA Maintains B Ratings in Not Cooperating

BILTECH BUILDING: CARE Lowers Rating on INR62.99cr Loan to D
CANARA GOODS: CARE Reaffirms B+ Rating on INR6cr Long-Term Loan
CATVISION LIMITED: Ind-Ra Lowers Long Term Issuer Rating to BB-
CHANDAN TRADING: ICRA Maintains B+ Rating in Not Cooperating
CONCEPT CONCEIVERS: Ind-Ra Migrates BB Rating to Non-Cooperating

CORAL STEEL: CARE Assigns B+ Rating to INR3cr Long Term Loan
CORE GREEN: ICRA Reaffirms D Rating on INR342.49cr Term Loan
GANESH SPONGE: Ind-Ra Affirms 'D' Long Term Issuer Rating
GMR VEMAGIRI: ICRA Withdraws 'B' Rating on INR60cr Cash Loan
GOLDEN GLOBE: Ind-Ra Retains BB Issuer Rating in Non-Cooperating

HAYWARD SYNTHETICS: ICRA Withdraws B+ Rating on INR15cr Loan
INFRASTRUCTURE LEASING: Unit Delays Q2 Result; Cites Insolvency
JAI LAXMI: ICRA Maintains B Rating in Not Cooperating Category
JAIDEEP SHIKSHA: CARE Assigns B+ Rating to INR7.25cr LT Loan
GUPTA MARRIAGE: ICRA Maintains D Rating in Not Cooperating

KALSI BROTHERS: ICRA Maintains B+ Rating in Not Cooperating
KLR INDUSTRIES: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
LAGU BANDHU: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
LAXMI RICE: ICRA Maintains B Rating in Not Cooperating Category
MAA INDIA: CARE Assigns B+ Rating to INR3cr Long Term Loan

MADHAV COTTON: CARE Reaffirms B+ Rating on INR8cr LT Loan
MITTAL COT: ICRA Maintains B Rating in Not Cooperating Category
NAVAYUGA BENGALOORU: CARE Lowers Rating on INR474.19cr Loan to D
NEW VARDHMAN: ICRA Cuts Rating to D & Moved to Not Cooperating
PITAMBARA FOODS: ICRA Maintains B+ Rating in Not Cooperating

RAVINDRANATH: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
RUNGTA IRRIGATION: Ind-Ra Lowers Long Term Issuer Rating to B-
S&J GRANULATE: ICRA Lowers Rating on INR5cr Loan to D
SANGAM RICE: CARE Migrates B Rating to Not Cooperating Category
SOLAN SPINNING: CARE Migrates B+ Rating to Not Cooperating

SORT INDIA: ICRA Maintains 'D' Rating in Not Cooperating
SPLENORA TEXTURE: CARE Assigns 'B' Rating to INR19cr LT Loan
SRI NAKODA: ICRA Lowers Rating on INR150cr Bank Loans to D
SRI VINAY: CARE Assigns B+ Rating to INR7.64cr LT Loan
SURIYA GARMENTS: Ind-Ra Maintains B+ LT Rating in Non-Cooperating

TANEJA VIDYUT: ICRA Maintains B+ Rating in Not Cooperating
VINISHMA TECHNOLOGIES: CARE Assigns B+ Rating to INR2cr LT Loan


J A P A N

SURUGA BANK: Moody's Lowers Deposit Ratings to B2, Outlook Neg.


M A L A Y S I A

1MDB: Abu Dhabi Fund Sues Goldman Sachs Over Scandal


N E W  Z E A L A N D

BELLA VISTA: Liquidators Still Looking to Recover Money
CRICHQ HOLDINGS: Receiver Amended Report on Software Company
PROJECT MANAGEMENT: 4 Bella Vista-Related Firm In Liquidation


S I N G A P O R E

AVATION CAPITAL: Fitch Gives BB- Final Rating on $500MM Sr. Notes


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A U S T R A L I A
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BALMAIN LEAGUES: Second Creditors' Meeting Set for Nov. 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Balmain
Leagues' Club Ltd has been set for Nov. 30, 2018, at 10:00 a.m.
at Level 1, Phillip Room, 33 Erskine Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2018, at 9:00 a.m.

Gregory J Parker of Parker Insolvency was appointed as
administrator of Balmain Leagues' Club on Oct. 29, 2018.


DIG-IT CIVIL: First Creditors' Meeting Set for Nov. 29
------------------------------------------------------
A first meeting of the creditors in the proceedings of Dig-It
Civil Pty Ltd will be held at the offices of O'Brien Palmer at
Level 9, 66 Clarence Street, in Sydney, NSW, on Nov. 29, 2018, at
11:00 a.m.

Liam Bailey of O'Brien Palmer was appointed as administrator of
Dig-It Civil on Nov. 19, 2018.


GLADSTONE PARK: First Creditors' Meeting Set for Nov. 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Gladstone
Park Licensed Supermarket Pty Ltd will be held at Institute of
Chartered Accountants, at Level 18, 600 Bourke Street, in
Melbourne, Victoria, on Nov. 29, 2018, at 10:00 a.m.

Barry Wight and Sam Kaso of Cor Cordis were appointed as
administrators of Gladstone Park on Nov. 19, 2018.


GRADEC PTY: Second Creditors' Meeting Set for Nov. 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Gradec Pty
Ltd, formerly trading as "Ragusa Restaurant", has been set for
Nov. 29, 2018, at 9:00 a.m. at the offices of Hamilton Murphy, at
Level 1, 255 Mary Street, in Richmond, 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. 28, 2018, at 4:00 p.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator
of Gradec Pty on Oct. 24, 2018.


HALLS STAR: First Creditors' Meeting Set for Nov. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Halls Star
Pty Ltd, trading as Lone Star Rib House, will be held at The
Executive Centre, Level 25, 108 St Georges Terrace, in Perth, WA,
on Nov. 30, 2018, at 11:00 a.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Halls Star on Nov. 20, 2018.


HYDRO SERVICES: Second Creditors' Meeting Set for Nov. 30
---------------------------------------------------------
A second meeting of creditors in the proceedings of Hydro
Services (SA) Pty. Ltd. has been set for Nov. 30, 2018, at
10:00 a.m. at the offices of BPS Reconstruction and Recovery at
Level 5, Suite 6, 350 Collins Street, 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. 29, 2018, at 4:30 p.m.

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


IHS BROTHERS: First Creditors' Meeting Set for Nov. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of IHS
Brothers Pty Ltd will be held at the offices of SM Solvency
Accountants, at Level 8/490 Upper Edward Street, in Spring Hill,
Queensland, on Nov. 30, 2018, at 11:00 a.m.

Brendan Nixon of SM Solvency was appointed as administrator of
IHS Brothers on Nov. 21, 2018.


LIBERTY TRUST 2015-1: Moody's Hikes Cl. F Notes Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven
classes of notes issued by two Liberty Series RMBS.

The affected ratings are as follows:

Issuer: Liberty Series 2015-1 Trust

  Class C Notes, Upgraded to Aaa (sf); previously on Dec 11, 2017
  Upgraded to Aa2 (sf)

  Class D Notes, Upgraded to A1 (sf); previously on Dec 11, 2017
  Upgraded to A2 (sf)

  Class E Notes, Upgraded to Baa1 (sf); previously on Feb 9, 2017
  Upgraded to Baa3 (sf)

  Class F Notes, Upgraded to Ba2 (sf); previously on Feb 9, 2017
  Upgraded to Ba3 (sf)

Issuer: Liberty PRIME Series 2017-1 Trust

  Class B Notes, Upgraded to Aaa (sf); previously on Mar 2, 2017
  Definitive Rating Assigned Aa2 (sf)

  Class C Notes, Upgraded to Aa3 (sf); previously on Mar 2, 2017
  Definitive Rating Assigned A2 (sf)

  Class D Notes, Upgraded to A2 (sf); previously on Mar 2, 2017
  Definitive Rating Assigned Baa1 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in credit
enhancement from note subordination and the Guarantee Fee Reserve
Account available for the affected notes.

Both transactions are now paying down on a pro-rata and pari
passu basis among all rated notes, while the unrated notes will
not be repaid until all the classes senior to them have been
fully repaid. As such, credit enhancement is building up
gradually.

The Guarantee Fee Reserve Account in both transactions is fully
funded, non-amortizing and can be used to cover charge-offs
against the notes, and liquidity shortfalls that remain uncovered
after drawing on the liquidity facility and principal.

In addition, the transaction portfolios have been performing
within Moody's expectations. Scheduled and indexed loan-to-value
(LTV) ratios have decreased in both transactions.

Liberty Series 2015-1 Trust

Since the last rating action in December 2017 when Moody's
upgraded the ratings on Class C and Class D, the subordination
available for these two classes has increased to 7.1% from 6.4%
for Class C, and to 4.8% from 4.2% for Class D.

The subordination for Class E and Class F has increased to 3.4%
and 2.3% respectively, from 2.3% and 1.4% respectively during the
last upgrade rating action for these two classes in February
2017.

The Guarantee Fee Reserve Account has accumulated AUD1.5 million
(0.88% of total current note balance) from excess spread.

The performance of the transaction has been within Moody's
expectations since closing. At September 30, 2018, the closing
pool has paid down 66%. Of the outstanding pool, 4.8% was 30-plus
day delinquent, and 2.5% was 90-plus day delinquent. Cumulative
loss amounts totaled AUD295,556.

Based on the observed performance and Moody's outlook on the
mortgage market, Moody's expected loss assumption is 2.4% as a
percentage of the outstanding pool balance.

Moody's decreased its MILAN CE assumption to 6.8% from 7.7% since
the last rating action in December 2017, based on the current
portfolio characteristics.

Liberty PRIME Series 2017-1 Trust

Since closing, the note subordination available for the Class B,
Class C and Class D notes has increased to 11.1%, 8.1% and 5.8%
respectively, from 10.5%, 7.5% and 5.1% respectively.

The Guarantee Fee Reserve Account has a balance of AUD0.8 million
(0.35% of total current note balance).

The performance of the transaction has been within Moody's
expectations since closing. At September 30, 2018, the pool at
the end of the prefunding period has paid down 37%. Of the
outstanding pool, 0.9% was 30-plus day delinquent, and 0.3% was
90-plus day delinquent. The deal has incurred no losses to date.

Moody's notes that the outstanding pool has 36% investment loans,
and 35% of the loans show LTV ratios greater than 80%, based on
the original property value.

Based on the loan characteristics, observed performance, and
Moody's outlook on the mortgage market, Moody's expected loss
assumption is 2.2% as a percentage of the outstanding pool
balance.

Moody's decreased its MILAN CE assumption to 9.8% from 13.8%
since closing, based on the current portfolio characteristics.

The MILAN CE and expected loss assumption are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash flow model.

The transactions are Australian RMBS secured by residential
mortgage loans. A portion of the portfolio in Liberty Series
2015-1 Trust consists of loans extended to borrowers with
impaired credit histories or made on a limited documentation
basis.

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

The Credit Ratings for the mentioned deals were assigned in
accordance with Moody's existing Methodology entitled "Moody's
Approach to Rating RMBS Using the MILAN Framework," dated
September 2017. Please note that on November 14, 2018, Moody's
released a Request for Comment, in which it has requested market
feedback on potential revisions to its Methodology for RMBS. If
the revised Methodology is implemented as proposed, the Credit
Rating on the mentioned deals may be neutrally affected.

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

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include:
(1) performance of the underlying collateral that is worse than
Moody's expectations, (2) a decrease in the notes' available
credit enhancement, and (3) a deterioration in the credit quality
of the transaction counterparties.


MAIDENWELL DIATOMITE: Second Creditors' Meeting Set for Nov. 20
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Maidenwell
Diatomite Pty Ltd has been set for Nov. 20, 2018, at 3:30 p.m. at
the offices of SV Partners, at Level 7, 151 Castlereagh Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2018, at 4:00 p.m.

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


QUALITY ESTATE: First Creditors' Meeting Set for Nov. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Quality
Estate Distributors NSW Pty Ltd, trading as Artisan Wine
Merchant, will be held at the offices of Worrells Solvency and
Forensic Accountants, at Suite 1, Level 15, 9 Castlereagh Street,
in Sydney, NSW, on Nov. 30, 2018, at 11:00 a.m.

Simon Cathro of Worrells Solvency and Forensic Accountants ws
appointed as administrator of Quality Estate on Nov. 20, 2018.


SIMPSON ST: Second Creditors' Meeting Set for Nov. 30
-----------------------------------------------------
A second meeting of creditors in the proceedings of Simpson St
Pty Ltd has been set for Nov. 30, 2018, at 11:00 a.m. at the
offices of Cor Cordis, at One Wharf Lane, Level 20, 171 Sussex
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 29, 2018, at 4:00 p.m.

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



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C H I N A
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BLUEFOCUS INTELLIGENT: Fitch Affirms B+ LT IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed China-based BlueFocus Intelligent
Communications Group Co., Ltd.'s Long-Term Foreign- and Local-
Currency Issuer Default Ratings at 'B+'. The Outlook remains
Negative. The advertising and public relations company was
formerly known as BlueFocus Communication Group Co., Ltd. The
agency has also affirmed the expected rating on the proposed US
dollars notes to be issued by wholly owned subsidiary Blue
Skyline Communication Limited.

The affirmation reflects BlueFocus's significant improvement in
operating cash flow in 9M18, allowing it to pay down some debt.
The Negative Outlook reflects Fitch's expectation of continued
tight liquidity and weaker-than-previously envisaged
profitability. Liquidity is unlikely to improve if the company
continues to rely heavily on short-term loans and commercial
paper to refinance long-term bonds. In addition, slower economic
growth and higher regulatory risk in China's online game sectors
may negatively affect cash generation and the pace of
deleveraging. Fitch would consider restoring the Outlook to
Stable if the company's liquidity further improves and
deleveraging path is more certain, both based on stronger EBITDA
and post-dividend free cash flow (FCF).

KEY RATING DRIVERS

Weaker Profitability: Heightened pressure on profitability weighs
on BlueFocus's ratings. Fitch expects slower growth in
BlueFocus's EBITDA in the next two to three years. Fitch believes
the company is not immune to the current economic headwinds, as
its customers face higher economic and regulatory risks. In
addition, EBITDA growth will continue to be limited by continued
stiff competition in China's advertising industry, stronger
bargaining power of online media companies, and improvement in
receivables collection, which is achieved at the expense of
revenue growth and margins.

BlueFocus has allowed more lower-quality customers to churn since
the beginning of 2018, which has led to improved receivables
collection in 9M18, but resulted in a loss of some higher-margin
business and affected the company's ability to earn bonus rebates
from media for above-budget advertiser billings. BlueFocus's
gross profit dropped 5% yoy in 9M18. Operating profit increased
10% yoy during the same period, mainly driven by cost cutting.

Industry-Wide Challenges: Fitch believes stiff competition, the
strong bargaining power of media suppliers in China and the
continued migration of digital advertising onto mobile platforms
-- which have affected industry margins and cash generation --
may continue to hinder BlueFocus's ability to use its market
position to achieve a stronger financial profile. BlueFocus was
ranked the third-largest advertising agency in China by revenue
in 2015-2017 and the largest public relation agency in Asia-
Pacific in 2015-2017. It remained the largest Chinese marketing
communications services group in terms of revenue in 2017.

Volatile FCF Generation: Fitch forecasts BlueFocus's FCF to
remain volatile in the next two to three years, as Fitch is
uncertain whether the company will be able to sustain the level
of cash flow from operations achieved so far in 2018. Slower
economic growth in China and the regulatory challenges facing
Chinese online game companies, which are BlueFocus's top
customers, may affect near-term revenue and cash generation.
Moreover, Fitch expects the company will need to fund higher
working-capital requirements should revenue growth pick up.

Poor Financial Flexibility: BlueFocus's liquidity is tight. Fitch
expects the company to continue to rely on short-term debt,
including commercial paper, to fund working-capital needs and
repayment of long-term bonds. Short-term debt and debt due within
one year accounted for 58% of the company's total debt at end-
September 2018. The extensive use of short-term debt makes
BlueFocus vulnerable to liquidity shortages or temporary shutdown
of capital markets, particularly in view of its volatile FCF.
Nevertheless, BlueFocus is planning to use its receivables to
issue asset-backed securities (ABS) to extend its debt-maturity
profile, although the plan has been delayed for six months or so.
The board of directors approved the ABS plan in late March 2018.

