TCRAP_Public/181126.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 26, 2018, Vol. 21, No. 234

                            Headlines


A U S T R A L I A

CRYSTALAID MANUFACTURE: First Creditors' Meeting Set for Dec. 3
JALTICE PTY: Second Creditors' Meeting Set for Dec. 3
LA TROBE 2018-2: Moody's Assigns Ba1 Rating to Class E Notes
METRO FINANCE 2018-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
MICOS ALUMINIUM: First Creditors' Meeting Set for Nov. 30

OVERSTAR HOLDINGS: Second Creditors' Meeting Set for Dec. 3
QUALITY ESTATE: First Creditors' Meeting Set for Nov. 30
RCR TOMLINSON: In Administration; Creditors Meeting Set Dec. 3
SIAJJ PTY: First Creditors' Meeting Set for Dec. 3
THINK TANK 2018-1: S&P Gives BB+ Rating to $4.41MM Class E Notes


C H I N A

CBAK ENERGY: Reports $7.92 Million Net Income for Third Quarter
CHENGDU ECONOMIC: Moody's Assigns Ba2 Sr. Unsecured Rating
GUANGXI LIUZHOU: Fitch Publishes BB LT IDR; Outlook Stable
GUANGXI LIUZHOU: S&P Assigns 'BB' Long-Term ICR, Outlook Stable
LIONBRIDGE CAPITAL: Fitch Affirms B+ LT IDR, Outlook Stable

TIMES CHINA: Fitch Rates USD300MM Sr. Notes Due 2020 'BB-'
* CHINA: Developers Risk Paying More with Funding Costs Rising


I N D I A

ALPHA CONSUMABLES: CRISIL Maintains B Rating in Not Cooperating
BHARAT CARBON: CRISIL Maintains 'B-' Rating in Not Cooperating
DEVIKKESH NOVAMATE: Ind-Ra Maintains B+ Rating in Non-Cooperating
DR. ANJOLI: CRISIL Maintains 'B-' Rating in Not Cooperating
GMR HYDERABAD: S&P Alters Outlook to Stable & Affirms 'BB+' ICR

HANUMAN RICE: CRISIL Maintains 'B-' Rating in Not Cooperating
HILAND AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
HIMAVASINI MOTORS: CRISIL Maintains D Rating in Not Cooperating
IB COMMERCIAL: CRISIL MAINTAINS 'D' Rating in Not Cooperating
INABENSA BHARAT: Ind-Ra Maintains D LT Rating in Non-Cooperating

J.R. AGROTECH: CRISIL Maintains 'D' Rating in Not Cooperating
JAAHNAVEE LIFE: CRISIL Maintains 'B' Rating in Not Cooperating
JAGAT RADHA: CRISIL Maintains 'B' Rating in Not Cooperating
JAI MAA: CRISIL Maintains D Rating in Not Cooperating Category
JONSON RUBBER: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable

KAABA TRADING: CRISIL Maintains 'B' Rating in Not Cooperating
KAKDA ROLLING: CRISIL Maintains 'B' Rating in Not Cooperating
KATNI REALTY: CRISIL Maintains 'B' Rating in Not Cooperating
KENZ INN: CRISIL Maintains B Rating in Not Cooperating Category
KF BIOTECH: CRISIL Maintains 'B' Rating in Not Cooperating

KF FARMS: CRISIL Maintains B Rating in Not Cooperating Category
MAYUR SEEDS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
MG AUTOMOTIVES: CRISIL Maintains 'B' Rating in Not Cooperating
R.S.G. EXPORTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
RAJPAL COTTON: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating

RAMVIJAY CLOTHING: Ind-Ra Maintains B+ Rating in Non-Cooperating
ROSA POWER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
SALASAR GREEN: CRISIL Withdraws B Rating on INR25cr Term Loan
SARDA RICE: CRISIL Reaffirms 'B+' Rating on INR13cr Loans
SHRI BALAJI: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

SRS TRAVELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
STUDIOKON VENTURES: Ind-Ra Withdraws BB+ Long Term Issuer Rating


I N D O N E S I A

PAN BROTHERS: Fitch Affirms 'B' LT IDR, Outlook Stable
TOWER BERSAMA: Moody's Withdraws Ba3 CFR Due to Business Reasons


N E W  Z E A L A N D

MAHANA ESTATES: Receivers Put High-Profile Vineyard Up for Sale
NEW ZEALAND ASSOCIATION: Fitch Cuts LT IDR to B+, Outlook Stable


S I N G A P O R E

HYFLUX LTD: Still Working on Terms of Debt Plan with Creditors


                            - - - - -


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A U S T R A L I A
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CRYSTALAID MANUFACTURE: First Creditors' Meeting Set for Dec. 3
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Crystalaid
Manufacture Pty Ltd will be held at the offices of SV Partners, at
22 Market Street, in Brisbane, Queensland, on Dec. 3, 2018, at
11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Crystalaid Manufacture on Nov. 21, 2018.


JALTICE PTY: Second Creditors' Meeting Set for Dec. 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of Jaltice Pty
Ltd has been set for Dec. 3, 2018, at 11:00 a.m. at the offices of
Chifley Advisory, at Suite 19.03 Level 19, 31 Market 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 4:00 p.m.

Gavin Moss of Chifley Advisory was appointed as administrator of
Jaltice Pty on Nov. 5, 2018.


LA TROBE 2018-2: Moody's Assigns Ba1 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited
as trustee of La Trobe Financial Capital Markets Trust 2018-2.

Issuer: La Trobe Financial Capital Markets Trust 2018-2

AUD75.0 million Class A1S-S Notes, Assigned Aaa (sf)

AUD75.0 million Class A1S-L Notes, Assigned Aaa (sf)

AUD375.0 million Class A1L Notes, Assigned Aaa (sf)

AUD125.25 million Class A2 Notes, Assigned Aaa (sf)

AUD59.25 million Class B Notes, Assigned Aa2 (sf)

AUD9.0 million Class C Notes, Assigned A2 (sf)

AUD13.5 million Class D Notes, Assigned Baa2 (sf)

AUD5.25 million Class E Notes, Assigned Ba1 (sf)

AUD6.00 million Class F Notes, Assigned B2 (sf)

The AUD6.75 million Equity Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

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

Moody's MILAN CE - representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario -
is 12.4%. Moody's expected loss for this transaction is 1.5%.

Key transactional features are as follows:

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

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

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

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

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

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

Key pool features are as follows:

  - The pool has a relatively high weighted-average scheduled
loan-to-value (LTV) ratio of 72.2%. There are no loans with a
scheduled LTV ratio over 80.5%.

  - Around 62.2% of the borrowers are self-employed. The income of
these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

  - About 53.8% of the loans were extended on an alternative
documentation basis.

  - Loans secured by investment properties represent 55.3% of the
pool.

  - Interest-only loans represent 30.3% of the pool.

  - Based on Moody's classifications, around 17.8% of borrowers
have adverse credit histories.

- Based on Moody's classifications, 88.8% of loans are secured by
properties located in metro areas, which is higher than the market
average.

  - 3.5% of the loans in the portfolio were extended to borrowers
classified as companies. These loans are secured against
residential property, and are provided wholly or predominantly for
business purposes. Moody's has penalized these loans in its
analysis of the portfolio.

Methodology Underlying the Rating Action:

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

The Credit Ratings for La Trobe Financial Capital Markets Trust
2018-2 were assigned in accordance with Moody's existing
Methodology entitled "Moody's Approach to Rating RMBS Using the
MILAN Framework," dated September 11, 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 Ratings on La Trobe Financial
Capital Markets Trust 2018-2 may be neutrally affected. Please
refer to Moody's Request for Comment, titled "Proposed Update to
Moody's Approach to Rating RMBS Using the MILAN Framework," for
further details regarding the implications of the proposed
Methodology revisions on certain Credit Ratings.

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

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

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


METRO FINANCE 2018-2: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited, as
trustee of Metro Finance 2018-2 Trust.

Issuer: Metro Finance 2018-2 Trust

AUD150.00 million Class A-S Notes, Assigned (P)Aaa (sf)

AUD87.00 million Class A-L Notes, Assigned (P)Aaa (sf)

AUD26.70 million Class B Notes, Assigned (P)Aa2 (sf)

AUD10.20 million Class C Notes, Assigned (P)A2 (sf)

AUD6.60 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.00 million Class E Notes, Assigned (P)Ba2 (sf)

AUD3.30 million Class F Notes, Assigned (P)B2 (sf)

The AUD3.45 million Class GA Notes and the AUD3.75 million Class
GB Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance). This is
Metro Finance's second auto and equipment asset backed securities
(ABS) transaction.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-
ticket auto and equipment assets in low volatility industries.
Metro Finance originates its lending through the commercial auto
and equipment broker and aggregator industry nationally.
Significant origination growth began in 2014.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical loss data. The static loss
data used for its extrapolation analysis reflects Metro Finance's
short origination history, was limited to the origination vintages
between Q3 2014 and Q3 2017, and does not cover the full life
cycle for any one vintage. More recent vintages (i.e. post Q4
2017) have been excluded due to insufficient observations (no or
low actual losses for these vintages as yet);

  - The evaluation of the underlying receivables and their
expected performance;

  - The fact that 73.8% of the receivables were extended to prime
commercial obligors on a no-income verification basis, referred to
as "streamlined". This streamlined product allows obligors who
meet certain stringent requirements to access the loan without
providing financial statements.;

  - The 43.5% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 14.1%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

  - The availability of excess spread over the life of the
transaction;

  - The liquidity facility in the amount of 2.00% of the note
balance subject to a floor of AUD600,000;

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the
swap will follow a schedule based on the amortisation of the
portfolio, assuming no prepayments. Any prepayments or defaults
will result in the swap becoming over-hedged. The prepayment risk
is mitigated by the fact that break costs are charged to the
obligors and these funds will flow through to the trust as
collections; and

  - The fact that the servicer, AMAL Asset Management Limited, is
an experienced third-party servicer and the backup servicing
arrangement with Metro Finance.

Initially, the Class A-S, Class A-L, Class B, Class C, Class D,
Class E and Class F Notes benefit from 21.0%, 21.0%, 12.1%, 8.7%,
6.5%, 3.5% and 2.4% of note subordination, respectively. The notes
will initially be repaid on a sequential basis until the credit
enhancement of the Class A Notes is at least 30%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 3.5%,
coefficient of variation (CoV) of 64.4%, a recovery rate of 35.0%
and a portfolio credit enhancement of 23.5%. After accounting for
the seasoning of the initial portfolio (7.5 months), Moody's mean
default rate assumption was adjusted to 3.71%. Moody's assumed
default rate, CoV and recovery rate are stressed compared to the
historical levels of 2.1%, 49.9% and 63.1% respectively.

The difference between the historical and assumed default rate,
CoV and recovery rate is in part explained by the additional
stresses assumed by Moody's to address the lack of a full economic
cycle in the historical data, and by exposure to balloon loans
(43.5%) in the portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's has benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's has also overlaid
additional stresses into its default and CoV assumptions.

