TCRAP_Public/181203.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, December 3, 2018, Vol. 21, No. 239

                            Headlines


A U S T R A L I A

AUTISM PLUS: First Creditors' Meeting Set for Dec. 11
BERNDALE CAPITAL: ASIC Cancels License and Bans Former Director
BEYOND TILES: First Creditors' Meeting Set for Dec. 10
BON APPETIT: Second Creditors' Meeting Set for Dec. 7
CARBON ENERGY: First Creditors' Meeting Set for Dec. 10

COALCLIFF PTY: Second Creditors' Meeting Set for Dec. 7
FRESH FOODMARK: Second Creditors' Meeting Set for Dec. 10
GEEK PTY: Clifton Hall Appointed as Liquidator
MESOBLAST LIMITED: Posts US$11.6MM Revenue in Q1 FY2019
NUTS-ABOUT-TELLA PTY: Second Creditors' Meeting Set for Dec. 7

PICTON PRESS: Back in Business Under Existing Owner/Directors


I N D I A

AAKRITI SUPER: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
APEX STEEL: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
ARIHANT COAL: CRISIL Lowers Rating on INR150cr Loans to 'D'
AURO IMPEX: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
BEST AGROCHEM: Ind-Ra Withdraws 'BB' Long Term Issuer Rating

BEST FOODS: CRISIL Migrates D Ratings to Not Cooperating Category
DHL INFRABULLS: CRISIL Assigns B+ Rating to INR10cr Term Loan
ESSAR STEEL: NCLT Defers Hearings to December 10
GEETASHREE PULSES: Ind-Ra Affirms B+ Long-Term Issuer Rating
GEOGY GEORGE: CRISIL Assigns B+ Rating to INR4.50cr Cash Loan

GUPTA INFOTECH: CRISIL Lowers Rating on INR24cr Loans to D
INFINITI SOFTWARE: CRISIL Maintains B Rating in Not Cooperating
JAYARATHANA EXPORTS: CRISIL Lowers Rating on INR8.5cr Loans to D
JODHANI EXPORTS: Ind-Ra Migrates 'D' Rating to Non-Cooperating
K.K. BUILDERS: CRISIL Keeps B- Rating in Not Cooperating Cat.

KOMARLA HATCHERIES: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
M.P. AGARWALA: CRISIL Maintains 'B' Rating in Not Cooperating
MAA MANGLA: CRISIL Maintains 'D' Rating in Not Cooperating
MAHESHWARA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
MANAV RICE: CRISIL Maintains 'B' Rating in Not Cooperating

MGM GREEN: CRISIL Maintains 'B' Rating in Not Cooperating
MINEX INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
NAACHIYARS: CRISIL Maintains 'B' Rating in Not Cooperating
NARAYANADRI HOSPITAL: Ind-Ra Moves BB- Rating to Non-Cooperating
NARULA BUILD: CRISIL Maintains 'B' Rating in Not Cooperating

NEXA PAPERS: CRISIL Assigns B+ Rating to INR7.44cr Term Loan
P. PRAFUL: CRISIL Maintains 'B' Rating in Not Cooperating
PANKAJ PHULWANI: CRISIL Reaffirms B+ Rating on INR1.5cr Loan
PROMPT PULP: CRISIL Maintains 'C' Rating in Not Cooperating
R. NATARAJAN: CRISIL Maintains B- Rating in Not Cooperating

R.V.R. TECHNOLOGIES: Ind-Ra Migrates B Rating to Non-Cooperating
RADHE RADHE: CRISIL Maintains 'B' Rating in Not Cooperating
SAI MAATARINI: Ind-Ra Cuts INR13,973.5BB Loan Rating to 'D'
SHIV FLOUR: CRISIL Maintains 'B' Rating in Not Cooperating
SHREEJI ENTERPRISE: CRISIL Assign B+ Rating to INR2.95cr Loan

SHRI MAHESH: CRISIL Assigns B+ Rating to INR8cr LT Loan
SHRI SARAVANA: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
SHRI SHANTI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SRIYASH VYAPAAR: CRISIL Lowers Rating on INR7cr Overdraft to D
T. KANAGARAJ: CRISIL Reaffirms 'B' Rating on INR5.0cr Cash Loan