Acquisition Payments: Fitch expects BlueFocus to continue to pay
substantial amounts related to acquisitions in the next two to
three years. Fitch expects BlueFocus will need to pay as much as
CNY450 million to the previous owners of Madhouse Inc. (81.9%
owned) in 2018 and another CNY100 million-200 million in each of
2019 and 2020 to acquire the remaining stakes in Madhouse. In
addition, the company has agreed to purchase a 51% stake in
Socialize Group FZ LLC for USD14.5 million (about CNY101 million)
in June 2018. The first instalment of CNY26 million is due in
2018 and the rest is in 2020. BlueFocus may purchase the
remaining 49% stake in Socialize in 2020 and 2021.

High Leverage: Fitch expects BlueFocus's FFO-adjusted leverage to
remain high at around 5.5x, in the next two to three years, due
to a higher pressure on profitability in the short term and the
need to raise new debt to make the acquisition payments.
BlueFocus's total debt was about CNY3.8 billion at end-September
2018, down from CNY4.5 billion at end-2017. However, total debt
may rebound from 4Q18. The company issued CNY420 million of 180-
day commercial paper in October 2018 to refinance CNY300 million
of commercial paper.

Recovery Rating of 'RR4': Fitch rates the proposed USD300 million
notes at 'B+(EXP)' with Recovery Rating of 'RR4', using the
going-concern value approach to calculate post-restructuring
enterprise value. The liquidation approach is not appropriate
because BlueFocus's assets are of little use if dismantled and
liquidated. Post-restructuring EBITDA remains at around CNY650
million. The post-restructuring EBITDA assumes the depletion of
the current position to reflect the distress that provoked a
default and a level of corrective action that Fitch assumes would
have occurred during restructuring.

Fitch assumes a cash flow multiple of 6.0x, as Fitch believes the
benefits of higher industry growth in China and BlueFocus's good
market position are offset by the intense competition and
structurally lower profitability in China's digital advertising
industry. The adjusted going-concern enterprise value after
administrative claims is then applied to the company's total
debt, assuming the issuance of the proposed USD300 million
unsecured notes, resulting in an estimated 49% recovery for the
proposed unsecured notes in a distressed scenario.

DERIVATION SUMMARY

BlueFocus's weaker financial profile weighs on its ratings
despite the company's stronger market position in China's
marketing communications services sector and the rapid growth of
its outbound business. Greater competition in China's agency
business and migration to lower-margin digital advertising and
overseasbusiness may continue to constrain any improvement in the
company's profitability and operating cash flow generation, which
have remained volatile in the past three years. The company's
smaller scale and diversity, and weaker profitability account for
its much lower rating than leading global advertising holding
companies with investment-grade ratings, such as WPP plc
(BBB+/Negative) and Interpublic Group of Companies, Inc.
(BBB+/Stable).

KEY ASSUMPTIONS

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

  - Revenue CAGR of 28% in 2017-2020, driven by rapid growth
    in overseas business but modest growth in the traditional
    public relations and advertising businesses

  - Operating EBITDA margin declining to 3%-4% in 2018-2020, from
    about 5% in 2017

  - Annual capex staying low at around CNY60 million-80 million
    in 2018-2020

  - Dividend payout ratio of 20% in 2018-2020

RATING SENSITIVITIES

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

  - Fitch may revises the Negative Outlook back to Stable if the
    negative guidelines set out are not triggered.

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

  - Substantial weakening of the market positions of its key
    products and services

  - Significant M&A that negatively affect the operations or
    the business profile

  - Sustained negative FCF

  - FFO adjusted leverage sustained above 5.5x (2017: 5.6x)

  - FFO fixed-charge coverage sustained below 2.5x (2017: 2.5x)

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Fitch expects BlueFocus's liquidity to remain
weak. Readily available cash totalled CNY1.2 billion at end-
September 2018. This compared with its total short-term debt and
debt due within one year of about CNY2.2 billion at the same
period, including CNY400 million of unsecured notes that the
company may have to buy back in January 2019. Undrawn credit
facilities were CNY587 million at end-September 2018. In
addition, the company may need to acquire additional stakes in
Madhouse before end-2018, according to the acquisition agreement,
while operating cash flow in the next 12 months may remain
volatile. Fitch expects BlueFocus will continue to rely heavily
on short-term bank loans and commercial paper to fund working-
capital needs and debt repayments.


CHINA COMMERCIAL: Incurs $635,000 Net Loss in Third Quarter
-----------------------------------------------------------
China Commercial Credit, Inc., has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting a
net loss of US$635,017 on US$107,736 of net revenue for the three
months ended Sept. 30, 2018, compared to a net loss of US$2.13
million on US$0 of net revenue for the three months ended
Sept. 30, 2017.

For the nine months ended Sept. 30, 2018, the Company reported
net income of US$8.48 million on US$192,314 of net revenue
compared to a net loss of US$8.28 million on US$35,000 of net
revenue for the same period during the prior year.

As of Sept. 30, 2018, the Company had US$5.34 million in total
assets, US$1.63 million in total liabilities, and US$3.70 million
in total shareholders' equity.

As of Sept. 30, 2018, the Company had cash balance of US$838,634
and a positive working capital of US$2,073,049.  The management
estimated the operating expenses obligation for the next twelve
months after issuance of the financial statements to be $500,000.
Therefore, the management believes that the Company will continue
as a going concern in the following 12 months.  In addition, the
Company's shareholders will continuously provide financial
support to the Company when there is any business expansion plan.

During the nine months ended Sept. 30, 2018, the Company had a
cash outflow from operating activities of US$1,403,790, an
increase of cash outflow of US$155,161 from a cash outflow of
US$1,248,629 for the same period of last year.  The Company
generated a net income for the nine months ended Sept. 30, 2018
of US$8,482,353, a change of US$16,764,087 from the nine months
ended Sept. 30, 2017, during which it incurred a net loss of
US$8,281,734.

Net cash used in investing activities for the nine months ended
Sept. 30, 2018 was US$4,009,223 as compared to net cash provided
by investing activities of US$1,905,807 for the nine months ended
Sept. 30, 2017.  The cash used in investing activities for the
nine months ended Sept. 30, 2018 was net effects of purchase of
six used luxurious cars of $1,882,476, loan disbursement of
$1,473,458 to a third party, and net cash of $1,270,070 used in
investing activities from discontinued operation netting off
against proceeds of $500,000 from disposal of discontinued
operations and proceeds of $122,481 from disposal of one used
luxurious car in August 2018.

The cash provided by investing activities for the nine months
ended Sept. 30, 2017 was mainly caused by net cash provided by
investing activities from discontinued operation.

During the nine months ended Sept. 30, 2018, the cash provided by
financing activities is mainly attributable to a bank borrowing
of US$1,473,458, a loan borrowed from a third party of
US$153,485, and capital of US$3,265,371 raised from private
placements.

A full-text copy of the Form 10-Q is available for free at:

                       https://is.gd/27brfF

                  About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in
used luxurious car leasing.  The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016.  As of June 30, 2018, China
Commercial had US$4.14 million in total assets, US$15,246 in
total liabilities and US$4.13 million in total shareholders'
equity.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant
losses and needs to raise additional funds to meet its
obligations and sustain its operations.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


GREENLAND GLOBAL: Moody's Assigns Ba2 to New USD Unsec. Notes
-------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the
proposed senior unsecured USD-denominated notes to be issued by
Greenland Global Investment Limited.

The notes will be issued under Greenland Global's medium-term
note (MTN) program ((P)Ba2), which is unconditionally and
irrevocably guaranteed by Greenland Holding Group Company Limited
(Ba1 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used mainly to
refinance Greenland Holding's existing debt and for general
working capital purposes.

RATINGS RATIONALE

"The proposed notes will not increase Greenland Holding 's debt
leverage because the company plans to use the proceeds to repay
existing debt," says Danny Chan, a Moody's Analyst.

Greenland Holding's Ba1 corporate family rating (CFR) reflects
its: (1) track record of delivering strong growth in its property
development business and leading market positions in key markets;
(2) highly diversified geographic coverage in China (A1 stable);
and (3) ability to manage market volatility through diversified
property product lines.

Another important rating driver is Greenland Holding's strong
ability to access funding due to its status as a local state-
owned enterprise.

A key constraint on Greenland Holding's rating is its debt-funded
growth strategy, which has resulted in weak credit metrics. The
company's rating is also tempered by its volatile business
performance.

The Ba2 rating on the proposed notes reflects the risk of
structural subordination, given the fact that the majority of
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination, reducing the likely
recovery rate for claims at the holding company level.

Moody's forecasts that Greenland Holding's contracted sales will
increase to around RMB400 billion in 2018 and RMB430-RMB450
billion in 2019 from RMB306 billion in 2017, while its land
acquisition spending will stay below 30% of annual contracted
sales.

As a result, Moody's expects that Greenland Holding's
revenue/adjusted debt will trend toward 130%-140% from 120% for
the 12 months ended June 30, 2018 and EBIT/interest will improve
to around 3.0x from 2.8x for the same period. These levels will
position the company appropriately at the Ba1 CFR rating band,
considering its large operating scale, strong access to funding,
and business diversification.

Greenland Holding's rating outlook is stable, reflecting Moody's
expectation that the company will continue to control its debt
growth and pace of land acquisitions, while growing its scale
over the next 12-18 months.

Moody's could upgrade Greenland Holding's rating if the company
can: (1) sustain its leading position in China's residential
market; (2) maintain prudent practices in its land acquisitions
and financial management; and (3) improve its credit metrics,
such that revenue/debt is above 140% and EBIT/interest is above
3.5x on a sustained basis.

On the other hand, Greenland Holding will face downward rating
pressure if the company shows: (1) weak sales performance or weak
collections on its sales proceeds; (2) a decline in profit
margins; (3) a sizeable increase in debt, arising from aggressive
expansion or land acquisitions; and/or (4) an increase in the
risk profile of its non-property businesses.
Moody's would consider downgrading the rating if the company's
credit metrics weaken, with revenue/adjusted debt below 100%, and
consolidated EBIT/interest coverage below 2.0x-2.5x on a
sustained basis.

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

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group. The Shanghai State-owned
Assets Supervision and Administration Commission is effectively
the largest shareholder of Greenland Holding. The company is
headquartered in Shanghai, with a focus on the real estate
sector. It also engages in other businesses, including
construction, finance and auto dealerships.


TIMES CHINA: Moody's Rates New USD Sr. Unsec. Notes B1
------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
proposed senior unsecured USD notes to be issued by Times China
Holdings Limited (Ba3 stable).

The rating outlook is stable.

The proceeds from the proposed issuance will be used mainly to
refinance existing debt and for general working capital purposes.

RATINGS RATIONALE

"The proposed notes will lengthen Times China's debt maturity
profile and will not materially affect the company's financial
profile, because a large portion of the proceeds will be used to
refinance existing debt," says Danny Chan, a Moody's Analyst, and
also Moody's Lead Analyst for Times China.

Times China's Ba3 corporate family rating (CFR) continues to
reflect its growing operating scale, established brand, and good
track record of property development in Guangdong Province. The
rating also takes into account the company's stable profit
margins and strong liquidity profile.

However, the company's Ba3 CFR is constrained by its: (1)
geographic concentration in Guangdong Province; and (2) exposure
to the financing and execution risks associated with its fast
growth business strategy.

The B1 rating on the proposed notes reflects the risk of
structural subordination, given the fact that the majority of
claims are at the operating subsidiaries and have priority over
claims at the holding company in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination, reducing the expected
recovery rate for claims at the holding company level.

Moody's expects Times China's leverage, as measured by
revenue/adjusted debt, will improve to 65%-70% over the next 12-
18 months from about 60% for the 12 months ended June 2018,
driven by likely growth in revenue recognition in the second half
of 2018, which will in turn be supported by strong contracted
sales over the past 12-18 months.

At the same time, the company's interest-servicing ability, as
measured by adjusted EBIT/interest, will remain stable at 3.0x-
3.5x over the next 12-18 months, because revenue growth and
likely stable profit margins will offset higher interest
expenses.

Moody's expects Times China's revenues will grow about 30% year-
on-year in 2018, and that the company will maintain gross margins
of around 27.5%.

For the 10 months between January and October 2018, Times China
reported robust 51% year-on-year growth in contracted sales -
including its share in joint ventures - to RMB47.6 billion. In
addition, the average selling price of its contracted sales
increased by 8% year-on-year over the same period, which will
support the company's gross margin over the next 12-18 months.

Times China's liquidity is strong. The company's reported cash
balance of RMB20.7 billion at the end of June 2018 well covered
its short-term debt of RMB9.8 billion and unpaid land premiums.

The stable outlook on Times China's ratings reflects Moody's
expectation that the company will maintain growth in its
presales, along with disciplined land acquisitions and debt
management to achieve a financial profile consistent with its Ba3
CFR.

Upward ratings pressure could emerge if Times China shows stable
growth in sales and an increased operating scale, while
maintaining a strong liquidity position.

Financial ratios indicative of upward ratings pressure include
cash/short-term debt of 1.5x, revenue/adjusted debt above 90% and
adjusted EBIT/interest above 4.0x on a sustained basis.

Conversely, downward ratings pressure could emerge if Times China
shows declining sales, aggressive land or project acquisitions,
increased debt leverage or a weakening liquidity position.

Metrics indicative of downward ratings pressure include: (1)
cash/short-term debt below 1.0x, (2) EBIT/interest coverage below
2.5x, or (3) revenue/adjusted debt below 65% on a sustained
basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for mass-
market housing. At the end of June 2018, it had 87 property
projects across eight cities in Guangdong Province and Changsha
city in Hunan Province. Its land bank of around 18.2 million
square meters as of the same date can support the company's
property development for the next 3-5 years.



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


AMBICA AGARBATHIES: ICRA Withdraws B Rating on INR66cr Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B assigned to
the INR66.00-crore bank limits of Ambica Agarbathies Aroma &
Industries Ltd. The rating is now denoted as "[ICRA]B(Stable);
Withdrawn".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan            66.00      [ICRA]B (Stable); Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request from the company based
on no objection certificate provided by its lenders.

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


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

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

-- INR15 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating; and

-- INR15 mil. Proposed non-fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional IND
    A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 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 1987, Anubhav Plast manufactures steel tubular
poles, traffic light poles; single-hand light poles, double-hang
light poles, pipes and others at its facility in Kanpur, Uttar
Pradesh.


AURO INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Auro Industries
Limited's (AIL) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits affirmed with IND BB-/Stable
    rating; and

-- INR30 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects AIL's continued small scale of
operations as indicated by revenue of INR424 million in FY18
(FY17: INR421 million). The company's credit metrics remained
modest with interest coverage (operating EBITDA/gross interest
expense) of 1.1x in FY18 (FY17: 1.1x) and net financial leverage
(adjusted net debt/operating EBITDAR) of 6.6x (6.7x). AIL's
return on capital employed was 9% in FY18 and EBITDA margins were
modest at 2.8% (FY17: 2.8%).

The ratings also factor in the company's modest liquidity
position as indicated by its around 87.02% average utilization of
the working capital limits during the 12 months ended October
2018. The ratings continue to be supported by the company's
promoters' experience of over 25 years in the trading of textile,
iron and steel, and other items.

RATING SENSITIVITIES

Negative: A decline in the overall credit profile on a sustained
basis will be negative for the ratings.

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1990, AIL is primarily engaged in the dealership
and distribution of porcelain insulators, light fittings, UPS
systems, textiles and other products. Also, the company is the
sole carry and forward agent in West Bengal for the batteries
manufactured by Tractors and Farm Equipment Limited.


B.H. COTTON: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for the
INR7.00-crore fund-based cash credit facility of B.H. Cotton
Private Limited. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit           7.00      [ICRA]B (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by the
weak financial risk profile as characterised by small scale of
operations, low profit margins, stretched capital structure, weak
coverage indicators and high working capital intensity. The
rating also factors in the vulnerability of the company's
profitability to fluctuations in raw material prices (raw
cotton), considering the inherently low value-added ginning
business and the stiff competition in cotton ginning industry.
Further, it is also exposed to regulatory risks with regard to
the minimum support price (MSP), which is set by the Government.
The rating reaffirmation, however, continues to favourably factor
in the extensive experience of the promoters in the cotton
ginning industry and the proximity of the company's manufacturing
unit to raw material sources.

Outlook: Stable

ICRA believes that BHCPL will continue to benefit from the
experience of the promoters in the cotton ginning industry. The
outlook may be revised to Positive if healthy improvement in
scale of operations and profitability or substantial equity
infusion or prudent working capital management, strengthens its
financial risk profile. Conversely, the outlook may be revised to
Negative if lower-than-expected sales and profitability leads to
lower-than-expected cash accruals; or stretch in the working
capital cycle weakens the capital structure and the overall
liquidity.

Key rating drivers

Credit strengths

Extensive experience of promoters in cotton ginning industry: The
promoters of BHCPL have over a decade of experience in the cotton
ginning industry, resulting in established relationships with
customers.