The streamlined product offering has been originated for almost
ten years in the Australian auto and equipment loan space.
However, through-the-cycle historical data on the performance of
this product is limited. To address this risk and the fact that
the portfolio has a very high proportion of streamlined (73.8%),
Moody's has applied further qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. These requirements include property ownership
with confirmed equity greater than the loan amount or a 30%
deposit for non-property owners, a satisfactory credit reference
from a reputable finance company running at least 12 months, no
adverse credit history, and the business being registered for the
goods-and-services tax for at least 2 years continuously.

In a base case scenario, given these requirements, Moody's expects
these borrowers to have a lower risk profile and better
performance than the full-income verification loans in Metro
Finance's portfolio.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

The Credit Ratings for Metro Finance 2018-2 Trust was assigned in
accordance with Moody's existing Methodology entitled "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS," dated
October 6, 2016. 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 auto loan-
and lease-backed ABS. If the revised Methodology is implemented as
proposed, the Credit Ratings on Metro Finance 2018-2 Trust may be
neutrally affected. Please refer to Moody's Request for Comment,
titled "Proposed Update to Moody's Global Approach to Rating Auto
Loan- and Lease-Backed ABS," for further details regarding the
implications of the proposed Methodology revisions on certain
Credit Ratings.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

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

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


MICOS ALUMINIUM: First Creditors' Meeting Set for Nov. 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of:

  - Micos Aluminium Systems Pty. Limited;
  - Micos Curtain Wall Australia Pty. Limited;
  - Micos (NSW) Pty Ltd;
  - Micos Administrators Pty. Limited; and
  - Micos Curtain Wall Projects Pty Ltd

will be held at the offices of Jirsch Sutherland, at Level 27
259 George Street, in Sydney, NSW, on Nov. 30, 2018, at
11:00 a.m.

Amanda Young and Sule Arnautovic of Jirsch Sutherland were
appointed as administrators of Micos Aluminium on Nov. 20, 2018.


OVERSTAR HOLDINGS: Second Creditors' Meeting Set for Dec. 3
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Overstar
Holdings Pty Ltd, trading as Muzz Buzz Riverton, has been set for
Dec. 3, 2018, at 10:30 a.m. at the offices of Worrells Solvency &
Forensic Accountants, Level 4, 15 Ogilvie Road, in Mount Pleasant,
WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2018, at 5:00 p.m.

Simon Cathro and Mervyn Kitay of Worrells Solvency were appointed
as administrators of Overstar Holdings 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 was appointed as administrator
of Quality Estate on Nov. 20, 2018.


RCR TOMLINSON: In Administration; Creditors Meeting Set Dec. 3
--------------------------------------------------------------
Dominic Powell at SmartCompany reports that one of Australia's
largest publically listed construction companies RCR Tomlinson has
collapsed just a few months after raising over AUD100 million from
investors, with the company blaming an inability to secure
additional funding as the reason for the business' collapse.

SmartCompany says RCR, based in Perth, is the company behind a
number of major infrastructure projects across the nation,
specifically in the mining and energy sectors. It was most
recently working on two solar farms in Queensland, for which it
was required to secure the additional AUD100 million of capital
after the costs for the projects ballooned to over AUD50 million.

According to SmartCompany, the business was placed into a trading
halt on November 12, and the business was suspended from official
quotation two days later at the request of the directors. A week
on from that announcement, the company's suspension was extended
and it revealed a class action had been filed against it by
shareholders, SmartCompany says.

Administrators McGrathNicol have been appointed to manage the
business' voluntary administration, saying in a statement to the
market it was assessing the business and "urgently seeking
funding" from RCR's financiers, SmartCompany relays.

"The Administrators will work closely with RCR's employees,
suppliers and customers to quickly stabilise operations and to
determine the appropriate strategy for the business," the
administrators said.  "A sale process will be commenced
immediately."

SmartCompany notes that the first creditors meeting for the
business will be held on December 3, and it is expected some parts
of the business will be sold off as a result of the collapse. RCR
currently has around 3,400 staff, whose future is currently
unclear.

RCR Tomlinson was founded in 1898 and is one of Australia's most
well-established construction companies, with government and
private sector clients including Transport for NSW, Metro Trains
Melbourne, the Water Corporation of WA, Sydney Water, and Pilbara
Minerals.

Patrick Coghlan, co-founder of credit reporting agency
CreditorWatch, told SmartCompany the collapse was "jaw-dropping",
with shareholders and market watchers left with a number of
questions.

"The company had just raised AUD100 million, which requires an
immense amount of due diligence from banks, accountants, auditors,
and the board. Everyone thought they had a fantastic looking
balance sheet, and if they'd needed more capital they would have
asked for more," SmartCompany quotes Mr. Coghlan as saying.  "For
them to go into administration three months later is absolutely
shocking."

SmartCompany relates that Mr. Coghlan said with class actions
already in the pipeline, the company's directors are likely to be
"nervous", with the co-founder believing something may have been
missed during the business' recent due diligence and capital
raising.

"I wouldn't be surprised if something untoward had gone on here.
It's not like there was a flood or any bad weather which could
have affected the progress of their solar plants, and the business
is not a new or risky one," Mr. Coghlan told SmartCompany.


SIAJJ PTY: First Creditors' Meeting Set for Dec. 3
--------------------------------------------------
A first meeting of the creditors in the proceedings of Siajj Pty,
trading as What's Up Hair, will be held concurrently on Dec. 3,
2018, at 11:00 a.m. at the following Sydney and Melbourne offices
of Cor Cordis:

  * One Wharf Lane, Level 20, 171 Sussex Street, Sydney, NSW;

                          -- and --

  * Level 29, 360 Collins Street, Melbourne, Victoria

Andre Lakomy and Sam Kaso of Cor Cordis were appointed as
administrators of Siajj Pty on Nov. 21, 2018.


THINK TANK 2018-1: S&P Gives BB+ Rating to $4.41MM Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the nine classes
of small-ticket commercial mortgage-backed, floating rate, pass-
through notes issued by BNY Trust Co. of Australia Ltd. as trustee
of Think Tank Series 2018-1 Trust.

Think Tank Series 2018-1 Trust is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Think Tank Group Pty Ltd. (Think Tank).

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination for each class of rated note.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including an amortizing
    liquidity facility equal to 3.0% of the outstanding balance
    of the rated notes, and principal draws, are sufficient under
    S&P's stress assumptions to ensure timely payment of
    interest. S&P's cash-flow analysis also reflects that a
    minimum margin will be maintained on the assets.

-- The extraordinary expense reserve of AUD250,000, funded from
    day one by Think Tank, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The fixed- to floating-rate interest-rate swap provided by
    Commonwealth Bank of Australia to hedge the mismatch between
    receipts from fixed-rate mortgage loans and the floating-rate
    obligations of the trust.

  RATINGS ASSIGNED

  Think Tank Series 2018-1 Trust

  Class        Rating         Amount (mil. A$)
  A1           AAA (sf)       189.00
  A2           AAA (sf)        42.84
  B            AA (sf)         20.16
  C            A (sf)          26.46
  D            BBB (sf)        16.38
  E            BB+ (sf)         4.41
  F            NR              10.39
  G            NR               2.21
  H            NR               3.15

  N.R.--Not rated.



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CBAK ENERGY: Reports $7.92 Million Net Income for Third Quarter
---------------------------------------------------------------
CBAK Energy Technology, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting
net income of $7.92 million on $5.58 million of net revenues for
the three months ended Sept. 30, 2018, compared to a net loss of
$4.20 million on $17.75 million of net revenues for the three
months ended Sept. 30, 2017.

For the nine months ended Sept. 30, 2018, the Company reported net
income of $1.90 million on $14.95 million of net revenues compared
to a net loss of $10.02 million on $27.80 million of net revenues
for the same period during the prior year.

As of Sept. 30, 2018, the Company had $132.15 million in total
assets, $128.18 million in total liabilities, and $3.97 million in
total equity.

                 Liquidity and Capital Resources

CBAK Energy has financed its liquidity requirements from short-
term bank loans, other short-term loans and bills payable under
bank credit agreements, advances from our related and unrelated
parties, investors and issuance of capital stock.

As of Sept. 30, 2018, the Company had cash and cash equivalents of
$0.7 million.  Its total current assets were $64.0 million and its
total current liabilities were $96.0 million, resulting in a net
working capital deficiency of $32.0 million.  The Company said
these factors raise substantial doubts about its ability to
continue as a going concern.

The Company has obtained $9.6 million and $nil through equity
financing in 2017 and 2018, respectively, and it also has obtained
banking facilities from various local banks in China.  As of Sept.
30, 2018, the Company had unutilized committed banking facilities
of $16.8 million.

"We are currently expanding our product lines and manufacturing
capacity in our Dalian plant, which require more funding to
finance the expansion.  We may also require additional cash due to
changing business conditions or other future developments,
including any investments or acquisitions we may decide to pursue.
We plan to renew these loans upon maturity, if required, and plan
to raise additional funds through bank borrowings and equity
financing in the future to meet our daily cash demands, if
required.  However, there can be no assurance that we will be
successful in obtaining this financing.  If our existing cash and
bank borrowing are insufficient to meet our requirements, we may
seek to sell equity securities, debt securities or borrow from
lending institutions.  We can make no assurance that financing
will be available in the amounts we need or on terms acceptable to
us, if at all.  The sale of equity securities, including
convertible debt securities, would dilute the interests of our
current shareholders.  The incurrence of debt would divert cash
for working capital and capital expenditures to service debt
obligations and could result in operating and financial covenants
that restrict our operations and our ability to pay dividends to
our shareholders.  If we are unable to obtain additional equity or
debt financing as required, our business operations and prospects
may suffer.

"In the meanwhile, due to the growing environmental pollution
problem, the Chinese government is currently providing strong
support to the industry of new energy facilities and vehicle.  It
is expected that we will be able to secure more potential orders
from the new energy market, especially from the new energy storage
market and the electric vehicle market.  We believe with that the
booming future market demand in high power lithium ion products,
we can continue as a going concern and return to profitability,"
CBAK Energy stated in the SEC filing."

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

                       https://is.gd/RYhbEQ

                         About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31, 2017 compared to a net loss of US$12.65 million for
the year ended Sept. 30, 2016.  As of June 30, 2018, the Company
had US$135.68 million in total assets, US$139.20 million in total
liabilities and a total deficit of US$3.51 million.

Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017 stating that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2017.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHENGDU ECONOMIC: Moody's Assigns Ba2 Sr. Unsecured Rating
----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 senior unsecured
rating to the proposed USD notes to be issued by Chengdu Economic
and Technological Development Zone State-owned Assets Investment
Company Limited (CEDSI, Ba2 stable).

The ratings outlook is stable.

The proceeds will be used for general corporate purposes and to
refinance existing indebtedness.

RATINGS RATIONALE

"The Ba2 rating assigned to the proposed USD notes is in line with
CEDSI's corporate family rating (CFR) and reflects Moody's view
that CEDSI's obligations under the notes will rank pari passu with
CEDSI's other senior unsecured obligations. The issuance of the
senior notes will help improve CEDSI's liquidity and debt maturity
profile," says Kaven Tsang, a Moody's Senior Vice President, and
also the International Lead Analyst for CEDSI.

Moody's estimates CEDSI's revenue will grow 86% in 2018 and 11% in
2019 after the company recognizes its primary land development
revenue. Its adjusted debt/capitalization is likely to remain high
at 67-68% in the next two years, and FFO/interest coverage --
after government subsidies and payments -- will be around 2.0x
over the next two years.

