/raid1/www/Hosts/bankrupt/TCRAP_Public/181129.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

          Thursday, November 29, 2018, Vol. 21, No. 237

                            Headlines


A U S T R A L I A

ASSOCIATED NOMINEES: Second Creditors' Meeting Set for Dec. 6
AUSTRALIAN TECHNOLOGY: Moody's Lowers CFR to B1, Outlook Stable
COLORADO CARAVANS: Second Creditors' Meeting Set for Dec. 5
EASTERN GOLDFIELDS: Flags Potential Voluntary Administration
LOWES WINDOWS: First Creditors' Meeting Set for Dec. 6

MAJID PTY: Second Creditors' Meeting Set for Dec. 5
NCIS PTY: Second Creditors' Meeting Set for Dec. 6
OLDZ AUSTRALIA: First Creditors' Meeting Set for Dec. 7
PEPPER RESIDENTIAL 22: S&P Gives (P)B Rating on AUD7.5MM F Notes
RCR TOMLINSON: Did 'Contingency Planning' for Administration

SAPPHIRE XX 2018-2: Moody's Assigns (P)B2 Rating on Class F Notes


C H I N A

LVGEM REAL ESTATE: Moody's Cuts CFR to B3, Outlook Stable
SHARING ECONOMY: Cancels Proposed Acquisitions of Two Companies


I N D I A

A.P. PROPERTIES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
ACE HEALTHWAYS: Insolvency Resolution Process Case Summary
AIR INDIA: Government Clears Sale of Ground Handling Unit
AMAZON ENTERPRISES: Insolvency Resolution Process Case Summary
APPSDAILY SOLUTIONS: Insolvency Resolution Process Case Summary

ATLANTIS LIFESCIENCES: Insolvency Resolution Process Case Summary
B.K. EXPORTS: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
BILPOWER LIMITED: CRISIL Maintains D Rating in Not Cooperating
BS LIMITED: Insolvency Resolution Process Case Summary
CHANDRA PRABHU: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable

DHARAM PAUL: Insolvency Resolution Process Case Summary
DRAKE SCULL: Insolvency Resolution Process Case Summary
DSRM STEELS: Insolvency Resolution Process Case Summary
GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR13cr Loan
GIAN CHAND: Insolvency Resolution Process Case Summary

GVR INFRA: Insolvency Resolution Process Case Summary
HOTEL REEVA: Insolvency Resolution Process Case Summary
IL&FS CLUSTERS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
IL&FS SKILLS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
JAI HIND: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
K. SUBRAYA: CRISIL Maintains 'B' Rating in Not Cooperating

KALPATARUVU SPINNING: Ind-Ra Moves BB+ Rating to Non-Cooperating
KAMAL PRESSING: CRISIL Maintains B- Rating in Not Cooperating
KANAKA MAHALAKSHMI: CRISIL Maintains B Rating in Not Cooperating
LEVIN DECOR: CRISIL Maintains 'B' Rating in Not Cooperating
LIFE SHINE: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

M VENKATARAMA: CRISIL Maintains 'B' Rating in Not Cooperating
M L MANSUKHANI: Insolvency Resolution Process Case Summary
MADHAV STORES: CRISIL Maintains 'B' Rating in Not Cooperating
MAHABIR TECHNO: Insolvency Resolution Process Case Summary
MAHARAJA RESOURCES: Ind-Ra Assigns 'BB-' Rating, Outlook Stable

MAHARASHTRA ALUMINIUM: Insolvency Resolution Process Case Summary
MAX INTERNATIONAL: CRISIL Maintains B Rating in Not Cooperating
MIDHUNAM SPINNERS: CRISIL Maintains B Rating in Not Cooperating
MIR BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating
MJM INDUSTRIES: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating

MLC PROPERTIES: CRISIL Maintains 'B' Rating in Not Cooperating
MOHAN TOBACCOS: Ind-Ra Migrates 'B-' LT Rating to Non-Cooperating
MURLI DRAPES: CRISIL Maintains 'B' Rating in Not Cooperating
NAVIN COTEX: CRISIL Maintains 'B' Rating in Not Cooperating
OSWAL SPINNING: Insolvency Resolution Process Case Summary

PALLAVI ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating
PARMATMA COTTONS: CRISIL Maintains B+ Rating in Not Cooperating
POLY PRODUCTS: CRISIL Maintains 'B' Rating in Not Cooperating
PRADEEP DOWNHOLE: Insolvency Resolution Process Case Summary
PRAGATI EDUCATION: CRISIL Maintains B Rating in Not Cooperating

PRINT HOUSE: Insolvency Resolution Process Case Summary
RANGAJAVA SOAP: Insolvency Resolution Process Case Summary
RLA HOLDINGS: Insolvency Resolution Process Case Summary
SATYAM DEVELOPERS: Ind-Ra Migrates BB Rating to Non-Cooperating
SHIVAM PROTEIN: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable

SIDDHI VINAYAK: Insolvency Resolution Process Case Summary
SOLIDAIRE INDIA: Insolvency Resolution Process Case Summary
SRI TEXTILE: Insolvency Resolution Process Case Summary
SUCHETAN EXPORTS: Insolvency Resolution Process Case Summary
SUMMA REAL: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating

SVG GRANITES: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
SYBLY INDUSTRIES: CRISIL Cuts Rating on INR15cr Loans to 'C'
UNIQUE MERCANTILE: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
VEDIKA STEELS: Insolvency Resolution Process Case Summary
WIN-STONE INDUSTRIES: Insolvency Resolution Process Case Summary

WINWIND POWER: Insolvency Resolution Process Case Summary


M A L A Y S I A

FGV HOLDINGS: Posts MYR849.3MM Net Loss for Q3 Ended Sept. 30


N E W  Z E A L A N D

HALIFAX NEW ZEALAND: Goes Into Voluntary Administration


S I N G A P O R E

BRIGHTOIL PETROLEUM: Creditors Seeks to Liquidate Singapore Unit


                            - - - - -


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


ASSOCIATED NOMINEES: Second Creditors' Meeting Set for Dec. 6
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Associated
Nominees Pty Ltd formerly known as Hymus Accounting Pty Ltd has
been set for Dec. 6, 2018, at 11:00 a.m. at the offices of BPS
Recovery, at Level 18, 201 Kent 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. 5, 2018, at 4:00 p.m.

Daniel Frisken and Mitchell Ball of BPS Recovery were appointed
as administrators of Associated Nominees on Nov. 8, 2018.


AUSTRALIAN TECHNOLOGY: Moody's Lowers CFR to B1, Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Australian Technology Innovators Pty Limited to B1 from
Ba3.

Moody's has also downgraded the rating for the AUD350 million
senior secured term loan facility issued by LEAP Legal Software
Pty Limited, a wholly-owned subsidiary of ATI, to B1 from Ba3.

The ratings outlook is stable.

The ratings downgrade follows ATI's plan to upsize its current
first lien term loan facility by AUD50 million and to issue a
AUD100 million additional second lien term loan facility. The
proceeds will be used to pay a AUD50 million dividend to ATI's
shareholders, a AUD50 million payment for an around 28% minority
stake in InfoTrack UK Pty Limited, with the remaining proceeds
being retained on the balance sheet after paying for transaction
costs.

At the same time, Moody's has assigned a provisional (P)B1 senior
secured rating to the proposed first lien term loan facility of
AUD50 million and a provisional (P)B3 senior secured rating to
the proposed second lien term loan facility of AUD100 million.
The loans will be issued by LEAP Legal Software Pty Limited. The
ratings outlook is stable.

ATI will require the lenders' consent to amend provisions for the
incremental first lien and second lien term loan facilities.
These include provisions for restriction on indebtedness,
dividend 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.

As part of the transaction, ATI has stated that it would provide
security over its 28% minority stake in InfoTrack UK to the
lenders group. At the same time, the company will undertake to
restructure its investment in Practice Evolve Group Pty Ltd and
Sympli Australia Pty Ltd within 180 days of the completion of the
transaction so that those investments are owned by a newly
incorporated, wholly owned, subsidiary under the guarantor group.

The assignment of a definitive senior secured term loan ratings
is subject to review of final documentation and successful close
of the transaction.

RATINGS RATIONALE

"The ratings downgrade reflects a shift in ATI's financial
policy, in Moody's view, as it decides to fund with debt a AUD50
million dividend payment as well as the purchase of a 28%
minority stake in an affiliate overseas subisidary," says Shawn
Xiong, a Moody's Analyst.

"The ratings downgrade reflects the likely increase in ATI's
financial leverage, such as to exceed Moody's tolerance level
over the next 6-12 months," adds Xiong, "Moreover, Moody's
expects the company to continue to pursue growth opportunities as
they become available."

Additionally, the debt-funded acquisition of a minority stake in
InfoTrack UK is unlikely to add earnings benefits to ATI in the
short term.

As a result, Moody's expects that ATI's financial leverage - as
measured by adjusted debt-to-EBITDA - will increase to 5.5x-6.0x
for fiscal 2019 (the year ending June 30, 2019), after the
company having performed strongly and de-levered to around 4.5x
for fiscal 2018. The result in fiscal 2019 would be higher than
Moody's downgrade tolerance level of financial leverage not
exceeding 5.0x on a sustained basis.

Nevertheless, Moody's expects continued growth in ATI's EBITDA
and cash flow generation, driven by sustained demand for
integrated legal practice management systems and search and
services platforms. Demand growth expectations are supported by
the ability to expand its product offering from legal and
property-related services to a broader range of search products,
which should offset some of the negative impact from expected
weaker property settlement volumes in Australia.

At the same time, the ratings are constrained by the company's
high financial leverage, relatively small scale and earnings
concentration in the Australian property market.

ATI's liquidity will likely remain solid over the next 12-18
months, supported by cash balances of up to AUD59 million at June
30, 2018, cash receipts of around AUD46 million from the proposed
debt issuance, and consistent free cash flow generation.

Moody's expects that free cash flow will be allocated to debt
reduction.

The stable ratings outlook reflects: (1) Moody's view that ATI
will exhibit stable cash flow generation; and (2) the company's
solid EBITDA growth prospects amid softer volumes in the
Australian property market.

Negative ratings pressure could develop if ATI's adjusted debt-
to-EBITDA exceeds 6.0x on a sustained basis.

Additionally, Moody's could downgrade ATI's ratings if the
company continues to fund its acquisitions or dividend payouts
with debt; resulting in elevated financial leverage for the
company.

Moody's could upgrade the ratings if ATI continues to achieve its
growth targets and demonstrate a track record of sustaining its
adjusted debt-to-EBITDA below 5.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

Australian Technology Innovators Pty Limited is a holding
company. It fully owns LEAP Legal Software Pty Limited.

LEAP provides a cloud-based legal practice management platform to
small and medium-sized Australian legal and conveyancing firms.

InfoTrack Pty Ltd is a premium cloud-based Software-as-a-Service
integrated search and services platform for professionals.