J A P A N

UNIVERSAL ENTERTAINMENT: S&P Assigns 'BB-' ICR, Outlook Negative


M A L A Y S I A

* SC Withdraws Recognition of Singapore Audit Firm RT LLP


N E W  Z E A L A N D

ORION HEALTH: Investors Should Accept Buyback Offer, Analyst Says


S I N G A P O R E

NEWSTEAD TECHNOLOGIES: Sells 10 Nubox Stores to Elush


                            - - - - -


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


AUTISM PLUS: First Creditors' Meeting Set for Dec. 11
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Autism
Plus Pty Ltd will be held at the offices of Romanis Cant, at
2nd Floor, 106 Hardware Street, in Melbourne, Victoria, on
Dec. 11, 2018, at 10:00 a.m.

Anthony Cant and Renee Di Carlo of Romanis Cant were appointed as
administrators of Autism Plus on Nov. 29, 2018.


BERNDALE CAPITAL: ASIC Cancels License and Bans Former Director
---------------------------------------------------------------
Australian Securities and Investments Commission (ASIC) has
cancelled Berndale Capital Securities Pty Ltd's Australian
Financial Services (AFS) licence.

ASIC has also banned Stavro D'Amore, of Middle Park, Victoria, a
former director of Berndale, from providing financial services
for a period of six years. Mr D'Amore was the sole responsible
manager and key person on the AFS licence.

Following an administrative hearing, ASIC found that Berndale:

   * failed to take reasonable steps to ensure that its
     representative complied with financial services laws;

   * failed to have adequate financial and human resources;

   * failed to maintain an appropriate internal dispute
     resolution system;

   * failed to provide financial services efficiently, honestly
     and fairly;

   * failed to comply with the client money reporting
     requirements;

   * failed to lodge annual financial statements, and audit
     reports; and

   * is likely to contravene its general obligations as an AFS
     licensee.

ASIC also found Mr D'Amore:

   * was involved in contraventions of financial services laws by
     Berndale;

   * is not adequately trained, or is not competent, to provide
     financial services; and

   * is likely to contravene a financial services law.

'AFS licensees must ensure that they comply with their reporting,
competence and resourcing obligations. If an AFS licensee chooses
to allow other entities to operate under its license, ASIC
expects that the licensee will ensure that the representatives
are not providing unlicensed financial services and are properly
monitored. ASIC will take decisive regulatory action to address
this type of misconduct to prevent investor harm', ASIC
Commissioner Cathie Armour said.

To minimise the impact of the cancellation on past and current
clients of Berndale, the cancellation will be subject to a
specification that the AFS licence continues until Dec. 20, 2018
for the purpose of finalising existing client trading accounts.

Further, Berndale's AFS Licence continues until May 23, 2018 for
the purpose of having a dispute resolution scheme in place to
resolve any disputes with the Australian Financial Complaints
Authority (AFCA); and to resolve any applicable compensation
requirements including professional indemnity insurance.

Berndale and Mr D'Amore each has the right of review to the
Administrative Appeals Tribunal in respect of ASIC's decision.

Berndale Capital Securities Pty Ltd is a Melbourne-based retail
OTC derivative issuer.


BEYOND TILES: First Creditors' Meeting Set for Dec. 10
------------------------------------------------------
A first meeting of the creditors in the proceedings of Beyond
Tiles Pty Ltd will be held at the offices of Bruce Mulvaney & Co,
at Suite 3, Level 4, 852-858 Glenferrie Road, in Hawthorn,
Victoria, on Dec. 10, 2018, at 10:00 a.m.

Bruce Neil Mulvaney -- bmulvaney@mulvaney.com.au -- of Bruce
Mulvaney & Co was appointed as administrator of Beyond Tiles on
Nov. 28, 2018.


