/raid1/www/Hosts/bankrupt/TCRAP_Public/181128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Wednesday, November 28, 2018, Vol. 21, No. 236

                            Headlines


A U S T R A L I A

AUSTRALIAN TECHNOLOGY: S&P Affirms 'B' ICR, Outlook Stable
AVALON RETREAT: First Creditors' Meeting Set for Dec. 5
DESIGN LANDSCAPES: First Creditors' Meeting Set for Dec. 5
EGI AUDIO-VISUAL: First Creditors' Meeting Set for Dec. 6
HALIFAX INVESTMENT: First Creditors' Meeting Set for Dec. 5

HORIZON CONSULTING: Second Creditors' Meeting Set for Dec. 5
GD PORK: Second Creditors' Meeting Set for Dec. 5
MAX BRENNER: Cinema Mugol Roy Mustaca Buys Cafe Chain
RESIMAC TRIOMPHE 2018-2: S&P Assigns B Rating to Class F Notes
SOUTHERN HOSPITALITY: Second Creditors' Meeting Set for Dec. 5

TOOGOOLAWAH WINERY: First Creditors' Meeting Set for Dec. 6


C H I N A

CHINA AUTOMATION: S&P Cuts Long-Term Issuer Credit Rating to 'SD'
HNA GROUP: Pactera Gets $80MM Funding From David Kempner
UNIRULE INSTITUTE: To Cease Operations Temporarily


I N D I A

AIKYA CHEMICALS: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
ANNAI POWER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
ASWATH SAW: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
AVC MOTORS: CRISIL Reaffirms B Rating on INR10cr Term Loans
GHASIRAM VNM: CRISIL Assigns 'B+' Ratings on INR11.1 Loans

GOODWEAR FASHIONS: Ind-Ra Moves BB LT Rating to Non-Cooperating
GUJRAL ROADWAAYS: Ind-Ra Maintains BB Rating in Non-Cooperating
IL&FS EDUCATION: Ind-Ra Corrects November 23 Rating Release
INFRASTRUCTURE LEASING: Dozen Keen in Buying Shares in Two Units
INFRASTRUCTURE LEASING: Unit Defaults on Interest Payment

IRULAPPA MILLS: CRISIL Maintains 'B' Rating in Not Cooperating
K P N TEXTILE: CRISIL Maintains 'B' Rating in Not Cooperating
K.R. THANGA: CRISIL Maintains 'B' Rating in Not Cooperating
KURUNJI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
LORD WHEELS: CRISIL Maintains 'B' Rating in Not Cooperating

M.B.C. INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
MA CHANDI: CRISIL Maintains B Rating in Not Cooperating Category
MAA SARASWATI: CRISIL Maintains 'D' Rating in Not Cooperating
MAHADEV IRON: CRISIL Maintains 'B-' Rating in Not Cooperating
MALWA AUTOMOBILES: Ind-Ra Maintains BB- Rating in Non-Cooperating

MANSAROVAR TRADE: CRISIL Maintains B Rating in Not Cooperating
MARQUE IMPEX: CRISIL Maintains 'B' Rating in Not Cooperating
MEGACITY IRON: CRISIL Maintains 'B' Rating in Not Cooperating
MICRONS INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
MULTITECH AUTO: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating

NAGA SINDHU: CRISIL Maintains 'D' Rating in Not Cooperating
NILKANTH COTTON: CRISIL Maintains B+ Rating in Not Cooperating
NU - CHEM OILS: CRISIL Maintains 'B' Rating in Not Cooperating
ODYSSEY ADVANCED: CRISIL Maintains B Rating in Not Cooperating
OMSUN POWER: CRISIL Maintains 'B' Rating in Not Cooperating

ORIENTAL TEXTILE: CRISIL Maintains B Rating in Not Cooperating
PADAM CARS: CRISIL Maintains B Rating in Not Cooperating Category
PADHAS HYDEL: CRISIL Maintains 'B' Rating in Not Cooperating
PAWAN KUMAR: CRISIL Maintains 'B' Rating in Not Cooperating
PINNACLE NEXUS: CRISIL Maintains 'D' Rating in Not Cooperating

PREMIER EXPORTS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
SHREE DOODHAGANGA: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
SOLAPUR TOLLWAYS: Ind-Ra Lowers Senior Project Loan Rating to BB
YASH PAPERS: Ind-Ra Maintains BB Issuer Rating in Non-Cooperating


N E W  Z E A L A N D

BALDWIN ADVENTURE: Riverboat Tourist Business in Liquidation


P H I L I P P I N E S

XAVIER-TIBOD BANK: Depositors Claims Deadline Set for December 3


S I N G A P O R E

NOBLE GROUP: Queries Focus on Mark-to-Market Gains


                            - - - - -


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


AUSTRALIAN TECHNOLOGY: S&P Affirms 'B' ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it has affirmed its 'B' long-term
issuer credit rating on Australian Technology Innovators Pty Ltd.
(ATI). The outlook remains stable.

S&P said, "We also affirmed our 'B' issue-level ratings on the
company's senior secured first-lien term loan facility. The '3'
recovery rating on the first-lien term loan indicates our
expectation of meaningful recovery (65%) in the event of a
payment default.

"At the same time, we assigned our 'CCC+' issue-level rating on
the company's proposed, senior secured second-lien AUD100 million
term loan facility. The '6' recovery rating on the second-lien
loan indicates our expectations of minimal recovery (0%-10%) in
the event of a payment default."

Based in Australia, ATI is the parent entity of InfoTrack Pty
Ltd. and LEAP Legal Software Pty Ltd., which provide legal
practice management and integrated search software services in
the niche legal and conveyancing industries.

S&P said, "We affirmed the ratings on ATI to reflect the
company's adequate rating headroom to fund a minority stake in
InfoTrack Group Pty Ltd. (UK) and distribute a AUD50 million cash
dividend. Following the transaction, we believe the group will
have a reduced ratings buffer over the next 12 months to
accommodate any significant deterioration in the Australian
property market, and very limited headroom to accommodate
additional corporate activity."

ATI is raising AUD150 million of capital via an incremental AUD50
million first-lien term loan facility to its existing senior
secured AUD350 million term loan B facility on similar terms, as
well as a new AUD100 million second-lien term loan B facility.
The company will use the funds to acquire a 28% minority interest
(AUD50 million) in InfoTrack UK, as well as distribute a AUD50
million shareholder return, with about AUD46 million as cash on
balance sheet after transaction costs.

The group will require lender consents and approvals on
provisions for the incremental first-lien and second-lien debt
facilities. These include provisions for restriction on
indebtedness, payments, investments, and affiliate transactions.
The terms of the second-lien will be based on the first-lien with
customary amendments to reflect its subordination.

S&P views the transaction as akin to a dividend recapitalization.
ATI will gain a 28% minority and non-controlling interest in
InfoTrack UK, a related party that we believe has reasonable
growth prospects. Both ATI and InfoTrack UK were founded, and are
a currently controlled by, entities owned by Christian Beck.
InfoTrack UK is currently noncash generating and, in our opinion,
unlikely to distribute returns for a number of years. S&P
believes the independent valuation relies on the successful
execution of a highly aggressive growth strategy.

The 'B' rating, while accommodative of this transaction, does not
incorporate any future material capital contributions to other
entities outside the guarantor group.