COLORADO CARAVANS: Second Creditors' Meeting Set for Dec. 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Colorado
Caravans Pty Ltd has been set for Dec. 5, 2018, at 11:00 a.m. at
the offices of SV Partners Insolvency (VIC) Pty Ltd, at Level 17,
200 Queen Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 4, 2018, at 5:00 p.m.

Michael Carrafa and Richard John Cauchi of SV Partners were
appointed as administrators of Colorado Caravans on Oct. 30,
2018.


EASTERN GOLDFIELDS: Flags Potential Voluntary Administration
------------------------------------------------------------
miningweekly.com reports that embattled Eastern Goldfields has
flagged the possibility of entering into voluntary administration
after a AUD75 million recapitalisation transaction fell through.

According to miningweekly.com, the company on Nov. 28 told
shareholders that it planned to adjourn a November 30 annual
general meeting (AGM) until January next year, in order to allow
shareholders to consider the company's financial statements.

miningweekly.com relates that the AGM would have also been used
to approve resolutions to give effect to the recapitalisation
transaction, which Eastern Goldfields said would now no longer
proceed.

The AUD75-million financing package would have included AUD8.75-
million of interim funding, a AUD36.8-million capital raise, a
one-for-seven non-renounceable pro-rata entitlement offer to
raise some AUD5-million, and a recapitalisation and services deed
with Adaman Resources to deliver a complete mining solution, as
well as negotiations with existing trade creditors to settle
outstanding debts, miningweekly.com discloses.

Eastern Goldfields told shareholders that with the
recapitalisation transaction now a thing of the past, the company
was evaluating a number of alternative transactions, which could
include voluntary administration, says miningweekly.com.

miningweekly.com says mining at the Davyhurst operation, in
Western Australia, was suspended in early September, with 26
staff made redundant, as Eastern Goldfields looked to mitigate
spending.

Based in Balcatta, Australia, Eastern Goldfields Limited operates
as a gold exploration and production company. It owns 100%
interest in the Davyhurst and the Mt Ida gold projects, which are
located to the north-west of Kalgoorlie. It also holds interests
in Siberia, Riverina, Callion, Waihi, and LOI projects. The
company was formerly known as Swan Gold Mining Limited and
changed its name to Eastern Goldfields Limited in December 2015.


LOWES WINDOWS: First Creditors' Meeting Set for Dec. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lowes
Windows and Joinery Pty Ltd ATF Lowes Windows & Joinery Unit
Trust will be held at the offices of Hamilton Murphy, at Level 1,
255 Mary Street, in Richmond, Victoria, on Dec. 6, 2018, at
11:00 a.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Lowes Windows on Nov. 26, 2018.


MAJID PTY: Second Creditors' Meeting Set for Dec. 5
---------------------------------------------------
A second meeting of creditors in the proceedings of Majid Pty
Ltd, trading as Lefty's Old Time Music Hall, has been set for
Dec. 5, 2018, at 10:00 a.m. at Level 12, 127 Creek Street
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 4, 2018, at 2:00 p.m.

Mark William Pearce and Michael Dullaway of Pearce & Heers were
appointed as administrators of Majid Pty on Oct. 31, 2018.


NCIS PTY: Second Creditors' Meeting Set for Dec. 6
--------------------------------------------------
A second meeting of creditors in the proceedings of National
Commercial Insurance Solutions (NCIS) Pty Ltd has been set for
Dec. 6, 2018, at 10:30 a.m. at the offices of Australian
Institute of Company Directors, at Level 26-27, 367 Collins
Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 5, 2018, at 4:00 p.m.

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


OLDZ AUSTRALIA: First Creditors' Meeting Set for Dec. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Oldz
Australia Pty Ltd will be held at the offices of SV Partners
Brisbane, at 22 Market Street, in Brisbane, Queensland, on
Dec. 7, 2018, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Oldz Australia on Nov. 27, 2018.


PEPPER RESIDENTIAL 22: S&P Gives (P)B Rating on AUD7.5MM F Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to 10 classes
of nonconforming and prime residential mortgage-backed securities
(RMBS) to be issued by Permanent Custodians Ltd. as trustee of
Pepper Residential Securities Trust No. 22. Pepper Residential
Securities Trust No.22 is a securitization of nonconforming and
prime residential mortgages originated by Pepper HomeLoans Pty
Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including S&P's view that the credit support is
    sufficient to withstand the stresses S&P applies. The
    credit support for the rated notes comprises note
    subordination. Subordination provided to the 'AAA (sf)' rated
    notes is in excess in S&P's opinion of the minimum 'AAA (sf)'
    level of credit support.

-- The underwriting standard and centralized approval process of
    the seller, Pepper Homeloans.

-- The availability of a retention amount, amortization amount,
    and yield reserve, which will all be funded by excess spread,
    but at various stages of the transaction's term. They will
    have separate functions and timeframes, including reducing
    the balance of senior notes, reducing the balance of the most
    subordinated notes, and paying senior expenses and interest
    shortfalls on the class A notes.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.5% of the outstanding balance of the
    notes, and principal draws, are sufficient under S&P's
    stress assumptions to ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
    assets.

-- 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-u notes
    and the euro payments on the class A1-GEUR notes.

  PRELIMINARY RATINGS ASSIGNED

  Pepper Residential Securities Trust No.22

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$215.0
  A1-a       AAA (sf)        AUD[63.75]
  A1-GEUR    AAA (sf)      EUR[100.00]
  A1-Ga      AAA(sf)          AUD[0.00]
  A2         AAA (sf)        AUD111.00
  B          AA (sf)          AUD52.50
  C          A (sf)           AUD21.00
  D          BBB (sf)         AUD16.50
  E          BB (sf)           AUD9.00
  F          B (sf)            AUD7.50
  G          NR                AUD7.50

  NR--Not rated.

The exchange rate applicable to the class A1-u notes is
US$[0.7049] per Australian dollar. The exchange rate applicable
to the class A1-GEUR notes is EUR[0.64] per Australian dollar.
The class A1-a, class A1-GEUR, and class A1-Ga note sizes are to
be determined. Based on the launch pool the total combined size
of these tranches will be AUD220 million.

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.


RCR TOMLINSON: Did 'Contingency Planning' for Administration
------------------------------------------------------------
Jenny Wiggins and Anthony Macdonald at The Australian Financial
Review reports that RCR Tomlinson's board hired McGrathNicol to
undertake "contingency planning" for a potential voluntary
administration on August 14, just two weeks before the troubled
engineering group raised AUD100 million from investors.

"On August 14, 2018, we were engaged on behalf of the RGR [sic]
Group to provide assistance in assessing the short-term cash flow
forecast and the forecast process of the RCR Group and to
undertake contingency planning for a potential appointment of
voluntary administrators to the RCR Group," McGrathNicol said in
documents filed with the Australian Securities and Investments
Commission.

The revelation showed that RCR's board was worried more than
three months ago that the company would collapse if it was not
successful in raising AUD100 million at the end of August to pay
for AUD57 million in write-downs on its Hayman and Daydream solar
projects in Queensland and strengthen its balance sheet.

But RCR ended up going into administration on November 21 despite
the success of capital raising, which was backed by institutional
investors and underwritten by Macquarie, AFR says.

According to AFR, McGrathNicol this week secured access to a
AUD12 million loan facility by RCR's financiers, led by CBA, to
pay outstanding wages and keep the company's non-solar businesses
operating until it can sell them.

AFR relates that McGrathNicol has told RCR's solar farm clients
that it will not take over the company's fixed-price engineering,
procurement and construction contracts, and some people
previously working on the nine remaining solar projects have been
made redundant.

Contractors and sub-contractors with claims against RCR will
still have to go through the administration process, AFR notes.

According to the report, Louise Stewart, chairperson of the
Australian Subcontractor Association (ASA), said sub-contractors
-- some of which supplied workers -- were "devastated" by RCR's
collapse, with one Western Australian subcontractor owed AUD9
million after not being paid for 12 months.

"There is evidence that [RCR] were delaying subcontractors'
payments and that they were using that money to prop up their own
cash flow," Ms. Stewart told The Australian Financial Review.

Subcontractors would not support a sale of RCR through a deed of
company arrangement because they were worried its board directors
would avoid investigation, Ms. Stewart said, adding
subcontractors would prefer assets to be sold off and the
remaining company to be put into liquidation, AFR relates.
Liquidators have the power to ask courts to publicly investigate
directors.

AFR says the ASA wants tougher laws to protect subcontractors,
and has called for the government to implement the
recommendations of a review into security of payment laws,
including standardising laws across Australia to bring WA and the
Northern Territory into line with the eastern states.

Investors also want board directors held to account after losing
tens of millions of dollars. RCR's share price plunged when the
stock, which was halted for the entire month of August, re-opened
for trading following the equity raising on August 28, according
to AFR.

AFR relates that the company told investors before the capital
raising that it had undertaken a thorough review of all projects
and that its problems were confined to the Hayman and Daydream
solar farms. It did not disclose any further financial problems
before going into a second trading halt on November 12.

RCR chairman Rod Brown first approached McGrathNicol partner
Robyn McKern on August 13. A meeting between McGrathNicol and
RCR's senior management team was held on August 13 and
McGrathNicol started work on August 15, the report says.

McGrathNicol delivered a draft short-term cash flow report to RCR
on August 23, but no further work was done on that report until a
meeting was held with interim chief executive Bruce James and
other RCR management team on September 19. A final version of the
report was issued on October 10.

A report on contingency planning for voluntary administration was
first submitted as a draft on September 4. "We did no further
work on that report after that time and we were not requested to
issue our report in final form," McGrathNicol, as cited by AFR,
said.

AFR recalls that McGrathNicol was then approached a second time
by RCR's legal advisor, King & Wood Mallesons, on October 24
because RCR management was concerned there was "a risk of
breaching financial covenants with its secured lenders at the end
of December 2018", according to McGrathNicol. RCR was in the
process of finalising its quarterly compliance certificate for
delivery to its secured lenders on October 30.

McGrathNicol was asked to "update" its contingency planning work
and make further assessments of RCR's cashflow forecasts.

It did a more detailed analysis of RCR's operations, projects and
contracts to "undertake more detailed contingency planning for a
potential voluntary administration" and attended 15 meetings
between October 26 and November 21, according to AFR.

AFR relates that the revised cashflow forecasts showed a
"substantial funding requirement" in excess of RCR's existing
facility limits and a meeting was held with RCR directors,
including Mr. Brown, Mr. James, David Robinson, Lloyd Jones, Sue
Palmer and RCR senior management on November 8 to discuss formal
insolvency appointments.

According to AFR, RCR submitted a formal request for additional
financial support on November 20, but its lenders declined to
provide additional funds on November 21, when the company
collapsed.