CEDSI's Ba2 CFR primarily combines its baseline credit assessment
of b1; and a two-notch uplift based on Moody's assessment of the
"Moderate" likelihood of support from and "High" level of
dependence on the Government of China (A1 stable) when in need.

Moody's support assessment reflects CEDSI's leading role in
constructing affordable housing and infrastructure in the Chengdu
Economic and Technological Development Zone (CEDZ), its ultimate
100% ownership by the Longquanyi district government of Chengdu,
and a track record of receiving government support, including
refinancing of around RMB5 billion through government debt swaps
as of the end of 2017.

CEDSI's BCA is primarily driven by its policy function and its
limited business risk due to its leading market position in the
CEDZ. At the end of 2017, CEDSI had constructed over 90% of the
affordable housing and around 50% of the entrusted infrastructure
projects within the Longquanyi district.

The stable outlook reflects (1) the stable outlook on China's
sovereign rating; and (2) the consideration that CEDSI's BCA is
appropriately positioned at the current level.

The ratings could be upgraded if (1) the likelihood of support for
CEDSI increases, and/or (2) CEDSI's standalone credit profile
improves significantly.

CEDSI's BCA could be raised if the company's business or financial
profile improves. Credit metrics indicative of upward pressure on
its BCA include (1) adjusted (FFO from non-government transactions
+ government cash payments + interest)/interest exceeding 2.5x on
a sustained basis; (2) adjusted debt/capitalization, including the
cross-guarantees provided to other Longquanyi district LGFVs,
below 50%.

The ratings could be downgraded if (1) the likelihood of support
for CEDSI decreases, and/or (2) CEDSI's standalone credit profile
weakens meaningfully.

CEDSI's BCA could be lowered in case of a material deterioration
in its business or financial profiles. Credit metrics indicative
of a potential downgrade of the BCA include (1) adjusted (FFO from
non-government transactions + government cash payments +
interest)/interest below 1x on a sustained basis; (2) adjusted
debt/capitalization, including the cross-guarantees provided to
other Longquanyi district LGFVs, above 65%-70% on sustained basis.

The methodologies used in this rating were Homebuilding And
Property Development Industry published in January 2018, and
Government-Related Issuers published in June 2018.

Chengdu Economic and Technological Development Zone State-owned
Assets Investment Company Limited is 100% owned and supervised by
the State-owned Assets and Government Offices Administration
Bureau of Longquanyi District of Chengdu. The company is mandated
by the Longquangyi district government to construct affordable
housing and infrastructure within the district.

At the end of 2017, CEDSI had reported revenue of RMB2.1 billion
with total assets of RMB56.2 billion.


GUANGXI LIUZHOU: Fitch Publishes BB LT IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has published Guangxi Liuzhou Dongcheng Investment
Development Group Co., Ltd Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB'. The Outlook is Stable.

Fitch has also assigned LDID's proposed US dollar senior unsecured
notes an expected rating of 'BB(EXP)'. The offshore notes will be
directly issued by LDID and will constitute its direct,
unconditional, unsubordinated and unsecured obligations. The notes
will at all times rank pari passu among themselves and at least
equally with all of LDID's other present and future unsecured and
unsubordinated obligations. Proceeds will be used for general
corporate purposes.

The final rating on the proposed US dollar notes is contingent
upon the receipt of final documents conforming to information
already received.

LDID's ratings are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Liuzhou municipality's
ownership of the entity, and the municipality's direct control and
strong support track record of LDID. Fitch has also factored in
the strategic importance of LDID to Liuzhou municipality in
China's Guangxi province.

LDID is the sole urban developer for Liudong New District, which
occupies most of the eastern part of Liuzhou and is the
manufacturing hub of the city. LDID is mainly responsible for the
area's primary land development, urban infrastructure development,
investment and management and other ancillary services for the
area as well as state-owned asset operation and management.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: LDID is 100% owned by
the municipality and is registered as a limited liability company
under China's Company Law. The Liuzhou government appoints most of
the board members and senior management of LDID as well as the
monitoring committee, and closely monitors the company's financing
plan and debt levels. All major decisions and projects require the
government's approval. The company is required to report its
operational and financial results to the government regularly. The
government sets the audit criteria and assesses the company's
performance annually. According to the Liuzhou State-owned Assets
Supervision and Administration Commission (Liuzhou SASAC), the
government has no plan to dilute the shareholding in LDID as of
November 2018.

'Strong' Support Track Record and Expectations: The municipal
government has provided LDID with capital injections, project
funds and subsidies, income return on state-owned asset operation,
low-cost funding as well as debt repayment assistance. The fiscal
support aims to partly fund LDID's capital expenditure and debt
servicing. In 2017, LDID received CNY57 million of transfers and
grants, 7.5% more than in 2016. There were no new asset or capital
injections made in 2017, but the government helped LDID to repay
some of the debt via a CNY3.7 billion debt swap. Fitch considers
LDID a core functional GRE in Liuzhou and Fitch expects legitimate
support offered to LDID to continue in the medium term.

'Moderate' Socio-Political Impact of Default: LDID is the sole
urban developer for the Liudong New District. LDID plays a crucial
role in the city's development and urbanisation as well as
implementing the blueprint of the municipal government. LDID is
the biggest urban developer in the city, but there are smaller
GREs in the city that are able to take its place in some of the
public welfare duties it performs. A default by LDID would have a
moderate socio-political impact.

'Very Strong' Financial Implications of Default: The government's
willingness to support LDID is high. LDID raises funding and
carries out urban development projects in Liuzhou for government.
The company's total assets in 2017 accounted for 36.5% of the
city's gross regional product. A failure by the government to
provide timely support to LDID, leading to a default by the
company, could imply the government is in financial difficulty,
which would limit its financing options and hurt its credibility.

Maximum 'B' Category Standalone Profile: LDID's financial profile
is characterised by large capex, high leverage and poor debt
servicing ability from cash flow. Improving revenue and profit in
2017 pushed down leverage, measured by net debt/Fitch calculated
EBITDA, to around 20x at the end of the year. However, the ratio
remains high and will continue to be so as the company's debt
rises due to increasing capex. Debt service coverage, measured by
the ratio of cash flow from operations to debt repayment and
interest payable, has been below 1x and turned negative in 2017 as
much of the revenue booked during the year had not yet been
realised in cash. Fitch believes the trend of large capex, high
leverage and poor debt and interest servicing ability will
continue in the medium term, driven by the infrastructure
investments in the area.

RATING SENSITIVITIES

The ratings on LDID could change if Fitch revises its perception
of Liuzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations.

An increase in the incentive for the municipality to provide
support to LDID, including stronger socio-political and financial
implications of a default by LDID and a stronger track record of
support, may trigger positive rating action on LDID. An
improvement of the standalone credit profile or the liquidity
position of LDID would also affect the ratings.

In contrast, the rating may be downgraded if there is a
significant weakening in the socio-political and financial
implications of a default by LDID, a weaker track record of
support by the municipality, or a dilution of the government's
shareholding.

Rating action on LDID would lead to similar action on the proposed
US dollar notes.


GUANGXI LIUZHOU: S&P Assigns 'BB' Long-Term ICR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB' long-term issuer
credit rating to Guangxi Liuzhou Dongcheng Investment &
Development Co. Ltd. (LZDC). The outlook is stable.

S&P also assigned its 'BB-' long-term issue rating to the proposed
U.S. dollar-denominated senior unsecured notes that LZDC proposes
to issue. The issue rating is subject to S&P's review of the final
issuance documentation.

LZDC is the largest local government investment and financing
platform (LGFV) and state-owned enterprises (SOE) in Liuzhou city,
Guangxi province. LZDC is wholly owned by Liuzhou State-Owned
Assets Supervision and Administration Commission (SASAC), on
behalf of the Liuzhou municipal government.

The rating on LZDC mainly reflects the creditworthiness of the
company's sole owner and ultimate controller, the Liuzhou
municipal government. In S&P's view, there is an extremely high
likelihood that LZDC will receive timely and sufficient
extraordinary government support if the company comes under
financial distress. The rating on LZDC is therefore three notches
above the company's stand-alone credit profile (SACP), which S&P
assesses as 'b'.

S&P's view of an extremely high likelihood of extraordinary
government support is based on the following factors:

  -- Very important role to the government. LZDC is the sole
     platform of the municipal government for primary land
     development, and infrastructure construction and operation
     in Liudong New District, which was established in 2006 and
     mainly focuses on the automobile industry. LZDC is
     responsible for the Motor Town development, which will be a
     key driver of the city's tax income. The company's core
     business of infrastructure development is non-commercial
     driven. S&P believes the unique role and strategic position
     of LZDC cannot be easily replaced by the private sector or
     other SOE entities in the city.

  -- Integral link with the government. The Liuzhou municipal
     government has full control over LZDC. The Liuzhou SASAC has
     direct supervision over company's investment and financing
     activities, appointment of senior management, and
     performance review. LZDC has a record of receiving support
     from the Liuzhou government in various forms, such as
     capital injection, continuous financial subsidy, state-owned
     operating income refund, special funding support, and low
     interest loans.

S&P said, "We expect LZDC to remain the most important participant
in primary land development and infrastructure project
construction in Liudong New District on behalf of the local
government. We believe the likelihood of extraordinary government
support will remain the most important credit factor for LZDC in
the next 12 months." Therefore, the credit strength of the Liuzhou
city government is a key driver of the rating on LZDC."

Liuzhou is the second-largest city in Guangxi province and is a
major industrial hub within the province as well as in
southwestern China. The city's creditworthiness is constrained by
its fast-growing but concentrated automotive-dominated economic
base, combined with very high debt due to the government's
investment-driven growth model. The city continues to benefit from
exceptional liquidity. Over the past year, risks emanating from
the city's high leverage remain despite better budgetary outturns
than S&P expected.

Liuzhou is one of the country's major automobile production bases
and is home to one of the world's top 10 construction equipment
manufacturers, LiuGong Machinery Co. Ltd. This industrial base and
real economic activity boosts revenues and helps the government to
have sizable operating surpluses. The city's strong internal cash
generating capability keeps its deficit after capital accounts
below 10% of budget revenues, despite the government's sizable
investment-driven growth program. Various government-related
entities (GREs) have accumulated high levels of debt as a way to
bypass institutional features that prohibit city governments in
China from directly borrowing. At present, Liuzhou and its GREs
are able to sustain their borrowings in part due to the central
government's debt-swap program, which allows low-cost refinancing
of such borrowings. Moreover, the financial system is readily
willing to lend to GREs with close association to the government.

S&P's assessment of LZDC's SACP reflects the company's very high
financial leverage, weak operating cash flow and interest
coverage, and significant refinancing risk. In addition, LZDC's
small scale, geographic concentration, and material exposure to
land-sale and property-market conditions result in high volatility
in revenues. The company's exclusive development rights in Liudong
New District, continued development opportunity secured by long-
term contracts with the government, and ongoing government support
moderate the above weaknesses.

LZDC's competitive position is mainly driven by its exclusive
undertaking of primary land development and infrastructure
construction in Liudong New District. The company's operations are
highly capital-intensive and essentially policy-driven. In the
three years ended December 2017, the government transferred 42.5
million square meters of land for development to LZDC, and the
company holds much more of transferred land. According to the
government planning, the pace of land sales is likely to
accelerate in Liudong New Area in the next two years to
accommodate development needs. Such commercial land transfers are
more profitable for LZDC than sale of industrial land, and will
likely support the company's revenue and cash flow. Under the
government mandate, LZDC is also responsible for infrastructure
construction and public service projects.