ATI group has performed in line with S&P's expectations. During
the year ended June 30, 2018, the group's revenues and EBITDA
grew 25% and 34%, respectively. This was the result of the
group's continued growth in the search and analytics market in
Australia under InfoTrack and LEAP Legal Software, and its
increased investment in product innovation. ATI's complementary
bolt-on acquisitions and investments in smaller competitors,
including Practice Evolve Group Pty Ltd. and CreditorWatch, would
also contribute to the group's growth.

InfoTrack contributed about two-thirds of the group's EBITDA,
although at lower margins than the LEAP Legal Software division.
S&P notes that ATI's respective stakes in Practice Evolve Group
Pty Ltd. (Australia) and Sympli Australia Pty Ltd. (Australia)
are outside of the guarantor group. However, ATI intends to
restructure its investment in Sympli and Practice Evolve within
180 days so that the investments are wholly owned by a new
subsidiary under the guarantor group.

The rating reflects S&P's assessment of ATI's solid market
position in the niche legal practice management and integrated
search industry with modest barriers to entry and good free cash
flows to meet fixed obligations. Offsetting the above factors are
the group's market concentration in the legal and conveyancing
industry and sensitivity to the property market cycle.

In addition, the group has a geographic concentration to
Australia and New Zealand, a narrow revenue and earnings base,
smaller scale compared with global peers', and a majority
shareholder under its private ownership. In S&P's opinion, the
group's limited scale, scope, and diversification are likely to
weigh on the rating for the foreseeable future, despite its
expectation of solid earnings growth.

ATI's financial risk profile is a constraint on the rating. The
group has a highly leveraged capital structure following the
incremental AUD50 million first-lien term loan and AUD100 million
second-lien term loan issuances. S&P expects ATI's debt-to-EBITDA
ratio (after S&P Global Ratings' adjustments) to be above 6.0x
post the transaction, before reducing to the low-mid 5.0x range
in fiscal 2020. This level reflects a highly leveraged financial
risk profile, albeit at the stronger end of the range.

The company's deleveraging path is subject to management's
representations and assumes a 50% excess cash to debt repayment
sweep, before dividend payments of 60%-70% of net profit after
tax (NPAT), along with a 1% debt amortization.

As technology continues to evolve, the group would need to
innovate its platforms and operations in order to remain
competitive. In May 2018, ATI and the Australian Stock Exchange
Ltd. (ASX; AA-/Stable/A-1+) entered into an equal joint venture
to create Sympli, an electronic property settlement service for
lawyers, conveyancers, and financial institutions. Sympli
competes directly with the market incumbent, Property Exchange
Australia (PEXA; unrated). While ATI's current platforms
integrate with PEXA, the competitive landscape continues to
evolve, presenting both risks and opportunities for ATI over the
longer term.

ATI's reliance on LEAP Developments is a potential risk to the
rating. LEAP Developments demerged as a separate entity in order
for its owner to mitigate risks associated with offshore
expansion. However, S&P views the two entities have sufficient
alignment of interests to allay its concerns, including a shared
equity holder who ultimately controls both businesses, as well as
some track record of these businesses operating as stand-alone
businesses. The source code is held in escrow and LEAP has a
discretionary right to cause the source code to be released under
certain circumstances. S&P notes that lenders have security over
the license agreement.

S&P said, "The stable outlook reflects our expectation that
InfoTrack and LEAP will maintain their strong positions in the
legal practice management and integrated search markets. We
expect the group to continue to grow its customer base by
expanding its product suite and further integrating its product
offering. The rating does not incorporate any anticipated
material capital contributions to other entities outside the
guarantor group.

"We expect the group to steadily reduce its debt-to-EBITDA ratio
(after S&P Global Ratings' adjustments) to the low-mid 5x by
fiscal 2020 from the low 6x level after the transaction. This
reduction would be primarily through the use of its cash flow
sweep mechanism and scheduled amortization.

"We could lower the rating if the company adopts a more-
aggressive capital structure or financial policies than our base-
case assumptions. Downward rating action could also occur if our
growth expectations for the group do not materialize, such that
the company's deleveraging path is materially slower than we
expect. Such a scenario is likely to result from a property
market downturn or higher-than-expected competition leading to
lower margins or a material loss in market share.

"We could also lower the rating if material related-party
payments occur, including capital expenditure payments to LEAP
Developments.

"We believe rating upside is limited given the company's
ownership structure, relatively small scale, and limited track
record of deleveraging.

"Our recovery analysis for ATI's debt contemplates a hypothetical
simulated default in the first half of 2021. The recovery rating
of '3' and issue rating of 'B' on the senior secured first-lien
term loan facility reflect our expectations for meaningful
recovery (65%) in the event of a default. We also assigned a
recovery rating of '6' and an issue rating of 'CCC+' on the
senior secured second-lien term loan facility, reflecting our
expectation of minimal recovery prospects (0%-10%) in the event
of a payment default.

"At the time of the hypothetical default, we expect weaker
macroeconomic conditions to pressure the group's operations,
coupled with the emergence of a strong competing service that
erodes the group's competitive position and customer base. This
results in lower renewal rates and forces the group to materially
reduce prices and margins to retain customers, placing pressure
on EBITDA. At the same time, the group's capital expenditure is
limited to the maintenance portion and has limited options to
sell nonviable or challenging business segments.

"In our view, ATI will be sold as a going concern because we
expect that following a payment default, the company is likely to
be reorganized and consolidated due to the longer-term value in
its niche services and brand. We have applied a 5.5x valuation
multiple to an estimated distressed emergence EBITDA of around
AUD52.5 million to estimate a gross enterprise value of about
AUD289 million."


AVALON RETREAT: First Creditors' Meeting Set for Dec. 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Avalon
Retreat Pty Ltd, trading as Shopping Centre Security WA, will be
held at the offices of Worrells Solvency & Forensic Accountants,
at Level 4, 15 Ogilvie Road, in Mount Pleasant, WA, on Dec. 5,
2018, at 10:30 a.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Avalon Retreat on Nov. 23,
2018.


DESIGN LANDSCAPES: First Creditors' Meeting Set for Dec. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Design
Landscapes Pty Ltd will be held at the offices of Servcorp, at
Level 35, Tower 1 Barangaroo International Towers Sydney, in
Barangaroo, NSW, on Dec. 5, 2018, at 10:30 a.m.

Stephen Ernest Vaughan and Gayle Dickerson of KMPG were appointed
as administrators of Design Landscapes on Nov. 23, 2018.


EGI AUDIO-VISUAL: First Creditors' Meeting Set for Dec. 6
---------------------------------------------------------
A first meeting of the creditors in the proceedings of EGI
Audio-Visual (Retail) Pty Ltd will be held at Level 43, 600
Bourke Street, in Melbourne, Victoria, on Dec. 6, 2018, at 11:30
a.m.

John Ross Lindholm and Stewart McCallum of Ferrier Hodgson were
appointed as administrators of EGI Audio-Visual on Nov. 26, 2018.


HALIFAX INVESTMENT: First Creditors' Meeting Set for Dec. 5
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Halifax
Investment Services Pty Ltd will be held at Wesley Conference
Centre, at 220 Pitt Street, in Sydney, NSW, on Dec. 5, 2018, at
11:00 a.m.