The advisory group was paid AUD130,161 for its services between
August and early October. McGrathNicol was paid an additional
AUD399,734 for its second phase of work for RCR before the
company went into administration, AFR adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 26, 2018, SmartCompany said one of Australia's largest
publically listed construction companies RCR Tomlinson has
collapsed just a few months after raising over AUD100 million
from investors, with the company blaming an inability to secure
additional funding as the reason for the business' collapse.

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


SAPPHIRE XX 2018-2: Moody's Assigns (P)B2 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Permanent Custodians Limited
as trustee of Sapphire XX Series 2018-3 Trust.

Issuer: Sapphire XX Series 2018-3 Trust

AUD70.00 million Class A1a Notes, Assigned (P)Aaa (sf)

AUD122.50 million Class A1b Notes, Assigned (P)Aaa (sf)

AUD106.40 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD30.80 million Class B Notes, Assigned (P)Aa2 (sf)

AUD4.20 million Class C Notes, Assigned (P)A2 (sf)

AUD7.70 million Class D Notes, Assigned (P)Baa2 (sf)

AUD5.25 million Class E Notes, Assigned (P)Ba2 (sf)

AUD1.75 million Class F Notes, Assigned (P)B2 (sf)

The AUD1.40 million Class G Notes are not rated by Moody's.

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

The deal is an Australian residential mortgage-backed securities
(RMBS) transaction secured by a portfolio of residential mortgage
loans. All receivables were originated by Bluestone Group Pty
Limited or Bluestone Mortgages Pty Limited (Bluestone), and are
serviced by Bluestone Servicing Pty Limited (Bluestone
Servicing).

Bluestone is an experienced securitiser in the Australian RMBS
market, having completed 21 term RMBS transactions since 2000.
Bluestone also has extensive securitisation experience through
its various warehouse funding arrangements. This is Bluestone's
third transaction for 2018.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
the evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility
in the amount of 2.0% of the note balance, the legal structure,
and the credit strength and experience of Bluestone Servicing as
the servicer.

  - Moody's MILAN CE - representing the loss that Moody's expects
the portfolio to suffer in the event of a severe recession
scenario - is 14.1%. Moody's expected loss for this transaction
is 1.6%.

Key transactional features are as follows:

  - Whilst the Class A1b and Class A2 Notes rank sequentially in
relation to interest and charge-offs, they rank pari passu in
relation to principal throughout the life of the transaction.
Principal repayments will be allocated pro-rata, based on the
stated amount of the notes. This feature reduces the absolute
amount of credit enhancement available to the Class A1b Notes.

  - The Class B to Class F Notes will start receiving their pro-
rata share of principal if step-down conditions are met.

  - Permitted further advances can be funded within the trust,
which could lead to a deterioration in the credit quality of the
pool. Further advances are subject to certain conditions. Further
advances will be funded through principal collections.

  - A retention mechanism will be used to divert excess available
income towards the repayment of the most junior class of the
rated notes outstanding. The retention amount will be up to 0.05%
of the current outstanding pool balance per month, and up to a
total captured amount of AUD1,050,000. At the same time, the
trustee will issue Class RM Notes, equivalent to the retention
amount allocated, leaving subordination levels unchanged.

Key pool features are as follows:

  - The portfolio has a high level of weighted-average seasoning
of 49.2 months.

  - Investment and interest-only loans represent 21.4% and 6.6%
of the pool, respectively.

  - Based on Moody's classifications, the portfolio contains
32.0% exposure to borrowers with prior credit impairment
histories (default, judgment or bankruptcy). Moody's assesses
these borrowers as having a significantly higher default
probability.

  - Based on Moody's classifications, the portfolio contains
37.2% of loans granted on the basis of alternative income
documentation, with a further 20.3% granted on the basis of low
income documentation.

  - Based on Moody's classifications, around 56.7% of the loans
in the portfolio were extended to self-employed borrowers.

Methodology Underlying the Rating Action:

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

The Credit Ratings for Sapphire XX Series 2018-3 Trust were
assigned in accordance with Moody's existing Methodology entitled
"Moody's Approach to Rating RMBS Using the MILAN Framework,"
dated September 11, 2017. Please note that on November 14, 2018,
Moody's released a Request for Comment, in which it has requested
market feedback on potential revisions to its Methodology for
RMBS. If the revised Methodology is implemented as proposed, the
Credit Ratings on Sapphire XX Series 2018-3 Trust may be
neutrally affected.

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

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

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



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


LVGEM REAL ESTATE: Moody's Cuts CFR to B3, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of LVGEM Real Estate Investment Co. Ltd.,
and to Caa1 from B3 the backed senior unsecured rating of the
notes issued by Gemstones International Limited -- a wholly owned
subsidiary of LVGEM -- and guaranteed by LVGEM.

The outlooks on all ratings are changed to stable from negative.

RATINGS RATIONALE

"The downgrade reflects our assessment that LVGEM is unlikely to
reverse its weakening liquidity position over the next 12-18
months, which in turn raises financial risk amid tight credit
conditions in China," says Celine Yang, a Moody's Assistant Vice
President.

As of June 2018, LVGEM's cash balance of RMB5.4 billion
(including RMB2.9 billion unrestricted and RMB2.5 billion
restricted) was insufficient to cover its short-term debt of
RMB4.6 billion and RMB2.6 billion in onshore bonds that will
become puttable in August 2019.

Moody's also expects the company's cash generation of around
RMB6.5-RMB7 billion from contracted sales and rentals will be
insufficient to cover LVGEM's expenditures over the next 12-15
months, including land premiums and construction costs of around
RMB5.5-RMB6.0 billion, sales administration expenses of RMB1
billion and interest and taxes of RMB3 billion for projects.

Moreover, LVGEM's cash flow is reliant on the success of its
contracted sales from the Mangrove Bay No. 1 project, leaving it
vulnerable to the risk of regulatory changes in Shenzhen.

Tight conditions in China's credit markets and risk-averse
sentiment in the offshore bond markets could make it difficult
for the company to raise new borrowings in the near term.

LVGEM's B3 CFR reflects its established track record in urban
redevelopment projects, its high profit margins and core projects
located in the first tier city Shenzhen.

The B3 rating also considers the company's ownership in
investment properties which provide it with stable cash inflows.

Moody's expects that LVGEM's rental income will grow to RMB600-
RMB650 million in 2019-2020 from RMB534 million for the 12 months
to June 30, 2018, because of its newly opened Zoll shopping
centres.

Its recurring income/interest coverage will likely remain at
0.35x-0.37x for the next 12-18 months compared to the 0.47x for
the 12 months ended June 2018.

Furthermore, its investment properties in China and Hong Kong
provide the company with an alternate source of liquidity in case
of financial stress, as it could sell the properties to meet its
debt obligations.

However, the B3 CFR is constrained by the company's weak
liquidity, high debt leverage, and small operating scale.

Moody's expects LVGEM's debt leverage -- as measured by adjusted
debt to book capitalization -- will remain high at 60%-65% over
the next 12-18 months, compared to 60% for the 12 months ended
June 2018. Deleveraging is unlikely as the company will need to
fund its capital expenditures in the coming 12-18 months.

The Caa1 senior unsecured bonds rating backed by LVGEM, is one
notch lower than the CFR because of the risk of structural
subordination. This risk reflects Moody's expectation that the
majority of claims will be at the level of the operating
subsidiaries and will have priority over claims at the holding
company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

The stable outlook reflects Moody's expectation that LVGEM will
address its liquidity requirements by maintaining contracted
sales at its budget level, and by disposing of assets to meet its
debt obligations if refinancing becomes difficult in the next 12
months.

The rating could be upgraded if (1) LVGEM improves its liquidity
position and achieves sustained contracted sales growth, and
EBIT/interest coverage rises above 2.0x-2.5x on a sustained
basis; and (2) the company shows a track record of access to term
funding both in the offshore and onshore markets.

On the other hand, downward rating pressure could arise if
LVGEM's liquidity position further deteriorates due to (1) a
material decline in contracted sales; or (2) difficulty in
refinancing its maturing debt over the next 6-12 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

LVGEM Real Estate Investment Co. Ltd. listed on the Hong Kong
Stock Exchange in November 2015. At the end of June 2018, LVGEM
had an attributable land bank of around 4 million square meters
across Shenzhen, Hong Kong, Zhuhai, Suzhou, and Huazhou.


SHARING ECONOMY: Cancels Proposed Acquisitions of Two Companies
---------------------------------------------------------------
Sharing Economy International Inc. disclosed in a Form 8-K filed
with the Securities and Exchange Commission that these two
previously announced proposed acquisitions have been terminated
for the reasons set forth below:

                                             Reason for
Target          Contract                     Terminating Contract
-----           --------                     -------------------
Winse Media     Exclusivity Agreement        The parties could
                and Non-Disclosure           not agree on the
                Agreement entered into       key terms including
                on March 8, 2018.            pricing.

Ecoin           Letter of Intent entered     The exclusive period
Development     into on September 7, 2017.   lapsed.

                       About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.

Throughout 2017, the Company made significant changes in the
overall direction of the Company. Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related
rental businesses within the company. These initiatives are still
in an early stage. The Company did not generate significant
revenues from its sharing economy business initiatives in 2017.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in
total liabilities and $50.33 million in total equity.



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


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

The instrument-wise rating action is:

-- INR150 mil. Term loan due on March 2019 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

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

COMPANY PROFILE

A. P. Properties was incorporated as a partnership firm in 2005.


ACE HEALTHWAYS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Ace Healthways Private Limited
        Ferozepur Road, Near MBD Mall
        Ludhiana Punjab 142021 IN

Insolvency Commencement Date: October 26, 2018

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: April 24, 2019

Insolvency professional: Rajnish Gupta

Interim Resolution
Professional:            Rajnish Gupta
                         House No. 307, Ward No. 10, Lalluana
Road
                         Adjoining Niranjan Aara
                         Mansa 151505
                         E-mail: gra_rajnish@yahoo.com

                           -- and --

                         642-L, 1st Floor, Opp. Tikona Park
                         Model Town, Ludhiana 141002

Last date for
submission of claims:    November 13, 2018


AIR INDIA: Government Clears Sale of Ground Handling Unit
---------------------------------------------------------
The Economic Times reports that a ministerial panel on Nov. 27
cleared a proposal for strategic sale of Air India's ground
handling subsidiary AIATSL, an official said.

ET relates that the approval comes amid the government working on
ways to revive the fortunes of Air India -- estimated to have
debt burden of more than INR50,000 crore -- including sale of
non-core assets.

"The Alternative Mechanism has approved EoI (Expression of
Interest) together with Preliminary Information Memorandum for
Air India Air Transport Services Limited (AIATSL) sale," an
official told reporters, ET relays.

Proceeds from the sale of AIATSL would be used to pay-off part of
Air India's debt, the report notes.

According to the report, the Alternative Mechanism on Air India
disinvestment, headed by Finance Minister Arun Jaitley, has
decided to proceed with strategic sale through divestment of
100 per cent ownership of AIATSL, the official added.

The meeting was attended by Jaitley and Civil Aviation Minister
Suresh Prabhu, among others.