S&P believes the government shares LZDC's operational risk, but
the company lacks control over contract acquisitions, working
capital management, and leverage control. LZDC signed a 30-year
service agreement with Liu Dong New District SASAC earlier this
year. According to the agreement, Liu Dong New District SASAC will
have to pay back LZDC the development cost plus 15% as the
investment return within 60 days after project delivery.

Government refund of land sale income dominates the revenue and
profit of LZDC, exposing the company to market and policy risks
related to the property market in Liuzhou and to potential changes
in the financing model of the local government for primary land
development. The government's payment could be delayed, given the
volatility of the land and property market in China. The company
also develops industrial and public-welfare facilities in Liudong
New District. S&P expects this business segment to contribute 10%-
20% of LZDC's total revenue and gross margin over the next two
years. The company's remaining business segments such as gas
supply and gas stations, in joint ventures with national players,
account for minimal assets, revenue, and profit.

LZDC's low profitability, substantial interest expenses, and
increasing debt to finance significant capital expenditure
constrain its cash flow adequacy. The company's primary land
development, infrastructure, and property leasing businesses are
to fulfill the government's development goal and are not primarily
profit-driven. But the businesses require heavy capital
expenditure. Hence the company is exposed to significant
refinancing risks, and its ability to access banking facilities
and capital market is essential for it to service its debt. S&P
therefore assesses the company's financial risk profile as highly
leveraged. LZDC's highly leveraged balance sheet together with its
fragile cash flow generation is a key risk constraining the
company's SACP.

In S&P's view, LZDC is exposed to significant refinancing risks
due to tightening credit market conditions since the second half
of 2017. The company's overall funding cost has increased to 5.8%
in the first half of 2018, from 5.4% in the first half of 2017,
mainly driven by a higher interest rate for trust loans and
financial leases. LZDC's banking facilities are mainly from China
Development Bank, which is the Chinese policy bank specifically
supporting such local government mandates.

The stable outlook on LZDC reflects our view that Liuzhou's
economy and budgetary revenues will continue to grow at a strong
pace, ensuring that its after-capital-account deficit will average
less than 10% of total revenues, and the pace of borrowing by the
government and its LGFVs will remain moderate over the next 12
months. S&P also expects the Liuzhou government to be able to
maintain its exceptional liquidity profile over the period.

S&P said, "The stable outlook on LZDC also reflects our
expectation that the company will continue to have an extremely
high likelihood of receiving extraordinary support from the
municipal government if needed over the next 12 months. We expect
the Liuzhou government to provide LZDC with ongoing financial and
operational support. We also expect LZDC's leverage to remain high
owing to its capital expenditures and investments in multiple
government projects."

S&P could lower the rating on LZDC if:

-- The credit profile of the Liuzhou government weakens. This
    could happen if: (1) Liuzhou's revenue growth is weaker than
    S&P expects and management fails to adjust spending, leading
    to an operating surplus below 5% and the deficit after
    capital accounts exceeding 10% of adjusted total revenues; or
    (2) the government and its LGFVs increase their pace of
    borrowing more rapidly than S&P expects.

-- The likelihood of extraordinary government support is lower
    than S&P currently assesss. This could happen if: (1) the
    local government reduces its shareholding in the company; (2)
    S&P assesses that there is no clear and robust process that
    enables effective governance, monitoring, and control over
    the company; or (3) the government's strategies and
    priorities change. Weakened management control from the
    government, or the company engaging in more businesses on a
    commercial basis could indicate declining government support
    and commitment. Another indicator could be the opening up of
    the company's core businesses under the government
    procurement agreement to other state-owned or private
    companies.

-- The company's liquidity weakens but the government does not
    have timely and sufficient measures to provide timely
    support.

S&P said, "We believe the rating upside is limited for LZDC in the
next 12 months. However, we could raise the rating if the credit
profile of the Liuzhou government improves significantly." This
could happen if Liuzhou's tax-supported debt ratio falls below
270% of total revenues, reflective of operating revenue growth
significantly outstripping the pace of borrowing, or if the
government and its LGFVs begin to actively pay down its debt.


LIONBRIDGE CAPITAL: Fitch Affirms B+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Lionbridge Capital Co., Limited's Long-
Term Issuer Default Rating (IDR) at 'B+' with a Stable Outlook.
Fitch has also affirmed the 'B' rating with a Recovery Rating of
'RR5' on the USD160 million 9.75% senior unsecured note due 2020
issued by New Lion Bridge Co., Ltd. and guaranteed by Lionbridge
Capital.

Lionbridge Capital is a holding company incorporated in Hong Kong
in 2011 with Lionbridge China, a wholly owned operating company,
representing nearly all of its total assets at end-1H18.

Lionbridge China provides commercial-vehicle financing and is
developing a niche franchise in the truck-leasing market in China.
The company recalibrated its business strategy in 2017 by focusing
on truck leasing, where it has an established franchise and market
position, while gradually exiting the passenger-vehicle and
equipment-leasing business. Lease receivables from commercial-
vehicle leasing increased to around 85% of total lease receivables
by end-1H18, from 75% at end-2017 and 42% at end-2016.

KEY RATING DRIVERS

IDR - Lionbridge Capital

Lionbridge Capital's 'B+' IDR reflects the company's high
leverage, reliance on wholesale funding, and modest profitability,
which are counterbalanced by its rapidly developing niche retail
franchise in truck leasing together with a risk appetite that is
still to be tested and satisfactory asset quality. The rating is
based on its consolidated profile, which considers the high
integration between Lionbridge Capital and Lionbridge China and
limited restrictions on the flow of funds between the two
companies. Since Lionbridge Capital raised capital from two new
strategic investors, Baidu, Inc. (A/Stable) and Sunshine Insurance
Group, in June 2018, the company has managed to lower its tangible
leverage to below 7x. Bain Capital has maintained a controlling
interest in Lionbridge Capital since the equity financing.
Lionbridge Capital also aims to develop synergies with the new
shareholders.

The Stable Outlook reflects its view that the company's credit
profile is well-balanced as it seeks to demonstrate it can
successfully establish a competitive franchise in the truck-
leasing market while maintaining an adequate risk appetite.

Senior Debt and Recovery Rating

The senior notes issued by New Lion Bridge constitute general,
unsecured and unsubordinated obligations of Lionbridge Capital.
The notes rank pari passu with Lionbridge Capital's other
unsecured and unsubordinated obligations, and are subordinated to
the secured debt of Lionbridge Capital and all the debt
obligations of Lionbridge China. The issuer also has options to
redeem and repurchase the notes. If there is a change of control
event, where majority shareholder Bain Capital's voting power in
Lionbridge Capital drops to below 50.1% and the bond rating is
downgraded, the issuer or the guarantor will be required to offer
to purchase all the outstanding notes above the face value.

The notes are rated one notch below Lionbridge Capital's Long-Term
IDR, with a Recovery Rating of 'RR5', to reflect the below-average
recovery prospects and structural subordination. The debt issued
by New Lion Bridge is structurally subordinated to the debt of
Lionbridge China and the recovery of Lionbridge Capital's equity
investment in Lionbridge China will be limited in the event of
liquidation as nearly all the operating assets are on Lionbridge
China's books.

RATING SENSITIVITIES

IDRS, SENIOR DEBT AND RECOVERY RATING

Notable and sustained improvement of Lionbridge Capital's
franchise in truck leasing, and a demonstrated ability to manage a
satisfactory risk appetite while sustaining leverage below 7x
would be positive for its ratings.

On the other hand, an increasing risk appetite characterised by
aggressive growth with leverage consistently above 7x, or
mismanagement of its underwriting and asset quality, could trigger
a downgrade. Unexpected liquidity events such as a severe capital
market dislocation and loss of access to the asset-backed
securities market, which would disrupt the company's funding,
could also lead to a rating downgrade.

The rating on the notes would be sensitive to changes in the
Recovery Rating, which depends on the balance sheet structures of
both Lionbridge Capital and Lionbridge China, as well as
Lionbridge China's asset quality. Any worsening of the structural
subordination that causes the bond's recovery rate to drop to or
below 10% will trigger a downgrade in the bond rating.


TIMES CHINA: Fitch Rates USD300MM Sr. Notes Due 2020 'BB-'
----------------------------------------------------------
Fitch Ratings has assigned homebuilder Times China Holdings
Limited's (BB-/Stable) USD300 million 10.95% senior notes due 2020
a final rating of 'BB-'.

The notes are rated at the same level as Times China's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on 18 Nov 2018.

Times China's rating is supported by its significant increase in
scale without compromising its financial profile. The company has
expanded quickly within Guangdong province, while keeping leverage
below 40% and its EBITDA margin at around 20%. Fitch believes
Times China's strong sales and healthy financial profile are
commensurate with those of 'BB-' rated peers. Fitch also expects
Times China to remain under pressure to expand its land bank in
its core market of Guangdong to support growth.

KEY RATING DRIVERS

Strong Sales to be Sustained: Times China aims to achieve CNY55
billion in contracted sales in 2018, following a 42% increase to
CNY42 billion in 2017, with an average selling price (ASP) of
CNY14,750 per square metre (sqm). Cumulative contracted sales in
10M18 were 51% higher, at CNY48 billion, compared with the same
period last year, driven by a 39% rise in gross floor area sold
and an 8% increase in ASP. Times China aims to reach CNY100
billion in annual sales in the medium term, driving its
expectation that sales will continue to increase rapidly over the
next three years.

Rising Contribution from Joint Ventures: Times China is
increasingly using joint-venture structures to boost its scale.
Fitch estimates that Times China's attributable sales fell to
below 80% of total reported sales in 2017 and expects the ratio to
remain at 75%-80%. Fitch will consider proportionate consolidation
of Times China's joint ventures and associates if the attributable
percentage falls below its expectations.

Redevelopment Alleviates Land Acquisition Pressure: Fitch
estimates that Times China's saleable resources are only
sufficient to support sales in the next three years, placing
significant pressure on the company to expand its land bank.
However, Times China's efforts in pursuing redevelopment projects
may relieve some pressure on it to compete for more costly sites
in land auctions. The company has a competitive advantage in
obtaining low-cost urban redevelopment projects, particularly in
Guangzhou and Foshan, which will help it control land costs and
ease land acquisition pressure.

Times China had 18 million sqm of land at end-June 2018, with 33%
of the area in its core cities of Guangzhou, Foshan and Zhuhai,
and another third in Qingyuan, a Tier 3 city in Guangdong. Times
China also lowered new land costs to CNY3,623/sqm in 1H18, from
CNY5,367/sqm in 2016, by increasing land bank in some Tier 3
cities. It acquired or signed preliminary agreements for 68
projects that totalled 19 million sqm of redevelopment land in
2017, of which 5.6 million sqm is likely to be converted to
available-for-sale land in 2018-2020. Management plans to convert
1.2 million sqm in 2018.

Stable Leverage: Times China's leverage, measured by net
debt/adjusted inventory, was controlled at 38% at end-2017, after
taking into consideration adjustments from joint ventures and
associate investments as well as the amount due to and from non-
controlling interest shareholders. Times China has kept leverage
below 40% during its expansion, and while Fitch expects the metric
to increase as the company continues to expand, it should stay
below 45%.