Location-specific advantages: The company is based in Rajkot
(Gujarat), an area of high cotton acreage and quality cotton
crop. Hence, the company benefits in terms of lower
transportation cost and easy access to quality raw material
because of its proximity to raw material suppliers.

Credit challenges

Weak financial risk profile: The company's reported a growth of
58% in operating income to INR19.67 crore in FY2018 from INR12.45
crore in FY2017 followed by increase in sales volume, though the
size continued to remain small. The profitability continues to
remain low and also declined to 2.41% in FY2018 from 4.35% in
FY2017 due to high raw material cost. Consequently, the net
profit margin also stood low at 0.10% in FY2018 due to high
interest expense. The capital structure continued to remain
leveraged with gearing of 3.26 times as on March 31, 2018. The
coverage indicator remained weak with interest coverage ratio of
1.02 times, TD/OPBITDA of 14.26 times and an NCA/TD of 1% as on
March 31, 2018.

Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various
factors such as seasonality, climatic conditions, global demand
and supply situation, and export policy. Further, it is also
exposed to the regulatory risks with regard to the MSP set by the
Government.

Intense competition and fragmented industry structure: The cotton
ginning industry is highly fragmented with presence of numerous
small to mid-sized players. Thus, the company faces stiff
competition, which limits its bargaining power and exerts
pressure on its margins.

B.H. Cotton Private Limited (BHCPL) was incorporated in 2007 and
is engaged in cotton ginning and pressing business. The company
has 30 ginning machines and one pressing machine; its production
capacity is 15000 MTPA. The company is managed by the Padaliya
family, with its manufacturing facility at Tankara, in Rajkot
district.

In FY2018 (provisional financial statement), the company reported
a net profit of INR0.02 crore on an operating income (OI) of
INR19.67 crore as against a net profit of INR0.01 crore on an OI
of INR12.45 crore in FY2017.


BALAJI OVERSEAS: ICRA Maintains B Ratings in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR30 crore bank facilities of
Balaji Overseas continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B (Stable)
and [ICRA]A4; ISSUER NON-COOPERATION".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund      5.85      [ICRA]B (Stable) ISSUER NON-
   Based-Cash Credit              COOPERATION; Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Short Term: Fund     24.00     [ICRA]A4 ISSUER NON-
   Based-Packing                  COOPERATION; Continues to
   Credit                         remain under 'Issuer Not
                                  Cooperating' category

   Long Term:           0.03      [ICRA]B (Stable) ISSUER NON-
   Unallocated                    COOPERATION; Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Short Term: Non-     0.12      [ICRA]A4 ISSUER NON-
   Fund Based-Bank                COOPERATION; Continues to
   Guarantee                      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 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.

Balaji Overseas was established in 1989 as a proprietorship firm
with Mr. Kailash Chander as the proprietor. Balaji Overseas is
engaged in the processing and trading of rice in the domestic
market as well as exporting to countries like Saudi Arabia,
Dubai, Kuwait and USA. The firm sells its product under the brand
name 'Sargam'. The firm's manufacturing unit is located in
Pehowa, Haryana.


BILTECH BUILDING: CARE Lowers Rating on INR62.99cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Biltech Building Elements Limited (BBEL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank      62.99      CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE BB+; Stable;
                                  on the basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from BBEL to monitor the
rating vide e-mail communications/ letters dated Nov. 8, 2018,
Nov. 5, 2018, Nov. 1, 2018, Oct. 31, 2018, Oct. 17, 2018, Oct. 8,
2018, Oct. 4, 2018, Oct. 1, 2018, Sept. 30, 2018, Sept. 21, 2018,
Sept. 7, 2018, Sept. 5, 2018, Sept. 3, 2018, Aug. 16, 2018,
Aug. 3, 2018, Aug. 1, 2018, July 31, 2018 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

The revision in the rating for the bank facilities of Biltech
Building Elements Limited takes into consideration the delays in
servicing of the company's debt obligations. Going forward, the
ability of the company to improve its liquidity position would
remain the key rating sensitivity.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations: On account of Cash flow
mismatches there are ongoing delays in servicing of debt
obligations by the company.

Biltech Building Elements limited (BBEL), an Avantha group
company, was incorporated in 2004. It is engaged in manufacturing
'Autoclaved Aerated Concrete Blocks, i.e. AAC-Blocks for 'green
building' process by utilizing fly-ash, lime, cement, gypsum and
aluminium powder as major raw materials. Avantha group (erstwhile
Thapar Group) is a renowned group of India with over seven
decades of existence. The group is currently led by Mr. Gautam
Thapar and has business interest in sectors like, pulp and paper
manufacturing, power transmission and services equipment, food
processing, power, chemicals, IT & ITES etc.

Presently, BBEL has seven plants in operation- Palwal in Haryana
(taken over from group company Ballarpur Industries Ltd in FY05),
Bhigwan in Pune (set up in FY09), Palghar in Maharashtra
(acquired in FY12), Budge Budge in Kolkata (set up in FY12) and
Surat in Gujarat (acquired in FY13), Tumkur in Karnataka and Pune
in Maharashtra acquired from Siporex India Pvt Ltd (owned by the
BG Shirke Group) in FY17. Total installed capacity of BBEL
aggregates to 13.40 lakh cubic metres per annum.


CANARA GOODS: CARE Reaffirms B+ Rating on INR6cr Long-Term Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Canara Goods Transport (CGT), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CGT continues to
be tempered by small scale of operations, working capital
intensive nature of operations and highly fragmented industry
with intense competition from large number of players. The
ratings further constrained by fluctuating and thin profitability
margins, leveraged capital structure and weak debt coverage
indicators albeit marginal improvement The ratings also factors
in marginally increase in total operating income during FY18. The
ratings is, however, underpinned by the experienced partners with
established track record of the entity, reputed and established
customer base and stable demand for transport and logistics
industry.

Going forward, ability of the firm to increase its scale of
operations, improve the profitability margins in competitive
environment and improve the capital structure with efficient
management of working capital borrowings would be the
key rating sensitivities

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operation: The firm's scale of operations were
small in nature as marked by a TOI of INR10.42 crore in FY18.
However the TOI has marginally improved from INR10.29crore in
FY17 to INR10.42 crore in FY18.

Thin profitability margins during review period: The PBILDT
margin improved from 9.15% in FY17 to 11.16% to FY18 due to
decrease in fuel & energy, loading and unloading charges. The PAT
margin of the firm decreased from 3.13% in FY 17 to 0.69% in FY
18 due to deferred tax liability to tune of INR0.13 crore.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged. The debt
equity ratio and overall gearing ratio of the firm has
deteriorated from 0.97x and 2.64x respectively as on March 31,
2017 to 1.13x and 2.79x respectively as on March 31, 2018 due to
increase in term loan (vehicle loan). Furthermore, the debt
coverage indicators stood weak during the review period. The
total debt/GCA improved from 15.83x in FY17 to 9.68x in FY18 due
to increase in GCA at the back of increase in PBILDT. The PBILDT
interest coverage ratio has improved from 1.54x in FY17 to 2.03x
in FY18 due to increase in PBILDT absolute terms.

Working capital intensive nature of operations and elongated
operating cycle: The firm is operating in working capital
intensive nature of business. The firm receives payment from its
customers within 45-60 days from the date of raising the bill.
However the collection period increased from 84 days to 101 due
to long term relationship with customers, the firm extend credit
period to its customers. The firm makes payment to its creditors
with 20-30 days after receiving the payment from the debtors the
average working capital utilization was 90% for the last 12
months ended October 31, 2018. They have taken new term loan for
purchasing vehicle (Lorry).

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm
is exposed to inherent risk of capital withdrawal by the
partners, due to its nature of constitution. Further, any
substantial withdrawals from capital account would impact the
networth and thereby the financial profile of the firm. The
partners has withdraw amount of INR22.25 FY18.

Highly fragmented industry with intense competition from large
number of players: The firm is engaged in providing
transportation services which is highly fragmented industry due
to presence of large number of organized and unorganized players
in the industry the firm faces huge competition.

Key Rating Strengths

Long track record and experience of the partners for more than
three decades in transportation sector: CGT was established in
1968 and has been in the transportation business for more than
three decades. The firm is managed by Mr. M Madhavraya Pai along
with his family members. The partners have an experience of more
than three decades in transportation sector. Due to long term
presence in the transportation business, the partners have
developed good relations with suppliers and customers.

Reputed and established customers: The customer base of the firm
is well established, as the partners has been in this line of
business for more than three decades, as a result of which, it
has developed good contacts with the customers. The price is
based on the tonnage of material transported and the destinations
covered. The major customers are The Mangalore Ganesh Beedi Works
Cables, Bharath Beedi Works Private Limited, Baliga Fishnets and
Amara raja Batteries Limited, among others.

Stable demand for transportation and logistics: In the wake of
globalization, the importance of logistics is increasing as more
and more, both national and multi-national companies are
sourcing, manufacturing and distributing their products and
services on a global scale. Thus, the recognition of performance
of logistics industry would become prime importance of economic
development for India in long term. The Indian logistic industry
has been gaining traction, with e-commerce penetration, economy
revival, proposed GST implementation and government initiatives
like "Make in India", National Integrated Logistic Policy, 100%
FDI in warehouses and food storage facilities, etc. Some of the
aforementioned initiatives during FY12-FY16 (refers to the period
April 1 to March 31) have led to significant improvement in
functioning and operations of logistics companies in India which
is reflected in multiple notching up of India's logistic
performance index (LPI) rank by 19 places to 35th position from
54th position as per LPI 2016 report by World Bank. Furthermore,
with respect to India's GDP growth the logistics industry is
expected to grow at 1-1.5x as logistics business is directly
correlated with economic activity. Considering the aforementioned
aspect the Indian logistic industry is projected to grow at a
CAGR of 15-20% during FY16~FY20.

Mangaluru based, Canara Goods Transport (CGT) was established as
a transport service provider in 1968 by Mr. M Madhavraya Pai
along with his family. CGT is primarily engaged in providing
transport facilities for reputed corporates located in Mangaluru.
CGT provides its services to various states like Karnataka
Maharashtra and Tamil Nadu. Once the CGT procures a contract, it
manages the end-to-end transporting requirements of the
companies. CGT has reputed customers which includes Mangalore
Ganesh Beedi works, Finolex cables limited, Bharath Beedi Works
Private Limited, Baliga Fishnets). The firm is not responsible
for the risk of loss/damage of goods as the goods (transported by
CGT) are covered under insurance. CGT has 69 own vehicles to
transport the products; apart from this they also undertake fleet
for rental purpose from local transporters. The payment will be
made to local transporters based on the quantity and the point of
delivery. Moreover, CGT has 32 branches, around Tamil Nadu,
Maharashtra and Karnataka.


CATVISION LIMITED: Ind-Ra Lowers Long Term Issuer Rating to BB-
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Catvision
Limited's (CL) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR85 mil. Fund-based working capital limits Long-term
    rating downgraded; Short-term rating affirmed with IND BB-/
    Negative/IND A4+ rating;

-- INR42.5 mil. Non-fund-based working capital limits affirmed
    with IND A4+ rating; and

-- INR12.5 mil. Term deposit* due on September 30, 2018
    affirmed; Outlook revised to Negative from Stable with
    IND B+/Negative rating.

* The term deposit is valid up to the date of the next annual
general meeting or within six months from the close of the next
financial year, whichever earlier. Ind-Ra is unable to provide an
update on the maturity date as the information is yet to be
received from CL.

KEY RATING DRIVERS

The downgrade reflects a sharp fall in the revenue of CL in
1HFY19 and operating losses incurred by the company in 2QFY19
owing to intense competition from Chinese companies (which are
setting up manufacturing units for set-top boxes in India) and a
shipment delay from counterparty. In 1HFY19 CL's revenue was
INR204.73 million (1HFY18: INR435.03 million) and EBITDA margin
was negative 0.80% (8.40%). Its scale of operations continues to
be modest.

The ratings, however, continue to be supported by CL's promoters'
three-decade-long experience in the community antenna television
equipment manufacturing business.

RATING SENSITIVITIES

Outlook Revision to Stable: CL registering any operating
profitability, leading to any improvement in the credit metrics,
will result in the Outlook revision to Stable.

Negative: Any further operating losses could be negative for the
ratings.

COMPANY PROFILE

Incorporated on 28 June 1985, CL manufactures community antenna
television equipment that provides cable television services. In
addition, it manufactures cable TV products such as modulators,
combiners, optic transmitters, optic nodes, radio frequency
amplifiers, power supplies and splitters, and tap-offs of
different functionalities.


CHANDAN TRADING: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR11.00 crore bank facility of
Chandan Trading Company Private Limited (CTCPL) 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 Limit-      11.00     [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
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.

Incorporated in 2011, CTCPL is primarily engaged in trading of
chana, maize and tamarind; and other agro-products including
amchur, tora, kosra, mahua, amla, etc. The company was promoted
by the Somani family of Jagdalpur, Chhattisgarh. The promoters of
CTCPL had been engaged in agro trading business since 1988
through a proprietorship firm namely, Chandan Trading Company
(CTC), which currently stands discontinued with the commencement
of operations of CTCPL from April 2011.


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

The instrument-wise rating actions are:

-- INR40 mil. Term loan due on April 2022 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR80 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING) /
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2008, Concept Conceivers & Executors is a
partnership firm that manufactures leather footwear at its
facility in Agra, Uttar Pradesh. It exports all of its products
to Europe.


CORAL STEEL: CARE Assigns B+ Rating to INR3cr Long Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Coral
Steel (CS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CS is primarily
tempered by small scale of operations with fluctuating operating
income and thin profitability margins, working capital intensive
nature of operations with risk of foreign exchange fluctuation
and highly fragmented industry and partnership nature of
constitution with risk of withdrawal of capital.

However, the rating derives comfort from experienced promoters in
manufacturing ancillary Iron and Steel products, satisfactory
capital structure and debt coverage indicators, established
clientele base and stable outlook for Iron and Steel industry and
increase in demand for steel in business. Further, the firm's
ability to improve its scale of operations, profitability,
capital structure and debt coverage indicators and efficiently
utilize its working capital requirements are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and thin profitability margins: The scale of operations remained
small marked by a total operating income (TOI) which stood at
INR11.59 crore as of FY18. The TOI was seen fluctuating during
the review period depending upon demand of products from
customers. In
FY17, the TOI declined to INR10.31 crore due to impact of
demonetisation of Indian currency. The PBILDT margin remained
fluctuating during the review period. The margin stood in the
range of 3.8%-4.3% during FY15-17; However with an increase in
the scale of operations, the cost of raw materials increased
which led to decline in the margin to 1.06% in FY18 (Prov.). PAT
margin remained thin and fluctuated during the review period. The
PAT margin increased in FY16 on the back of increased scale of
operations. In FY17 the PAT margin delined to 0.94% on account of
increase in interest expenses. The margin further declined to
0.88% in FY18 due to decline in profit by absolute terms.

Working capital intensive nature of operations with risk of
foreign exchange fluctuation: Coral Steel is into a working
capital intensive nature of operations. The scrap of iron is
procured in bulk from local suppliers in and around Tamil Nadu
and also imports from Singapore. The firm maintains stock of raw
materials and finished products for about a month to manage
production and meet the requirements of its customers. The raw
material is predominantly purchased against cash and at a few
occasions credit up to 30 days is availed. However, the average
collection period stood elongated at 124 days in FY18 (Prov.),
although improving year-on-year, due to delayed payments from its
customers. The firm extends credit terms due to long association
with its customers and to secure regular flow of orders. Overall,
the operating cycle also stood at 113 days in FY18. The firm was
managing its working capital requirement through cash credit
limit (South Indian Bank) of INR2 crore which was subsequently
closed in FY18. The firm has approached banks for cash credit
facility of INR3 crore to manage business operations. Since the
firm is engaged in importing of raw materials such as iron scrap,
fluctuation in the currency value has a significant impact on the
bottom line. When exchange rates take an unfavourable turn, it
results in the firm receiving lesser amount from its customers.
The firm has no hedging policies in place to meet the currency
fluctuations.

Highly fragmented and competitive industry: As the firm is
engaged in the business of iron and steel, the price of raw
materials, the unavailability of raw materials from the mining
sector such as iron ore, coal, and power and achieving economies
of scale to reduce costs and improve the quality of output are
challenges being faced by the industry. Furthermore, the business
of the firm is highly fragmented and competitive in nature as
evident by the presence of numerous unorganized and organized
players. The entry barriers in this industry are high on account
of low capital investment and less technological requirement. Due
to this, the players in the industry do not have any pricing
power.