The sale would happen after transferring AIATSL to a Special
Purpose Vehicle (SPV), which has already been incorporated, the
official said, ET relays.

ET notes that the EoI document would be issued after transfer of
AIATSL to the SPV.

In 2016 to 2017, AIATSL raked in a profit of INR61.66 crore.

AIATSL was incorporated in June 2003 with the objective of
carrying out the business of providing all types of services at
airport. Industrial and business operations of AIATSL include
rendering airport ground handling services such as those
pertaining to passenger, ramp, security and cargo for Air India.

ET says the latest strategic sale plan follows the decision by
the ministerial panel in June to make Air India competitive, by
way of cutting down debt and raising resources by selling land
assets and other subsidiaries.

The ministerial grouping had decided to revive Air India after
the government's strategic stake sale offer failed to attract any
bidders earlier this year, the report states.

ET notes that the government had originally proposed to offload
76 per cent stake in the national carrier as well as transfer the
management control to private players.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports.  It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific, The
Times of India said Air India got a breather in the form of
INR1,000-crore equity infusion from the government on March 26,
2014.  According to the report, the airline's unending financial
stress had got worse as the Centre had so far given INR6,000
crore instead of the promised INR8,500 crore for the fiscal. As a
result, AI had to bridge this gap by borrowing money from banks
at 11%-12%, which increased its debt servicing burden, the report
said.  Before the infusion, the government had injected INR12,200
crore into AI and there was a shortfall in equity to the tune of
INR3,574 crore -- despite the airline meeting most of the
milestone-linked equity targets -- leading to a liquidity crunch,
the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


AMAZON ENTERPRISES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Amazon Enterprises Private Limited
        405, 4th Floor, 7-1-58, Concourse, Green lands Road
        Ameerpet, Hyderabad 500016, Telangana

Insolvency Commencement Date: October 29, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 26, 2019
                               (180 days from commencement)

Insolvency professional: Ram Murthy Kommera

Interim Resolution
Professional:            Ram Murthy Kommera
                         Plot No: 143, HNo: 8-19
                         Metro City Mega Town Ship

                         Bonguloor:
                         Village & Post: M.P. Patelguda
                         Mandal: Ibrahimpatnam

                         Ranga Reddy District:
                         Hyderabad 501510, Telangana State
                         E-mail: rammurthyadvocate@gmail.com
                         Mobile: 9866500627

Last date for
submission of claims:    November 13, 2018


APPSDAILY SOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Appsdaily Solutions Private Limited
        C Wing, 6th Floor, Oberoi Garden Estate
        Chandivali, Andheri (E)
        Mumbai 400072

Insolvency Commencement Date: October 23, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Dilipkumar Natvarlal Jagad

Interim Resolution
Professional:            Mr. Dilipkumar Natvarlal Jagad
                         DMKH Insolvency Resolution Services LLP
                         803/804 Akshok Heights
                         Old Nagardas X Road
                         Opp. Saraswati Apartment, Gundavli
                         Andheri (East)
                         Mumbai 400069
                         Tel.: 26824800/4900
                         Mobile: 9821142587
                         E-mail: dilipjagad@hotmail.com
                                 appsdaily.rp@gmail.com

Last date for
submission of claims:    November 9, 2018


ATLANTIS LIFESCIENCES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/S Atlantis Lifesciences Private Limited
        Shop No. 4, The Goraj Indraprastha CHSL
        RSC-37 Gillary Gunj
        Plot No.-90, Goraj-2
        Borivali (W) Mumbai 400092

Insolvency Commencement Date: August 7, 2018

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: February 2, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Dhananjay Kumar Vatsyayan

Interim Resolution
Professional:            Mr. Dhananjay Kumar Vatsyayan
                         Flat No. 10, Building A-12
                         New SKF Colony, Chinchwadgaon
                         Pune 411033
                         Mobile No. 9545551752, 8999070378
                         E-mail: dvatsyayan@yahoo.com

Last date for
submission of claims:    October 19, 2018


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

The instrument-wise rating action is:

-- INR240 mil. Fund-based facilities migrated to Non-Cooperating
    Category with IND B- (ISSUER NOT COOPERATING)/IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 2008 by Mr. Bellam Kotaiah, B. K. Exports is a
proprietorship concern engaged in the trading of tobacco.


BILPOWER LIMITED: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Bilpower Limited
(Bilpower) continues to 'CRISIL D/CRISIL D'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          90          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit
   & Bank Guarantee     80          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    4          CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with Bilpower for
obtaining information through a letter and email dated May 31,
2018 and November 06, 2018, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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 they have been arrived at, without
any management interaction, and are based on the best available,
limited or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on the strategic intent of
Bilpower. This restricts CRISIL's ability to take a forward-
looking view on the credit quality of the entity. CRISIL believes
that the information available for Bilpower is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower.

Based on the last available information, the rating on bank
facilities of Bilpower continues to 'CRISIL D/CRISIL D'.

Key Rating Drivers & Detailed Description

* Delay in servicing debt: Bilpower has delayed the servicing of
debt, due to weak liquidity, resulting from unrealised
receivables and operating losses.

* Weak financial risk profile: Networth was negative, driven by
large receivables, continued operating losses, and sizeable
short-term debt.

Bilpower, incorporated in 1989, manufactures transformer
laminations. It has manufacturing units at Vadodara (Gujarat),
Silvassa (Dadra and Nagar Haveli), Kanchad (Maharashtra), and
Roorkee (Uttarakhand).


BS LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: BS Limited
        Regional Office:
        Sy. No. 41, Majeedpalli (V), TSIIC Indl. Area
        Muppireddypally, Manoharabad Mandal
        Medak Dist 502334 - TG State

        Principal Office/Corporate Office:
        #304, 3rd Floor, Trendset Towers, Road No. 2
        Banjara Hills, Hyderabad TG 500034 IN

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 29, 2019

Insolvency professional: Dr. Kondapalli Venkat Srinivas

Interim Resolution
Professional:            Dr. Kondapalli Venkat Srinivas
                         #3-4-756/1, Flat No. 402
                         Sai Raghavendra Residency
                         Barkatpura, Hyderabad 500027
                         E-mail: kvsrinivas12@gmail.com

                            - and -

                         #304, 3rd Floor, Trendset Towers
                         Road No. 2, Banjara Hills
                         Hyderabad TG 500034 IN
                         E-mail: irp_bsl@aaip.co.in

Last date for
submission of claims:    November 15, 2018


CHANDRA PRABHU: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chandra Prabhu
International Limited's (CPIL) Long-Term Issuer Rating at 'IND
B+' with a Stable Outlook and simultaneously migrated the rating
to the non-cooperating category. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based facilities affirmed and migrated to
    non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/Stable/IND A4 (ISSUER NOT COOPERATING) rating;
    and

-- INR100 mil. Non-fund-based facilities affirmed and migrated
    to non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Based on best available
information.

KEY RATING DRIVERS

The affirmation reflects CPIL's continued modest scale of
operations in 1HFY19. Its revenue grew to INR462.99 million in
1HFY19 (1HFY18: INR351.43 million). Moreover, in 1HFY19, its
interest coverage (operating EBITDA/gross interest expense) was
9.15x (1HFY18: negative 4.74x) and net financial leverage (total
adjusted net debt/operating EBITDAR) was 1.75x (negative 0.43x).
Further, a rise in EBITDA margins to 8.57% (negative 6.54%), due
to an increase in coal procurement and sales, led to an
improvement in credit metrics.

The ratings continue to be supported by the promoter's experience
of over two decades in the trading business.

CPIL did not participate in the surveillance exercise and has not
provided information such as latest sanction letters, fund-based
and non-fund-based limit utilization, etc.

RATING SENSITIVITIES

Negative: A further deterioration in the credit metrics and/or
stress on the liquidity position could be negative for the
ratings.

Positive: Diversification/expansion of business leading to a
growth in the top line and an improvement in the overall credit
metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1984, CPIL is engaged in the trading of coal and
synthetic rubber. Its head office is in New Delhi, with branch
offices in Chandasi in Mughal Sarai (Uttar Pradesh), Guwahati
(Assam), Bhatinda (Punjab) and Gurugram (Haryana).


DHARAM PAUL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Dharam Paul Metal Private Limited
        35 Latif House, Iron Market
        Mumbai 400009

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 12, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti, 2nd Floor, 49A
                         Dr. Annie Besant Road,
                         A Above Corporation Bank
                         Worli Mumbai 400018
                         Tel.: +91(22)-6611-9696
                         Direct Extn.: 604
                         Mobile: +91-9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    November 12, 2018


DRAKE SCULL: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: M/s Drake & Scull Water & Energy India Private Limited
        Registered address and Corporate address:
        Unit No. 632, 633 & 634, 6th Floor
        BPTP Park Centra, Tower B Building
        Sector-30 Gurgaon, Haryana 122001 India

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: 180 days from commencement

Insolvency professional: Miss Nisha Malpani

Interim Resolution
Professional:            Miss Nisha Malpani
                         D-190, Rosewood City
                         Sector-50, Gurgaon
                         Haryana 122018
                         E-mail: nisha.malpani@outlook.com

                            -- and --

                         Unit No. 903-906, 9th Floor, Tower-C
                         Unitech Business Zone, Nirvana Country
                         Sector-50, Gurgaon
                         Haryana 122018
                         E-mail: cirp.drake_scull@
                                 resurgentindia.com

Last date for
submission of claims:    November 13, 2018


DSRM STEELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: DSRM Steels Private Limited
        SF No. 412/1, Vedasandur Taluk
        Dindigul Dist Kulathur TN 624005

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         RAJI 3B1, 3rd floor, Gaiety Palace
                         No. 1L, Blackers Road, Mount Road
                         Chennai, Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com
                                 rmscirp@gmail.com
                         Phone: 044-2852-8282, 4260-6292
                         Mobile: +91-98840-68292, 99625-68292

Last date for
submission of claims:    November 13, 2018


GADIA STRUCTURALS: CRISIL Reaffirms B+ Rating on INR13cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Gadia Structurals Private Limited (GSPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         10        CRISIL A4 (Reaffirmed)

   Cash Credit            13        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
amidst intense competition in the steel products trading
industry, the weak financial risk profile, and susceptibility to
volatile steel prices. These weaknesses are mitigated by
extensive experience of the promoters, and healthy relationships
with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: GSPL is a relatively smaller player
in the fragmented steel products trading industry, with operating
income of INR87 crore in fiscal 2018.

* Weak financial risk profile: Financial risk profile is weak,
marked by modest networth, leveraged capital structure and sub-
par debt protection metrics.

* Susceptibility to volatile raw material prices: Operating
margin remains susceptible to volatility in steel prices.

Strength

* Extensive experience of the promoters and longstanding customer
relationships: The two decade-long experience of the promoters,
in the steel trading industry, and the diversified base of over
200 customers, will continue to support the business risk
profile.