Lower Cash Collection: Times China collected around CNY31 billion
of cash from sales in 2017, or around 75% of its reported
contracted sales; lower than its 85% cash collection rate before
2016. Fitch believes this is due to a tight onshore credit
environment starting 2H17. Tighter credit may result in buyers
experiencing delays in obtaining mortgage loans, slowing cash
collection for the market. Fitch believes that under these credit
conditions, Times China will face more challenges in balancing
financial discipline and fast growth to maintain its healthy
financial profile.

Concentration in Guangdong: Times China is a regional property
developer focused on Guangdong province in southern China.
Guangzhou, Foshan and Zhuhai together accounted for more than 83%
of total contracted sales in 1H18 and more than 85% before that.
Fitch expects Times China to focus on expanding within Guangdong
and that it is unlikely to expand into other provinces in the near
term.

DERIVATION SUMMARY

Times China enjoyed a CAGR of over 45% in 2012-2017 to reach
reported sales of over CNY40 billion, which is similar to that of
'BB' category peers, such as Yuzhou Properties Company Limited's
(BB-/Stable) CNY40 billion and China Aoyuan Property Group
Limited's (BB-/Positive) CNY46 billion, but larger than lower-
rated companies, such as Modern Land (China) Co., Limited's
(B+/Negative) CNY22 billion. Times China has maintained leverage
below 40% while significantly boosting scale and increasing
saleable resources, which is also in line with similarly rated
companies.

KEY ASSUMPTIONS

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

  - Attributable contracted sales sustained above CNY40 billion
    in the next three years

  - Gross profit margin, including capitalised interest,
    maintained at 20%-25% over 2018-2019

  - Attributable land premium at around 55% of sale proceeds in
    the next three years

RATING SENSITIVITIES

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

  - Annual attributable contracted sales sustained above CNY50
    billion

  - Net debt/adjusted inventory sustained below 35%

  - Contracted sales/total debt sustained above 1.2x (2017: 1.2x)

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

  - Net debt/adjusted inventory above 45% for a sustained period

  - EBITDA margin below 20% (2017: 23%) for a sustained period

  - Land bank insufficient for three years of development

LIQUIDITY

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY21 billion, including restricted cash, as of end-June 2018,
against CNY10 billion in short-term debt. The company's average
funding cost fell to 7.6% in 2017, from 9.6% in 2015.


* CHINA: Developers Risk Paying More with Funding Costs Rising
--------------------------------------------------------------
Bloomberg News reports that some Chinese developers were quick to
complete the bulk of their refinancing early in the year. Those
who waited now risk paying dearly for their tardiness, with
borrowing costs doubling since January.

Bloomberg relates that an added complication for developers is
that China's National Development and Reform Commission is said to
have told several market participants that it is considering
stricter assessments for companies looking to extend the validity
of their offshore debt issuance quotas to next year, forcing some
firms to borrow now rather than wait for market conditions to
improve. The NDRC said it hasn't made any changes to the quota
extension process.

China's home builders have sold $37 billion of dollar bonds so far
this year for refinancing, and about 65 percent of that was
completed by June, according to Bloomberg-compiled data.
Meanwhile, average yields on Chinese junk bonds, which mainly
consists of developers, have surged to a four-year high of 11.8
percent, Bloomberg discloses citing ICE Bank of America Merrill
Lynch Index.

Developers are concerned about potential changes in NDRC's
approach toward Chinese property bonds, according to Clement
Chong, a senior credit analyst at NN Investment Partners,
Bloomberg relays. "If they can get the money quickly, then they
would do it," Bloomberg quotes Mr. Chong as saying. That current
market conditions aren't helpful for issuers, he added.

This week alone, Hengda Real Estate Group Co., a unit of China
Evergrande Group, sold a $1 billion tap of a two-year bond at 11
percent after pricing a $1.8 billion offering in late October,
Bloomberg discloses. Times China Holdings Ltd. sold a two-year
offering at 11 percent and Greenland Holding Group Co. priced a
one and a half year offering at 9.25 percent this month.

Bloomberg says developers have been caught by tight funding
conditions due to a deleveraging push by policymakers, which
combined with rising global interest rates has resulted in some of
the steepest borrowing costs for dollar bonds in the region the
for the sector. This comes at a time when they have $62 billion of
bonds maturing in both onshore and offshore markets in 2019,
according to Bloomberg-compiled data.

Country Garden Holdings Co, China's biggest developer by sales
raised HK$7.83 billion ($1 billion) through a convertible bond at
a higher cost to partly refinance a note due in January, Bloomberg
notes. It priced five-year convertible bonds with a 4.5 percent
coupon to repurchase zero-coupon convertible bonds.

"No doubt financing costs will become challenging for builders,"
Bloomberg quotes Danielle Wang, a China property analyst at DBS
Vickers Hong Kong Ltd, as saying. "But to survive, you'd rather
park some money in pockets with whatever costs, than fussing about
higher costs," she said.

The rates on some Chinese junk-rated developers, like those
offering yields of more than 10 percent for two-year tenors, look
attractive, according to James Hu, a senior portfolio manager at
Income Partners Asset Management (HK) Ltd, Bloomberg relays.

The overall sentiment toward this sector remains cautious, Mr. Hu
said, adding that investors remain concerned about supply
pressure, and the possibility of onshore defaults having a ripple
effect on the offshore dollar bond market, Bloomberg adds.



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


ALPHA CONSUMABLES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Alpha Consumables
(Alpha) continues to be CRISIL B/Stable Issuer not cooperating'.

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

CRISIL has been consistently following up with Alpha for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 1994, Alpha is an authorised
Hewlett Packard channel partner for ink and toner cartridges.Based
in Bengaluru, the firm is promoted and managed by Mr. Majid Yusuf
Patanwala.


BHARAT CARBON: CRISIL Maintains 'B-' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Bharat Carbon and Oil
Industries (BCOI) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Mortgage Loan          1.2       CRISIL B-/Stable (ISSUER NOT
   Facility                         COOPERATING)

   Proposed Term Loan     0.1       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              5.2       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BCOI for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2013 as a partnership firm by Mr. Sudesh Kotian and
his wife, Ms. Sunila Kotian, BCOI is engaged in manufacturing
pyrolysis oil and carbon black by recycling scrap tyres. The
manufacturing facility is in Mangaon, Maharashtra


DEVIKKESH NOVAMATE: Ind-Ra Maintains B+ Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Devikkesh
Novamate Boards 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 is:

-- INR37.5 mil. Fund-based limits maintained in Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR32.0 mil. Term loan maintained in Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 11, 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 1997, Devikkesh Novamate Boards manufactures
particle boards, laminated particle boards and pre-laminated
particle boards.


DR. ANJOLI: CRISIL Maintains 'B-' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Dr. Anjoli Health
Care (DAHC) continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with DAHC for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

DAHC was established in 2012 as a partnership concern by Dr. B. V.
Reddy and his wife Mrs. Anjali Reddy. The firm plans to set up a
unit to manufacture de-addiction medicines for tobacco, and
alcohol addicts.


GMR HYDERABAD: S&P Alters Outlook to Stable & Affirms 'BB+' ICR
---------------------------------------------------------------
S&P Global Ratings said it has revised its outlook on GMR
Hyderabad International Airport Ltd. (GHIAL) to stable from
positive. S&P also affirmed its 'BB+' long-term issuer credit
rating on the India-based airport operator and its 'BB+' long-term
issue rating on the company's outstanding senior secured notes.

S&P said, "The outlook revision reflects our view that GHIAL's
expanded capital expenditure (capex) plans will result in higher
leverage than we expected over the next two to three years. The
higher spending coincides with our expectation of lower passenger
tariffs with the implementation of the "control period 2" (CP2)
tariff and uncertainty over the timeliness of the implementation
of "control period 3" (CP3) tariff.

"We estimate that GHIAL's higher capex of Indian rupee (INR) 55
billion-INR60 billion over the next three years, will
significantly increase its leverage. This spending compares with
our earlier expectation of INR20 billion over the period. We
believe that the higher capex will expose the company to
heightened execution risk. Any delays in tariff resets will also
make timely returns on investment uncertain. The planned higher
spending reflects the airport's increasing capacity constraints
and its revised expansion plans to accommodate 34 million
passengers, from 20 million passengers previously. In fiscal 2018,
the airport served 18.3 million passengers.

"GHIAL's higher spending plans will coincide with our expectation
that the CP2 tariff (April 2016-March 2021) of about INR210 per
passenger will be about 50% lower than the current "control period
1" (CP1) tariff (April 2011-March 2016). This is because the
airport collected more revenues than targeted for the first
control period. This was due to the delay in tariff reset and
higher actual passenger volumes than was formulated under the CP1
tariff. We expect that the CP2 tariff could be implemented by
April 2019 for the residual of the CP2 period.

"We project GHIAL's ratio of funds from operations (FFO) to debt
to fall sharply to 10%-15% over the next three years, from about
30% in fiscal 2018 (year ending March 31, 2018). GHIAL's higher
spending and lower tariffs will result in negative free operating
cash flows of about INR4 billion in fiscal 2019, rising to more
than INR16 billion by fiscal 2021. As a result, we expect the
company's net debt to increase to close to INR50 billion by fiscal
2021, from INR20 billion in fiscal 2018. We believe the weakening
credit and liquidity profile of most major Indian airlines could
put pressure on GHIAL's working capital, potentially increasing
leverage.

"We believe regulatory risks in India remain elevated due to
delayed tariff resets. We expect the CP2 tariff to incorporate
only INR17 billion of GHIAL's enlarged capex plans. This is
because most of the remaining capex will only be commissioned
after the end of CP2 period. Consequently, GHIAL would depend on a
timely tariff reset of CP3 (April 2021-March 2026) to recover its
spending and earn returns on its remaining investment. Given the
regulator's record of delaying tariff resets, GHIAL is exposed to
the risk of CP3 being delayed. This could result in a mismatch of
the company's actual spending and its eventual recovery, putting
pressure on cash flows."

While India's aviation regulatory environment suffers from
disputes and delays in tariff resets, the framework has some
favorable characteristics. These include assured returns on the
regulated asset base, full pass-through of costs and capital
spending, and a "true up" mechanism if traffic volume is lower
than anticipated.

S&P said, "We affirmed the rating on GHIAL to reflect our view
that the company's strong market position, healthy passenger
traffic, and current regulatory mechanism will support an FFO-to-
debt ratio of more than 9%. This also incorporates our view that
execution risks will be manageable, but lack of timeliness in
regulatory decisions will continue to weigh on the company's
earnings profile.

"The stable outlook reflects our view that GHIAL will manage the
execution risks on its enlarged capital spending plans and have
strong passenger growth such that its ratio of FFO to debt is
above 9% and FFO cash interest coverage is more than 2.0x over the
next 12-24 months. We also assume that the company's working
capital will not come under sustained pressure owing to delayed
payments from Indian airlines.

"We could lower the rating if we expect GHIAL's ratio of FFO to
debt to be less than 9% for a prolonged period. This could occur
if the company's capital spending is significantly higher than
what we anticipate, or if tariff delays or disputes result in
inadequate return on investments. A CP2 tariff that is
significantly lower than our expectation, or a delay of more than
one year in implementation of CP3 tariff could cause such
deterioration.