Morgan Kelly, Phil Quinlan, and Stewart McCallum of Ferrier
Hodgson were appointed as administrators of Halifax Investment on
Nov. 23, 2018.


HORIZON CONSULTING: Second Creditors' Meeting Set for Dec. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Horizon
Consulting Pty Ltd has been set for Dec. 5, 2018, at 11:00 a.m.
at the offices of HoganSprowles, at Level 9, 60 Pitt Street,
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 Dec. 4, 2018, at 4:00 p.m.

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


GD PORK: Second Creditors' Meeting Set for Dec. 5
-------------------------------------------------
A second meeting of creditors in the proceedings of GD Pork Pty
Ltd and GD Pork Holdings Pty Ltd, as trustee for the G D Pork
Unit Trust, has been set for Dec. 5, 2018, at 10:30 a.m. at
Level 28, 108 St Georges Terrace, in Perth, WA.

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

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

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


MAX BRENNER: Cinema Mugol Roy Mustaca Buys Cafe Chain
-----------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that the Max
Brenner cafe chain, once marketed with the tag line "chocolate by
the bald man", is now owned by an Italian-born opera singer with
a quiff that would put Elvis to shame.

BDO's Andrew Sallway confirmed to Fairfax Media that the failed
chocolate cafe chain had been sold to United Cinema's owner Roy
Mustaca, SMH relays.

According to the report, Mr. Sallway said the Mustaca family did
not wish to comment on the purchase.

Mr. Mustaca acquired the Collaroy Cinema on Sydney's northern
beaches more than 30 years ago and went on to set up a chain of
independent cinemas across Australia under the United Cinemas
banner, SMH adds.

SMH says the sale ends the uncertainty over the future of the
chain, which was put into administration last month. The
administrators shut 20 stores and put the remaining 17 up for
sale.

Husband and wife team Tom (or Tamir) and Lilly Haikin amassed a
fortune after opening the first Max Brenner chocolate bar in
Paddington, Sydney, in 2000, SMH discloses.

SMH relates that the couple blamed rising costs and a sluggish
retail sector for its collapse, but an expensive overhaul of the
company's head office in Alexandria, in Sydney's inner south,
also appears to have been a major contributor. It hit the group's
cash flows so hard it stopped paying staff superannuation for the
last six months of 2016.

According to SMH, the collapse of the business triggered a
scramble among the various creditors for influence over its
eventual sale.

The sales process came to an abrupt halt last month when the
master franchise owner, Max Brenner Industries, withdrew the
license for the local Max Brenner business and successfully
applied to have BDO's Mr. Sallway appointed liquidator, SMH says.

SMH relates that Mr. Sallway announced the sale of the business
the following day to Queensland businessmen David and Craig Tozer
but the deal collapsed before the week was over.

Another of Max Brenner's creditors, Glenn Wein, then appointed
receivers over Max Brenner property that he held as security for
his loans. It was seen as a move to give him a seat at the table
for any eventual sale of the business, SMH notes.

Early this month, the Musaca family changed the name of one of
their companies, Opera Developments Pty Ltd to MC Chocolate Pty
Ltd, according to documents lodged with ASIC, SMH discloses.

                        About Max Brenner

Max Brenner Australia operated 37 company owned stores across
Australia and a head office/distribution centre at
Alexandria (NSW), and employed approximately 600 staff.

McGrathNicol partners Barry Kogan, Kathy Sozou and Jason Preston
were appointed Voluntary Administrators of Max Brenner Australia
by a resolution of its Directors on Sept. 30, 2018.

The Directors of Max Brenner Australia resolved to appoint
Voluntary Administrators due to escalating costs and tighter
retail trade.


RESIMAC TRIOMPHE 2018-2: S&P Assigns B Rating to Class F Notes
--------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2018-2. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2018-2 is a securitization of prime residential mortgages
originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including 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 we apply. This credit support comprises note
    subordination for the rated notes and lenders' mortgage
    insurance to 15.3% of the portfolio, which covers 100% of the
    face value of these loans, accrued interest, and reasonable
    costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.75% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

-- The extraordinary expense reserve of AUD250,000, funded by
    RESIMAC Ltd. before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The benefit of a cross-currency swap to hedge the mismatch
    between the Australian dollar receipts from the underlying
    assets and the U.S. dollar payments on the class A1 notes to
    be provided by National Australia Bank Ltd.

  RATINGS ASSIGNED

  RESIMAC Triomphe Trust - RESIMAC Premier Series 2018-2

  Class      Rating       Amount (mil.)
  A1a        AAA (sf)      US$243.750
  A1b        AAA (sf)      US$108.000
  A2         AAA (sf)      AUD172.500
  AB         AAA (sf)       AUD37.750
  B          AA (sf)        AUD14.000
  C          A (sf)         AUD10.875
  D          BBB (sf)        AUD5.625
  E          BB (sf)         AUD3.000
  F          B (sf)          AUD2.175
  G          NR              AUD1.575

  NR--Not rated.


SOUTHERN HOSPITALITY: Second Creditors' Meeting Set for Dec. 5
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Southern
Hospitality Australia Pty Ltd and Project Stainless Sydney Pty
Ltd, has been set for Dec. 5, 2018, at 10:00 a.m. at the offices
of BDO, at Level 11, 1 Margaret 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 Dec. 4, 2018, at 4:00 p.m.

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


TOOGOOLAWAH WINERY: First Creditors' Meeting Set for Dec. 6
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Toogoolawah Winery and Vineyards Pty Ltd, trading as Little Italy
Pizza and Wine Bar, will be held at the offices of SM Solvency
Accountants, at Level 8/490 Upper Edward Street, in Spring Hill,
Queensland, on Dec. 6, 2018, at 10:30 a.m.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Toogoolawah Winery on Nov. 26, 2018.



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CHINA AUTOMATION: S&P Cuts Long-Term Issuer Credit Rating to 'SD'
-----------------------------------------------------------------
S&P Global Ratings said it had lowered its long-term issuer
credit rating on China Automation Group Ltd. (CAG) to 'SD' from
'CC'.

At the same time, S&P lowered to 'D' from 'C' its long-term issue
rating on the US$24 million 8.75% senior unsecured notes due
December 2018 that Tri-Control Automation Co. Ltd. issued. CAG
unconditionally and irrevocably guarantees the notes.

The downgrade follows the completion of Tri-Control's US$10
million debt exchange of its 8.75% senior unsecured notes due
December 2018 for new 11% senior unsecured notes due November
2019. S&P expects Tri-Control to repay the remaining US$14
million 8.75% senior unsecured notes on Dec. 11, 2018.

S&P said, "We view the transaction as a distressed exchange
tantamount to a default. In our opinion, this exchange is not
purely opportunistic because we believe CAG's non-payment and
default risk will remain high over the next 12 months even if the
exchange is completed. This is because of CAG's very tight
liquidity and large debt maturities.

"We will reevaluate the ratings on CAG and its guaranteed notes
once the US$14 million senior unsecured notes due on Dec. 11,
2018, mature."


HNA GROUP: Pactera Gets $80MM Funding From David Kempner
--------------------------------------------------------
Bloomberg News reports that embattled Chinese conglomerate HNA
Group Co.'s tech outsourcing arm, Pactera Technology
International Ltd., has secured an $80 million loan last month
from Adare Finance DAC, an entity controlled by US hedge fund
Davidson Kempner Capital Management.