Outlook: Stable

CRISIL believes GSPL will continue to benefit from the extensive
experience of its promoters, and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if a significant growth in scale of operations and profitability,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, or a
stretched working capital cycle, weakens the financial risk
profile, especially liquidity.

GSPL was set up in 1995, by the promoters, Mr Dilip Gadia and his
wife, Ms Ranjana Gadia. The Vishakhapatnam-based company trades
in steel products such as thermo-mechanically treated bars,
ingots, and billets, as well as in pig iron.


GIAN CHAND: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Gian Chand and Sons Private Limited
        Village Bajra, Rahon Road Ludhiana
        Punjab 141001

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Chandiragh Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019

Insolvency professional: Anjum Goyal

Interim Resolution
Professional:            Anjum Goyal
                         4-Near Chawla Cement Store
                         Banke Bihari Gali, Batala Road
                         Amritsar, Punjab 143001
                         E-mail: agoyal4u@yahoo.com
                         Mobile: 9815203626

Last date for
submission of claims:    November 15, 2018


GVR INFRA: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s GVR Infra Projects Limited
        VBC Solitaire, 9th & 10th Floor,
        No. 47 & 49 Bazullazh Road
        T. Nagar, Chennai 600017

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 14, 2019

Insolvency professional: Arumugam Arumugam

Interim Resolution
Professional:            Arumugam Arumugam
                         1/56 Market Road, Devi Stores
                         1st Floor, Kelambakkam
                         Chennai 603103
                         E-mail: arumuru2008@gmail.com
                         Mobile No. 8015240147

Last date for
submission of claims:    November 2, 2018


HOTEL REEVA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Hotel Reeva Private Limited
        302, Manju Castle Church Road
        Behind St. Xaviers School, Vile Parle (West)
        Mumbai 400056

Insolvency Commencement Date: October 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti
                         2nd Floor, 49 A
                         Dr. Annie Besant Road
                         A Above Corporation Bank
                         Worli, Mumbai 400018
                         Tel.: +91 (22) 6611 9696
                         Direct Extn.: 604
                         Mobile: +91 9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    November 16, 2018


IL&FS CLUSTERS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on IL&FS Clusters Development Initiative Limited's
(CDI) bank facilities:

-- INR300 mil. Fund-based working capital limits long-term
    rating downgraded and reassigned and short-term affirmed and
    reassigned to IND C/IND A4 ratings; and

-- INR60 mil. Non-fund-based working capital limits long-term
    rating downgraded and reassigned and short-term affirmed and
    reassigned to IND C/IND A4 ratings.

The rating action is based on a change in Ind-Ra's rating
approach for CDI, which is a wholly owned subsidiary of  IL&FS
Education and Technology Services Limited (IETS; 'IND D'). Ind-Ra
has reassigned a rating of 'IND C' (earlier 'IND B+(SO)') because
with the recent rating action on IETS, the parent support in the
form of the corporate guarantee to secure CDI's  bank facilities
has largely diminished.

Ind-Ra continues to take a consolidated view of IETS, it's wholly
owned subsidiary CDI and its majority owned subsidiary IL&FS
Skills Development Corporation Limited (ISDC), as they operate in
similar businesses and have strong legal, operational and
strategic linkages.

KEY RATING DRIVERS

In view of the strong legal, operational and strategic linkages
among IETS, CDI, and ISDC, the downgrade of IETS would lead to
CDI and ISDC facing constrained financial flexibility. As a
result, their refinancing risk will increase.

CDI's revenue fell to INR414 million in FY18 from INR999 million
in FY17 due to a decline in grant income from the government of
India for a placement-linked skill development programme. It
reported an EBITDA loss of INR62 million and a net loss of INR59
million for FY18 because of the significant fall in revenue. At
FYE18, CDI's debt outstanding was INR 2,893 million, including
routed loans to support group companies. The loans are secured by
a charge on current assets, including loans and advances given to
group companies, and a demand promissory note.

The liquidity profile of CDI remains stretched, given it almost
fully utilized its fund-based limits during the 12 months ended
October 2018. In the absence of group intervention, it is
unlikely that these loans can be serviced on time. Hence, the
downgrade of IETS would lead to further tightening of CDI's
liquidity profile and, thus, could lead to challenges in meeting
debt servicing requirements.

RATING SENSITIVITIES

Positive: CDI's ability to manage its debt obligations in the
short to medium term would remain a key rating trigger. The right
funding support in a timely manner could be a rating positive.

COMPANY PROFILE

Set up in September 2006, CDI specializes in cluster development
and project management consultancy services. It focuses on 10
sectors and has a diversified client base comprising government,
private sector, bilateral and multilateral institutions.


IL&FS SKILLS: Ind-Ra Lowers Long Term Issuer Rating to 'C'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on IL&FS Skills Development Corporation Limited's
(ISDC) bank loan facilities:

-- INR100 mil. Non-fund-based limit/fund-based limit* Long-term
    rating downgraded and reassigned; Short-term rating affirmed
    and reassigned with IND C/IND A4 ratings.

* The limit is fungible

The rating actions are based on a change in Ind-Ra's rating
approach for ISDC, majority majority-owned subsidiary of  IL&FS
Education and Technology Services Limited (IETS; 'IND D'). Ind-Ra
has reassigned a rating of 'IND C' (earlier 'IND B+ (SO)')
because the corporate guarantee extended by IETS to secure ISDC's
bank facilities has largely diminished, following IETS' recent
rating downgrade.

Ind-Ra continues to take a consolidated view of IETS and its
subsidiaries, ISDC and IL&FS Clusters Development Initiative
Limited as they operate in similar businesses and have strong
legal, operational and strategic linkages among them. Thus, the
downgrade of IETS' rating would also lead to constrained
financial flexibility of ISDC and IETS, thereby increasing their
refinancing risk.

KEY RATING DRIVERS

ISDC's revenue increased to INR1,998 million in FY18 (FY17:
INR1,252 million) on account of an increase in enrolment and
training completion of candidates under various skill learning
programmes. EBITDA and net profit increased to INR291 million in
FY18 (FY17: INR156 million) and INR110 million (INR54 million),
respectively. At FYE18, ISDC had total outstanding debt of INR607
million.

The company's liquidity profile remained stretched with almost
full utilization of its bank limits during the 12 months ended
October 2018.  In absence of group intervention, it is unlikely
that these loans can be serviced on time. Hence, the recent IETS
downgrade would lead to further tightening of ISDC's liquidity
profile, which could pose a challenge in meeting its debt
servicing.

RATING SENSITIVITIES

Positive: ISDC's ability to manage its debt obligations over the
short to medium term would remain a key rating trigger. Funding
support in the required quantum and timelines could be a rating
positive.

COMPANY PROFILE

ISDC is a joint venture between IETS (80.01% share) and National
Skill Development Corporation (19.99%). The company aims at
providing training to 4 million people by 2022 through a network
of 300 plus institutes of skills on hub and spoke model. The
training will be targeted towards providing solutions for
infrastructure deficiencies, trainer quality, and supply-driven
curriculum, linkages with the job market and employability
issues. The company addresses training needs across government
organizations, private companies, international bodies and
trainees themselves.


JAI HIND: Ind-Ra Migrates BB+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Hind Sugar
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:

-- INR410 mil. Long-term loans due on March 2024 migrated to
    non-cooperating category with IND BB+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 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 2016, Jai Hind Sugar manufactures sugar at its
plant, located in Solapur, Maharashtra, which has a total sugar
manufacturing capacity of 4,500 tons of canes per day.


K. SUBRAYA: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of K. Subraya Anantha
Kamath and Sons (KSAKS) continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

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

   Foreign Bill           3.5       CRISIL B/Stable (ISSUER NOT
   Discounting                      COOPERATING)

   Packing Credit         7         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Standby Line of        0.75      CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

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

Set up in 1945, as a partnership firm, KSAKS, is engaged in the
processing of raw cashew nuts to produce cashew kernels and other
by-products. KSAKS has two processing facilities ' on each in
Jalsoor (Karnataka) and Kasaragod (Kerala). The firm is promoted
by Kerala based Kamath family and the operations are managed by
Mr. Pramod Kamath, Mr. Gridhar Kamath, Mr. Prasad Kamath and Ms.
Radha Kamath.


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

The instrument-wise rating actions are:

-- INR275.2 mil. Long-term loans due on December 2024 migrated
    to Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating; and

-- INR300 mil. Fund-based facilities 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
October 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in March 2006, Kalpataruvu Spinning Mills is a Guntur-
based company promoted by Mr. Raghu Rami Reddy. It manufactures
cotton yarn and has an installed capacity of 30,048 spindles.


KAMAL PRESSING: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kamal Pressing
Factory (KPF) continue to be 'CRISIL B-/Stable Issuer not
cooperating'.

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

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

Established in 1998 and based in Hingoli (Maharashtra), KPF
presses cotton and sells cotton bales and seeds. Its pressing
unit has installed capacity of 400 cotton bale per day. KPF is a
sole proprietorship firm owned and managed by Mr. Anil Lahoti.


KANAKA MAHALAKSHMI: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Kanaka Mahalakshmi
Rice Industries (KMRI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

   Proposed Long Term
   Bank Loan Facility    15.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 1989 as a partnership firm, KMRI processes paddy into
rice, rice bran, broken rice and husk at its facility in
Nalgonda, Telangana. The firm is promoted by Mr. Burugu Lingaiah
and Mr. Burugu Satyanarayana.


LEVIN DECOR: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Levin Decor LLP
(Levin) continue to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Long Term Loan         6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     0.02      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

Levin Decor was established in August 2014 as a limited liability
partnership firm. The firm manufactures decorative laminates used
for furnishing (especially for doors), veneers, and industrial
laminates. It commenced operations in July 2015. Mr. Bharatbhai
Patel, Mr. Kamleshbhai Patel, Mr. Utkarshkumar Patel, Mr.
Prahladbhai Patel, Mr. Rameshkumar Patel, and Mr. Mayankkumar
Patel are the partners.


LIFE SHINE: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Life Shine
Medical Services 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:

-- INR110.6 mil. Long-term loan due on September 2020 migrated
    to non-cooperating category with IND BB (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates a 300-bed hospital -
Tulasi Hospitals - in Hyderabad (Telangana).


M VENKATARAMA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of M Venkatarama Reddy
(MVR) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         9         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            9         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1989 as a proprietorship firm, MVR is a Bengaluru-
based civil contractor. The firm primarily undertakes
construction of roads projects. The operations are managed by Mr.
M Venkatarama Reddy.