BON APPETIT: Second Creditors' Meeting Set for Dec. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Bon Appetit Australia Pty. Ltd.
   - Australian Sea Fisheries Group Pty. Ltd.
   - Gastronomic Work Force Pty. Ltd.

has been set for Dec. 7, 2018, at 10:30 a.m. at the offices of
Charted Accountants Australia and New Zealand, at Level 18,
600 Bourke Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 6, 2018, at 5:00 p.m.

Glenn John Spooner and Bruno Anthony Secatore of Cor Cordis were
appointed as administrators of Bon Appetit Australia on Aug. 31,
2018.


CARBON ENERGY: First Creditors' Meeting Set for Dec. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Carbon Energy Limited
   - Carbon Energy (Holdings) Pty Ltd
   - Carbon Energy (Operations) Pty Ltd

will be held at the offices of KordaMentha, at Level 14, 12 Creek
Street, in Brisbane, Queensland, on Dec. 10, 2018, at 2:30 p.m.

Robert Hutson and Jarrod Lee Villani of KordaMentha were
appointed as administrators of Carbon Energy on Nov. 28, 2018.


COALCLIFF PTY: Second Creditors' Meeting Set for Dec. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Coalcliff Pty
Ltd and Four Corners Plant Hire Pty Ltd, trading as Coalcliff
Plant Hire & Civil Contracting, has been set for Dec. 7, 2018, at
12:30 p.m. at Theatrette, Central Park Conference Centre, at
Central Park, 152-158 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 6, 2018, at 2:00 p.m.

Daniel Woodhouse and Ian Francis of FTI Consulting were appointed
as administrators of Coalcliff Pty on Nov. 2, 2018.


FRESH FOODMARK: Second Creditors' Meeting Set for Dec. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of Fresh
Foodmark Pty Ltd, trading as Fresh Foodmark Supermarket, has been
set for Dec. 10, 2018, at 10:00 a.m. at the offices of Greengate
Advisory, at Suite 4.05, Level 4, 130 Pitt Street, in Sydney,

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. 7, 2018, at 4:00 p.m.

Patrick Loi of Greengate Advisory was appointed as administrator
of Fresh Foodmark on Nov. 16, 2018.


GEEK PTY: Clifton Hall Appointed as Liquidator
----------------------------------------------
Simon Miller of Clifton Hall was appointed as Liquidator of Geek
Pty Ltd on Nov. 30, 2018.

Based in Adelaide, South Australia, Geek Pty Ltd is a
professional IT services company specialising in the support of
business networks and systems.


MESOBLAST LIMITED: Posts US$11.6MM Revenue in Q1 FY2019
-------------------------------------------------------
Mesoblast Limited reported strong financial results and provided
operational highlights for the first quarter ended Sept. 30,
2018.

Key financial results for the three months ended Sept. 30, 2018
(first quarter FY2019)

   * Significant increase in revenues to US$11.6 million in the
     first quarter FY2019, compared with US$1.2 million in the
     first quarter FY2018

   * 66% increase in commercialization revenue from royalty
     income on sales of TEMCELL 1 HS. Inj. for the quarter,
     compared with first quarter FY2018

   * Reduction in operating cash outflows in first quarter FY2019
     of US$0.8 million (4%) compared with first quarter FY2018

   * Loss after tax increased by $12.5 million compared to the
     first quarter FY2018, $10.1 million of which is due to non-
     cash remeasurement of contingent consideration in the
     comparative quarter

   * Pro-forma cash on Sept. 30, 2018 was US$95.1 million
     including:

       - US$55.1 million balance sheet cash, and

       - US$40.0 million from Tasly Pharmaceutical Group (Tasly)
         received in October 2018 in relation to the strategic
         cardiovascular partnership in China announced in July
         2018

   * An additional US$50.0 million may be available under
     existing

     arrangements with Hercules Capital and NovaQuest, subject to
     achievement of certain milestones.

Corporate Highlights

   * Results of a 159-patient randomized placebo-controlled Phase
     2 trial, sponsored and conducted by United States National
     Institutes of Health (NIH), evaluating MPC-150-IM in the
     treatment of end-stage heart failure patients implanted with
     a left ventricular assist device (LVAD) were presented at
     the 2018 American Heart Association Scientific Sessions.