While terms of the deal weren't disclosed, analysts suspect
Pactera had to pay up to attract Davidson Kempner, which had $31
billion of assets under management in January, Bloomberg relays.

"The fact that they're borrowing money from a hedge fund, I think
it's a sign that they aren't able to resolve their issues,"
Bloomberg quotes Jin Rui Oh, a Singapore-based senior analyst at
United First Partners, as saying. "It's an open secret that they
are in a really bad position."

Pactera has been trying to secure funding for more than a year.

HNA acquired Pactera from Blackstone Group LP for about $700
million in 2016.

Bloomberg cites that Pactera's difficulties, some of which
haven't been previously reported, illustrate how HNA is still
struggling to cope with the debt burden amassed during a $40
billion takeover spree.

Among Pactera's challenges include Bank of America's refusal to
provide funding for a planned acquisition in 2017; Goldman Sachs
dropping off from a planned initial public offering; and Moody's
downgrading the company's credit rating by one notch to Caa1,
saying it didn't have enough cash to cover capital expenditures
and short-term borrowings.

                          About HNA Group

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 17, 2018, the Financial Times related that HNA Group
defaulted on a CNY300 million (US$44 million) loan raised through
Hunan Trust. According to the FT, the company is already under
strict supervision by a group of bank creditors, led by China
Development Bank, following a liquidity crunch in the final
quarter of last year. The default came despite an estimated $18
billion in asset sales by HNA this year that have done little to
address its ability to meet its domestic debts, the FT noted.


UNIRULE INSTITUTE: To Cease Operations Temporarily
--------------------------------------------------
Reuters reports that Unirule Institute of Economics, a Beijing-
based think tank advocating free market policies, "will cease
public activities under its name temporarily", its parent company
said.

According to Reuters, Beijing Unirule Consulting Co Ltd said on
Nov. 26 its license was revoked after the company received an
"Administrative Penalty Notice" on Oct. 22.

Reuters relates that the think tank will cease operations "unless
normal protection by the Constitution and laws is confirmed",
according to the statement, which adds that the company's
shareholders decided late last month to form a working team to
start liquidating the company.

The think tank's parent company said it did not accept the
penalty and will seek to apply for reconsideration and take legal
steps to request that the penalty be lifted, adds Reuters.



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

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB- (ISSUER NOT COOPERATING)
    rating;

-- INR95.85 mil. Long-term loan due on July 2019 migrated to
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR10 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Aikya Chemicals, which was incorporated in 2011, has a
manufacturing unit in Vadodara for the production of manganese
sulphate and ferric chloride.


ANNAI POWER: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Annai Power
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 action is:

-- INR118.5 mil. Term loans due on September 2026 migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 22, 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 June 2003, Annai Power is engaged in power
generation and leasing of commercial properties.


ASWATH SAW: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Aswath Saw
Mill's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using 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:

-- INR35 mil. Fund-based limit maintained in non-cooperating
    category with IND B (ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Non-fund-based limits maintained in non-
    cooperating category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
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

Established in 1990 as a proprietorship concern, Aswath Saw Mill
processes and supplies imported teak wood to customers in the
construction and commercial vehicle manufacturing industries.


AVC MOTORS: CRISIL Reaffirms B Rating on INR10cr Term Loans
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of AVC Motors - Muktsar (AVC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.74     CRISIL B/Stable (Reaffirmed)

   Term Loan               4.26     CRISIL B/Stable (Reaffirmed)

Rating continues to reflect AVC's average scale of, and
geographic concentration in, operations, and dependence on
principal, Mahindra and Mahindra Ltd (M&M; rated 'CRISIL
AAA/Stable/CRISIL A1+') for entire revenue. The rating also
factors in weak financial risk profile. These weaknesses are
partially offset by benefits derived from association with M&M,
status as exclusive dealer for M&M's vehicles in Muktsar
(Punjab), and from the partners' experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, and exposure to risks arising from
geographic concentration, and dependence on principal, M&M: AVC
booked revenue of Rs 21.16 crore in fiscal 2018, from Rs 26.97
crore in fiscal 2017, because of high geographic concentration
presence restricted within Muktsar). Further, operations and
profitability are fully dependent on the principal, M&M, given
the inherent nature of business model. Intense competition and
the trading nature of business kept the operating margin moderate
at 6.8% in fiscal 2018.

* Below-average financial risk profile: Financial risk profile is
marked by a moderate capital structure, and weak debt protection
metrics. The total outside liabilities to adjusted networth ratio
stood at 2.16 times as on March 31, 2018, and may improve, in the
absence of any major capital expenditure (capex) plans.  Interest
coverage and net cash accrual to total debt ratios were weak at
1.73 times and 0.08 time, respectively, in fiscal 2018 due to low
profitability.

Strengths

* Extensive experience of the partners and their longstanding
association with M&M: The two decade-long experience of the
partners in the auto dealership business, through group entities
such as AVC Motors (rated 'CRISIL B/Stable'), AVC Motors (Nissan)
(rated 'CRISIL B-/Stable/Issuer Not Cooperating''), Raja Motors
(Bathinda) (rated 'CRISIL B+/Stable'), Raja Motors (Sirsa) (rated
'CRISIL B+/Stable/CRISIL A4'), and Raja Motors (Fatehabad) (rated
'CRISIL B+/Stable'), will continue to support the business risk
profile. AVC is an exclusive dealer for M&M in Muktsar.

Outlook: Stable

CRISIL believes AVC will continue to benefit from its
longstanding association with M&M, and extensive experience of
its partners. The outlook may be revised to 'Positive' if
sizeable cash accrual and stable capital structure strengthen the
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual or large capex, weakens the financial risk
profile

AVC was set up as a partnership firm of Mr Om Prakash Makkar and
Mr Rajesh Makkar. It is the exclusive authorised dealer for M&M's
passenger and utility vehicles in Muktsar (Punjab). Operations
began from April 2014.


GHASIRAM VNM: CRISIL Assigns 'B+' Ratings on INR11.1 Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long
term bank facilities of Ghasiram VNM Industries Private Limited
(GVNM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.5        CRISIL B+/Stable (Assigned)
   Long Term Loan        8.6        CRISIL B+/Stable (Assigned)

The rating reflects its nascent stage of operation and customer
concentration risk. These weaknesses are partially of set by its
promoters strong fund support and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: With operations commenced from
June 2018, scale of operations is expected to be modest over the
medium term, which restricts bargaining power with customers and
suppliers. It will also face competition from existing players in
the industry.

* Customer concentration risk: GVNM sells its product to Smooth
Run Exports Private Limited only, which renders the performance
of the company to growth and payment terms of its single
customer.

Strengths

* Promoters fund support and experience: GVNM benefits from
promoters experience and fund support. Mr. Vikas Gupta has
experience of a decade in operating various businesses, which
will benefit the company.

Outlook: Stable

CRISIL believes GVNM will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if timely stabilization of operations leads to better
accruals and financial risk profile. The outlook may be revised
to 'Negative' if lower-than-expected revenue or profitability, or
higher working capital cycle, weakens financial risk profile,
especially liquidity.