Partnership nature of constitution with inherent risk of
withdrawal of capital: The partnership firm has the inherent risk
of possibility of withdrawal of partners capital at the time of
personal contingency which can affect the capital structure.
Further the partnership concern has restricted access to external
borrowing which limit their growth opportunities to some extent.

Key Rating Strengths

Experienced promoter in manufacturing ancillary Iron and Steel
products: Mr. S. Joseph Selvaraj has experience of about 15 years
in manufacturing iron and steel products. Prior to establishing
Coral Steel as partnership firm, the promoter was engaged in
managing father's concern which was engaged in similar line of
business till 2017.

Satisfactory capital structure and debt coverage indicators: The
capital structure of the firm marked by overall gearing has been
improving year-on-year and stood satisfactory at 1.01x as on
March 31, 2018 due to increasing networth due to accretion of
profit and significant reduction of debt levels in FY18.
Furthermore, the debt coverage indicator of CS stood satisfactory
as of FY18. The interest coverage ratio declined year-on-year
from 1.56x in FY15 to 1.35x in FY17 on account of increase in
finance charges on account of higher utilization of cash credit
facility. The ratio improved to 224.20x in FY18 (Prov.) due to
closure of cash credit facility which led to decline in the
finance charges. Total debt/GCA stood satisfactory at 13.17x in
FY18 (Prov.), improved from 36.57x in FY17 on the back of decline
in total debt and stable cash accruals.

Established clientele base and stable outlook for Iron and Steel
industry: The CS clientele base include customers mainly located
in Tamil Nadu region with whom the firm is dealing over the
years.

Coral Steel (CS) was initially established in February, 2003 as a
proprietorship concern by Mr.S. Joseph Selvaraj. Later on, the
firm was converted into a partnership on April 4, 2018 with Mr. S
Joseph Selvaraj and Seela Venugopal as partners.

CS is engaged in processing the scrap of iron and steel which is
used to manufacture finished goods such as, I-beam, TMT bars for
producing structural steels which is used for construction of
buildings, fabrication industries and other manufacturing units.
The firm uses gas cutting machine for smelting which has capacity
to produce 5 tonnes steel plates per day as of October 11, 2018.


CORE GREEN: ICRA Reaffirms D Rating on INR342.49cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR342.49-crore term loans (enhanced from INR284.71-crore) and
the INR117.11-crore cash credit facilities of Core Green Sugar &
Fuels Private Limited. ICRA has also reaffirmed the short-term
rating of [ICRA]D for the INR21.00-crore non-fund based working
capital facilities of CGFSPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-Term
   Loan                342.49      [ICRA]D; Reaffirmed

   Fund Based-Cash
   Credit              117.11      [ICRA]D; Reaffirmed

   Non-fund Based-
   Working Capital
   Facilities           21.00      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the continuing delays in debt
servicing owing to the company's stretched liquidity position.
CGSFPL's financial position continues to be weak as reflected by
the decline in operating income, low net profitability, high
gearing and weak debt-coverage metrics in FY2018. Though the cane
crushing activity increased in SY2018 to 5.8 lakh MT from 1.6
lakh MT in SY2017, low sugar sales volume along with the decline
in the sugar realisation on YoY basis has adversely impacted the
operating income in FY2018. Further, the increase in total debt
as on March 31, 2018, along with high interest costs and low net
profitability continues to adversely impact the capital structure
and debt coverage metrics. ICRA notes that the promoters brought
in around INR18.00 crore of unsecured loans in FY2018 to support
the liquidity. CGSFPL's ratings remain constrained by the risks
associated with the inherent cyclicality in the sugar business;
agro-climactic risks related to cane production; and Government
policies on import duties, cogeneration power and ethanol
pricing, and offtake.

ICRA, however, notes that cane crushing is expected to increase
in SY2018 to around 7.5 lakh MT and this is likely to improve the
performance of the forward-integrated units - cogeneration and
distillery. ICRA notes that the offtake risk for the cogeneration
unit is low in the medium term because of the five-year PPA with
the Karnataka state discom at a remunerative tariff. The recent
increase in the production subsidy by the central government is
likely to result in sugar exports, which along with the recent
downward revision in the sugar production estimate for SY2019 is
likely to support the sugar prices in the near term. Earlier in
June 2018, the GOI approved the creation of three million metric
tonnes (MT) of buffer stock and fixed the minimum sugar price
(MSP) at INR29,000/MT, which have helped in sugar prices
recovery. The ratings also take into consideration the company's
forward integration into cogeneration and distillery businesses,
which provide alternate revenue streams and reduce the impact of
the cyclicality of the sugar business to some extent.

Key rating drivers

Credit strengths

Forward-integrated operations: Fully integrated profile of sugar
operations (with cogeneration unit of 24 MW and distillery unit
of 50 KLPD) provides cushion to profitability in cases of sugar
downturn.

Government's measures to support sugar prices: The Government of
India (GoI) has approved a production subsidy of INR13.88/quintal
for SY2019, an increase from INR5.5/quintal for SY2018, for mills
exporting sugar under the MIEQ scheme. This is likely to expedite
sugar exports; moreover, the recent downward estimate in the
sugar production to 31.5-32.0 million MT from 35 million MT is
likely to support sugar prices in the near term.

Earlier, in June 2018, GoI announced support measures for the
sugar industry, which included creation of 3 million MT of buffer
stock, fixation of MSP at INR29,000/MT and incentives for setting
up distillery capacities. These measures helped in recovery of
sugar prices from the low of INR26,500/MT in May 2018. In
addition, the carrying cost benefit on buffer stock in FY2019 is
likely to support the profitability.

Likely increase in cane crushing activity in SY2019: Cane
crushing is expected to increase in SY2019 to around 7.50 lakh MT
from around 5.8 lakh MT in SY2018 supported by good monsoons.
Also, the forward integrated units -- cogeneration and distillery
-- are likely to benefit from this increase in cane crushing.
Low offtake risk for power exports - The presence of a five-year
PPA with the Karnataka state discom at a remunerative tariff of
around INR5/unit lowers the offtake risk for the cogeneration
unit in the medium term.

Credit challenges

Delays in debt servicing: Delays in debt servicing owing to
CGSFPL's stretched liquidity position.

Weak financial profile: Decline in the sugar sales volumes owing
to low opening sugar stock (due to low crushing in previous year)
and high closing sugar stock (due to decline in the sugar
realisations in Q4 FY2018, the company had held high sugar stocks
as on March 31, 2018) along with the decline in sugar
realisations resulted in lower operating income in FY2018 on YoY
basis. In addition, the increase in total debt as on March 31,
2018, along with high interest costs and low profitability
continues to adversely impact the capital structure and debt
coverage metrics in FY2018. However, ICRA notes that the
promoters brought in around INR18.00 crore of unsecured loans in
FY2018 to support the liquidity.

Vulnerability of profitability to agro-climatic and regulatory
risks: Profitability of sugar mills remains exposed to the
cyclicality of the sugar industry, agro-climatic risks related to
cane production, and Government policies related to sugar trade.

CGSFPL operates an integrated sugar plant at the Yadgir district
of Karnataka, which was commissioned in April 2011. The plant has
a 5000-TCD crushing unit, 24-MW cogeneration unit and a 50-KLPD
distillery unit. The company is promoted by the Sreeramaneni
family of Andhra Pradesh, which holds the entire equity stake in
the company.

In FY2018, on a provisional basis, the company reported a net
profit of INR0.18 crore on an operating income of Rs.141.42
crore, as compared to a net loss of INR9.84 crore on an operating
income of INR181.48 crore in the previous year.


GANESH SPONGE: Ind-Ra Affirms 'D' Long Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ganesh Sponge
Private Limited's (GSPL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR260 mil. Fund-based limit (long-term) affirmed with IND D
    rating; and

-- INR55.63 mil. (reduced from INR116.5 mil.) Term loans (long-
    term) due on March 2020 affirmed with IND D rating.

KEY RATING DRIVERS

The ratings reflect GSPL's continued tight liquidity that led to
instances of delays in debt servicing during the 12 months ended
October 2018.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2004, GSPL is a manufacturer of sponge iron. The
company is managed by Mr. SK Dalmia.


GMR VEMAGIRI: ICRA Withdraws 'B' Rating on INR60cr Cash Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with a stable
outlook assigned to the INR60-crore(1) bank facilities of GMR
Vemagiri Power Generation Limited (GVPGL). ICRA has also
withdrawn the short-term rating of [ICRA]A4 assigned to the
INR140-crore bank facilities of GVPGL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit         60.00       [ICRA]B (Stable) withdrawn

   Non-fund Based
   Limits             140.00       [ICRA]A4 withdrawn

Rationale:

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension as the company has fully repaid the
bank facilities. There is no amount outstanding against the rated
instrument.

GVPGL, which is 100%-owned by GMR Energy, has a combined cycle
gas based project with a capacity of 388.5 MW near KG Basin in
Andhra Pradesh. The construction of the plant was completed in
June 2006 and the project was commissioned in September 2006.
However, the plant remained non-operational due to non-
availability of gas till January 2008. From February 2008, the
plant had been operating intermittently on gas diverted from
other power plants as per the directive of the Andhra Pradesh
Government. Subsequently, it received gas pursuant to an Fuel
Supply Arrangement (FSA) with RIL since April 2009 till March
2013.

However, the decline in domestic gas production led to a scarcity
of domestic gas. As a result, the plant has mostly been non-
operational. The intermittent operations during FY2014 were based
on RLNG supplied by APTRANSCO. The plant had no operations during
FY2014-15 and resumed operations in August 2015 after bidding
successfully under the scheme for utilisation of gas-based power
generation capacity. The plant operated at muted capacity
utilisation levels in FY2016 and H1 FY2017 and has been non-
operational and under preservation since October 2016.


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

The instrument-wise rating actions are:

-- INR60 mil. Fund-based limit maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Non-fund-based limits Maintained in Non-
    Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 14, 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 2012, Golden Globe Impex trades commodities such
as rice, spices, raw cashew nuts and chemicals (such as glycerin,
melamine, maleic, anhydride and citric acid).


HAYWARD SYNTHETICS: ICRA Withdraws B+ Rating on INR15cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with Stable
outlook and the short-term rating of [ICRA]A4 assigned to the
INR19.00-crore bank facilities of Hayward Synthetics Private
Limited in accordance with ICRA's policy on withdrawal and
suspension. The ratings were earlier moved to 'ISSUER NOT
COOPERATING' category due to non-submission of 'No Default
Statement (NDS)'.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/Short      15.00      [ICRA]B+ (Stable)/ [ICRA]A4;
   Term-Fund Based                 ISSUER NOT COOPERATING;
   Limits                          Withdrawn

   Short Term-Non-       0.36      [ICRA]A4; ISSUER NOT
   Fund Based Limits               COOPERATING; Withdrawn

   Long Term/Short       3.64      [ICRA]B+ (Stable)/ [ICRA]A4;
   Term-Unallocated                ISSUER NOT COOPERATING;
   Limits                          Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension on receipt of No Objection Certificate
from the banker, and as desired by the company

Outlook: Not Applicable

Hayward Synthetics Private Limited (HSPL) was established in 1990
as a private limited company, by Mr. Nilesh Goyal and Mr. Pramod
Daga. The firm is engaged in manufacturing of high end fabric for
suitings and shirtings. The entire dyeing and finishing work of
the grey fabric resulting from the weaving of yarn is outsourced
to the nearby units on job work basis. The company has a
registered office in Mumbai and manufacturing facilities at
Umbergaon, Gujarat and Tarapur, Maharashtra.


INFRASTRUCTURE LEASING: Unit Delays Q2 Result; Cites Insolvency
---------------------------------------------------------------
Livemint.com reports that IL&FS Transportation Networks, part of
the troubled Infrastructure Leasing & Financial Services Limited
(IL&FS) group, on Nov. 22 cited NCLT insolvency proceeding as the
reason for delay in filing September quarter financial results
with stock exchanges. The company said it will declare quarterly
numbers at the earliest.

According to listing norms of the BSE and the NSE, companies need
to file the results on a quarterly basis within 45 days from the
end of the quarter, Livemint.com says.

"The newly appointed board of IL&FS is in the process of
preparation of roadmap and its subsequent submission to NCLT,
which will require IL&FS Transportation Networks Ltd (ITNL) to
undertake divestment, restructuring and/or consolidation of its
assets . . . which will have an impact on the accounting and
financial aspects of ITNL," the company said in a BSE filing,
Livemint.com relays. "The aforesaid has resulted in delay in
finalising and submission of financial results for the September
quarter."

Livemint.com relates that the company also said accounting
systems and the drives in which financial data was stored were
unavailable to it for many weeks since it was in the custody of
investigative agencies.

ITNL said it was in the process of reviewing the financial
accounts for the quarter ended September 2018 and will submit the
reports "at the earliest," Livemint.com relays.

According to Livemint.com, the company requested the BSE not to
take action against it for the delay in submission of September
quarter financial results.

Livemint.com notes that the Mumbai Bench of the NCLT had on
October 1 suspended the board of IL&FS on the government's plea
and authorised the reconstitution of the board by appointing
seven directors two days later.

Later, the National Company Law Appellate Tribunal (NCLAT) stayed
all proceedings against IL&FS and its 348 group firms till
further order, adds Livemint.com.

                            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.


JAI LAXMI: ICRA Maintains B Rating in Not Cooperating Category
--------------------------------------------------------------
The ratings for the INR6.00 crore bank facilities of Jai Laxmi
Cement Co. (P) Limited (JLCPL) continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NON-COOPERATION".

                        Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term: Fund       6.00       [ICRA]B (Stable) ISSUER NON-
   Based-Cash Credit                COOPERATION; 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 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.

JLCPL was incorporated in September 1987 and manufactures
Portland Pozzolana Cement (PPC) cement. The company has a
manufacturing plant in Ram Nagar, Chandauli (Varanasi), which is
ISO 9001:2008 certified. It is also involved in the trading of
clinker and fly ash. The daily installed capacity of the company
is ~350 MT, which translates into an annual capacity of 120000 MT
per annum. The company is fully owned by the promoters and their
family members. It sells its product through the dealer network
and mainly in the states of Uttar Pradesh and Bihar. The raw
material, which is clinker, fly ash and gypsum, is procured from
Madhya Pradesh, Uttar Pradesh and Rajasthan.


JAIDEEP SHIKSHA: CARE Assigns B+ Rating to INR7.25cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jaideep Shiksha Utthan Samiti (JSU), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           7.25       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           1.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of JSU are
constrained by its small scale of operations with low surplus
margins and weak solvency position. The ratings are also
constrained by competition from established & upcoming schools &
colleges along with highly regulated nature of industry. The
ratings, however, derive strength from experienced members,
adequate infrastructure facilities and buoyant prospects of
education in India Going forward, the ability of the society to
increase its total operating income and improve its solvency
position would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low surplus margins: The
society's scale of operations stood small marked by Total
Operating Income (TOI) and GCA of INR2.38 crore and INR0.55 crore
respectively in FY18 (FY refers to the period of April 01 to
March 31). Despite of increase in number of students enrolled
from 465 in AY15-16 to 605 in AY17-18, the total operating income
of JSU witnessed decline due to reduction in fees owing to
increasing competition. The small scale of operations limits the
society's financial flexibility in times of stress and deprives
it from scale benefits. Furthermore, the society has reported
total operating income of INR0.70 crore in Q1FY19 (Provisional;
refers to the period of April 1 to June 30). The SBID margin of
the society stood comfortable at 51.80% in FY18. However, the
surplus margin stood low at 1.02% in FY18 due to high interest
and depreciation expenses.

Weak solvency position: The capital structure of the society
stood leveraged with overall gearing ratio of 2.01x as on March
31, 2018. The same deteriorated from 1.12x as on March 31, 2017
mainly on account of increase in limits and higher utilization of
same as on last balance sheet date. Delay in fees from customers
resulted into high utilization of limits during the last 12
months period. Furthermore, the society had weak interest
coverage ratio of 1.67x in FY18. The same deteriorated from 2.47x
in FY17 due to increase in interest expenses and decrease in
SBID. Moreover, the total debt to GCA stood high at 13.44x for
FY18 as against 4.21x for FY17 owing to increase in debt levels
of the society and decline in gross cash accruals.

Increasing competition and limited reach: JSU is operating a
school and 2 colleges located in Karnal, Haryana. This limits
the enrollment in the school and colleges to the nearby cities
and rural areas. Further, due to increasing focus on education in
India, a number of schools and colleges have opened up in close
proximity and several established private and government schools
and colleges are already running in and around the city. This
exposes the revenue of JSU to competition from other schools and
colleges.