"We see limited upside for the rating in the next 12-18 months.
However, we may raise the rating if GHIAL's exposure to regulatory
uncertainties diminishes sufficiently such that the company can
sustainably maintain a ratio of FFO to debt of more than 18%. This
would be predicated on a record of timely tariff resets and strong
passenger growth, resulting in greater stability and
predictability of GHIAL's cash flows."


HANUMAN RICE: CRISIL Maintains 'B-' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hanuman Rice Traders
(HRT) continues to be 'CRISIL B-/Stable Issuer not cooperating'.

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

   Proposed Long Term     0.6       CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   SME Credit              .25      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              1.65      CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HRT for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

HRT, set up in 2004, mills and processes paddy into rice, and
generates by-products such as broken rice, bran, and husk. Its
rice mill is in Krishna. Mr. Potluri Krishna Kumari, Mr. Potluri
Sita Rama Prasad, and Mr. Potluri Pavan Kumar are partners in the
firm.


HILAND AGRO: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hiland Agro
Products Private Limited (HAPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR59.6 mil. Term loan due on May 2022 assigned with
    IND B+/Stable rating; and

-- INR10.0 mil. Fund-based working capital facilities assigned
    with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect HAPL's nascent stage of operations as it began
commercial operations in June 2018. FY20 will be the company's
first full year of operations. The company generated revenue of
INR15.2 million during the four months ended October 2018. The
company produces poultry feed for Krishi Nutrition Company Private
Limited on a job-work basis. It has an annual installed capacity
of 5,000 metric tons, and is operating at 50% capacity. The
company has entered into an agreement with Amul Dairy for supply
of cattle feed. Ind-Ra expects the company's revenue and margin to
increase in the near future due to order inflow.

The ratings, however, are supported by HAPL's comfortable
liquidity position as indicated by 52% average utilization of its
fund-based facilities 52% during September 2018. The ratings are
further supported by the company's promoters' experience of three
decades in the poultry business.

RATING SENSITIVITIES

Negative: Failure to scale up operations leading to a stress on
the liquidity position will be negative for the ratings.

Positive: Stabilization of operations, leading to strong revenue
generation and profitability, will lead to a positive rating
action.

COMPANY PROFILE

Incorporated in May 2017, Coimbatore-based HAPL produces high
quality cattle and poultry feed. Mr. Thangavel Ramesh, Ms.
Annapooranai and Baluswamy Vanieswari are the promoters of the
company. The total cost of setting up the manufacturing facility
was INR125 million, funded through INR65.4 million of promoters
contribution and INR59.6 million of debt.


HIMAVASINI MOTORS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Himavasini Motors
Private Limited (HMPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      0.16     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               1.84     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HMPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of HMPL continues to be 'CRISIL D Issuer not
cooperating'.

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The
company is promoted by Mr. Suresh Kumar and his family members,
and runs a commercial vehicle showroom in the district. HMPL is an
authorised dealer for commercial vehicles of Tata Motors Ltd.


IB COMMERCIAL: CRISIL MAINTAINS 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of IB Commercial
Private Limited (IBCPL) continues to be 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      0.16       CRISIL D (ISSUER NOT
                                      COOPERATING)

   Working Capital
   Demand Loan            57.84       CRISIL D (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with IBCPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of IBCPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka, Mr.
Abdul Karim Jaka, Mr. Sajid Jaka, and Mr.Salim Jaka, IBCPL has
stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.


INABENSA BHARAT: Ind-Ra Maintains D LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Inabensa Bharat
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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital facilities (Long-
     term/Short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 30, 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 September 2002, Inabensa Bharat is engaged in the
execution of transmission and distribution projects, and trading
activities for group entities.


J.R. AGROTECH: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of J. R. Agrotech
Private Limited (JRAPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            194       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Exchange
   Forward                  3       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash
   Credit Limit            22       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility      19.6     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term
   Bank Loan Facility      33.0     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan               14.4     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Warehouse Receipts      39.0     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with JRAPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

The JR group mills, processes, and sells rice in India and abroad.
Incorporated in 1998, JRAPL is promoted by Mr Raman Aggarwal and
his brother, Mr Krishan Kumar Aggarwal.  J. R. D. International
Limited (EXPAND), founded by Mr Raman Aggarwal and his son, Mr
Raghav Aggarwal, in 2010, trades in rice, and has set up its own
sortex machine and processing unit.


JAAHNAVEE LIFE: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jaahnavee Life
Sciences Private Limited (JLPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       6.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with JLPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2013, JLPL is setting up a bulk drug manufacturing
unit in Vishakhapatnam. Based out of Hyderabad, the company is
promoted by Mr. Shaik Ali, Mr. Shaik Babjee and Mr. Leela
Koteswara Rao.


JAGAT RADHA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Jagat Radha Motors
Private Limited (JRMPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Electronic Dealer     6.25      CRISIL B/Stable (ISSUER NOT
   Financing Scheme                COOPERATING)
   (e-DFS)

CRISIL has been consistently following up with JRMPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2009 and promoted by Champaran (Bihar)-based Singh
family, JRMPL is an authorised dealer of Tata Motors Ltd (TML) for
commercial and passenger vehicles in Champaran. The operations are
primarily managed by Mr. Abhay Kumar Singh.


JAI MAA: CRISIL Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Jai Maa Jagdamba
Flour Private Limited (JMJFPL) continues to be 'CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit             20        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with JMJFPL for
obtaining information through letters and emails dated April 30,
2018 and October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JMJFPL continues to be 'CRISIL D Issuer not
cooperating'.

Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.


JONSON RUBBER: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jonson Rubber
Industries Limited's (JRIL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR320.0 mil. (increased from INR220.0 mil.) Fund-based
    limits affirmed with IND BB/Stable/IND A4+ rating;

-- INR300.0 mil. (reduced from INR380.0 mil.) Non-fund-based
    limits affirmed with IND A4+ rating; and

-- INR9.1 mil. Term loan due on September 2018 withdrawn and the
    rating is withdrawn.

KEY RATING DRIVERS

The ratings continue to reflect JRIL's modest scale of operations,
weak credit metrics and stressed liquidity. JRIL's revenue
increased to INR1,254 million in FY18 from INR1,206 million in
FY17, driven by the commencement of operations at its weaving unit
for manufacturing industrial fabric. FY18 financials are
provisional.

JRIL's gross interest coverage (operating EBITDA/gross interest
expense) improved to 1.71x in FY18 from 1.43x in FY17, with its
net financial leverage (total adjusted net debt/operating EBITDAR)
enhancing to 5.85x from 6.03x. The improvement in the credit
metrics was mainly on account of a rise in EBITDA, a fall in
interest obligations.

JRIL's average use of its cash credit limits and non-fund-based
limits was 71.05% and 90% for the 12 months ended October 2018,
respectively.

The ratings further reflect a modest EBITDA margin of 6.21% in
FY18 (FY17: 5.89%). The rise in the margin was due to backward
integration. In addition, its return on capital employed was
11.61% in FY18 (FY17: 11.72%).

The ratings, however, continue to be supported by the promoters'
over-four-decade-long experience in manufacturing various types of
conveyors, transmission belts and allied products.

RATING SENSITIVITIES

Negative: Any deterioration in the EBITDA margin, leading to
weaker credit metrics, will be negative for the ratings.

Positive: A significant rise in the revenue, along with any
improvement in the credit metrics, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1979, JRIL manufactures various types of conveyor
and transmission belts, rubber sheets, industrial fabrics and
allied products. Its registered office is in Delhi and its factory
is in Sonipat, Haryana.


KAABA TRADING: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of with Kaaba Trading
Private Limited (KTPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6.3       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KTPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KTPL was set up in 2005 by Mr. Sheikh Yezdani and his family
members. The company trades in imported raw cashews nuts. It
imports raw cashew from Indonesia, Ghana, Ivory Coast, and Nigeri.
The company is based in Vishakhapatnam (Andhra Pradesh).


KAKDA ROLLING: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Kakda Rolling Mills
(KRM) continues to be 'CRISIL B/Stable Issuer not cooperating'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           13.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KRM for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

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

Set up as a proprietorship firm by Mr. Deep Chandra Goel in 1968,
KRM was converted into a partnership by Mr. Narendra K Goel (son
of Mr. Deep Chandra Goel) and his three sons. The firm
manufactures TMT bars, and has a capacity of 200 tonnes per day
(tpd) at Govindpura, Bhopal (MP).


KATNI REALTY: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Katni Realty Private
Limited (KRPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KRPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2011, KRPL has set up a mall in Katni, Madhya
Pradesh. The mall began operations in September 2015. The company
is promoted by Mr. Deepak Kumar Gupta and family members.


KENZ INN: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kenz Inn Commercial
Complex Limited (KICCL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan      150       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with KICCL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KICCL was incorporated for undertaking a commercial and
residential real estate project in Thrissur, Kerala. The company
is constructing Phase 1 of the project, which involves a retail
mall, multiplex, and office premises, at a cost of Rs.2.07
billion.


KF BIOTECH: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of KF Biotech Private
Limited (KFBPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Long Term Loan         1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       1         CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with KFBPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KFBPL was established in 2005 by the Kapur group of companies and
is engaged in the high quality seed potato business. The company
has a dedicated plant tissue culture-based facility in Bengaluru.


KF FARMS: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of KF Farms Private
Limited (KFFPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         1.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Working       5.5       CRISIL B/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with KFFPL for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2003 by the Kapur group of companies, KFFPL grows
potatoes, maize, paddy, and sunflower on 1200 acres of land in
Jalandhar, Punjab.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR10 mil. Non-fund-based working capital limits maintained
    in non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in February 2002 by Mr. Jagdish Khandelwal, Mayur
Seeds and Agritech is engaged in the procurement, processing,
packaging and marketing of soya bean, gram and wheat.


MG AUTOMOTIVES: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of MG Automotives (Bus
and Coach) Private Limited (ALMA) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

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

   Cash Credit             4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan               4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ALMA for obtaining
information through letters and emails dated April 30, 2018 and
October 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

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

Incorporated in September 2004, ALMA, promoted by the Kamat
family, undertakes fabrication of bus bodies and special-purpose
vehicles such as ambulances, delivery vans, defence/army vehicles,
and other custom-designed vehicles. The company's fabrication unit
is at Belgaum.


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

The instrument-wise rating actions are as follows:

-- INR150 mil. Term loans due on September 2022 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR200 mil. Fund-based limit migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, R.S.G Exports operates a rice milling unit
in Ferozepur, Punjab.


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

The instrument-wise rating action is:

-- INR84 mil. Fund-based limit migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established as a partnership firm in 1997, Rajpal Cotton
Industries is involved in the cotton trading business.


RAMVIJAY CLOTHING: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Ramvijay
Clothing Company 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:

-- INR10.8 mil. Long-term loan maintained in Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating;

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

-- INR5 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 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mumbai-based Ramvijay Clothing Company, incorporated in 1998,
manufactures trouser fabrics.