GVNM, incorporated in 2010 in Mumbai, by Mr. Vikas Gupta,
manufactures natural stone cutting blades in various
specifications.


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

The instrument-wise rating actions are:

-- INR88 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR29.4 mil. Term loan due on October 2022 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 22, 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 1988, Goodwear Fashions manufactures high-end
woven and knitted interlinings.


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

The instrument-wise rating actions are:

-- INR34.3 mil. Fund-based limit maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating;

-- INR1.13 mil. Non-fund-based limit maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR4.84 mil. Term loan maintained in non-cooperating category
     with IND BB (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 10, 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 1993, Gujral Roadwaays provides transportation
services (transporting bulk LPG) to major oil companies.


IL&FS EDUCATION: Ind-Ra Corrects November 23 Rating Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) announted a correction to a
ratings release on IL&FS Education and Technology Services
Limited published on November 23, 2018 to correctly state the
Long-Term Issuer Rating and the name of committee chairperson.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has downgraded IL&FS
Education and Technology Services Limited's (IETS) Long-Term
Issuer Rating to 'IND D' from 'IND B+'. The Outlook was Negative.

The instrument-wise rating actions are:

-- INR290 mil. Working capital term loan limits downgraded with
    IND C rating;

-- INR850 mil. Fund-based working capital Long-term rating
    downgraded; Short-term affirmed with IND C/IND A4 rating;

-- INR2.244 bil. Non-fund-based working capital Long-term rating
    downgraded; Short-term affirmed with IND C/IND A4 rating; and

-- INR100 mil. Term loan due on June 30, 2019 downgraded with
    IND C rating.

KEY RATING DRIVERS

The downgrade reflects IETS's liquidity tightness, which has
constrained its ability to timely service its immediate debt
liabilities. This has led to the company committing a default on
a commercial paper debt, not rated by Ind-Ra.

RATING SENSITIVITIES

IETS's ability to manage its debt obligations over the next three
months would remain a key rating trigger.

COMPANY PROFILE

IETS is the education technology and training arm of IL&FS.
Started in 1997, IETS has a well-diversified business model and
provides solutions in education and training to schools,
colleges, vocational training institutes, state governments and
corporates.


INFRASTRUCTURE LEASING: Dozen Keen in Buying Shares in Two Units
----------------------------------------------------------------
Reuters reports that India's debt-laden Infrastructure Leasing &
Financial Services (IL&FS) said on Nov. 26 it received more than
a dozen expressions of interest for its stakes in subsidiaries
IL&FS Securities Services, and ISSL Settlement & Transaction
Services.

IL&FS, a major infrastructure financing and development company,
earlier this month started work on plans to sell off assets, part
of a wider restructuring of the group after it defaulted on some
of its debt, Reuters says.

According to Reuters, the defaults triggered wider concerns about
risk in the rest of the country's financial system and led to the
Indian government taking control of IL&FS last month.

"Interest has been received from a mix of banks, private equity
firms and other financial services companies," Reuters quotes
IL&FS as saying in a statement.

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

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


INFRASTRUCTURE LEASING: Unit Defaults on Interest Payment
---------------------------------------------------------
Moneycontrol.com reports that IL&FS Transportation Networks, an
entity of the crippled IL&FS group, said it has defaulted on
interest payment of Rs2.28 crore on two non-convertible
debentures (NCDs).

The interest payment on both NCDs were due on November 26, the
company said in a filing to the exchanges, Moneycontrol.com
relays.

Both the bonds were issued on August 25, the report notes.

Moneycontrol.com relates that on November 22, the company had
defaulted on interest payments worth Rs7.24 crore on NCDs,
payable on November 21.

Before that, it had defaulted on interest payment worth Rs 2.29
crore on NCDs payable on November 2. It had also defaulted on
interest payment of a similar amount on a different NCD, which
was due on November 1, Moneycontrol.com discloses.

According to the report, Infrastructure Leasing & Financial
Services (IL&FS) and its subsidiaries have defaulted on many debt
instruments in the past few months due to insufficient funds. The
group's total debt stood at Rs 94,215.6 crore as of October,
Moneycontrol.com adds.

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

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


IRULAPPA MILLS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Irulappa
Mills India Private Ltd (IMIPL) from 'CRISIL B/Stable Issuer Not
Cooperating' to 'CRISIL B/Stable'.

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

   Rupee Term Loan        7         CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of IMIPL to 'CRISIL B/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of IMIPL from 'CRISIL
B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'.

The rating migration reflects IMIPL's intense working capital
requirements, susceptibility of operating margins to fluctuations
in cotton prices and regulatory changes. These rating strengths
are partially offset by extensive experience of promoters in
textile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Intense Working Capital Requirements: The firm maintains an
inventory of around 98 days because of the dependence of
inventory on the capacity requirements due to seasonal price
volatility as well as availability of raw material. The debtor
days and creditor days were around 31 days and 21 days in 2018
respectively.

* Susceptibility to Raw Material price: Material cost, around 60
per cent, was high in FY 2018 when compared to 52 per cent in
2017. Waste Cotton being the main raw material strongly effects
the margins and the entire industry is susceptible to it.

Strength

* Extensive industry experience of the proprietor: The promoters
are associated with the yarn manufacturing industry since two
decade, and has established significant relationships with raw
material suppliers, which helps to maintain profitability of the
business in volatile industry scenarios.

Outlook: Stable

CRISIL believes that IMIPL will continue to benefit over the
medium term from the extensive experience of the promoters in
textile industry. The outlook may be revised to 'Positive' in
case the company generates healthy revenue and profitability,
while improving its capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected revenues or profitability, or stretch
in working capital cycle, leading to significant impact on its
debt servicing ability.

Incorporated in 2013 by Mr. I Periyasam and Mr. P Prabhu, IMIPL
is engaged in spinning of cotton yarn and started its commercial
production division for Yarn manufacture in April 2015. The
company's manufacturing unit is based in Dindigul, Tamil Nadu.


K P N TEXTILE: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of K P N Textile Mills
Private Limited (KPN) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        0.27        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           5.00        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Letter of Credit      1.50        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Long Term Loan        8.50        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term    7.63        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with KPN 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 KPN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KPN, 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 KPN, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

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

KPN, incorporated in 2007 and based at Pallipalayam in Erode,
manufactures viscose filament yarn. Its operations are managed by
managing director Mr. P C Murugesan.


K.R. THANGA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of K.R. Thanga Maligai
(KRTM) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KRTM 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 KRTM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KRTM 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 KRTM continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2001 as a partnership firm, KRTM is engaged in
jewellery retailing. The firm is based in Ramanathapuram ( Tamil
Nadu). The operations are managed by Mr. Purushothaman.


KURUNJI AGRO: CRISIL Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kurunji Agro
Product (KAP) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         5.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan     1.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KAP 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 KAP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on KAP 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 KAP continues to be 'CRISIL D Issuer not
cooperating'.

KAP was set up in 2009 and commenced operations in 2013. Based in
Dindigul, Tamil Nadu, the firm manufactures mango pulp. It was
set up by Mr. S Palanisamy, Mr. S A Kadar. and Mr. A
Muruganandham.