High regulation in educational sector in India: Education sector
is regulated by Ministry of Human Resource at the national level,
by the education ministries in each state, as well as by Central
bodies like University Grant Commission (UGC) and 14 other
professional councils. The operating and financial flexibility of
the education sector is limited, as regulations govern almost all
aspects of operations. Though, the state and central government
have provided thrust to demand for colleges by introducing policy
changes like abolition of entrance exams for admission in
professional courses. However, the education industry remains
highly regulated industry with constant intervention from the
central and state government and other regulatory bodies.

Key Rating Strengths

Experienced members with competent teaching staff and well
established infrastructure: The society is managed by Mr. Jagdish
Jaglan, Mrs. Sudesh Jaglan and Mr. Ankit as President, Secretary
and Treasurer, respectively. Mr. Jagdish Jaglan and Mrs. Sudesh
Jaglan have a total industry experience of more than two decades
each, gained through their association with JSU. Apart from the
key faculty members, JSU has employed competent and well
qualified academic staff to run the day-to-day operations of the
society. Additionally, the society provides several
infrastructure facilities at its school and colleges which
include science and computer laboratories, canteen, multi-media
projectors, well stocked libraries, auditorium, gymnastic hall,
music room, art room, badminton court, basketball court,
volleyball court etc.

Buoyant prospects of Pre-school & K-12 segment in India and
higher/professional education of sectors: The Government's thrust
on improving the country's literacy rate through higher
enrolments as well as ensuring lower dropout rates in the K- 12
education space is expected to drive the growth in terms of
volume. Furthermore, JSU is engaged in providing higher education
which comprises of graduation courses. Demand for these courses
is growing at a phenomenal pace in India. The increase in
government spending on education over the years has provided an
impetus to the growth of higher education in India. In an effort
to expand the reach to tier- III cities and rural areas of the
country and thereby spur enrolments, the Central government's
revenue expenditure allocation towards primary and higher
education has grown in the past few years.

Jaideep Shiksha Utthan Samiti (JSU) got registered under the
Society Registration Act 1860 in 1996 and is currently being
managed by Mr. Jagdish Jaglan, Mrs. Sudesh Jaglan, Mr. Ankit
Singh, Mr. Ramphal Singh, Mr. Rajinder Singh, Mr. Yudhvir Singh
and Mrs. Bimla as the members with an objective to provide
education service. The society is running one school under the
name of "Greenwood Public School" and two colleges under the name
of "Greenwood College of Education" and "Greenwood Degree
College" in Karnal, Haryana.


GUPTA MARRIAGE: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR18.00 crore bank facilities of
Gupta Marriage Halls Private Limited (GMHPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D; ISSUER NON-COOPERATION".

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term: Fund       4.50       [ICRA]D ISSUER NON-
   Based-Cash Credit                COOPERATION; Continues to
                                    remain under 'Issuer Not
                                    Cooperating' category

   Long Term: Fund      13.50       [ICRA]D ISSUER NON-
   Based-Term Loan                  COOPERATION; 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 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.

GMHPL was incorporated in February 1996 and is engaged in the
hotels and textiles businesses. The company runs Hotel Samrat
Heavens (including Bar and Restaurant), which is located in
Meerut, Uttar Pradesh. Further, from the last few years the
company has diversified into textile trading.


KALSI BROTHERS: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR23.00 crore bank facilities of
Kalsi Brothers continues to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B+ (Stable) and
[ICRA]A4; ISSUER NON-COOPERATION".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term: Fund       15.00     [ICRA]B+ (Stable) ISSUER NON-
   Based-Cash Credit               COOPERATION; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Short Term: Non-       8.00     [ICRA]A4 ISSUER NON-
   Fund Based-                     COOPERATION; Continues to
   Bank Guarantee                  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 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.

Kalsi Brothers was established as a Hindu Undivided Family (HUF)
in 1983 and was converted into a partnership firm in 2004. The
firm currently has nine partners with Mr. Daljit Singh Kalsi as
the Managing Partner. The firm is located in Mohali, Punjab and
is a registered 'Class-I' contractor with various government
departments in Punjab which undertake civil construction work.
The firm handles civil, public health engineering works,
electrical, road and other allied works pertaining to housing
colonies, multi-Storied framed structure buildings, industrial
buildings, hostels, hotels, hospitals, and medical and
engineering colleges. Most of the firm's projects are in Himachal
Pradesh, Punjab and Haryana.


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

The instrument-wise rating actions are:

-- INR30 mil. Term loan (Long-term) due on March 2022 migrated
    to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR282 mil. Fund-based facility (Long-term) migrated to non-
    cooperating category IND D (ISSUER NOT COOPERATING) rating;
    and

-- INR125 mil. Non-fund-based facility (Short-term) migrated to
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 29, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KLR Industries manufactures drilling equipment such as drilling
rigs, hammers, and bits that are utilized for water wells,
mining, piling, geological surveys, construction, etc. The
company has a manufacturing facility in Cherlapally, Hyderabad.


LAGU BANDHU: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Lagu Bandhu
Motiwale 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 action is:

-- INR200 mil. Fund-based facilities maintained in non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 22, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Lagu Bandhu Motiwale is engaged in the retailing of gold and
diamond jewelry.


LAXMI RICE: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the ratings for the INR14.80 crore bank facilities of
Laxmi Rice Mills (LRM) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NON-COOPERATION".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund      13.00     [ICRA]B (Stable) ISSUER NON-
   Based-Cash Credit              COOPERATION; Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Long Term: Fund       1.80     [ICRA]B (Stable) ISSUER NON-
   Based-Term Loan                COOPERATION; 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 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.

LRM is a partnership concern, which came into existence in 2009.
Presently the firm has two partners viz. Mr. Darshan Lal Garg and
Mrs. Anita Rani. The firm is primarily engaged in the business of
milling and processing of rice and has an installed milling
capacity at Muktsar, Punjab of 8 tonnes per hour of paddy and a
sorting capacity of 6 tonnes per hour of rice.


MAA INDIA: CARE Assigns B+ Rating to INR3cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Maa
India Projects (MIP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           4.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MIP are tempered
by limited operational track record, small scale of operations
along with fluctuating total operating income, working capital
intensive nature of operations, deteriorating debt coverage
indicators, tender based nature of operations, profitability
margins being susceptible to fluctuation in raw material prices,
constitution of the entity as partnership firm with inherent risk
of withdrawal of capital, customer and geographic concentration
risk and highly fragmented and competitive civil construction
industry. The ratings, however, derives its strengths from the
experience of the promoters for more than a decade in
construction industry, increasing PBILDT margins albeit declining
PAT margin during the review period, comfortable capital
structure, medium term revenue visibility from order book
position and stable outlook of construction industry.

Going forward, the ability of the firm to increase its scale of
operations, execute the projects in timely manner and timely
receipt of contract proceeds are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited operational track record, small scale of operations along
with fluctuating total operating income: MIP commenced its
operations in the year 2013 due to which the scale of operations
of the firm was small marked by total operating income (TOI) of
INR12.42 crore in FY18. Furthermore, the total operating income
of the firm is seen fluctuating during the review period. The
revenue decreased from INR8.08 crore in FY16 to INR4.70 crore in
FY17 due to lesser projects executed by the firm. However, in
FY18, the total operating income increased to INR12.42 crore
owing to more number of projects executed by the firm. Apart, the
networth of the firm stood small at INR3.12 crore as on March 31,
2018 as compared to other peers in the industry.

Working capital intensive nature of operations: The firm is
operating in a working capital intensive industry on account of
stretched collection and creditor days. The firm receives the
payment from its customers within 30-60 days from the date of
bill raised. However, during FY17, the payment got delayed from
the government department due to which the average collection
days stood at 167 days when compared to 87 days in FY16. However,
in FY18, timely receipt of contract proceeds has improved the
average collection days to 29 days. The firm maintains average
inventory of around a month to execute the current projects in
timely manner. The firm procures its material on credit and gets
a credit of around 90 days from its suppliers. However, in FY17,
due to delay in realization of debtors and in order to manage
working capital requirements, the firm has availed additional
credit period up to six months which resulted in higher creditor
period. Due to the above said factors, the operating cycle of the
firm stood negative at 23 days in FY18 as against 8 days in FY16.
The average utilization of the cash credit facility was 75%-80%
for the last 12 month ended September 30, 2018.

Deteriorating debt coverage indicators: The debt coverage
indicators of the firm is seen deteriorating during the review
period. The PBILDT interest coverage ratio deteriorated y-o-y
from 6.43x in FY16 to 3.17x in FY18 due to increase in interest
cost; however remained satisfactory. Furthermore, Total debt/GCA
also deteriorated from 1.03x in FY16 to 9.83x in FY18 due to
increase in total debt levels on account of availment of term
loan, unsecured loans along with higher utilization of working
capital facilities.

Profitability margins are susceptible to fluctuation in raw
material prices: The basic input materials for execution of
contracts are steel and cement, the prices of which are highly
volatile. Moreover, the firm does not have any long term
contracts with its suppliers for purchase of aforesaid raw
materials. Hence, the operating margin of the firm is exposed to
any sudden spurt in the input material prices along with increase
in labour prices being in labour intensive industry. Furthermore,
the firm does not have price variation clause in work agreements
which would impact the profitability of the firm.

Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its
capital structure. Furthermore, partnerships have restricted
access to external borrowings as credit worthiness of the
partners would be key factor affecting credit decision for the
lenders.

Customer and geographic concentration risk: The firm is a
contractor for various departments of state government of
Karnataka. MIP participates in tenders for receiving work orders
from various departments of Karnataka as Bruhat Bengaluru
Mahanagara Palike (BBMP), Chikkaballapur Municipality etc. The
geographic presence of these customers are restricted to various
districts of Karnataka which reflect high geographical
concentration risk along with customer concentration risk.

Highly fragmented and competitive civil construction industry:
MIP is operating in highly competitive and fragmented industry.
The firm witnesses intense competition from both the organized
and largely unorganized players as the projects are tender-based
and the revenues are dependent on the firm's ability to bid
successfully for these tenders. This fragmented and highly
competitive industry results into price competition thereby
affecting the profitability margins of the companies operating in
the industry.

Key Rating Strengths

Experienced promoters for more than one decade in construction
industry: Maa India Projects is a partnership firm promoted by
Mr. Hari Prasad and Mr. Gopi Krishna Apsani who have an
experience of over a decade in the construction field. Due to
long presence of the promoters in the construction industry, the
promoters have established relations with its customers which has
benefitted in terms of bagging new orders in competitive
environment.

Increasing PBILDT margins albeit fluctuating PAT margin during
the review period: The PBILDT margin of the firm stood
satisfactory during the review period FY16-18. PBILDT margin has
been increasing from 5.40% in FY16 to 7.45% in FY18 due to the
better margin associated with projects under execution. However,
PAT margin has decreased marginally from 2.93% in FY16 to 2.48%
in FY17 due to significant decrease in PBILDT on account of
lesser works executed during the said year. Further, PAT margins
increased to 2.96% in FY18 at the back of execution of more work
orders resulting in improved PBILDT levels in absolute terms.

Comfortable capital structure: The capital structure of the firm
remained comfortable during the review period. However, the
overall gearing of the firm deteriorated from 0.21x as on
March 31, 2016 to 1.47x as on March 31, 2018 due to increase in
debt level. The firm has availed fresh term loans and unsecured
loans in FY18 in order to purchase various equipment and
machineries required to execute the work orders in hand. The debt
structure of the firm comprises of unsecured loans from related
parties (47%), working capital loan (40%) and term loans (13%) as
on March 31, 2018.

Medium-term revenue visibility from order book position: The firm
has an order book of INR29.74 crore as on September 30, 2018
which translates to 2.39x of total operating income of FY17. The
said order book is expected to be executed by FY19-20 which
provides revenue visibility for medium term period.

Stable outlook of construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development
of the economy and hence, the construction sector assumes an
important role. The Government of India has undertaken several
steps for boosting the infrastructure development and revives the
investment cycle. The same has gradually resulted in increased
order inflow and movement of passive orders in existing order
book. The focus of the government on infrastructure development
is expected to translate into huge business potential for the
construction industry in the long-run. In the short to medium
term (1-3 years), projects from transportation and urban
development sector are expected to dominate the overall business
for construction companies.

Maa India Projects (MIP) was established in the year 2013 as a
partnership firm by Mr. Hari Prasad and Mr. Gopi Krishna Apsani.
The firm is a civil contractor and has its registered office
located at Bellary, Karnataka. MIP is engaged in civil
construction such as laying of roads and drains works in the
state of Karnataka. The clientele of the firm includes various
departments of Karnataka Government such as Bruhat Bengaluru
Mahanagara Palike (BBMP), Karnataka Industrial Development Board
(KIAB), Chikkaballapur Municipality etc. The firm purchases
inputs required for civil construction (like cement, steel, etc.)
from local suppliers in and around Karnataka.


MADHAV COTTON: CARE Reaffirms B+ Rating on INR8cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Madhav Cotton Private Limited (MCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           8.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MCPL continues to
remain constrained on account of its small scale of operations,
low profitability margins, modest solvency position and working
capital intensive nature of operations. The rating, further,
continues to remain constrained on account of the susceptibility
of profitability to cotton price fluctuation and changes in the
government policy, along with seasonality associated with the
cotton industry.

The rating, however, continues to derive comfort from the
experience of the promoters in the cotton industry and proximity
of its manufacturing facility to the cotton growing areas of
Maharashtra.

MCPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile, improvement in
profit margins, capital structure and debt coverage indicators
while managing its working capital requirement efficiently remain
the key rating sensitivities.

Detailed description of the key rating drivers

Small scale of operations with low capitalization: MCPL commenced
commercial operation from 2011. The scale of operations remains
small with a total operating income (TOI) of INR38.19 crore with
a net-worth of INR2.89 crore. Furthermore, the profitability
margins of the company remained low marked by PBILDT and PAT
margin of 2.04% and 0.20% respectively in FY18.

Modest capital structure and debt coverage indicators: The
capital structure of the company improved and stood moderate with
an overall gearing of1.57x as on March 31, 2018. Moreover, the
debt coverage indicators remain moderate as marked by interest
coverage ratio of 1.87x as at the end of FY18.

Working capital intensive nature of operations: The operations of
the entity remained working capital intensive owing to
seasonality associated with availability of raw material. The
gross current asset days remained at 77 days during FY18. The
working capital requirements of the entity are met by the cash
credit facility and the average utilization of the CC limit was
on higher side in the peak season (October to May).

Operating margins are susceptible to cotton prices, seasonality
associated with the cotton industry and changes in the government
policy: Operations of cotton business are seasonal in nature.
Prices of raw material i.e. raw cotton are highly volatile in
nature and depend upon factors like monsoon condition, area under
production, yield for the year, international demand supply
scenario, export policy decided by government.

Key Rating Strengths

Long track record of the operation with experienced promoters:
MCPL was incorporated in June 2011 by Mr.Kailash Chand Mittal and
Mrs. Savita Mittal. The promoters have an experience of more than
two decades in cotton ginning industry which has helped them in
gaining adequate acumen about the business. The promoters look
after the day to day affairs of the business with adequate
support from a team of experienced personnel.

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

MCPL was incorporated in June 2011 by Mr Kailash Mittal and Mrs
Savita Mittal as a private limited company. MCPL is engaged into
the business of cotton ginning and pressing. MCPL deals in 'Mech-
1' type of cotton which is being sourced through local farmers
from Maharashtra. MCPL operates from its sole manufacturing plant
located at Beed (Maharashtra), which has an installed capacity to
process cotton bales of 56,000 quintals per annum.


MITTAL COT: ICRA Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the ratings for the INR6.50 crore bank facilities of
Mittal Cot Fibers (MCF) continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable); ISSUER NON-COOPERATION".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term: Fund      4.00      [ICRA]B (Stable) ISSUER NON-
   Based-Cash Credit              COOPERATION; Continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Long Term: Fund      2.50      [ICRA]B (Stable) ISSUER NON-
   Based-Term Loan                COOPERATION; 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 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.

MCF is a partnership concern, incorporated in June 2014, and has
been promoted by Mr. Mahesh Kumar Mittal and his brothers; the
partners have been associated with the cotton ginning and trading
business for more than two decades. The firm manufactures lint
from kapas (raw cotton) and undertakes pressing operation to
produce cotton bales. Cotton seed, which is a by-product of the
ginning operation, is sold to oil extraction units. The firm's
manufacturing facility is located at Sendhwa, Madhya Pradesh and
is equipped with 24 ginning mills and 1 press with a total
ginning capacity of 16,906 metric tons per annum (MTPA).