M L MANSUKHANI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M L Mansukhani and Co Pvt Ltd
        69, Princess Street
        Mumbai Maharashtra 400002

Insolvency Commencement Date: October 23, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019
                              (180 days from commencement)

Insolvency professional: Saket Shantilal Jain

Interim Resolution
Professional:            Saket Shantilal Jain
                         Office No. 70, 2nd Floor, Empire
Building
                         Above MacDonald, 134 D N Road
                         Mumbai 400001
                         E-mail: cajainsaket@gmail.com
                                 ip.saketjain@gmail.com

Last date for
submission of claims:    November 6, 2018


MADHAV STORES: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Madhav Stores (MS)
continue to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan              2.42      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2009-10 (refers to financial year, April 1 to March 31)
as a partnership firm by Mr. Hemant Gupta, his brother, Mr.
Gourav Kumar Gupta, and their family members, MS retails home
appliances, kitchenware, utensils, and grocery items at its
showroom in Karnal.


MAHABIR TECHNO: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Mahabir Techno Limited
        Umri, G.T. Road
        Kurukshetra 136118
        Haryana

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019

Insolvency professional: Vinod Kumar Mahajan

Interim Resolution
Professional:            Vinod Kumar Mahajan
                         Flat No. 309, RCS Society
                         Sector 48-A, Chandigarh
                         Mail: vkmahajan586@gmail.com
                         Mobile: 7042277309

Last date for
submission of claims:    November 13, 2018


MAHARAJA RESOURCES: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maharaja
Resources Private Limited (MRPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limit assigned with
    IND BB-/Stable rating; and

-- INR49 mil. Term loan due on December 2021 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect MRPL's small scale of operations. Its revenue
was INR271 million (FY17: INR113.91million). FY17 was the first
full year of operations.

The ratings also reflect MRPL's modest credit metrics. Its
interest coverage ratio (operating EBITDA/gross interest expense)
was 2.0x (FY17: 2.2x) and net leverage ratio (net debt/operating
EBITDA) was 4.2x (FY17: 3.7x).

The ratings further reflect MRPL's tight liquidity, indicated by
a 99.7% average utilization of its fund-based facility for the 12
months ended October 2018. Its cash flow from operations was
negative INR30.44 million in FY18, with available cash balance
standing at INR0.05 million.

The rating factors in MRPL's average EBITDA margin of 12.2% in
FY18 (FY17: 25.6%). Its return on capital employed was 13% in
FY18 (FY17: 12%).

The ratings derive support from the promoter's experience of over
16 years in the steel industry.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics may lead to a
negative rating action.

Positive: Any substantial rise in the revenue and any improvement
in the credit metrics may lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2010, MRPL commenced commercial operations in
July 2016. It manufactures stainless steel pipes at its 1,000-
tonne-per-month plant in Jajpur, Odisha.

It has customers across Odisha, Chhattisgarh, Jharkhand,
Karnataka and Tamil Nadu.


MAHARASHTRA ALUMINIUM: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Maharashtra Aluminium And Alloys Private Limited
        17/C, Marine Chambers 1st Marine Street
        Shop No. 9, Marine Lines Mumbai
        Maharashtra 400020

Insolvency Commencement Date: October 23, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019
                               (180 days from commencement)

Insolvency professional: Saket Shantilal Jain

Interim Resolution
Professional:            Saket Shantilal Jain
                         Office No. 70, 2nd Floor, Empire
Building
                         Above MacDonald, 134 D N Road
                         Mumbai 400001
                         E-mail: cajainsaket@gmail.com
                                 ip.saketjain@gmail.com

Last date for
submission of claims:    November 6, 2018



MAX INTERNATIONAL: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Max International
(MI) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       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'.

Established in the 1980s, MI is a sole proprietorship firm,
promoted by Ms. Poonam Hans. The firm is a distributor of Samsung
mobile phones and electrical appliances, Titan watches, Fast
Track watches and sunglasses, and R-pure masala. MI is a part of
the Hans group based in Bhubaneswar. The group is headed by Mr.
Ram Chandra Hans.


MIDHUNAM SPINNERS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Midhunam Spinners
Private Limited (MSPL) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.3       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

   Proposed Cash          2.0       CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

   Proposed Term Loan     4.57      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

MSPL, incorporated in 1999, manufactures cotton yarn. The company
is promoted by Mr. Armugam and his family.


MIR BUILDERS: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of MIR Builders and
Developers Private Limited (MIRBDL; part of MIR group) continues
to be 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Long Term     18       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING)

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MIRBDL with its group company MIR
Realtors Pvt Ltd (MIRRPL). This is because the two companies,
together referred to as the MIR group, have business and
financial linkages and a common management.

Incorporated in the year 2006, MIRRPL is engaged primarily in
residential real estate development in Kerala. Incorporated in
the year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun
Kumar.


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

The instrument-wise rating action is:

-- INR200 mil. Proposed term loan migrated to non-cooperating
    category with Provisional IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 21, 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 March 2013, MJM Industries is engaged in the
manufacturing of liquefied petroleum gas-operated iron boxes.


MLC PROPERTIES: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of MLC Properties LLP
(MLPRLL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term       40       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

MLC is a Limited Liability Partnership firm incorporated on 30
March 2013 and is based out of Bangalore. The firm, earlier, was
a partnership firm started on September 25, 2003 and is partnered
by the Sundarmurthy family. MLC derives its revenues from leasing
out commercial properties situated in Bangalore and Goa.
Presently, the firm has 3 properties- two in Bangalore and one in
Goa out of which only one is operational and the other two are
yet to become operations in 2015-16.


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

The instrument-wise rating action is:

-- INR88 mil. Fund-based facilities migrated to non-cooperating
    category with IND B- (ISSUER NOT COOPERATING) / IND A4
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mohan Tobaccos was incorporated in 2011 as a proprietorship
concern by Mr. Bellam Ramu. The firm is engaged in the trading of
tobacco.


MURLI DRAPES: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Murli Drapes LLP
(MDLLP) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan              3.25      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MDLLP 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 MDLLP, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MDLLP,
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 MDLLP, 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 2011 by Mr. Nailesh Dresswala and Mr. Janak Seth, MDLLP
manufactures warp knitted fabric for sale mostly to curtain
manufacturers. Its manufacturing unit is in Bhivandi, Mumbai.


NAVIN COTEX: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Navin Cotex (NC)
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 NC 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 NC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NC, 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 NC, continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Setup in 2010, as a partnership firm by Mr. Bansilal Tayal, Mr.
Rahul Tayal, Ms. Ushabai Tayal and Ms. Pooja Tayal, NC gins and
presses raw cotton and sale cotton bales and seeds. Its
manufacturing unit is located in Sillod (Maharashtra) and has a
ginning and pressing capacity of 200 bales per day.


OSWAL SPINNING: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Oswal Spinning and Weaving Mills Ltd

        Regional Office:
        #92, Industrial Area-A
        Near Kwality Chowk Ludhiana
        Punjab 141014

        Works Office:
        G.T. Road, Doraha Distt. Ludhiana

        Corporate Office:
        No. 11 & 12, 1st Floor, Block-F
        Near Orient Cinema, BRS Nagar
        Ludhiana 141012

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: April 27, 2019
                               (180 days from commencement)

Insolvency professional: Hemanshu Jetley

Interim Resolution
Professional:            Hemanshu Jetley
                         Ducturus Resolution Professionals Pvt.
                         Ltd.
                         SCO-131, 2nd Floor, MDC, Sector-5
                         Panchkula, Haryana 134119
                         E-mail: hejetley@gmail.com
                                 ip.oswal@ducturus.com
                         Mobile: 090417-00000
                                 073411-05243

Last date for
submission of claims:    November 15, 2018


PALLAVI ENTERPRISES: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Pallavi Enterprises
(Pallavi) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         4         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Warehouse Receipts     8         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his
wife Ms. Tatikonda Savitri. The firm mills paddy into rice and
generates by-products such as broken rice, bran, and husk. Its
rice mill is in Vijayawada, Andhra Pradesh.


PARMATMA COTTONS: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Parmatma Cottons
Private Limited (PCPL) 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              3.2       CRISIL B+/Stable (ISSUER NOT
                                    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'.

Incorporated in 2011 and based in Adilabad, Telangana, PCPL
undertakes cotton ginning. The company is promoted by Mr. Vinod
Kumar Agarwal and Mr. Rajesh Agarwal.


POLY PRODUCTS: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Poly Products (PP)
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

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

   Letter of Credit       8         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

PP was established in 1973 as a partnership firm; Mr. Ashok Gupta
and Mrs. Nirmal Gupta manage the firm's operations. It trades in
plastic products and its sales office is in New Delhi.


PRADEEP DOWNHOLE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Pradeep Downhole Equipments Private Limited
        Registered Office:
        PVT Shop No-102, F/F, Prop. No-779/6
        KH. No. 1151/3 Gali Doodh Wali Main Bazar Mehrauli
        New Delhi 110030

Insolvency Commencement Date: October 25, 2018

Court: National Company Law Tribunal, Special Bench Delhi

Estimated date of closure of
insolvency resolution process: April 23, 2019
                               (180 days from commencement)

Insolvency professional: Tarun Jain

Interim Resolution
Professional:            Tarun Jain
                         805, Padma Tower-I, Rajendra Place
                         New Delhi 110008
                         info@jainandpartners.com

Last date for
submission of claims:    November 9, 2018


PRAGATI EDUCATION: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Pragati Education
Foundation (PEF) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan          8        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan      7        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

PEF was set up as a society in 2005 in Raipur. Its operations are
currently managed by Mr. Rajeev Vora and Mr.Santosh Jain.The
society runs the Pragati College of Engineering & Management,
which was established in 2010 at Raipur; the college offers
degree courses in engineering.


PRINT HOUSE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Print House (India) Private Ltd
        R/847 2, T.T.C. Industrial Area M.I.D.C., Rabale
        Navi Mumbai Rabale, MH 400701 IN

Insolvency Commencement Date: October 17, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 15, 2019

Insolvency professional: Mr. Vinit Gangwal

Interim Resolution
Professional:            Mr. Vinit Gangwal
                         Office No. 305, Om Chambers
                         Above Hotel Panchali, Jangli Maharaj
Road
                         Shivajinagar, Pune 411005
                         E-mail: vinitgangwal@sudharman.in
                         Phone: (020) 48604943

                            -- and --

                         502, The Central, Shell Colony Road
                         Chembur (E), Mumbai 400071
                         E-mail: ip.printhouse@gmail.com

Last date for
submission of claims:    October 31, 2018


RANGAJAVA SOAP: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Rangajava Soap & Chemical Works Pvt Ltd
        4/2, Chanditala Lane
        Kolkata 700040
        West Bengal

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 30, 2019

Insolvency professional: CS Ananda Rao Korada

Interim Resolution
Professional:            CS Ananda Rao Korada
                         Flat No. 3, 400B/2F, NSC Bose Road
                         Kolkata 700047, West Bengal
                         E-mail: raoka55@gmail.com
                         Mobile: 9874264647

                            - and -

                         Flat 702, Shaptami
                         Upohar Luxury Complex
                         Panchsayar Road
                         Kolkata 700094
                         E-mail: irp_rangajava@gmail.com

Last date for
submission of claims:    November 14, 2018


RLA HOLDINGS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: RLA Holdings Pvt Ltd
        545, G.T Road (5), 4th Floor
        R No. 408, Howrah
        WB 711101

Insolvency Commencement Date: October 23, 2018

Court: National Company Law Tribunal, Bhubaneswar Bench

Estimated date of closure of
insolvency resolution process: April 21, 2019
                               (180 days from commencement)

Insolvency professional: Ardhendu Shekhar Raut

Interim Resolution
Professional:            Ardhendu Shekhar Raut
                         Plot No. N/3, Lane-2, Soubhagya Nagar
                         Siripur, Bhubaneswar, Khordha
                         Odisha 751003
                         E-mail: ardhendu.rout@gmail.com
                                 ip.asrout@gmail.com

Last date for
submission of claims:    November 18, 2018


SATYAM DEVELOPERS: Ind-Ra Migrates BB Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Satyam
Developers 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:

-- INR450 mil. Term loans due on November 2019-March 2021
    migrated to Non-Cooperating Category with IND BB (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 1, 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 2000, Satyam Developers is engaged in the
construction of residential and commercial projects.