       - The trial succeeded in achieving the clinically
         meaningful outcome of reduction in gastrointestinal (GI)
         bleeding and related hospitalizations

       - Results confirm the previous pilot trial, which also
         demonstrated significant reduction in GI bleeding and
         related hospitalizations in MPC-150-IM treated LVAD
         patients

       - Pilot trial results formed the basis for the FDA
         Regenerative Medicine Advanced Therapy (RMAT)
         designation granted in December 2017

       - The RMAT designation under the 21st Century Cures Act
         aims to expedite the development of regenerative
         medicine

         therapies intended for the treatment of serious diseases
         and life-threatening conditions

       - Company intends to meet with the FDA in 1H CY2019 to
         provide full study data and discuss pathway to potential
         Biologics License Application (BLA) filing using
         reduction in GI bleeding and related hospitalizations as

         an approvable regulatory endpoint

       - While the trial did not meet the overall primary
         endpoint of temporary weaning, MPC-150-IM treatment did
         significantly improve weaning in the 44% of patients
         with chronic ischemic heart failure

       - LVAD patients with ischemic heart failure closely
         resemble the majority of patients enrolled in the
         ongoing Phase 3 trial of approximately 600 patients with
         moderate/ advanced heart failure

       - Mesoblast's Phase 3 trial of its product candidate
         remestemcel-L in children with steroid-refractory acute
         Graft Versus Host Disease (aGVHD) demonstrated strong
         survival outcomes through Day 180.  Mesoblast is
         preparing for a pre-BLA meeting to initiate filing of a
         marketing authorization for this product candidate in
         the United States.

       - Mesoblast expanded its partnership with JCR
         Pharmaceuticals Co. Ltd. (JCR) for the treatment of
         wound healing in epidermolysis bullosa (EB).  Having
         been granted Orphan Regenerative Medical Product
         designation for EB in October, JCR now intends to seek a
         label extension for TEMCELL in Japan for EB beyond its
         existing approval for the treatment of aGVHD.

       - Mesoblast completed its transaction with Tasly to
         establish a strategic cardiovascular partnership in
         China.  In addition to US$40 million received on closing
         the transaction, Mesoblast is eligible to receive up to
         US$25 million on product regulatory approval in China,
         double-digit escalating royalties on net product sales
         as well as six escalating milestone payments upon the
         achievement of certain product sales thresholds in
         China.

Operational Highlights and Anticipated Upcoming Milestones

MPC-150-IM for Moderate to Advanced Heart Failure:

   - The ongoing Phase 3 trial received a recommendation in
     October 2018 from the unblinded Independent Data Monitoring
     Committee to continue without modification after an
     evaluation of clinical safety data in the first 526
     randomized patients.

MSC-100-IV (remestemcel-L) for pediatric steroid-refractory acute
Graft Versus Host Disease (aGVHD):

   - Mesoblast will seek a pre-BLA meeting to initiate filing of
     a marketing authorization for remestemcel-L in the United
     States, where there are currently no approved therapies for

     aGVHD.

   - An existing Fast Track designation from the FDA allows
     eligibility for priority review and a rolling BLA review
     process.

MPC-06-ID for Chronic Low Back Pain:

   - Mesoblast's Phase 3 trial in patients with chronic low back
     pain who have failed conservative therapy completed
     enrollment in March 2018, with a total of 404 patients
     across 48 sites being followed out for evaluation of
     treatment-related improvement in pain and function.

Financial Results for the Three Months Ended Sept. 30, 2018
(first quarter FY2019) (in U.S. Dollars)

Revenues were US$11.6 million for the first quarter FY2019,
compared with US$1.2 million for the first quarter FY2018, an
increase of US$10.5 million.  These revenues primarily consisted
of:

  * US$1.5 million in royalties and milestones from sales of
    TEMCELL by its licensee in Japan, JCR Pharmaceuticals Co.
    Ltd. Royalties from TEMCELL increased by 66% for first
    quarter FY2019 compared with the first quarter FY2018

  * US$10.0 million milestone revenue in relation to establishing
    a strategic cardiovascular partnership with Tasly in China