NAVAYUGA BENGALOORU: CARE Lowers Rating on INR474.19cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navayuga Bengalooru Tollway Private Limited (NBTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      474.19      CARE D Revised from CARE BB-;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to bank facilities of NBTPL is on
account of delays in debt servicing at the back of lower
collection of toll revenue than envisaged resulting in cash flow
mismatches.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: There are delays in debt servicing on
account lower collection of toll revenue than envisaged which has
resulted in cash flow mismatches for the company.

Traffic risk associated with a toll-based project: Being a toll
based project, NBTPL is associated with the inherent revenue
risks arising out of such projects and various macro-economic
factors beyond the control of the company.

Key Rating Strengths

Strong financial strength of promoters: NBTPL is a Special
Purpose Vehicle (SPV) promoted by Navayuga Engineering Company
Limited (NECL), through Navayuga Road Projects Private Limited
(NRPPL), for undertaking project awarded by National Highways
Authority of India (NHAI) in the state of Karnataka on Built,
Operate and Transfer (BOT) Toll basis.

NECL is into all types of core infrastructure development with
focus on foundation technology. The promoters have been extending
support towards the project and have infused funds to support
cost overrun. Further, the sponsors have also infused funds to
support debt servicing as well as Major Maintenance in the past.

Navayuga Bengalooru Tollway Private Limited (NBTPL) is an SPV
promoted by Navayuga Engineering Company Limited, through
Navayuga Road Projects Private Limited (NRPPL), for undertaking
project awarded by National Highways Authority of India (NHAI) in
the state of Karnataka on Built, Operate and Transfer (BOT) Toll
basis. The concession agreement (CA) was signed on May 09, 2007
for a period of 20 years from appointed date i.e. November 4,
2007 which also includes construction period of 2 years. The
project involves capacity improvement of the existing
carriageways from km 10.00 to km 29.50 on the Bangalore-
Nelamangala section, of National Highway no. 4 (NH-4) in the
state of Karnataka on Design, Engineering, Finance, Construction,
Operation and Maintenance of elevated highway (4.5 km) and six
laning of highway (15 km along with service roads) on BOT basis.

The scheduled commercial operation date (SCOD) of the project was
in November 30, 2009 however, owing to the delays on account of
non-availability of land for part of the project stretch,
provisional commercial operation was achieved on November 30,
2010 and subsequently tolling operations started from
December 1, 2010. Since then, the tollable traffic on the project
stretch has been lower than initial estimates primarily on
account of traffic diversion over service roads. However, the
traffic on the stretch has been gradually picking up y-o-y. There
are six toll plazas located on the project road and the toll
rates are linked to the annual WPI movement with annual revision
every year in the month of July.


NEW VARDHMAN: ICRA Cuts Rating to D & Moved to Not Cooperating
--------------------------------------------------------------
ICRA has revised the long-term rating of bank facilities of
New Vardhman Vitrified Private Limited (NVVPL) to [ICRA]D from
[ICRA]B and short-term rating to [ICRA]D from [ICRA]A4. ICRA has
also moved the ratings to the 'Issuer Not Cooperating' category
due to non submission of no default statement.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Term     19.82      [ICRA]D ISSUER NOT COOPERATING;
   Loan                           Revised from [ICRA]B (Stable)
                                  and moved to 'Issuer Not
                                  Cooperating' category due to
                                  non submission of no default
                                  statement

   Fund based-Cash     15.00      [ICRA]D ISSUER NOT COOPERATING;
   Credit                         Revised from [ICRA]B (Stable)
                                  and moved to 'Issuer Not
                                  Cooperating' category due to
                                  non submission of no default
                                  statement

   Non Fund based-      6.75      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee                 Revised from [ICRA]A4 and moved
                                  to 'Issuer Not Cooperating'
                                  category due to non submission
                                  of no default statement

   Non Fund based-     (37.00)    [ICRA]D ISSUER NOT COOPERATING;
   Foreign Letter                 Revised from [ICRA]A4 and moved
   of Credit                      to 'Issuer Not Cooperating'
                                  category due to non submission
                                  of no default statement

   Non Fund based-      (5.00)    [ICRA]D ISSUER NOT COOPERATING;
   Letter of Credit               Revised from [ICRA]A4 and moved
                                  to 'Issuer Not Cooperating'
                                  category due to non submission
                                  of no default statement

   Unallocated Limits   43.18     [ICRA]D/D ISSUER NOT
                                  COOPERATING; Revised from
                                  [ICRA]B (Stable)/ A4 and moved
                                  to 'Issuer Not Cooperating'
                                  category due to non submission
                                  of no default statement

ICRA has been consistently following up with New Vardhman
Vitrified Private Limited for obtaining the monthly 'No Default
Statement' and had also placed the ratings under review due to
non submission of NDS in the month of October 2018. However the
entity's management has remained non-cooperative.

Rationale

The rating downgrade follows the delays in debt servicing by New
Vardhman Vitrified Private Limited to the lender, as confirmed by
them to ICRA.


Incorporated in July 2011, New Vardhman Vitrified Private Limited
manufactures vitrified floor tiles, digital ceramic wall tiles
and glazed vitrified tiles (GVT). NVVPL's manufacturing facility
is located at Morbi (Gujarat), having the annual installed
capacity to produce 43.20 lakhs square metre (sq. mtr.) vitrified
floor tiles, 28.80 lakhs sq. mtr. ceramic wall tiles and 18.00
lakhs sq. mtr. glazed vitrified tiles.
The company was initially promoted by Mr. Vitenkumar H Kavar and
Rajesh J Likhiya, along with other members; however, in March
2012, Nitco Limited (Nitco) acquired 51% of the shareholding in
the company and hence NVVPL became a subsidiary of NITCO Limited.


PITAMBARA FOODS: ICRA Maintains B+ Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR6.00 crore bank facilities of
Pitambara Foods (PF) 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
   ----------        -----------    -------
   Fund based Limit-      3.50      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Non-Fund based         2.50      [ICRA]A4 ISSUER NOT
   Limit-Bank                       COOPERATING; Rating continues
   Guarantee                        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.

Established in 2004, Pitambara Foods (PF) is involved in milling
of raw rice and trading of paddy, rice, broken rice, bran, and
husk. The plant is located in Raipur, Chhattisgarh, with an
annual milling capacity of 9,600 metric tonnes (MT). The firm is
promoted by Raipur-based Sharma and Agarwal families, who have
long experience in the rice-milling industry.


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

The instrument-wise rating actions are:

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

-- INR100 mil. Non-fund-based working capital limit maintained
    in non-cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1999 as a proprietorship concern, RAVIDRANATH
constructs hostels, colleges, warehouses and roads. It executes
government and semi-government orders on a tender basis.


RUNGTA IRRIGATION: Ind-Ra Lowers Long Term Issuer Rating to B-
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rungta
Irrigation Limited's (RIL) Long-Term Issuer Rating to 'IND B-
(ISSUER NOT COOPERATING)' from 'IND BB- (ISSUER NOT
COOPERATING)'. The Outlook is Negative. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is on based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using these
ratings.

The instrument-wise rating actions are:

-- INR140.00 mil. Fund-based limits downgraded with IND B-
    (ISSUER NOT COOPERATING) /Negative/IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR80.00 mil. Non-fund-based limits downgraded with IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The rating action reflects a significant decline in RIL's EBITDA,
leading to deterioration in its credit metrics in 1HFY19. The
company reported EBITDA losses of INR21.23 million in 1HFY19,
against a profit of INR2.24 million in 1HFY18 on account of a
substantial increase in raw material and administrative expenses.

The ratings, however, are supported by the promoters' three
decades of experience in manufacturing pipes.

RATING SENSITIVITIES

Negative: Inability to improve the credit metrics will lead to a
rating downgrade.

Positive: An improvement in the credit metrics on a sustained
basis will lead to the Outlook being revised to Stable.

COMPANY PROFILE

RIL manufactures, designs, assembles and markets pipe-based
sprinkler irrigation systems. It has manufacturing facilities in
Ghaziabad (Uttar Pradesh), Puducherry and Jamshedpur (Jharkhand).


S&J GRANULATE: ICRA Lowers Rating on INR5cr Loan to D
-----------------------------------------------------
ICRA has downgraded the long-term rating to [ICRA]D from [ICRA]B
for the INR5.00 crore1 NCD facility of S&J Granulate Solutions
(P) Ltd.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   NCD                  5.00      [ICRA]D; Downgraded from
                                  [ICRA]B (Stable)

Rationale

The revision in rating takes into account recent instance of
delay in servicing of interest on NCD, as confirmed by the
debenture trustee. The liquidity position of the company remained
stretched owing to working capital intensive nature of business.
ICRA also takes a note of the company's stretched capital
structure and vulnerability of profitability to foreign exchange
rate on accounts of imports.

Outlook: Not Applicable

Key rating drivers

Credit challenges

Recent delays in debt servicing: As confirmed by the debenture
trustee, S&J has reported an instance of delay in servicing of
interest on NCD issued by the company due to stretched liquidity
position.

Debt funded capital expenditure leads to leveraged capital
structure and weak coverage indicators: The company had
undertaken a capex of INR23.00 crore to forward and backward
integrate its operations. Of the aforementioned capex, the
company has completed project worth INR16.00 crore in FY2017. The
same was funded through loans of INR13.00 crore from NBFCs, while
the balance came from internal accruals and promoter's funding.
The debt-funded capex has led to a stretched capital structure as
represented by gearing level of 4.06 times as on March 31, 2017.
Further, as per the management, the balance capex of INR7.00
crore for infrastructure development and setting up of an
additional shed within the factory unit, was incurred by March
2018, funded through the infusion of additional unsecured loans.
High debt levels have led to high interest cost and moderate
coverage ratios. The coverage indicators as represented by the
OPBDITA/Interest and financial charges stood moderate at 2.43X
during FY2017, while DSCR continued to remain weak at 1.06 times
during FY2017.

Stretched liquidity position due to high working capital
intensive nature of business and repayment obligation: The
company meets its raw material requirements mainly through
imports from the European market. It usually takes ~60 days for
raw materials to reach factory units from its source, which
requires S&J to maintain a high level of inventory. This, coupled
with extended credits to customers, has led to high working
capital intensity in the business and higher utilisation of
working capital bank limits, even after enhancement of credit
facilities. Working capital intensity in the business, as
indicated by NWC/OI, remained high at ~38% during FY2017.
Further, the company has a term loan repayment obligation of
INR5.75 crore in FY2019 and INR8.58 crore in FY2020. Stringent
repayment schedule, against the limits profitability and cash
accruals, the liquidity profile of the company is expected to
remain tight in the near to medium term.

Vulnerability of profit margins to foreign exchange rate movement
due to imports: The company's raw materials - used/worn out tyres
- are procured from Europe and West Asia, thereby exposing S&J
to foreign exchange fluctuation risks. However, the risk is
mitigated to a certain extent by passing on the currency
fluctuation impact to its customers.

Incorporated in 2010, S&J Granulate Solutions (P) Ltd (S&J) is
engaged in the recycling of used/worn out tyres. The company
imports used rubber tyres and by processing/recycling them,
separates rubber granules, steel wires and nylon fibres from the
tyres. The company's manufacturing facility is located at
Lavachha, along the Vapi-Silvassa Road in Gujarat. The company is
promoted by the Jiwarajka and Agarwal families. S&J recorded
a net profit of INR4.97 crore on an operating income of
INR92.52 crore for the year ending March 31, 2017 and a turnover
of ~INR80.12 crore for 9M FY2018 (as per the provisional
figures).


SANGAM RICE: CARE Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sangam
Rice Private Limited (SRP) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.50       CARE B; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

   Short-term Bank     11.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRP to monitor the
rating(s) vide e-mail communications dated October 29, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Sangam Rice
Private Limited's bank facilities will now be denoted as CARE B;
Stable/ CARE A4; ISSUER NOT COOPERATING.

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

The ratings take into account small scale of operations, low
profitability margins, leveraged capital structure, weak debt
coverage indicators, elongated operating cycle, susceptibility to
fluctuation in raw material prices and monsoon dependent
operations and fragmented nature of industry coupled with high
level of government regulation, experienced management and
established track record of entity and location advantages.

Detailed description of the key rating drivers

At the time of last rating in August 2017, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Small and fluctuating scale of operations with low profitability
margins: Despite being in operations for one decade, the
company's scale of operations has remained small marked by total
operating income (TOI) of INR45.86 crore in FY17. The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Furthermore, SRP witnessed
fluctuating scale of operations in FY15-FY17 period. The company
has achieved a total operating income of INR23.00 crore in 4MFY18
(Provisional). The PBILDT margin and PAT margin of the company
stood low at 4.57% and 0.01%, respectively, in FY17.

High gearing and weak debt coverage indicators: SRP has leveraged
capital structure with overall gearing ratio of 12.77x as on
March 31, 2017, mainly on account of company's high reliance on
bank borrowings to fund working capital requirements.
Additionally, total debt to GCA stood weak at 109.23x for FY17
and the interest coverage ratio of SRP stood weak at 1.23x for
FY17.

Elongated operating cycle: The average operating cycle of the
company stood elongated at 144 days for FY17. Owing to the
seasonality of paddy harvest, entities engaged in the rice
processing industry have to accumulate substantial amount of raw
material inventory in the harvesting season to ensure
uninterrupted production throughout the year and also maintain
inventory of traded goods to meet the uncertain demand of
customers, thereby elongating inventory period. The company
offers a credit period of upto 15 days to its customers. However,
the company receives a credit period of upto one month from its
suppliers.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The price of rice moves in tandem with the prices of
paddy. Availability and prices of agro commodities are highly
dependent on the climatic conditions. Adverse climatic conditions
can affect their availability and leads to volatility in raw
material prices. Any sudden spurt in the raw material prices may
not be passed on to customers completely owing to company's
presence in highly competitive industry.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into end-
to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off semi-
processed rice to other big rice millers for further processing.
Furthermore, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

Key Rating Strengths

Experience management and established track record of entity: The
company is currently being managed by Mr Sanjiv Kumar. Mr Sanjiv
Kumar has an experience of nearly two decades through his
association with SRP and other regional entity, namely, Love Kush
Foods Private Limited which is engaged in similar business. This
has aided the company in having established relationship with
customers and suppliers. The directors are supported by
experienced team having varied experience in the field of
marketing and finance aspects of business.

Location advantages: SRP is mainly engaged in processing of paddy
and milling of rice. The main raw material (Paddy) is majorly
procured directly from local grain markets located in Punjab. The
company's processing facility is situated at Patran, Patiala,
Punjab, which is one of the largest producers of paddy in India.
Its presence in the region gives additional advantage over the
competitors in terms of easy availability of the raw material as
well as favorable pricing terms. SRP owing to its location is
also in a position to cut on the freight component of incoming
raw materials.

Sangam Rice Private Limited (SRP) was incorporated in 2007 as a
Private Limited company and is currently being managed by Mr
Sanjiv Kumar and Mrs Shubh Lata as its directors. The company is
engaged in the processing of paddy and milling of rice at its
manufacturing facility located at Patran, Punjab, with an
installed capacity of 280000 quintal of paddy per annum as on
March 31, 2017. The company is also engaged in the trading of
guar seed and rice.


SOLAN SPINNING: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Solan
Spinning Mills Private Limited (SSM) to Issuer Not Cooperating
category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSM to monitor the
rating(s) vide e-mail communications/letters dated October 24,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Solan
Spinning Mills Private Limited's bank facilities will now be
denoted as CARE B+; Stable ISSUER NOT COOPERATING.

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

The rating takes into account small scale of operations, low PAT
margin, susceptibility of margins to fluctuation in raw material
prices, highly competitive industry, experienced promoters, long
track record of operations, moderate capital structure, debt
coverage indicators and moderate operating cycle.

Detailed description of the key rating drivers

At the time of last rating on August 2017, the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Small and fluctuating scale of operations with low PAT margin:
The company's scale of operations has remained small marked by
total operating income (TOI) of INR39.85 crore in FY17 (refers to
the period April 1 to March 31). Furthermore, the scale of
operations of the company witnessed a fluctuating trend during
FY15-FY17. The PBILDT margin stood moderate at 7.12% in FY17,
however, the PAT margin stood low at 0.32% in FY17.

Susceptibility of margins to fluctuation in raw material prices:
Prices of cotton bales which are dependent upon the prices of raw
cotton are volatile in nature and depend upon various factors.
Any wide fluctuation in the price of its key raw material and
inability to timely pass on the complete increase in the prices
to its customers is likely to affect the company's profitability
margins.

Highly competitive industry: Textile is a cyclical industry and
closely follows the macroeconomic business cycles. High
competitive intensity in the textile industry, volatility of
cotton prices and sluggish demand outlook from developed markets
are the major cause of concern for the Indian textile industry.