SHIVAM PROTEIN: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivam Protein
Products Private Limited (SPPPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR17.20 mil. Term loan due on October 2019 assigned with
    IND B+/Stable rating; and

-- INR90.00 mil. Fund-based limits assigned with IND B+/
    Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect SPPPL's small scale of operations as
indicated by revenue of INR310.80 million in FY18 (FY17:
INR381.74 million). The decline in revenue was on account of a
fall in price of pulses. The company booked a total revenue of
INR250 million until October 2018. FY18 financials are
provisional in nature.

The ratings are also constrained by elongation of the company's
working capital cycle to 216 days in FY18 (FY17: 124 days),
resulting from an increase in inventory holding period to 199
days (101 days).

The ratings factor in SPPPL's modest liquidity position as
indicated by 90.59% average maximum utilization of its fund-based
limits for the 12 months ended September 2018.The company had low
cash and cash equivalents of INR2.76 million at FYE18 (FYE17:
INR1.02 million). However, cash flow from operations turned
positive to INR4.55 million in FY18 from negative INR22.93
million in  FY17, owing to an improvement in absolute EBITDA to
INR52.77 million (FY17: INR18.14 million). The improvement in
EBITDA was on account of a decline in raw material cost as the
company procures raw pulses from the government at concessional
rates.

Consequently, EBITDA margin expanded to 16.98% in FY18 (FY17:
4.75%), interest coverage (operating EBITDA/gross interest
expense) to 3.64x (0.95x) and net leverage (adjusted net
debt/operating EBITDAR) to 3.19x (7.14x). Its return on capital
employed was 17% in FY18. Despite the strong margins, the credit
metrics were modest.

However, the ratings benefit from SPPPL's promoter's more than
five decades of experience in the agro-based commodity processing
business.

RATING SENSITIVITIES

Positive: Any substantial improvement in the revenue while
maintaining the operating profitability, leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: A decline in the revenue and/or operating
profitability, leading to deterioration in the credit metrics on
a sustained basis could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2004 in Dabhoi, Gujarat, SPPPL is engaged in the
processing of pulses.


SIDDHI VINAYAK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/S Siddhi Vinayak Polymer Private Limited
        G-1/72, Road No. 14P, VKI Area (Extn)
        Jaipur RJ 302013

Insolvency Commencement Date: November 3, 2018

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: May 2, 2019

Insolvency professional: Sanjay Kumar Agrawal

Interim Resolution
Professional:            Sanjay Kumar Agrawal
                         335, Vipul Trade Centre, Sector 48
                         Sohna Road, Gurugram
                         Haryana 122001
                         E-mail: fcasanjay@gmail.com

Last date for
submission of claims:    November 17, 2018


SOLIDAIRE INDIA: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Solidaire India Limited
        New No. 24, Old No. 14, 1st Main Road
        Adayar, Chennai 600020

Insolvency Commencement Date: October 26, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 24, 2019
                               (180 days from commencement)

Insolvency professional: J Karthiga

Interim Resolution
Professional:            J Karthiga
                         Sri Nivas, New No. 1, Old No. 1052
                         41st Street, Korattur
                         Chennai 600080
                         E-mail: karthigasri@hotmail.com

Last date for
submission of claims:    November 12, 2018


SRI TEXTILE: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sri Textile Erode Private Limited
        No. 7, K N K Road, Karungalpalayam
        Erode 638003, Tamilnadu, India

Insolvency Commencement Date: October 16, 2018

Court: National Company Law Tribunal, Perundurai Bench

Estimated date of closure of
insolvency resolution process: April 2, 2019

Insolvency professional: Shri N Sivakumaar

Interim Resolution
Professional:            Shri N Sivakumaar
                         No. 39/82, R.S. Road, "White Field"
                         (Via Iyyar Kulam), Thoppupalayam
                         Perundurai, Erode 638052, Tamilnadu
                         E-mail: nsivakumar66@yahoo.com

Last date for
submission of claims:    October 30, 2018


SUCHETAN EXPORTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Suchetan Exports P. Ltd.
        Patuck Gin & Press Factory
        Shrawan Yeshwant Chowk Kalachowki
        Mumbai MH 400033 India

Insolvency Commencement Date: October 29, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 27, 2019

Insolvency professional: Mr. Vimal Kumar Agarwal

Interim Resolution
Professional:            Mr. Vimal Kumar Agarwal
                         Office No. 11-12, Krishna Kunj
                         Above HDFC Bank Ltd.
                         Near East-West Flyover, Bhayander West
                         Thane, 401101, Maharashtra
                         E-mail: vimalpagawral@rediffmail.com

Last date for
submission of claims:    November 12, 2018


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

The instrument-wise rating actions are:

-- INR70.96 mil. Term loan due on March 2024 migrated to Non-
    Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR40 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based limit migrated to Non-Cooperating
    Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 3, 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 2010 in Bhubaneswar, Odisha, Summa Real Media is
a media house that owns the leading newspaper of Odisha, Prameya,
and a 24x7 news channel, NEWS7.


SVG GRANITES: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SVG Granites
Limited's (SVGGL) Long-Term Issuer Rating at 'IND B'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR110 mil. Fund-based limits affirmed with IND B/Stable
    rating; and

-- INR32.50 mil. Non-fund-based limits affirmed with IND A4
    rating.

KEY RATING DRIVERS

The affirmation reflects SVGGL's continued tight liquidity
profile, marked by instances of over-utilization during the 12
months ended October 2018. However, the over-utilization
instances were regularized within 11 days. Further, the cash and
equivalents as on March 31, 2018 is INR3.33 million.

The ratings reflect SVGGL's continued small scale of operations
and modest credit metrics. Its revenue rose to INR296.23 million
in FY18 from INR286.12 million in FY17, driven by higher
execution of orders. Its EBITDA interest coverage (operating
EBITDA/gross interest expenses) was largely unchanged at 1.9x
compared with 2.0x in FY17. Its net financial leverage (Ind-Ra-
adjusted net debt/operating EBITDAR) improved to 3.8x in FY18
from 4.1x in FY17, primarily due to a decline in debt.

The ratings further reflect the company's modest EBITDA margin,
which declined to 10.4% in FY18 from 10.9% in FY17 due to raw
material price and foreign currency fluctuations. In addition,
its return on capital employed was 9% in FY18 (FY17: 9%).

The ratings, however, are supported by over two decade of
experience of SVGGL's promoters in the granite manufacturing
business.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity profile would lead
to a negative rating action.

Positive: Any improvement in the liquidity profile would lead to
a positive rating action.

COMPANY PROFILE

SVGGL processes rough granites blocks to derive granite slabs of
various dimensions and exports them. The company is headed by
Kishan Agarwal, Kiran Agarwal and Naman Agarwal. Its registered
office is in Secunderabad, Andhra Pradesh.


SYBLY INDUSTRIES: CRISIL Cuts Rating on INR15cr Loans to 'C'
------------------------------------------------------------
https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs
/Sybly_Industries_Limited_November_15_2018_RR.html


CRISIL has removed its rating on the long term bank facilities of
Sybly Industries Limited (SIL) from 'Rating Watch with Developing
implications' and downgraded the rating to 'CRISIL C' from
'CRISIL B-'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL C (Downgraded from
                                    'CRISIL B-'; Removed from
                                    'Rating Watch with Developing
                                    Implications')

   Proposed Long Term      4        CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B-'; Removed from
                                    'Rating Watch with Developing
                                    Implications')

The rating was placed on watch on August 28, 2017, following the
demerger announcement of SIL's wholly owned subsidiary, Sybly
International FZE (SI). Post-demerger, a new company, Space
Incubatrics Technologies Ltd, will be formed.

Also, the two other companies of SIL's promoters, Vartex Fabrics
Pvt Ltd and Dux Textiles Pvt Ltd, are being merged with SIL to
achieve greater efficiencies in operations with optimum
utilisation of resources, better administration, and reduced
cost.

The scheme of arrangement among SIL (demerged company/transferee
company), Space Incubatrics Technologies Ltd (resulting company),
Vartex Fabrics Pvt Ltd (transferor company 1), Dux Textiles Pvt
Ltd (transferor company 2), and their respective shareholders has
been approved by the National Company Law Tribunal (NCLT).
Approval for trading, dated June 27, 2018, has been received and
trading of shares of SIL resumed from July 2, 2018. The updated
financials for SIL are also available.

The downgrade factors in SIL's weak business risk profile, as
seen in a decline in scale of operations to INR35.7 crore in
fiscal 2018 from INR83.1 crore in the previous fiscal. Operating
margin was also negative 1.1 per cent. Furthermore, financial
risk profile, especially liquidity, has deteriorated, reflected
in increase in gearing to 2.2 times as on March 31, 2018, from
0.44 time in the previous year; and negative interest coverage
ratio. Net cash accrual is expected to remain insufficient to
meet term debt obligation while bank limit has remained fully
utilised.

Analytical Approach

CRISIL has deconsolidated SI as it was demerged from SIL after
the approval of NCLT.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations in fragmented industry: Despite being
in the textiles industry for over 25 years, scale remained
modest, with an operating income of INR35.7 crore in fiscal 2018.
This prevents the company from exploiting economies of scale and
limits its pricing power with suppliers and customers, thereby
affecting working capital cycle and operating margin.

* Susceptibility to fluctuations in raw material prices: Margin
will remain exposed to volatility the price of key input,
polyester staple fibre, which is a crude derivative.

* Working capital-intensive operations and weak financial risk
profile: Liquidity is constrained by stretched receivables of
around 120 days as on March 31, 2018. Liquidity will remain
subdued over the medium term. Also, gearing and interest coverage
ratio remained weak.

Strength

* Experience of promoters: Benefits from promoters' experience of
over 30 years and strong relationship with dealers, suppliers,
and customers should continue to support business.