  * Research and Development expenses were US$18.5 million for
    the first quarter FY2019, compared with US$15.4 million for
    the first quarter FY2018, an increase of US$3.1 million (20%)
    as the Company invested in its Tier 1 clinical programs

  * Manufacturing expenses were US$4.3 million for the first
    quarter FY2019, compared with US$0.9 million for the first
    quarter FY2018, an increase of US$3.4 million due to an
    increase in manufacturing activities in preparation for
    filing

    the Biologics License Application (BLA) for MSC-100-IV

  * Management and Administration expenses were US$5.6 million
    for the first quarter FY2019, compared with US$5.0 million
    for the first quarter FY2018, an increase of US$0.6 million
    (12%) primarily due to increased legal and professional fees
    associated with establishing the strategic cardiovascular
    partnership with Tasly

  * Finance Costs of US$2.6 million in interest expenses were
    recognized in first quarter FY2019 in relation to loan and
    security agreements entered into with Hercules Capital in
    March 2018 and NovaQuest Capital in June 2018.  No interest
    expense was recognized in the first quarter FY2018

Additional components of loss after income tax also include
movements in other items which did not impact current cash
reserves, such as: fair value remeasurement of contingent
consideration, and foreign exchange movements within other
operating income and expenses.

A non-cash income tax benefit of US$0.7 million was recognized in
the first quarter FY2019 in relation to the net change in
deferred tax assets and liabilities recognized on the balance
sheet during the period.  On Dec. 22, 2017, the United States
signed into law the Tax Cuts and Jobs Act (the Tax Act), which
changed many aspects of United States corporate income taxation,
including a reduction in the corporate income tax rate from 35%
to 21%.  In the first quarter FY2018 deferred tax assets in the
United States were recognized at 35% compared with 21% in the
first quarter FY2019.

A non-cash income tax benefit of US$2.9 million was recognized in
first quarter FY2018 in relation to the net change in deferred
tax assets and liabilities recognized on the balance sheet during
the period.

The net loss attributable to ordinary shareholders was US$19.5
million, or 4.07 cents loss per share, for the first quarter
FY2019, compared with US$7.0 million, or 1.58 cents loss per
share, for the first quarter FY2018.

TEMCELL HS Inj. is a registered trademark of JCR Pharmaceuticals
Co. Ltd.

A full-text copy of the press release is available for free at:

                      https://is.gd/GItV9h

                       About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform to establish a
broad portfolio of late-stage product candidates with three
product candidates in Phase 3 trials - acute graft versus host
disease, chronic heart failure and chronic low back pain due to
degenerative disc disease.

Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can
be used off-the-shelf without the need for tissue matching.
Mesoblast has facilities in Melbourne, New York, Singapore and
Texas and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of
June 30, 2018, Mesoblast had US$692.4 million in total assets,
US$146.4 million in total liabilities and US$546.0 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended June 30, 2018.  The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


NUTS-ABOUT-TELLA PTY: Second Creditors' Meeting Set for Dec. 7
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Nuts-About-
Tella Pty Ltd has been set for Dec. 7, 2018, at 4:00 p.m. at the
offices of Cor Cordis, at Level 29, 360 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. 6, 2018, at 5:00 p.m.

Glenn John Spooner and Sam Kaso of Cor Cordis were appointed as
administrators of Nuts-About-Tella Pty on Nov. 1, 2018.


PICTON PRESS: Back in Business Under Existing Owner/Directors
-------------------------------------------------------------
Wide Format Online reports that Picton Press, which went into
administration six months ago owing AUD9 million, including
AUD2.2 million to unsecured creditors, is back in business under
existing owner/directors Dennis Hague and Gary Kennedy after the
signing of Deed of Company Arrangement (DOCA).

Under the DOCA put together by administrator Jeremy Nipps of Cor
Cordis, major unsecured creditors owed in excess of AUD10,000,
which included major paper suppliers, ended up getting just 1-2
cents on the dollar, the report discloses. Unsecured creditors
owed less than AUD10,000 were expected to get up to 100 cents in
the dollar.