Key Rating Strengths

Experienced promoters and long track record of operations: Mr
Sansar Singh Sirohi has an industry experience of three and a
half decades through his association with SSM and other entities,
namely, Shitanshu Textiles and Vandana Textiles. Mr Arvind Kumar
Arora and Mr Aseem Gupta have industry experience of three
decades each. Prior to SSM, Mr Arvind Kumar Arora was associated
with firms, namely, Arvind Handlooms and Ahuja Textiles. On the
other hand, Mr Aseem Gupta is also associated with group concern-
Prasad Azad & Company, while Mr Shitanshu Sirohi has experience
of five years through his association with SSM only. Due to long
track record of operations, SSM enjoys established relationship
with customers and suppliers with better understanding of the
market.

Moderate solvency position: The capital structure of the company
stood moderate with overall gearing ratio of 2.09x as on March
31, 2017. The same improved marginally from 2.34x as on March 31,
2016, mainly on account of repayment of term loans coupled with
lower utilization of working capital limits as on last balance
sheet date as compared with previous year. The debt coverage
indicators of SSM stood moderate marked by interest coverage
ratio of 2.44x in FY17 and total debt to GCA ratio of 6.97x for
FY17 in comparison with interest coverage ratio of 2.69x in FY16
and total debt to GCA ratio of 6.70x for FY16.

Moderate operating cycle: The average operating cycle of the
company stood moderate at 70 days for FY17 (85 days for FY16).
SSM is required to maintain adequate inventory of raw materials
for smooth production process and also maintains inventory of
finished goods to meet the immediate demand of the customers.
This has led to average inventory period of 72 days for FY17 (88
days for FY16). The same improved from previous year due to
decrease in finished goods inventory level. The company offers a
credit period of upto 10 days to its customers and receives a
similar credit period from its suppliers.

Solan Spinning Mills Private Limited (SSM) was incorporated in
August 2003 as a private limited company and is currently being
managed by Mr Shitanshu Sirohi, Mr Aseem Gupta, Mr Sansar Singh
Sirohi and Mr Arvind Kumar Arora, as its directors. SSM is
engaged in the manufacturing of grey cotton yarn of varied counts
ranging from 18s to 30s at its manufacturing facility located in
Baddi, Himachal Pradesh, with total installed capacity of
manufacturing 3500 tonnes of cotton yarn per annum as on
March 31, 2017. The cotton yarn manufactured by the company is
used in the manufacturing of denims, bed sheets, curtains, pillow
covers, etc.


SORT INDIA: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR8.00 crore NCD programme of Sort
India Enviro Solutions Limited (SIESL) continues to remain under
'ISSUER NOT COOPERATING' category. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING". Further, ICRA has removed its
earlier rating from the 'Under REVIEW' category. 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
   ----------      -----------   -------
   Non-convertible     8.00      [ICRA]D ISSUER NOT COOPERATING;
   Debentures                    rating continues to remain in
                                 issuer not cooperating category

Rationale

The rating reaffirmation takes into account the continuous delays
in interest servicing on NCDs, as confirmed by Debenture trustee.

Key rating drivers

Credit challenges

Delays in debt servicing: As confirmed by debenture trustee,
SIESL has delayed in interest payment due on November 13, 2018.

Incorporated in January 2010, Sort India Enviro Solutions Limited
(SIESL) is engaged in collection and sorting of paper recyclables
in major cities of Gujarat namely Vadodara, Ahmedabad, Surat,
Mehsana, Rajkot, Anand & Nadiad. The company promotes itself
under the name Pastiwala.com and collects recyclables from
various sources like households, companies, banks, retailers etc
& also from local waste pickers. The recyclables are then
manually sorted into different categories and sold to various
recycling units. In addition, the company also provides shredding
services to banks, accountants, lawyers, doctors etc for disposal
of confidential data. The company has its warehouse facility in
BIDC Vadodara and is promoted by Mr. Paresh Parekh and other
relatives.


SPLENORA TEXTURE: CARE Assigns 'B' Rating to INR19cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Splenora Texture LLP (STL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           19.00      CARE B; Stable Assigned

   Short Term Bank
   Facilities            1.50      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of STL are primarily
constrained on account of implementation and stabilization risk
associated with its ongoing project along with business
operations are susceptible to cyclicality inherent in the textile
industry and raw material price fluctuation, intense competitive
pressure in highly fragmented industry. The ratings, however,
derives strength from experienced promoters, location advantage
and stable demand outlook for textile industry.

STL's ability to complete its project within envisaged timeline
and cost parameters and its ability to achieve envisaged scale of
operations and profitability would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with ongoing
project: STL is undertaking capex of INR32.21 crore which is to
be funded through debt-equity mix of 2.22 times. Till June 30,
2018, firm has incurred cost of INR3.25 crore. With majority
costs yet to be incurred it is exposed to implementation and
stabilization risk.

Business operations are susceptible to cyclicality inherent in
the textile industry and raw material price fluctuation: Any
adverse changes in the global economic outlook as well as demand-
supply scenario in the domestic market directly impacts demand of
the textile industry. Textile industry remains vulnerable to
fluctuations in prices of cotton, crude oil as well as dyes &
chemicals. The profitability of STL thus remains susceptible to
any adverse fluctuations in the raw material prices.

Intense competitive pressure in highly fragmented industry: STL
operates in the industry, which is highly fragmented. There are
large numbers of organized and unorganized players in industry,
which has resulted in increased pressure on profit margins.

Key rating strengths

Experienced partners: All the partners of the firm hold good
experience in textile industry.

Location advantage of presence in Gujarat: The factory is
situated near Morbi District at Pipaliya where raw materials are
easily available along with transportation and labour. Further,
nearby location of factory is a major industrial hub which will
benefit the company.

Stable demand outlook for textile industry: With consumerism and
disposable income on the rise, the retail sector has experienced
a rapid growth in the past decade. High economic growth has
resulted in higher disposable income. This has led to rise in
demand for products creating a huge domestic market.

Morbi (Gujarat based STL is a limited liability partnership firm
incorporated in the year 2017 and led by Mr. Nirav Saradava, Mr.
Jignesh Saradava, Mr. Parth Saradava and Mr. Keshavji Saradava.
At present STL is implementing a greenfield project for
manufacturing of denim fabric and grey fabric. The company is in
the process of setting up a plant with installed capacity of
14,400 meters per day (proposed) of denim fabric and grey fabric.
STL's facilities are located at Morbi which is one of the
industrial hubs of Saurashtra. Total cost of the project is
proposed to be INR31.21 crore which is proposed to be funded
through term loan of INR16.52 crore, equity share capital of
INR10.00 crore and unsecured loan of INR5.71 crore. Commercial
operations of the project are expected to start in third quarter
of FY19. Company has commenced the project from January 2018.
Partners have infused funds to the tune of INR3.25 crore as on
June 30, 2018.


SRI NAKODA: ICRA Lowers Rating on INR150cr Bank Loans to D
----------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]BB+/Stable to
[ICRA]D for the INR150.00-crore bank facilities of Sri Nakoda
Construction Limited.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-Term      3.67       [ICRA]D; Downgraded from
   Loan                            [ICRA]BB+(Stable)

   Fund Based-Cash      5.00       [ICRA]D; Downgraded from
   Credit                          [ICRA]BB+(Stable)

   Fund Based-        141.33       [ICRA]D; Downgraded from
   Unallocated                     [ICRA]BB+(Stable)

Rationale

The revision in SNCL's rating takes into account the recent
irregularities in debt servicing by the company, owing to its
stretched liquidity position. The company has witnessed weak
sales and collections in its ongoing project - 'Apas Valmark'.
The sluggish sales are on account of the high-ticket size of the
project, which is in line with the trend witnessed in luxury
segment sales in the Bangalore real estate market.

Key rating drivers

Credit strengths

Credit challenges

Stretched liquidity position resulted in delays in debt
servicing: There have been delays in debt servicing owing to the
stretched liquidity position of the company.

Weak sales in ongoing project: The high ticket size for the
apartments and the challenging market environment, on account of
high competitive intensity and sluggish Bangalore real estate
market, have led to weak sales in the ongoing residential
project.

SNCL is the flagship entity of the Valmark Group founded by Mr.
Ratan B. Lath and Mr. Tejraj Gulecha. The Group started its
operation in 2007 under the brand name Valmark. SNCL has so far
completed five residential projects - Amoda Valmark, Abodh
Valmark, Ananda Valmark, Regency Pinnacle Heights and Aastha
Valmark - all located in Bangalore. Besides, there are two other
ongoing projects, Apas Valmark and Orchard Square, both of which
are located near Bannerghatta Road in Bangalore. The promoters of
the Group have a proven track record in the real-estate industry
and have been associated with several landmark projects in
Bangalore, including Kempegowda Maharaja Shopping Complex
(K.G.Road), City Centre (K.G.Road), Classic Orchard (Bannerghatta
Road), and Classic County (Kengeri) among others.


SRI VINAY: CARE Assigns B+ Rating to INR7.64cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Vinay Agro Rice (SVARI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities            7.64      CARE B+; Stable Assigned

   Short-term Bank
   Facilities            0.16      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SVARI are tempered
by Short track record and small scale of operations, leveraged
Capital structure, Seasonal nature of availability of paddy
resulting in working capital intensive nature of operations and
partnership nature of constitution with inherent risk of capital
withdrawal. Small scale of operations, moderately leveraged
Capital structure and weak debt coverage indicators, seasonal
nature The rating, however, derives strength from long term
experience of the partners for more than two decades in trading
and rice milling industry, locational advantage with easy
availability of paddy, healthy demand outlook of rice, and
satisfactory profitability margins and debt coverage indicators
Going forward, the ability of the firm to increase its scale of
operations and improve the profitability margins admist
competition and improving its capital structure and debt coverage
indicators while managing the working capital effectively would
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: The total
operating income stood at INR39.06 crore in FY18 (Prov.) with low
net worth base of INR2.80 crore as on March 31, 2018 when
compared to other players in the industry. The small scale of
operations of the firm was mainly due to the fact that the firm
has recently started its operations and FY18 was its first full
year of business operations.

Leveraged capital structure: The capital structure of the firm
remained leveraged marked by overall gearing of 3.24x as on March
31, 2018 on account of relatively high outstanding term loan
(INR3.14 crore) and working capital bank borrowing (INR4.50
crore) against a low net worth base of INR2.80 crore on March 31,
2018 (Prov.).

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations: Paddy in India is
harvested mainly at the end of two major agricultural seasons
Kharif (June to September) and Rabi (November to April). The
millers have to stock enough paddy by the end of the each season
as the price and quality of paddy is better during the harvesting
season. During this time, the working capital requirements of the
rice millers are generally on the higher side. Majority of the
firm's funds are blocked in inventory and with customers.
Moreover, the paddy is procured from the farmers generally
against cash payments or with a minimal credit period of 2-3 days
while the millers have to extend credit to the wholesalers and
distributors around 30-35 days resulting in high working capital
utilization reflecting working capital intensity of business. The
average utilization of fund based working capital limits of the
firm was utilized (90%) during the last 12 months period ended
June 30, 2018.

Partnership nature of constitution with inherent risk of capital
withdrawal: The partners typically make all the decisions and
lead the business operations. If they become ill or disabled,
there may not be anybody else to step in and maintain the optimum
functioning of business. A business run by partners also poses a
risk of heavy burden, i.e. an inherent risk of capital
withdrawal, at a time of personal contingency which can adversely
affect the capital structure of the firm. Moreover, partnership
firms have restricted access to external borrowing which limits
their growth opportunities to some extent.

Key Rating Strengths

Long term experience of the partners for more than two decades in
trading and rice milling industry: Sri Vinay Agro Rice industries
(SVARI) was established in January 2016 as a partnership firm.
SVARI is engaged in milling and processing of rice. The rice
milling unit of the firm is located at Raichur, Karnataka, with
an installed capacity of 5 tons per hour as on July 4, 2018.
SVARI is promoted by Mr. U. Veeresh, Mr. Janardhan Reddy
(Managing Partner), Mr.U.Thimma Reddy and Mr. U. Ravi, each
having more than ten years of experience in rice milling and
trading of food grains. They have established healthy
relationship with key suppliers, customers, local farmers,
dealers and also with various brokers within the state and other
neighboring areas.

Satisfactory profitability margins and debt coverage indicators:
The firm achieved satisfactory profitability margins in its first
full year of operations marked by PBILDT margin of 6.81% and PAT
margin of 1.67% in FY18 (Prov.) considering competitive rice
processing industry with low value additive nature of business
operations. Furthermore, due to afore mentioned factors, the debt
coverage indicators marked by PBILDT interest coverage ratio and
Total Debt/GCA stood at 2.88x and 5.74x respectively during FY18
(Prov.).

Locational advantage with easy availability of paddy: The rice
milling unit of SVARI is located at Raichur district which is
close to the Bay of Thungabhadar River. The selected
area has all infrastructure facilities for development of rice
industry, since, the place has both road as well as train
connectivity and has sufficient power arrangement etc.

Healthy demand outlook of rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the
rice millers and thus the demand is expected to remain healthy
over medium to long term. India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. The rice industry in India
is broadly divided into two segments - basmati (drier and long
grained) and non-basmati (sticky and short grained). Demand of
Indian basmati rice has traditionally been export oriented where
the South India caters about one-fourth share of India's exports.
However, with a growing consumer class and increasing disposable
incomes, demand for premium rice products is on the rise in the
domestic market. Demand for non-basmati segment is primarily
domestic market driven in India. Initiatives taken by government
to increase paddy acreage and better monsoon conditions will be
the key factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of
the population in India has a stable domestic demand outlook. On
the export front, global demand and supply of rice, government
regulations on export and buffer stock to be maintained by
government will determine the outlook for rice exports.

Sri Vinay agro Rice industries (SVARI) was established in
February 2016 as a partnership firm. SVARI is engaged in milling
and processing of rice. The rice milling unit of the firm is
located at Raichur, Karnataka. Apart from rice processing, the
firm is also engaged in selling off bi-products such as broken
rice, husk and bran. The main raw material, paddy, is directly
procured from local farmers located in and around Raichur
District and the firm sells rice and other bi-products in the
states of Tamil Nadu, Karnataka, Andhra Pradesh and Maharastra.
Present Installation capacity of the firm is 5Tonnes/hour.


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

The instrument-wise rating actions are:

-- INR66.5 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 21, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated as a partnership firm in 2002, Suriya Garments
manufactures knitted readymade garments and exports them to
France and Brazil.


TANEJA VIDYUT: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR7.00 crore bank facilities of
Taneja Vidyut Control Private Limited (TVCPL) continues to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) and [ICRA]A4; ISSUER NON-COOPERATION".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term: Fund      3.50       [ICRA]B+ (Stable) ISSUER NON-
   Based-Cash Credit               COOPERATION; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Short Term: Non-     3.50       [ICRA]A4 ISSUER NON-
   Fund Based                      COOPERATION; 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 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.

TVCPL was incorporated in 1999 by Mr. Anil Taneja and Ms. Ritu
Taneja. TVCPL is engaged in executing Engineering, Procurement
and Construction (EPC) projects on turnkey basis, for
installation of sub-station transmission lines and distribution
substations, high tension/low tension electrical wiring for
hotels, hospitals, residential and commercial real estate etc.
The company operates mainly in the National Capital Region (NCR),
Punjab and West Bengal.


VINISHMA TECHNOLOGIES: CARE Assigns B+ Rating to INR2cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vinishma Technologies Private Limited (VTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           2.00       CARE B+; Stable Assigned

   Short Term Bank
   Facilities          12.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VTPL is primarily
constrained by modest and fluctuating scale of operations with
low net worth base, low profitability margins and leveraged
capital structure. The ratings are further constrained by
business risk associated with tender based orders and presence of
VTPL in highly competitive industry. The ratings, however, draw
comfort from experienced directors and moderate operating cycle.

Going forward; ability of the company to increase its scale of
operations while improving its profitability margin and capital
structure shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Modest and fluctuating scale of operations with low net worth
base: The scale of operations of the company stood modest marked
by total operating income and gross cash accrual of INR110.29
crore and INR1.30 crore respectively for FY17 (FY refers to
period April 1 to March 31). The scale of operation remained
fluctuating for the past three financial years, i.e., FY15-FY17
owing to the tender based nature of orders received. Further, TOI
declined to INR80.74 crore in FY18 (based on provisional
results). The net worth base of the company stood low at INR5.81
crore as on March 31, 2017. The modest scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits. The company has achieved total operating income
of INR31.66 crore for 5MFY19 (refer to period April 1 to
August 31, 2018; based on provisional results).