Established in May 1988, SIL is promoted by Mr Mahesh Chand
Mittal and his son, Mr Nishant Mittal. It manufactures polyester
yarn and trades in cotton fabrics. SIL's plant is in Muradnagar,
Uttar Pradesh. The company is listed on the Bombay Stock
Exchange.


UNIQUE MERCANTILE: Ind-Ra Assigns 'BB+' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Unique
Mercantile India Limited (UMIL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1.50 bil. Proposed term loan assigned with Provisional
    IND BB+/Stable rating.

The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by UMIL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect UMIL's medium scale of operations as
indicated by revenue of INR1,701 million in FY18 (FY17: INR1,772
million). The decline in revenue was primarily on account of a
lower contribution from the real estate segment. However, the
company has diversified revenue streams with business interests
in stay plan, hotel, real estate and insurance.

In the stay plan segment, which is a key revenue driver, the
company had a subscriber base of 122,228 members in FY18 (FY17:
124,693) and net customer additions/renewals of 51,789 (FY17:
54,557). Furthermore, in December 2017, the company partnered
with Resorts Condominium International, among the largest
timeshare exchanges in the world. Ind-Ra expects this tie-up to
expand the company's scope of offerings and complement its hotel
business.

The ratings also take into account the company's moderate
liquidity position; with healthy operating cash flows negated by
significant investments in subsidiaries/associate companies. In
FY18, operating cash flows increased to INR545 million (FY17:
INR353 million), primarily owing to one-time adjustment for a
merger in FY17. In the medium term, new member additions/customer
renewals will be critical to support its liquidity until the
operations at the new hotels/resort stabilize.

The ratings are supported by UMIL's strong credit metrics as
reflected by gross interest coverage (EBITDA/gross interest
expense) of 7.3x in FY18 (FY17: 10.5x) and net leverage (net
debt/EBITDA) of 1.0x (0.9x). Although the operating profitability
improved to INR661 million in FY18 (FY17: INR620 million) on
account of an improvement in the stay plan and hotel segments,
higher debt and interest expenses resulted in the deterioration
of credit metrics. The credit metrics are likely to deteriorate
further over the medium term on account of the company's largely
debt-funded expansion plan. The company is undertaking a capex of
INR1,750 million, which is proposed to be funded by a debt of
INR1,500 million and a fresh equity infusion of INR250 million,
for the refurbishment/development of a hotel each in Luck now,
Ludhiana and Lonavala and a resort in Coorg. According to the
timelines provided by management to Ind-Ra, the projects are
likely to be completed over FY20-FY21.

The ratings are also supported by the company's promoters' over
15 years of experience in the hotel and hospitality industry.
Furthermore, the company has a tie-up with Wyndham Hotel Asia
Pacific Corporation, which gives its exclusive rights to operate
and manage Howard Johnson hotels in majority of regions across
India.

RATING SENSITIVITIES

Negative: Any significant deterioration in the scale of
operations/operating profitability and delays in the
commissioning of the hotels/resort with time/cost overruns,
and/or a significant decline in the subscriber base in the stay
plan segment, resulting in the net leverage exceeding 2x, all on
a sustained basis, will be negative for the ratings.

Positive: Any significant improvement in the scale of
operations/operating profitability and successful commissioning
of the hotels/resort without any time/cost overruns, and/or a
significant increase in subscriber base in the stay plan segment,
while maintaining the credit metrics will be positive for the
ratings.

COMPANY PROFILE

UMIL has business interests in real estate, insurance, hotel and
hospitality industries.

In the real estate segment, the company is developing a plot,
each in Hyderabad and Ahmedabad, for which it has booked nearly
83% of the overall area as of September 2018. Although the
insurance business accounts for a small portion of the overall
revenue, the company's established network of insurance agents
enables it to cross-sell its stay plans. In the hotel segment,
UMIL operates a hotel in Bangalore under the Howard Johnson
brand.


VEDIKA STEELS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Vedika Steels Private Limited
        Plot no. 11, 4th Floor, SRR Arcade
        Ravi Co-operative Housing Society
        Tirumalagherry X Roads
        Secunderabad 500015
        Dist: Hyderabad, Telangana

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 29, 2019

Insolvency professional: Pavan Kankani

Interim Resolution
Professional:            Pavan Kankani
                         F-45, 5-9-1121, 1st Floor
                         Agarwal Chambers, King Kothi
                         Hyderabad 500001
                         Telangana
                         E-mail: cs.pkassociates@gmail.com
                                 ippavankankani@gmail.com

Last date for
submission of claims:    November 15, 2018


WIN-STONE INDUSTRIES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Win-Stone Industries (India) Private Limited

        Registered Office:
        S.No. 788/1, Nr. GSPC Gas Terminal, Lakhdirpar Road
        Tal. Morbi Ghuntu 363642, Gujarat

Insolvency Commencement Date: October 29, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 27, 2019
                              (180 days from commencement)

Insolvency professional: Chandra Parkash Jain

Interim Resolution
Professional:            Chandra Parkash Jain
                         75, Sarthi-1, Shubhash Chowk, Memnagar
                         Ahmedabad 380052
                         E-mail: cpjain@cacpjain.com
                                 jain_cp@yahoo.com

                            - and -

                         D-501, Ganesh Meridian
                         Opp. Gujarat High Court
                         Sarkhej-Gandhinagar Road
                         Ahmedabad 380060

Last date for
submission of claims:    November 12, 2018


WINWIND POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Winwind Power Energy Private Limited
        No. 322/10, Vallal RCK Nagar
        Vengal Village, Tiruvallur Taluk & District
        Chennai, Tamilnadu 601103

Insolvency Commencement Date: October 16, 2018

Court: National Company Law Tribunal, Perundurai Bench

Estimated date of closure of
insolvency resolution process: March 27, 2019

Insolvency professional: Shri N Sivakumaar

Interim Resolution
Professional:            Shri N Sivakumaar
                         No. 39/82, R.S. Road, "White Field"
                         (Via Iyyar Kulam), Thoppupalayam
                         Perundurai, Erode 638052, Tamilnadu
                         E-mail: nsivakumar66@yahoo.com

Last date for
submission of claims:    October 30, 2018



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


FGV HOLDINGS: Posts MYR849.3MM Net Loss for Q3 Ended Sept. 30
-------------------------------------------------------------
The Sun Daily reports that FGV Holdings Bhd reported a net loss
of MYR849.3 million for the third quarter ended Sept. 30, 2018,
compared with a net loss of MYR41.5 million for the corresponding
quarter in 2017, due to a MYR788.0 million impairment accounted
for in the quarter, for its plantation, logistics and support
businesses, sugar and other investment companies.

Revenue was also 22.8% lower at MYR3.2 billion for the third
quarter ended Sep 30, 2018, compared with MYR4.1 billion for the
corresponding quarter in 2017, the Sun Daily relays.

Its performance in the quarter under review pushed net loss for
the nine month period to MYR871.2 million, compared with a net
profit of MYR80.5 million for the same period in 2017, according
to the Sun Daily.

This was on 19.3% lower revenue of MYR10.2 billion, compared with
MYR12.7 billion for the same period in 2017, the report adds.

FGV Holdings Berhad engages in the agri-business in Malaysia and
internationally. The company cultivates, produces, and processes
fresh fruit bunches into crude palm oil (CPO) and palm kernel
(PK); refines CPO; fractionates refined bleached deodorized palm
oil and palm olein; crushes PK; processes and sells biodiesel
products; and produces fatty acids and glycerin, graphene and
nanotubes, and consumer bulk and packed products.



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


HALIFAX NEW ZEALAND: Goes Into Voluntary Administration
-------------------------------------------------------
NZ Herald reports that online broking firm Halifax New Zealand
has followed its Australian-based parent company into
administration within days.

Halifax New Zealand was placed into voluntary administration
on Nov. 27, with partners at insolvency specialist Ferrier
Hodgson being appointed administrators, the Herald discloses.

Halifax New Zealand said it will cease trading immediately and
all client accounts have been placed on "close only" mode, the
report relates.

According to the Herald, Morgan Kelly, one of three partners
Ferrier Hodgson appointed voluntary administrators, said
investors are the primary concern at this time.

"The investors are our primary concern at this time. We are
conducting an urgent investigation into the business operations
and will ensure all stakeholders, creditors, investors and
employees, are updated of any developments."

The company said administrators were assessing the best next
course of action and will be focusing on the best outcome for
investors.

Mr. Kelly said a creditors meeting will be held on December 7,
2018, the Herald notes.

The Herald, citing the Australian Securities and Investments
Commission, adds that partners at Ferrier Hodgson were also
appointed administrators of Halifax Investment Services in Sydney
on November 23.



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


BRIGHTOIL PETROLEUM: Creditors Seeks to Liquidate Singapore Unit
----------------------------------------------------------------
Reuters, citing requested court documents, reports that creditors
of the Singapore unit of Hong Kong-listed Brightoil Petroleum
Holdings have filed two lawsuits and an order to liquidate the
company in the city-state's High Court.

This comes as Brightoil Petroleum Holdings tries to restructure
its debt, which it announced to the Hong Kong Exchange last week,
Reuters says. The listed entity also suspended trading in its
shares in October last year after delaying the release of its
2017 annual financial results.

The Singapore unit of Vietnam's top fuel importer Petrolimex
filed an application for a winding up order for Brightoil
Singapore, ranked as the country's 17th largest marine fuel
supplier last year, after Brightoil failed to meet deadlines to
repay more than $30 million in outstanding debt, according to a
court hearing on Nov. 23, Reuters relays.

Reuters says Brightoil had a settlement agreement in July to
repay the debt to Petrolimex in four installments.

Under Singaporean law, shareholders or creditors can apply to
wind up a company with the goal of collecting and selling assets
in order to pay outstanding debt, expenses or costs, the report
states.

According to Reuters, the case was first heard in Singapore's
High Court on Nov. 23. Petrolimex was represented by Rajah & Tann
Singapore LLP while Drew & Napier acted on behalf of Brightoil,
Reuters notes.

The hearing has been adjourned to Dec. 14 to provide the holding
company of Brightoil more time to work on its debt restructuring
efforts, according to the court hearing, adds Reuters.

In a separate case to be heard on Nov. 28, Qatar National Bank
has made a claim against Brightoil Singapore and its holding
company for $21.59 million, according to court documents cited by
Reuters.

Reuters relates that QNB paid four letters of credit on behalf of
Brightoil between March and May. QNB also provided short-term
advances to Brightoil which were due in June and July.

Hong Kong-based Sea Trader International is also suing
Brightoil's Singapore subsidiary for nearly $1 million for the
sale of goods, court documents showed, Reuters relays.

A Brightoil spokesman declined to comment on the cases since the
company is the process of the debt restructuring, Reuters states.

Brightoil Petroleum (Holdings) Limited is a Hong Kong-based
investment holding company principally engaged in the provision
of petroleum products and marine bunkering services. The Company
operates through five segments. International Trading and
Bunkering Operation segment is engaged in the international
supply of petroleum.



                             *********

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 ***