LORD WHEELS: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Lord Wheels Private
Limited (LWPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

   Term Loan               3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with LWPL 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 LWPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on LWPL 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 LWPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

LWPL, incorporated in April 2015 by Meerut-based Veerbhan family,
Mr. Vedpal Singh, Mr. Pankaj Veerbhan, Mrs. Radhika Veerbhan. WPL
is an authorised dealer of passenger vehicles of Honda Cars India
Ltd (HCIL) in Dehradun. The company has two showrooms; one
showroom at Haridwar highway, Dehradun and the other at City
Centre Dehradun. It started operations in December 2015.


M.B.C. INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of M.B.C. Industries
(MBC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           3.49        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with MBC 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 MBC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MBC, 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 MBC, 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.

MBC was set up in 2013 as partnership firm by Mr. Joginder Singh.
Mr. Lovely Kumar, and Mr. Vikram Chikara.. The firm manufactures
lead alloys, refined lead, lead sub-oxide grey, and calcium lead.
Its manufacturing facility at Kala Amb, Himachal Pradesh.


MA CHANDI: CRISIL Maintains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ma Chandi Rice Mill
(MCRM) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         .25        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           5.00        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Cash Credit-          1.30        CRISIL B/Stable (ISSUER NOT
   Book Debt                         COOPERATING)

   Proposed Long Term     .48        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              .97        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with MCRM 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 MCRM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MCRM 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 MCRM continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2001 as a partnership firm by Mr. Ramapada Shaw and Mr.
Muktipada Shaw, MCRM processes nonbasmati par boiled rice. Its
manufacturing facility in Burdwan, West Bengal, has capacity of
12 tonnes per hour. It sells rice under the Bright Gold brand.


MAA SARASWATI: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Saraswati
Education Society (Regd.) (MSES) continues to be 'CRISIL D/CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        8.9       CRISIL D (ISSUER NOT
                                   COOPERATING)

   Overdraft             1.1       CRISIL D (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with MSES 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 MSES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MSES 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 MSES continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

MSES is registered in Haryana under the Indian Societies Act,
1860, with an objective of setting up educational institutes. The
society has set up Maa Saraswati Institute of Engineering And
Technology at Kalanaur, Rohtak (Haryana) for providing
engineering and management courses. Mr. Radhey Shyam, the
president of the society, manages operations.


MAHADEV IRON: CRISIL Maintains 'B-' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mahadev Iron and
Steel Private Limited (MISPL) continues to be 'CRISIL B-/Stable
Issuer not cooperating'.

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

   Term Loan               0.94     CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up MISPL 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 MISPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MISPL 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 MISPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

Ghaziabad (Uttar Pradesh)-based MISPL was established in 1980 by
Mr. Jugal Kishore Goel and Mr. Ajay Goel. It processes (including
decoiling of thermo-mechanically treated bars and its cutting)
and trades in steel, iron and its related products.


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

The instrument-wise rating action is:

-- INR186 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 25, 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 by Mr. Bal Krishan Sharma and Ms. Kamlesh
Sharma, Malwa Automobiles is an authorized 3S dealer for TATA
Motors Limited.


MANSAROVAR TRADE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mansarovar Trade
Link (MTL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MTL 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 MTL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MTL 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 MTL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

MTL is a partnership firm which commenced commercial operations
from June 2014. The firm trades in sugar. Mr. Debesh Agarwal, Mr.
Mahesh Agarwal, and Mr. Kailash Prasad Agarwal are partners in
the firm. Its operations are primarily managed by Mr. Debesh
Agarwal. Its office is in Siliguri (West Bengal).


MARQUE IMPEX: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Marque Impex (MI)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                           Amount
   Facilities           (INR Crore)     Ratings
   ----------           -----------     -------
   Foreign Bill Purchase       3        CRISIL A4 (ISSUER NOT
                                        COOPERATING)

   Packing Credit             19        CRISIL A4 (ISSUER NOT
                                        COOPERATING)

   Proposed Long Term          5        CRISIL B/Stable (ISSUER
   Bank Loan Facility                   NOT COOPERATING)

CRISIL has been consistently following up with MI 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 MI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MI, 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 MI, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

MI is a partnership firm established in 1996 and based in
Moradabad (Uttar Pradesh). The firm manufactures and exports
brass, wood, and fabric artefacts, wooden furniture, and other
decorative items. MI is managed by Mr. Mohammad Ajmal and Mr.
Mohammad Anwar; the other partners in the firm are Mr. Kausar
Nisa and Ms. Lubna Hussain.


MEGACITY IRON: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Megacity Iron and
Steel Private Limited (MISPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Bill Discounting       1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Packing Credit         3.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility     2.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

CRISIL has been consistently following up with MISPL 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 MISPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MISPL,
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 MISPL, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'

Incorporated in 2007 and promoted and managed by Mr. Tapas Rudra
Bhowmick, MISPL manufactures gray iron casting, ductile iron
casting, manhole covers, grating valves, pipes, and pipe fittings
for the domestic and global markets. The company has also begun
manufacturing sanitary fittings.


MICRONS INDIA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Microns India (MI)
continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.25       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MI 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 MI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MI, 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 MI, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

MI, setup in 2004-05, is a partnership firm engaged in
manufacturing & assembly of machined components. The firm is
promoted by Mr. Surendra Batra, Mr. Vineet Thukral, Mr. Ashok
Mendiratta and Mr. Chander Prakash Taneja. Its manufacturing
facilities are in Faridabad, Haryana.


MULTITECH AUTO: Ind-Ra Maintains BB+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Multitech Auto
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
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit maintained in
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR75 mil. Term loan maintained in non-cooperating category
     with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Jamshedpur-based Multitech Auto
manufactures automobile parts for Tata Motors Limited.


NAGA SINDHU: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Naga Sindhu Spinning
and Ginning Mills Private Limited (Naga) continues to be 'CRISIL
D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash           2.06     CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

   Term Loan              14.45     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Naga 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 Naga, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Naga, 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 Naga, continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2006 and managed by Mr. K Satyanarayana, Naga
Sindhu manufactures cotton yarn. Its spinning unit is in the
Guntur district of Andhra Pradesh.


NILKANTH COTTON: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Nilkanth Cotton
Industries (NCI) continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      3        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with NCI 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 NCI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NCI, 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 NCI, 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 in 2007 NCI is a partnership between Mr. Prahladbhai
Patel, Mr. Jethabhai Padhariya, Mr. Pragjibhai Padhariya, and Mr.
Vallabhbhai Padhariya. The firm has a cotton ginning unit at
Dhasa in Bhavnagar (Gujarat), with capacity of 200 bales per day.
It also has a cotton-seed oil crushing unit.


NU - CHEM OILS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of NU - Chem Oils
Private Limited (NOPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

   Term Loan               4.5      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with NOPL 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 NOPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NOPL, 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 NOPL, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

NOPL was incorporated in Karnal in 1991. It is a part of the
Partap group of companies, promoted by the Bansal family. Mr.
Shubham Bansal and his family manage operations. The company
extracts rice bran, sunflower, and groundnut oils and produces
de-oiled cakes. It has also set up a refining unit, which became
operational from August 2014 with a capacity of around 100 tonnes
per day.