According to the report, secured creditors - including Westpac,
NAB and the CBA - who are owed a total of about AUD5.5 million,
are not bound by the DOCA but agreed to continue their support of
the business.

"There has been pain felt by some but the DOCA is now signed and,
in the circumstances, the result is a good one for creditors,"
the report quotes Mr. Nipps, who oversaw the company's operations
after it went into administration in May 2018, as saying.
"Employees are happy because they've got some certainty going
forward. In terms of the company continuing, they've got
directors who are completely invested in the process because they
need to be to make it work."

As part of the deal, owners Hague and Kennedy have to pay
AUD205,000 to a creditors' trust within a month, with another
payment of AUD270,000 due in a year's time, Wide Format Online
notes.

"It's a better day than it's been for a while but there are still
crocodiles in the water," Picton co-owner/director Gary Kennedy
told Wide Format Online. "It's been hard work but we're glad the
process is over. The business is back in our hands and we have
some control of our destiny. We've got the most modern plant in
WA so we've got efficiency; our catch was that the volume
diminished, exposing our capital."

Mr. Kennedy said the restructured company would now set about
winning back trust in the market, Wide Format Online relays.

About 24 current staff members will retain their jobs under the
agreement, the report adds.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Picton Press on May 22, 2018.



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

The instrument-wise rating actions are:

-- INR15 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR102.1 mil. Long-term loan due on March 2025 migrated to
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Aakriti Super Snacks was incorporated in 2012 for setting up
confectionery plants or bakery units for the production of
breads, biscuits, cakes, pastries, wafers, chocolates, patties
and others.


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

The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Proposed fund-based facilities migrated to non-
    cooperating category with Provisional IND BB- (ISSUER NOT
    COOPERATING)/Provisional IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in January 2012, Apex Steel & Alloys is a
partnership firm. The company is engaged in the trading of
stainless steel plates, which are imported from the US and South
Africa.


ARIHANT COAL: CRISIL Lowers Rating on INR150cr Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Arihant Coal Sales India Private Limited (ACSIPL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL
A4+ Issuer Not Cooperating'. The downgrade reflects the fact that
company has defaulted in its obligation and its name is appearing
under willful defaulter list.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            35        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Letter of Credit      115        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ACSIPL for
obtaining information through letters and emails dated
December 29, 2017 and January 12, 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 ACSIPL. 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 ACSIPL is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information' which is
usually mapped to CRISIL B' category or lower. Based on the last
available information,

ACSIPL was incorporated in 2003 by Mr. Anil Jain in Bhopal
(Madhya Pradesh). It trades in imported and domestically procured
coal.


AURO IMPEX: Ind-Ra Affirms 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Auro Impex &
Chemicals Pvt. Ltd.'s (AICPL) Long-Term Issuer Rating at 'IND BB-
'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits affirmed with IND BB-/Stable
    rating;

-- INR40 mil. (reduced from INR55 mil.) Non-fund-based limits
    affirmed with IND A4+ rating; and

-- The IND BB- rating on the INR16.5 mil. Proposed non-fund-
    based limits are withdrawn (issuer is no longer proceeding
    with the instrument as envisaged).

KEY RATING DRIVERS

The affirmation continues to reflect AICPL's small scale of
operations and modest credit metrics. The company's revenue fell
to INR348.19 million in FY18 from INR395.32 million in FY17 owing
to low work order execution. Its gross interest coverage
(operating EBITDA/gross interest expense) deteriorated to 1.28x
in FY18 from 1.41x in FY17 owing to a proportionately higher rise
in interest expenses than that in EBITDA. Also, its net financial
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 7.19x in FY18 from 5.93x in FY17 owing to a proportionately
higher rise in debt than that in EBITDA.

The ratings reflect AICPL's modest EBITDA margin, which rose to
6.26% in FY18 from 5.96% in FY17 due to a decline in raw material
cost and administration and selling expenses. In addition, its
return on capital employed was 11.97% in FY18 (FY17: 13.80%).