ROSA POWER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rosa Power Supply
Company Limited's (RPSCL) rupee term loan and other debt
facilities to the non-cooperating category. The issuer has not
shared critical information with the agency to enable continuous
monitoring of the project (including no-default statements for the
months of September 2018 and October 2018, current liquidity
availability and updates on inter-corporate fund transfers to the
sponsor or any other related entity), despite continuous requests
and follow-ups by the agency. The Outlook is Negative. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR32.760 bil. Rupee term loan due on September 30, 2024
    migrated to non-cooperating category with IND BB (ISSUER NOT
    COOPERATING)/Negative rating; and

-- USD192.19 mil. External commercial borrowing due on
    December 31, 2023 migrated to non-cooperating category with
    IND BB (ISSUER NOT COOPERATING)/Negative rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 9, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RPSCL is a coal-fired thermal power plant located in Rosa,
Shahjahanpur District, Uttar Pradesh.

RPSCL has set up a 1,200MW (4 X 300MW) power plant in two phases
of 600MW (2 X 300MW each) capacity. The project site is located
4km from the Rosa railway station, about 160km from Lucknow. The
phase I commenced commercial operations in July 2010, while the
phase II came online in April 2012.

Reliance Power's generation capacity is about 6,000MW, majorly in
thermal power and some renewable capacity. Its operational
projects apart from RPSCL include Butibori project in Nagpur,
Maharashtra (600MW), ultra-mega power project in Sasan, Madhya
Pradesh (3,960MW), a solar PV project in Dhursar, Rajasthan
(40MW), a concentrated solar power project in Pokhran, Rajasthan
(100MW) and a wind project in Vashpet, Maharashtra (45MW).


SALASAR GREEN: CRISIL Withdraws B Rating on INR25cr Term Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Salasar
Green Energy Private Limited (SGE) on the request of the company
and after receiving no objection certificate from the bank. The
rating action is in-line with CRISIL's policy on withdrawal of its
rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Rupee Term Loan        25        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL B/Stable'; Rating
                                    Withdrawn)

CRISIL has been consistently following up with SGE for obtaining
information through letters and emails dated October 22, 2018 and
October 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGE. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for SGE
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of SGE to 'CRISIL
B/Stable Issuer not cooperating' from 'CRISIL B/Stable'.

SGE was incorporated in September 2015 to set up 5-megawatt solar
photovoltaic power plant at Hamirpur in Bundelkhand, Uttar
Pradesh. The plant commenced operations in May 2017. The company
signed a 12-year PPA with UPPCL in December 2017.


SARDA RICE: CRISIL Reaffirms 'B+' Rating on INR13cr Loans
---------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facilities of Sarda Rice and Oil Mills (SROM) at 'CRISIL
B+/Stable'.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit         7.6       CRISIL B+/Stable (Reaffirmed)
   Term Loan           5.4       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in a
fragmented market, and exposure to volatility in raw material
prices, uneven monsoon, and government regulations. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a fragmented market: With revenue
of around Rs 33.38 crore in fiscal 2018, the scale of operations
remains modest, thus restricting benefits of economies of scale.
The installed milling capacity is 160 tonne per day and there are
no plans to increase capacity.

* Exposure to volatility in raw material prices, uneven monsoon,
and government regulations: Availability and prices of paddy are
dependent on monsoon and irrigation facilities. The company thus
remains susceptible to shortage of raw material in case of
unfavorable climatic conditions. Moreover, intense competition
limits the scope for passing on of any rise in input prices to
clients.

Strength

* Extensive industry experience of the promoters: The promoters
have been in the rice milling business for over four decades and
established a strong reputation in the rice growing and milling
community in Birbhum, West Bengal. The rice mill is favorably
located near a paddy-growing region. The firm has established a
strong relationship with Food Corporation of India, clients in the
global market, and local farmers.

Outlook: Stable

CRISIL believes SROM will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if significant increase in revenue and profitability
leads to a stronger financial risk profile. The outlook may be
revised to 'Negative' if aggressive, debt-funded expansion, a
considerable decline in revenue and profitability, or capital
withdrawal weakens the financial risk profile.

SROM, a partnership firm, was formed in 1917; operations are
managed by Mr Prakash Chandra Sarda and his son Mr Karan Sarda.
The firm mills and processes paddy into rice, rice bran, broken
rice, and husk at its facility in Birbhum.


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

The instrument-wise rating actions are:

-- INR95 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR130 mil. Proposed fund-based limits migrated to non-
    cooperating category with Provisional IND B+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 2016, Shri Balaji Business House is engaged in the
trading of aqua feeds.


SRS TRAVELS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SRS Travels'
(SRS) Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-' while
migrating the rating to the non-cooperating category. The Outlook
is Stable. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus,
the rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR 720 mil. Fund-based limits downgraded and migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING)/Stable rating.

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

KEY RATING DRIVERS

The downgrade reflects SRS' tight liquidity position and inability
to channelize additional funds required to fund its working
capital requirement. The working capital limits were fully
utilized with instances of overutilization during the 12 months
ended October 2018.

However, the rating benefits from SRS's strong credit profile and
its promoter's experience of more than four decades in the
transportation business. As per FY18 provisional financials, SRS'
revenue grew to INR7.06 billion (FY17: INR6.41 billion) due to an
increase in the night service collection. Interest coverage
(operating EBITDA/gross interest expenses) and net leverage (net
debt/operating EBITDA) improved to 2.8x in FY18 (FY17: 2.6x) and
3.0x (3.2x), respectively, due to an improvement in operating
EBITDA margins on back of a decline in overhead expenses. The
company's return on capital employed improved to 17% in FY18
(FY17: 12%) and operating margins was strong at 17.8% (16.8%).

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra audited financial for FY18,
updated management certificate and working capital utilization in
a timely manner.

RATING SENSITIVITIES

Negative: A substantial deterioration in the credit metrics due to
large-size capex or a fall in the revenue or profitability, and
inability to manage working capital funds to ease its liquidity
position, could lead to a negative rating action.

COMPANY PROFILE

SRS is a partnership entity formed by K. T. Rajashekhara in 1971
and runs a transportation business.


STUDIOKON VENTURES: Ind-Ra Withdraws BB+ Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Studiokon
Ventures Private Limited's Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR70 mil. Non-fund-based working
    capital limit are withdrawn; and

-- The IND BB+ rating on the INR60 mil. Term loans due on July
    2023 are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Studiokon Ventures was established in 2008 under the aegis of Mr.
Tushar Mittal and Mrs. Swati Mittal and is engaged in designing
workspaces. It provides office design solutions for corporate,
retail, and hospitality spaces.



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


PAN BROTHERS: Fitch Affirms 'B' LT IDR, Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based garment manufacturer PT
Pan Brothers Tbk's (PB) Long-Term Issuer Default Rating (IDR) at
'B' with a Stable Outlook. At the same time, Fitch Ratings
Indonesia has affirmed the company's National Long-Term Rating at
'A(idn)'. The Outlook is Stable.

The affirmation of PB's ratings reflects the company's
deleveraging progress in the past 12 months, which is on track to
meet Fitch's leverage expectation of around 4x. The rating also
reflects PB's strategic operational base in Indonesia, which is
one of the more cost-competitive garment manufacturing countries
globally, and the company's position as the largest, by capacity,
publicly listed apparel manufacturer in the country. Its
established track record and relationships with major global
apparel brands also support the rating.

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

KEY RATING DRIVERS

Ongoing Deleveraging: PB's leverage declined to 4.1x in 3Q18
(based on last 12 months EBITDAR) from 5x in 3Q17, partly driven
by an improving net working-capital cycle, which declined to 203
days from 239 days. Fitch forecasts net working capital days of
170 days for PB by end-2018, increasing to around 175 days in 2019
and remaining stable thereafter in light of the company's capacity
expansion planned for 2019. Fitch believes the company's
increasing role in the value chain for its customers may improve
its overall bargaining power although the provision of services
poses additional working-capital risks.

Capacity Expansion Delay: PB has deferred a major part of its
capacity expansion planned for 2018-2019 for an indefinite term as
it has shifted its focus to improving the overall utilisation rate
of the group. Fitch does not believe this will materially impact
its growth as the improvement in utilisation should support its
profitability in the medium-to-longer term. However, the growth
would not enlarge its scale unlike the planned capacity expansion.
The delay however may help alleviate working-capital pressure in
the short term and hence improve operating cash flows.

Management currently expects the company's installed production
capacity to expand to 96 million polo shirts equivalent per year
by end-2019, lower than the 117 million previously expected, and
aims to improve the overall utilisation rate of its plants to 80%-
85% from around 70% at end-2017.

Solid Market Position: PB's ratings are supported by its solid
market position as Indonesia's largest publicly listed garment
manufacturer and its well-established relationships with global
apparel brands. The company's market position also allows it to
benefit from the trend in consolidation among vendors of global
apparel brands. Fitch believes the company's improving expertise
in apparel manufacturing, its ability to cater for a wide product
range and longstanding relationships with global apparel brands
are credit positive.

Cost Pass-Through Ability: PB operates under a cost-plus pricing
mechanism, where the price of its products is mostly derived from
the cost of raw materials plus a mark-up margin. This allows PB to
pass through cost fluctuations to customers. However, margins may
be under pressure during prolonged cyclical downturns. Fitch
expects the EBITDA margin to remain stable at around 8%-9% in the
medium term.

Seasonal Cash Flow: PB's working-capital cycle is longer in the
first half of the year due to purchases of materials to cater for
woven outerwear clothing, in particular, down jackets, to be ready
for the peak production season between April and September. Its
knitwear sales are rising, which will provide some earnings
stability. Fitch has excluded an estimated USD25 million from PB's
year-end cash balance from the year-end leverage ratio to reflect
the seasonality.

Manageable Currency Exposure: Over 90% of PB's sales are from
exports, while around 80% of its raw materials are imported. This
provides a natural hedge against currency volatility, as was
evident in 2015 and 9M18 when PB's EBITDA margin remained intact
in the face of severe local exchange-rate volatility. Raw material
costs make up around 65% of the company's total costs.

DERIVATION SUMMARY

PB's IDR may be compared with 361 Degrees International Limited
(BB/Stable) and PT Sri Rejeki Isman Tbk (Sritex; BB-/Stable).
Sritex's and PB's ratings are underpinned by their strong market
positions, although Fitch believes that Sritex's better
operational integration, higher end-product diversification,
larger operating EBITDA scale, wider profit margins and stronger
financial profile warrant a multiple-notch difference to PB.
Similarly, PB's significantly smaller operating scale, thinner
margin buffer and 361 Degrees' strong financial profile, indicated
by its net cash position, justify the multiple-notch rating
difference between the two companies.

PB's National Long-Term Rating is well-positioned compared with
companies rated on the national scale, such as Sritex
(A+(idn)/Stable) and PT Aneka Gas Industri Tbk (A-(idn)/Positive).
Fitch believes Sritex's larger operating scale and stronger
financial profile warrant a one-notch difference between the
ratings of the two companies in the national scale. Aneka Gas' and
PB's ratings are similarly supported by their market positions in
their respective industries and both have similar financial
profiles. Aneka Gas' stronger leverage is offset by PB's higher
interest coverage. Nevertheless, Aneka Gas has a higher capex
risk, as evident from its high capex/revenue ratio in the past,
which Fitch believes warrants the current one-notch rating
difference.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer
  - Net sales growth of 8%-9% in 2018-2019

  - EBITDA margin of 8%-9% in 2018-2019

  - Maintenance capex of 2.5% of revenue in 2019-2021, with
    expansion capex of around USD3 million in 2019

Key Recovery Rating Assumptions:

  - PB would be considered a going concern in bankruptcy and
    would be reorganised rather than liquidated.