Low profitability margins and leveraged capital structure: The
profitability margins of the company have remained on the lower
side owing to the trading nature of the business and intense
market competition given the highly fragmented nature of the
industry. Interest cost has further restricted the net
profitability of the company. PAT stood below unity for the past
three financial years i.e. FY15-FY17. The capital structure of
the company marked by overall gearing stood leveraged at above 3x
as on past three balance sheet dates ending March 31, '15-'17
owing to high dependence on external borrowings to meet the
working capital requirements. The average utilization of working
capital limits remained almost full for the 12 months period
ending August 31, 2018.

Business risk associated with tender based orders: The orders are
awarded through the tender-based system. The company is exposed
to the risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder. Further, any changes in the
government policy or government spending on projects are likely
to affect the revenues of the company.

Presence in highly competitive industry: VTPL faces direct
competition from various unorganized players in the market.
There are number of small and regional players and catering to
the same market which has limited the bargaining power of the
company and has exerted pressure on its margins. Further, the
award of contracts are tender driven and lowest bidder gets the
work. Hence, going forward, due to increasing level of
competition and aggressive bidding, the profits margins are
likely to be under pressure in the medium term.

Key rating strengths

Experienced directors: The company is managed by Mr Manish
Agarwal who is a graduate by qualification and has an experience
of more than two decades in the industry through his association
with VTPL. Further, he is also supported by Mr Rajendra Kumar
Agarwal in managing day to day operations of the company.

Moderate operating cycle: The operating cycle of the company
stood moderate at 9 days for FY18. The company normally receives
payment in around two months. The average collection period stood
at 163 days for FY18 mainly on account of delay in realization.
The company maintains inventory of around a month to meet
immediate demand. The company normally pays to its suppliers once
the amount is realized from the customers/government departments.

Ghaziabad, Uttar Pradesh based VTPL was incorporated in June,
1995. The company is currently managed by Mr Manish Agarwal and
Rajendra Kumar Agarwal. The company is engaged in trading of
school supplies such as school uniform, bags, shoes etc.



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


SURUGA BANK: Moody's Lowers Deposit Ratings to B2, Outlook Neg.
---------------------------------------------------------------
Moody's Japan K.K. has downgraded the long-term deposit ratings,
baseline credit assessment, adjusted BCA, and long-term
Counterparty Risk Assessments of Suruga Bank, Ltd. The ratings
outlook is negative. These actions conclude the review for
downgrade initiated after the issuer's ratings downgraded on
October 4, 2018.

At the same time, Moody's has affirmed Suruga Bank's short-term
domestic and foreign currency bank deposit ratings at Not Prime
and short-term CRAs at Not Prime(cr).

The review was initiated to assess the quality of Suruga Bank's
loan portfolio, profitability, as well as liquidity and funding
positions, in light of the wider investigation on asset quality
at the bank.

The affected ratings and inputs are as follows:

  - Baseline credit assessment (BCA): downgraded to b3 from ba3

  - Adjusted BCA: downgraded to b3 from ba3

  - Long-term bank deposit ratings (domestic and foreign
    currency): downgraded to B2 from Ba2

  - Short-term bank deposit ratings (domestic and foreign
    currency): affirmed at Not Prime

  - Long-term Counterparty Risk (CR) assessment: downgraded to
    B1(cr) from Ba1(cr)

  - Short-term Counterparty Risk (CR) assessment: affirmed at Not
    Prime(cr)

  - Outlook changed to negative

RATINGS RATIONALE

The rating action was prompted by Suruga Bank's announcement of
its half-year earnings for the fiscal year ended March 2019.

The bank booked substantial credit costs associated with its real
estate investment loans, including loans extended to finance the
purchase of share houses from real estate developers and loans to
companies related to its major shareholder, which in turn
weakened its profitability and capitalization. The downgrades
also reflect a continued deterioration in the bank's liquidity
profile.

The negative outlook reflects the risk of a further deterioration
in profitability and capitalization arising from additional
credit costs because of the ongoing investigation of all real
estate investment loans -- scheduled to be completed within the
Japan Financial Services Agency's (FSA) partial business
suspension period -- and weaker liquidity and funding conditions,
if deposit outflows continue.

The sustainability of Suruga Bank's unique business model is
uncertain. This model had allowed it to earn higher profits than
its peers, mainly from its real estate investment loan business,
comprising about 60% of its loan portfolio as of the end of March
2018.

The issuance of a partial business suspension order by the FSA to
halt the financing of new loans for investment properties for six
months until April 12, 2019 and the revelation of widespread
breaches of the bank's lending policies pose challenges for the
bank to reconstruct its core business.

Suruga Bank's reported JPY98.6 billion in net losses in the first
six months of fiscal 2018 resulted in Its consolidated capital
ratio -- the Basel III domestic standard -- declining to 8.74% at
the end of September 2018 from 12.22% at the end of March 2018,
but exceeding the minimum regulatory requirement of 4.0%.

Liquidity at the bank is also deteriorating, with deposits
continuing to fall and the pace of the decline accelerating,
falling more quickly than loans. This development has resulted in
its loan-to-deposit ratio increasing and its pool of liquid
assets declining.

Suruga Bank's B2 rating incorporates a one-notch uplift from its
b3 BCA. The uplift reflects Moody's assessment of a moderate
likelihood of government support for the bank in times of stress.

What Could Change the Ratings - Up

Upward rating pressure is unlikely, given the negative outlook.
However, Moody's may consider an upgrade if there is
intrinsic/extraordinary support from a third party to strengthen
its financial profile.

The rating outlook could return to stable if the full extent of
the bank's problems are identified and are mostly reflected in
its financials and its liquidity profile stabilizes.

What Could Change the Ratings - Down

Factors that could result in a downgrade include, but are not
limited to:

1. Findings that further undermine the bank's reputation, or
   further weaken its ability to conduct business

2. Expectations of further material credit costs that erode the
   bank's capital position

3. Continued weakening of the bank's liquidity profile, caused by
   a continued reduction in deposits and liquid assets

4. A reduction in Moody's assessment of the government's
   willingness to provide support



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


1MDB: Abu Dhabi Fund Sues Goldman Sachs Over Scandal
----------------------------------------------------
AFP reports that an Abu Dhabi sovereign wealth fund sued Goldman
Sachs on Nov. 21 for allegedly conspiring against the Middle
Eastern fund to further a criminal scheme by Malaysia's scandal-
plagued 1MDB.

AFP relates that the suit, filed in a New York court on behalf of
Abu Dhabi's International Petroleum Investment Company, names
Goldman Sachs as well as former Goldman officials who were
charged by the US Justice Department in indictments unsealed
earlier this month.

"This action seeks redress for a massive global conspiracy on the
part of the defendants to defraud and injure plaintiffs," said
the lawsuit, which also named former executives from IPIC and its
subsidiary Aabar Investments, AFP relays.

"As part of the scheme, Goldman Sachs conspired with others to
bribe IPIC's and Aabar's former executives . . . to join the
conspiracy and act against the interests of IPIC and Aabar."

"We are in the process of assessing the details of allegations
and fully expect to contest the claim vigorously," a Goldman
Sachs spokesman said in an emailed response, AFP relays.

According to AFP, Goldman Sachs has been under scrutiny since the
Justice Department on November 1 unveiled indictments against two
former Goldman Sachs executives who were charged as key players
in the scandal surrounding the scandal-plagued Malaysian
sovereign wealth fund 1MDB.

One of the former Goldman officials, Tim Leissner, pleaded guilty
and agreed to pay US$43.7 million in restitution of ill-gotten
gains, AFP says.

In a November 2 securities filing, Goldman Sachs noted the
criminal documents released by the Justice Department alleged
"the firm's system of internal accounting controls could be
easily circumvented and that the firm's business culture,
particularly in Southeast Asia, at times prioritised consummation
of deals ahead of the proper operation of its compliance
functions," according to AFP.

AFP adds that Goldman Sachs said it was cooperating with federal
prosecutors and other authorities, adding that it was "unable to
predict the outcome" of the probe but that a resolution could
result in "significant fines, penalties and other sanctions
against the firm."

                            About 1MDB

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

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

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

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

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

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

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



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


BELLA VISTA: Liquidators Still Looking to Recover Money
-------------------------------------------------------
Scott Yeoman at the Bay of Plenty Times reports that the
liquidators of Bella Vista Homes Limited are still looking to
recover money from Bella Vista's two former directors and law
firm, and the series of related company transactions.

According to the Bay of Plenty Times, the latest liquidators'
report showed that Bella Vista Homes had just NZ$28 with which to
pay more than NZ$4 million to creditors.

Bella Vista Homes Limited, sole director Danny Cancian and others
are currently before the court facing charges laid by the
Tauranga City Council over the failed development, the report
says.

The charges relate to alleged non-compliance with the Building
Act, including carrying out building works without consents, the
Bay of Plenty Times discloses.

The next hearing is on February 1 next year at the Tauranga
District Court.

The Ministry of Business, Innovation and Employment's (MBIE)
review into Tauranga City Council's building control activities
is still continuing, the report says.

Paul Hobbs, the ministry's acting manager of building system
assurance, said this week that the ministry would release the
findings and outcomes of the review in a report once the
investigation was complete and all evidence and information had
been considered, the Bay of Plenty Times adds.


CRICHQ HOLDINGS: Receiver Amended Report on Software Company
-----------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that the full extent
of Wellington software company CricHQ's collapse last year
appears to have been accidently revealed.

According to Stuff, a report published on the Companies Office
website on Nov. 20 by receiver KordaMentha stated that the
cricket-scoring business was bought out of receivership by its
new owners in January for NZ$1.3 million, with that payment
deferred until January 2019.

Stuff relates that the receiver's report was amended later in the
week with the payment price and date removed from the document
and no new information substituted.

Neale Jackson of KordaMentha said the first report was "issued in
error and has now been corrected," Stuff relays.

A Companies Office spokeswoman said it received a request from
KordaMentha on Nov. 21 stating that the report filed a day
earlier "contained an error in the fourth bullet point of section
3.1 'Realisation of Assets'", and had requested that the report
"be replaced with the correct version they provided," Stuff
relates.

CricHQ, now reborn as CricHQ Holdings, sells an app that lets
cricket teams score matches and cricket leagues manage their
competitions.

CricHQ had appeared to be one of the capital's largest software
industry successes, at one point raising money from investors at
a valuation of NZ$70 million.  Backed by shareholders including
former Black Cap Brendon McCullum and Stephen Fleming, CricHQ one
an award at the British-based Sports Technology Awards in 2017.
However, its outward success and rapid international growth
masked the slow-progress it was experiencing making money from
customers.

According to Stuff, KordaMentha's report said that Singaporean
investor Tembusa - which had been CricHQ's major investor before
it went into receivership - was owed NZ$9.1 million, plus
interest which was still accruing.

Twenty-two staff of the former business are set to remain
NZ$153,000 out-of-pocket, says Stuff.

"No further distribution will be made to employees." A NZ$2,000
tax bill and unsecured credits' claims totalling NZ$300,000 would
also not be met, the report, as cited by Stuff, confirmed.

A shareholder in the revived business, CricHQ Holdings, said the
company had said in a business update that it planned to focus on
doing deals with cricket boards, rather than individual cricket
teams, to overcome an issue that cricket boards tended to be
protective of their data, Stuff adds.


PROJECT MANAGEMENT: 4 Bella Vista-Related Firm In Liquidation
-------------------------------------------------------------
Scott Yeoman at the Bay of Plenty Times reports that four
companies related to Bella Vista Homes have been put into
liquidation by Inland Revenue this week.

Project Management Limited, Live Wire Limited, Lakes Engineering
Limited and Ground Effects Limited were appointed a liquidator in
the Hamilton High Court on Nov. 19, the report says.

Former Bella Vista boss Danny Cancian is the sole director and
shareholder of all four of those companies, the Herald discloses
citing the New Zealand Companies Office website.

According to the Bay of Plenty Times, Mr. Cancian said in March
that he had set up other companies so they could work for Bella
Vista Homes, "so I could control the process of what happened on
the jobs rather than outside contractors".

The Bay of Plenty Times relates that Rhys Cain, a Christchurch-
based insolvency practitioner with the company EY, was appointed
as the liquidator on Nov. 19, along with his colleague Rees
Logan.

Messrs. Cain and Logan are also currently liquidating Bella Vista
Homes.

The failed housing development at The Lakes in Tauranga went into
voluntary liquidation around this time last year, leaving behind
unfinished houses and millions of dollars in outstanding debts to
creditors, the report notes.

When the Bay of Plenty Times contacted Mr. Cain this week, he
confirmed that the four companies were "related entities" to
Bella Vista Homes.

"And we are aware of inter-company transactions but we have yet
to discuss them with Mr. Cancian so we don't have any further
comment at this time."

According to the report, Mr. Cain said he and Mr. Logan did not
have creditor details yet but were sending notices to a number of
other parties to provide records and documents.

"We only very recently got notification from the court of our
appointment."

All four companies put into liquidation this week had the same
Hamilton address registered with the companies office, the report
notes.



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


AVATION CAPITAL: Fitch Gives BB- Final Rating on $500MM Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'BB-' to Avation
Capital S.A.'s (BB-/Stable) USD50 million 6.5% senior notes due
2021.

The notes are guaranteed by Avation PLC (Avation; BB-/Stable) and
are to be consolidated with Avation Capital S.A.'s USD300 million
senior unsecured notes issued in May 2018 under its Global
Medium-Term Note Program.

The assignment of the final rating follows the receipt of
documents conforming to information already received. The final
rating is the same as the expected rating assigned to the senior
unsecured notes on Nov. 15, 2018.

Avation intends to use the net proceeds of the offering to repay
certain existing senior secured loans and to pay transaction-
related fees and expenses.

KEY RATING DRIVERS

The final note rating is equalized with the Long-Term Issuer
Default Ratings (IDRs) of Avation PLC and Avation Capital S.A.,
as well as the rating of Avation Capital S.A.'s unsecured notes.
The new notes will constitute the direct, unconditional,
unsubordinated and unsecured obligations of Avation PLC and
Avation Capital S.A and will rank equally with all the other
unsecured and unsubordinated obligations.

Fitch last reviewed and affirmed the ratings on Avation PLC and
Avation Capital S.A., as well as Avation Capital S.A.'s unsecured
notes, during its aircraft-leasing peer review on July 17, 2018.

The ratings reflect Avation's current market position as a lessor
of turboprop and jet aircraft in the Asia-Pacific and European
regions. Credit strengths include the company's relatively young
average fleet age of 3.4 years, excluding finance leases, as of
Oct. 31, 2018, currently supportive demand dynamics for the
majority of Avation's fleet, solid profitability, and measured
fleet growth, which is expected to persist over the Outlook
horizon.

These strengths are counterbalanced by Avation's limited
economies of scale and high aircraft concentration when compared
with larger lessors; the presence of turboprops in the portfolio,
which Fitch views as niche aircraft; exposure to certain lower
credit quality lessees, which is outsized relative to peers;
elevated balance sheet leverage as measured by gross debt to
tangible common equity; a primarily secured funding profile; and
potential limitations relating to management depth.

Rating constraints applicable to the aircraft leasing industry
more broadly include the monoline nature of the business,
vulnerability to exogenous shocks, potential exposure to residual
value risk, sensitivity to oil prices, reliance on wholesale
funding sources and increased competition.

The unsecured debt rating is equalized with the company's IDR,
reflecting Fitch's expectation of average recoveries for the
senior unsecured debtholders under a stress scenario. The
company's unencumbered pool has grown to approximately $150
million as a portion of the debt proceeds was used to repay
secured debt.

RATING SENSITIVITIES

Fitch does not expect upward rating momentum to emerge over the
near term. However, over the long term, Avation's ratings could
be positively influenced by improved scale efficiencies, leverage
approaching 3.0x, increased utilization of unsecured funding
sources and continued demonstration of residual-value risk
management. Fitch would view improved fleet, geographic and/or
lessee diversification positively, provided such actions are
undertaken at a moderate pace and do not adversely affect
underwriting or pricing terms.

The ratings could be adversely affected by the credit
deterioration of underlying lessees, particularly those that
represent a meaningful portion of Avation's portfolio, which
could result in lower revenue yields and the need to redeploy
aircraft. Factors that could also lead to negative rating
momentum include maintenance of leverage above 4.0x; rapid
expansion that is not accompanied by consistent underwriting
standards and commensurate growth in capital levels and staffing;
deterioration in residual value realizations; or an inability to
successfully navigate market downturns.

The rating assigned to the senior unsecured debt is equalized
with the company's long-term IDR and would be expected to move in
tandem. However, the unsecured debt rating could be notched below
Avation's IDR should secured debt increase as a percentage of
total debt such that the unencumbered pool contracts and expected
recoveries on the senior unsecured debt were adversely affected.



                             *********

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.



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