ODYSSEY ADVANCED: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Odyssey Advanced
Telematics Systems (OATS) continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.9        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           8.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with OATS 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 OATS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OATS, 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 OATS, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

OATS, set up in 1993, is a proprietorship concern of Mr. Debasis
Ray. It undertakes civil construction works for steel and
aluminium industries. The firm also provides operations and
maintenance services for the telecommunications sector.


OMSUN POWER: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Omsun Power Private
Limited (OPPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Inland/Import          9.0       CRISIL A4 (ISSUER NOT
   Letter of Credit                 COOPERATING)

   Proposed Long Term    10.5       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with OPPL 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 OPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OPPL, 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 OPPL, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2010, OPPL manufactures and exports solar PV
modules. The company is promoted by the Goyal family.


ORIENTAL TEXTILE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of OTPCPL, continues to
be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        22.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with OTPCPL 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 OTPCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on OTPCPL,
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 OTPCPL, 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.

Incorporated in 1983, OTPCPL is engaged in manufacturing, dyeing,
and printing of grey polyester fabric. The company has a capacity
to manufacture 28-30 tonnes per day of this fabric at its plant
in Ludhiana (Punjab), and currently operates at 90 per cent of
its capacity. It also processes grey fabric on a job-work basis.


PADAM CARS: CRISIL Maintains B Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Padam Cars Private
Limited (PCPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            30        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Inventory Funding      26        CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with PCPL 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 PCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PCPL, 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 PCPL, 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.

PCPL, based in Amritsar, is promoted by Mr. Amarijt Mehta and his
wife Ms. Babita Mehta. The company is a dealer for passenger cars
of Renault and GM. It has 10 showrooms spread across Punjab.


PADHAS HYDEL: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Padhas Hydel
Projects Private Limited (PHPPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.6        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Term Loan            24.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PHPPL 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 PHPPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on PHPPL,
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 PHPPL, continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

PHPPL, promoted by Himachal Pradesh-based Kishore and Mishra
families, is setting up a small hydropower project of 5 megawatt
near Boh in Kangra. The plant is likely to start commercial
operations in February 2017.


PAWAN KUMAR: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Pawan Kumar Prem
Kumar (PKP) continues to be 'CRISIL B/Stable Issuer not
cooperating'.


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

CRISIL has been consistently following up with PKP 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 PKP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PKP, 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 PKP, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

PKP is a proprietorship firm of Mr. Pawan Goyal, set up in 1988.
It trades in agricultural commodities and is based in Sri
Ganganar, Rajasthan.


PINNACLE NEXUS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Pinnacle Nexus
Limited (PNL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Packing Credit         18        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Short Term     3        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with PNL 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 PNL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PNL, 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 PNL, continues to be 'CRISIL D Issuer not
cooperating'.

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

PNL was established in June 2007 in Navi Mumbai (Maharashtra).
The company is promoted by Mr. Sohail Munshi, who is its chairman
and managing director. The company trades in readymade garments
(RMGs), fabric, leather garments, and imitation jewellery, and
primarily exports to the Middle East, Asia, and Africa.


PREMIER EXPORTS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Premier Exports
International'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 action is:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)/
    IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1980 as partnership firm, Premier Exports
International is engaged in the processing and export of frozen
marine products such as shrimps, squid and cuttlefish.


SHREE DOODHAGANGA: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shree Doodhaganga
Krishna Sahakari Sakkare Karkhane Niyamit's (SDKSSKN) additional
bank facilities as follows:

-- INR290 mil. Term loan due on December 2021 assigned with
    IND BB-/Stable rating;

-- INR2.050 bil. Fund-based working capital facilities assigned
    with IND BB-/Stable/IND A4+ rating; and

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

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

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability
and/or liquidity position leading to deterioration in the credit
metrics on a sustained basis will be negative for ratings.

Positive: A significant improvement in the operating
profitability and/or liquidity position leading to an improvement
in the credit metrics on a sustained basis will be positive for
the ratings.

COMPANY PROFILE

SDKSSKN has an integrated sugar plant with a cane crushing,
distillery and power generation capacity of 9,000 tons of cane
crushed/day, 30,000 liter/day and 28.7MW, respectively, in
Chikodi, Karnataka.


SOLAPUR TOLLWAYS: Ind-Ra Lowers Senior Project Loan Rating to BB
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Solapur
Tollways Private Limited's (STPL) senior project term loan:

-- INR5,884.2 bil. Senior project term loan March 31, 2030
     downgraded; maintained on RWN with IND BB/RWN rating.

KEY RATING DRIVERS

The downgrade reflects the project's continued sluggish physical
and financial progress along with STPL's inability to achieve
provisional completion (i.e. at least 75% of the total length of
the project highway) and cost overruns. The project has shifted
the commercial operations date a few times already. The major
reasons for the delays in project completion are the delays in
land acquisition, obtaining environmental clearances, shifting
utilities and removing encroachments, and slow construction work
on the acquired land stretches. Slack construction progress had
already led to the replacement of one of the contractors.

STPL achieved physical progress of 63.45% as against the planned
progress of 69.81% by end-September 2018. National Highways
Authority of India (NHAI; 'IND AAA'/ Stable) Project
Implementation Unit, Solapur, has recommended an extension of 854
days from the earlier 760 days for the scheduled four laning up
to March 31, 2019; the achievement of which remains to be
observed. According to the Lenders Independent Engineer report
for September 2018, the construction progress of the highway and
structure is slow and the concessionaire needs to pursue with
NHAI to expedite the utility shifting work and land acquisition.

STPL not achieving the project completion by March 31, 2019 could
increase termination risks as well.

The delays led to an increase in interest during construction
costs, which have increased pre-operative expenses to about
INR1,330 million from INR880 million. The sponsors have been
providing funds for interest servicing. The parent sponsor SREI
Infrastructure Finance Limited has undertaken to meet cost
overruns and any shortfall in resources for project completion.

The lenders have revised the repayment schedule to start from
September 30, 2019 (earlier September 30, 2018, original
September 30, 2017). The debt will be repayable in 47 unequal
quarterly installments. The debt has a heavily back-ended
amortization profile with nearly 72% of the debt to amortize in
the last five years of the loan tenor.

A debt service reserve account equivalent to one quarter's
principal and interest payment will be created closer to the
commercial operations date in the form of a bank guarantee. The
parent-sponsor has also undertaken to fund any cash flow
shortfall in meeting the minimum debt service coverage ratio
covenant of 1.10x for the first five years from the actual
project commissioning date.

The project, being a toll road, has an inherent traffic-related
risk. According to the traffic study, the stretch is dominated by
commercial traffic, which holds reasonable revenue potential
while also being vulnerable to volatility related to economic
cycles. The actual traffic demand and growth will become clear
only once it is operational.

The price risk is reasonably mitigated due to the provision of a
flat 3% increase in base toll rate annually. Additionally, the
rates are linked to 40% of the increase in Wholesale Price
Index).

RATING SENSITIVITIES

The RWN will be resolved after Ind-Ra attains clarity on the
achievement of project completion by end-March 2019. The RWN
indicates that the rating may be affirmed or downgraded.

Additionally, adverse regulatory action from the concession
authority, additional cost overruns not funded by the sponsors
will lead to a rating downgrade.