  - Going-concern EBITDA is equal to the last 12 months 3Q18
EBITDA to reflect mid-cycle conditions. An enterprise value (EV)
multiple of 6.0x for the manufacturing sector is used to calculate
a post-reorganisation EV of USD269 million. Fitch revised the EV
multiple to 6x from 8x to reflect the lower end of the multiple
used in the top 50 M&A transactions over the past five years
globally, which ranges from 6x-19x, based on Bloomberg data.

  - Fully drawn working-capital facilities of USD110 million,
which have priority over senior unsecured debt.

  - 10% administrative claim to be applied on the going concern
EV.

  - Going-concern EV to cover 71%-90% of PB's unsecured debt,
corresponding to a 'RR2' Recovery Rating for the senior unsecured
notes after adjusting for administrative claims. Nevertheless,
Fitch has rated the senior unsecured bonds 'B'/'RR4' because,
under its Country-Specific Treatment of Recovery Ratings criteria,
Indonesia is classified under the Group D of countries in terms of
creditor friendliness and the instrument ratings of issuers with
assets located in this group are subject to a soft cap at the
issuer's IDR.

RATING SENSITIVITIES

Fitch does not expect a positive rating action over the next 24
months, however material improvement in leverage, measured by net
adjusted debt/ adjusted EBITDAR, of below 2x on a sustained basis
may lead to a positive rating action

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

  - Weakening leverage to above 4x on a sustained basis (2017:
    4.7x)

  - Failure to generate neutral-to-positive cashflows from
    operations on a sustained basis

LIQUIDITY

Sufficient Liquidity: As of September 2018, PB had cash and cash
equivalents of USD79 million, short-term debt maturities of around
USD2.6 million and an unused working-capital facility of around
USD30 million from its syndication revolving-loan facility. In
October 2018, the company also bought back USD28.9 million of its
outstanding senior unsecured US dollar bonds using internal cash
as it has deferred part of its expansion plan.

PB's order book is seasonal and therefore working-capital
requirements increase during the second and third quarters of the
year. Fitch has conservatively treated USD25 million as cash that
is not readily available to service debt, being the minimum cash
balance earmarked for meeting seasonal working-capital purposes.
Therefore, Fitch excludes USD25 million in cash from the
calculation of PB's year-end leverage ratio.

FULL LIST OF RATING ACTIONS

PT Pan Brothers Tbk

  - Long Term IDR affirmed at 'B'; Outlook Stable

  - National Long-Term Rating affirmed at 'A(idn)'; Outlook Stable

PB International B.V.

  - USD200 million 7.625% senior unsecured bonds due 2022 affirmed
    at 'B'/'RR4'


TOWER BERSAMA: Moody's Withdraws Ba3 CFR Due to Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn Tower Bersama
Infrastructure Tbk (P.T.) Ba3 corporate family rating and the
stable outlook on the rating.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

TBI is the holding company of the TBG Global Private Ltd, the
second largest independent tower operator in Indonesia, with
14,450 telecommunication sites serving 24,886 tenants as of
September 30, 2018. It leases space on its telecommunications
towers to cellular telecommunications operators on long-term
contracts.



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


MAHANA ESTATES: Receivers Put High-Profile Vineyard Up for Sale
---------------------------------------------------------------
NZ Herald reports that the troubled Mahana Estates Winery in
Nelson has been put on the market, with Bayleys' viticulture
specialist Mike Poff pushing that it has had more than NZ$20
million spent on infrastructure and improvements.

The Herald notes that the vineyard was tipped into receivership in
September after struggling for three years with a lawsuit brought
by to Las Vegas casino moguls against its sole director and
majority shareholder, Glenn Schaeffer.

Mr. Schaeffer's lawyer, Rick Farr, told the Herald that the impact
of the legal action on the business was such "that it became
impossible and impractical to continue".

Mr. Poff is acting under direct instructions from the receivers
(Korda Mentha's Brendon Gibson and Natalie Burrett), with a sale
by tender closing on December 12, the Herald says.

According to the Herald, the receivers are selling a 21-hectare
vineyard planted in pinot noir, pinot gris, riesling and
chardonnay; a 1589 square metre winery, a cellar door tasting room
and retail outlet designed as an a-la-carte restaurant and a
commercial grade event venue.

Two other real estate assets involved with Mahana's operations are
being sold by its owners, with tenders also closing on December
12, the Herald notes. These assets include a nine-hectare
sauvignon blanc vineyard in the nearby region of Hope and an
upmarket lodge featuring three residences capable of accommodating
14 guests at a time.

For the past three years, Mr. Schaeffer has been battling a High
Court lawsuit brought against him by James Murren and Daniel Lee,
according to the Herald.

Mr. Murren is chief executive of MGM Resorts International, a
multi-billion dollar Las Vegas hospitality business, while
Mr. Lee is also the boss of a casino company in the same city, the
Herald notes.

Shortly before the receivership, Mr. Schaeffer attempted failed in
a bid to have the case thrown out. He said Messrs. Murren and Lee
had threatened to bury him in the desert, destroy his childrens'
lives and kill his three show dogs unless he returned his money
(the pair denied the claim), the report relates.

But Justice Stephen Kos said Mr. Schaeffer's concerns were
"somewhat hyperactive".

If Mr. Schaeffer was to "run into trouble" in the desert, police
would have a strong line of inquiry to follow, Justice Kos, as
cited by the Herald, said.

In court documents, Messrs. Murren and Lee said they and others
discussed forming a partnership with Schaeffer that would own a
vineyard and winery, the Herald relays.

After a 2008 approach from Mr. Schaeffer, Mr. Murren said he and
his trust have personally paid Mr. Schaeffer US$1.6 million while
Mr. Lee said he paid US$700,406. The pair alleged false
representations were made to them that they would be part owners
of the vineyard.

Their long-running High Court case wrapped up on November 7, but
it could be the New Year before a verdict is delivered, the Herald
notes.

Mahana Estates was placed into receivership on Sept. 28, 2018.

KordaMentha partners, Brendon Gibson and Natalie Burrett have
been appointed Receivers.


NEW ZEALAND ASSOCIATION: Fitch Cuts LT IDR to B+, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
of New Zealand Association of Credit Unions to 'B+' from 'BB'. The
Outlook is Stable. At the same time, Fitch has affirmed the Short-
Term Issuer Default Rating at 'B'.

The rating downgrade reflects Co-op Money NZ's tight liquidity,
weakening capitalisation and increased likelihood that the
association's core operations will remain unprofitable over the
next 18 months. Despite the completion of the sale of its
insurance operations, Co-op Money NZ's buffers and ability to
withstand shocks remains limited. The Stable Outlook reflects
Fitch's expectations that the negative trends are not likely to
worsen significantly.

KEY RATING DRIVERS

Co-op Money NZ's rating is driven by its modest franchise and
small customer base. The association has a specialised business
model, and its product and services have become less diverse after
the sale of its insurance operations and member usage of its
treasury services has declined significantly following the
withdrawal of business by its largest member and amid a
competitive deposit market. The future composition and direction
of the member base remains unclear, which means there is further
downside risk from management distraction and reputational damage
for Co-op Money NZ and the industry as a whole.

The completion of the insurance business sale alleviated some of
the cash flow pressures faced by Co-op Money NZ earlier in 2018,
but the improvement was weaker than Fitch had anticipated. The
overall liquidity of the organisation remains weak and operating
cash flows are limited relative to capital expenditure and
operational needs, which have been primarily driven by cost and
time overruns in the implementation of its projects. However Fitch
does not expect a significant deterioration from its current
position.

Co-op Money NZ's capitalisation continues to shrink due to
continued losses, which are unlikely to be rectified in the next
financial year ending June 2020 (FY20). Fitch believes
capitalisation levels are not commensurate with the current level
of risk. In addition, existing issues in the membership base mean
the members' ability and propensity to make new capital injections
in the event of a shock or unexpected event has decreased. The
association's small absolute capital base currently does not have
the capacity to meet a significant redemption in members' base
capital notes, should it be requested.

Fitch expects Co-op Money NZ's earnings and profitability to
remain weak in FY19 as a result of high operating costs and
potential restructuring costs. New revenue generation from third
parties outside the member base appears to have resumed, but does
not appear sufficient on its own to restore operating
profitability. The completion of the new core banking system
implementation and resolution of membership issues will assist to
stabilise earnings and profitability.

RATING SENSITIVITIES

Co-op Money NZ's ratings could be downgraded if membership
disunity continues, reducing its membership base and threatening
the viability of its business model. Failure to meet strategic
goals, which will be evident from slower-than-anticipated growth
of its non-member businesses, could also lead to a downgrade.

Negative rating action could also come from further deterioration
in Co-op Money NZ's capital and liquidity positions or if there is
a decreased likelihood that the organisation will be able to
return to profitable trading within the next two years. There
remains a risk of additional delays in project delivery or loss in
momentum of new external business, which could lead to further
erosion of the capital base.

The rating could be upgraded if the association were able to
improve its financial profile on a sustainable basis, and resolve
the uncertainties around the strategy and viability of the
business model.

Co-op Money NZ's ratings are also sensitive to changes in New
Zealand's non-bank financial institutions sector.

CRITERIA VARIATION:

Fitch rates Co-op Money NZ under its Non-Bank Financial
Institutions Rating Criteria, reflecting business-to-business
transactional service offerings and treasury operations provided
to members. However, as Co-op Money NZ operates in a number of
different business segments described under the criteria and has a
unique business model Fitch has varied its criteria by:

  - applying elements of both financial market infrastructure and
investment managers subsectors within the NBFI criteria, as Co-op
Money NZ operates in both segments; and

  - performing a qualitative rather than quantitative assessment
of the association's financial profile, as the core ratios in the
NBFI criteria cannot be meaningfully calculated. This is because
the issuer, which operates as a mutually owned support
organisation, does not have any debt or measured client fund flow
and does not charge investment fees like a traditional investment
manager, which are required inputs into Fitch's core ratios.



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


HYFLUX LTD: Still Working on Terms of Debt Plan with Creditors
--------------------------------------------------------------
The Strait Times reports that Hyflux has branded as speculation
recent reports that outlined purported details of a formal plan
proposed to its senior unsecured financial creditors.

According to the report, the firm said Nov. 23 that it is still
working towards formulating the terms of a scheme of arrangement
involving creditors.

It told the Singapore Exchange (SGX) that the process "is expected
to continue over at least the next one to two months and will
progressively extend to the various stakeholder groups," the
report relays.

Hyflux noted that it would need to sound out the various
stakeholders to ascertain "which options and permutations may be
viable", adding that it is not in a position to put forward a
finalised restructuring proposal, the Strait Times says.

The report relates that the company said it will make an
announcement on the SGX once the formal proposal is finalised and
an application is ready to be submitted to the court.

Last month, debt-strapped Hyflux secured a white knight in the
form of SM Investments - a consortium of Salim Group and Medco
Group - which has offered a $400 million equity injection in
exchange for a 60 per cent stake in the company once Hyflux has
settled all its debts, according to the Strait Times.

SM Investments is also granting Hyflux certain loans to help
finance it through the restructuring, the report says.

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.


                             *********

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.


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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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