COMPANY PROFILE

STPL is an SPV, promoted by Bharat Road Network Limited. It was
incorporated to implement a lane expansion project under a 25-
year concession from NHAI. The project road is a 100km stretch
from Solapur to Maharashtra-Karnataka border and is part of the
National Highway 9. The project cost is estimated at INR8,826.2
million, which is being funded by a term loan of INR5,884.2
million and sponsor equity of INR2,942.1 million.


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

The instrument-wise rating actions are:

-- INR500 mil. Fund-based limit maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR139.3 mil. Non-fund-based limits maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR701.7 mil. Term loans maintained in non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR410 mil. Proposed term loans maintained in non-cooperating
     category with Provisional IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 1981, Yash Papers manufactures low grammage magnesium
industrial bleached and unbleached grades of paper.



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


BALDWIN ADVENTURE: Riverboat Tourist Business in Liquidation
------------------------------------------------------------
Laurel Stowell at NZ Herald reports that Whanganui riverboat
tourism company Baldwin Adventure Tours is in liquidation.

An application to liquidate it was made by Terrence "Bob" Harris,
one of its two directors and was heard recently in the High Court
at Whanganui, the Herald says.

The owners were Harris and riverboat builder and skipper Robert
"Baldy" Baldwin. Joseph Ebben was a fellow shareholder.

According to the Herald, Mr. Baldwin had lost heart with the
business, and decided to chance his luck on another riverboat.

Their Adventurer II riverboat has twice made it all the way from
Whanganui to Taumarunui. The original plan was for it to operate
mainly in the middle reaches, but there have not been many
bookings and the boat has been vandalised.  Now it needs a
survey, and money spent on it, the report says.

The Herald adds the liquidator was the Official Assignee in
Hamilton, an Insolvency and Trustee Service spokesperson said.
Their job was to realise the assets of the company and use the
proceeds to pay out any creditors.

One of its assets is the boat itself, aground at low tide on mud
adjacent to the Settlers' Wharf in Whanganui.

The first report on the liquidation's progress will be on the
Companies Office website on December 4, the Herald discloses.



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


XAVIER-TIBOD BANK: Depositors Claims Deadline Set for December 3
----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urged
depositors of the closed Xavier-Tibod Bank, Inc. (A Microfinance
Rural Bank) to file their deposit insurance claims on or before
the last day for filing of claims for insured deposits on
December 3, 2018 either through mail addressed to the PDIC Public
Assistance Department, at 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino Street, in Makati City, or personally during
business hours at the PDIC Public Assistance Center, at 3rd
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, in
Makati City.

The PDIC Charter provides that depositors have until two years
from bank takeover to file their deposit insurance claims.
Xavier-Tibod Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on December 1, 2016.

According to PDIC, deposit insurance claims for 431 deposit
accounts with aggregate insured deposits amounting to
PHP536,104.83 have yet to be filed by depositors. Data show that
as of September 30, 2018, PDIC had paid depositors of the closed
Xavier-Tibod Bank the total amount of PHP6.14 million,
corresponding to 90.5% of the bank's total insured deposits
amounting to PHP6.78 million.

In filing claims personally, depositors are required to submit
their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required
to submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the
PDIC website.

Depositors who have been notified of their documentary
deficiencies through official letters from PDIC are requested to
comply with the indicated requirements. The procedures and
requirements for the filing of deposit insurance claims are
posted in the PDIC website, www.pdic.gov.ph.

Meanwhile, depositors with balances of more than the maximum
deposit insurance coverage (MDIC) of PHP500,000 who were not able
to file their claims on February 14, 2017, the deadline earlier
set, should file their claims with the Regional Trial Court of
Misamis Oriental, 10th Judicial Region, Branch 18, Cagayan de Oro
City where the Petition for Assistance in the Liquidation (PAL)
of Xavier-Tibod Bank is pending under Special Proceedings No. SP-
ORD-2017-168. Likewise, depositors who will not be able to file
their deposit insurance claims on December 3, 2018 should file
their claims with the said Liquidation Court. Payment of these
claims shall be subject to availability of assets of the closed
bank, legal priority and approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



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


NOBLE GROUP: Queries Focus on Mark-to-Market Gains
--------------------------------------------------
Jack Farchy and Luca Casiraghi at Bloomberg News report that
Singaporean regulators investigating Noble Group Ltd. have
focused their questions so far on the company's use of mark-to-
market accounting, according to people familiar with the matter.

Bloomberg relates that the struggling commodity trader was thrown
into fresh crisis last week after Singapore announced a three-
agency probe into Noble's accounts just days before a marathon
$3.5 billion debt restructuring was due to complete. On Nov. 25,
Noble said it would delay the deadline for that deal to Dec. 11
to "fully address all concerns of the regulators," Bloomberg
relays.

According to Bloomberg, the company said it was cooperating with
the authorities, including "appointing experts to assist in
responding to the technical accounting issues raised by ACRA" --
Singapore's Accounting and Corporate Regulatory Authority. Those
issues are centered on Noble's mark-to-market accounting, the
people said, asking not to be identified as they weren't
authorized to speak publicly about the investigation, Bloomberg
relays.

Noble's use of mark-to-market accounting has been in focus since
early 2015, when a previously unknown group called Iceberg
Research started criticizing the company, saying it had inflated
the value of long-term commodity contracts and carried billions
of dollars in profits on its books that would eventually have to
be written down, Bloomberg says.

Since then, the once $12 billion company that saw itself as a
challenger to the world's largest commodity traders like Glencore
Plc and Trafigura Group Ltd. has lost billions in value since
2015, reduced to a rump by untenable debt and writedowns,
according to Bloomberg.

Bloomberg relates that Iceberg -- which has since revealed itself
to be Arnaud Vagner, a former Noble employee -- said in its first
report that the company's long-term contracts were probably
overvalued by about $3.8 billion. Since then, Noble has written
down, or taken reserves against, more than that.

Regulators investigating Noble include the Commercial Affairs
Department of the Singapore Police Force and the Monetary
Authority of Singapore, in addition to ACRA, Bloomberg discloses.

According to Bloomberg, the three agencies said last week that
Noble's substantial writedowns announced in 2017 and 2018 had in
part "provided the basis for authorities to commence overt
investigations into potential breaches of our law." They've
declined to give further details, citing the ongoing
investigation.

Noble hired PricewaterhouseCoopers LLP in 2015 to review its
accounting methods in valuing long-term contracts, which were
signed off by its long-time auditor Ernst & Young LLP. At the
time, PWC said Noble's valuation methods complied with
international accounting rules and the trader needed to improve
its governance and methodology.

Noble maintains its position that its accounting was in line with
international rules, according to the people, Bloomberg relays.

Bloomberg says the new restructuring deadline gives the company
and its creditors two weeks to persuade the Singaporean
authorities to allow the deal to go ahead. It's still unclear
what they will need to do to achieve that, the same people said.

Bloomberg notes that the stakes are high: hedge funds have bought
up much of Noble's $3.5 billion in debt over the past 18 months
and could face substantial losses if the deal collapses.

The so-called "ad-hoc group" of creditors, which includes Taconic
Capital Advisors, Varde Partners and Owl Creek Asset Management,
has written to the Singaporean regulators stressing "the need to
complete the restructuring as soon as possible," Noble's said in
a statement on Nov. 25, adds Bloomberg.

                         About Noble Group

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

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

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

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

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

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***