The ratings, however, continue to be supported by over two
decades of experience of AICPL's directors in manufacturing
components, spares and fabricated internal structures that are
primary used in producing pollution control equipment. The
significant experience has led to associations with reputed
customers such as Larsen & Toubro Limited, Chitiz Metals &
Minerals Trading (P) Ltd., Isgec Heavy Engineering Ltd., Thermax.
D Ltd. and Mangal Steel Enterprises Limited.

The ratings are further supported by AICPL's modest liquidity
position, indicated by an 86.4% average use of the working
capital limits for the 12 months ended October 2018. The
company's cash flow from operations was negative at INR15.18
million in FY18 (FY17: INR1.98 million). It had cash and cash
equivalents totalling INR0.57 million in FY18 (FY17: INR0.42
million).

RATING SENSITIVITIES

Negative: Any decline in the credit metrics will be negative for
the ratings.

Positive: Any substantial rise in the revenue and any improvement
in credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in January 1994, AICPL manufactures components,
spares and fabricated internal structures, primarily used in
pollution control equipment such as electrostatic precipitators.


BEST AGROCHEM: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Best Agrochem
Private Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB rating on INR100 mil. Fund-based working capital
    limit is withdrawn;

-- The IND BB rating on INR180 mil. Non-fund-based working
    capital limit are withdrawn; and

-- The IND BB rating on INR220 mil. Proposed non-fund-based
    working capital limit are withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Best Agrochem was incorporated in 2007 by Mr. Vimal Kumar and his
family members. It is engaged in the trading of agrochemicals
products as well as retail sale of pesticides under its own brand
name BEST.


BEST FOODS: CRISIL Migrates D Ratings to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the ratings on the bank facilities of Best
Foods Limited (BFL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit         1,500       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating migrated)

   Proposed Long Term    114.57    CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating migrated)

   Proposed Short Term    20.97    CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating migrated)

   Standby Line of       100       CRISIL D (ISSUER NOT
   Credit                          COOPERATING; Rating migrated)

   Term Loan              63.28    CRISIL D (ISSUER NOT
                                   COOPERATING; Rating migrated)

CRISIL has been consistently following up with BFL for obtaining
information through letters and emails dated October 22, 2018 and
October 29, 2018, among others, apart from telephonic
communication. However, the issuer remains 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 recent financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes that the information available is
consistent with Scenario 1, outlined in the Framework for
Assessing Consistency of Information, with 'CRISIL BB' rating
category or lower. As per the bankers' feedback, the company's
account classification continues to reflect irregularities and
delays in interest servicing and term loan repayments.

Therefore on account of continued overdues, inadequate
information and lack of co-operation by the management, CRISIL
has migrated the ratings on the bank facilities of BFL to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in fiscal 2004, BFL, promoted by Mr Mohinder Pal
Jindal and his son, Mr Dinesh Gupta, mills and processes basmati
rice for the global and domestic markets. Processing units in
Karnal, Haryana; Hamidpur, Delhi; and Faridkot, Punjab, have
total rice milling capacity of 101 tonne per hour (tph) and
sorting and grading capacity of 149 tph.


DHL INFRABULLS: CRISIL Assigns B+ Rating to INR10cr Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of DHL Infrabulls (DHL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Proposed Term Loan      10      CRISIL B+/Stable (Assigned)

The rating reflects exposure to project risk and susceptibility
to cyclicality inherent in the real estate industry. These
weaknesses are partially offset by the experience of its
promoters and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to project risk: DHL is currently executing a single
project, Singapore Life City, in Nagpur. Though phase 1 is in
advanced stage of completion and booking is steady, phases 2 and
3 (clubhouse) are still under nascent stages of implementation.
Furthermore, the firm is yet to get financial closure for phase
3.

* Susceptibility to cyclicality inherent in the real estate
industry: The real estate sector is affected by volatile prices,
opaque transactions, and intense competition. Moreover,
multiplicity of property laws and non-standardised government
regulations can affect the tenure of project execution. The risk
is compounded by aggressive completion timelines and shortage of
manpower (project engineers and skilled labour) in this sector.
Apart from these macro-economic factors, credit risk profile is
expected to be driven by the level of economic activity and the
outlook for the real estate sector. Any adverse change in the
overall economic environment is likely to impact the segment.

Strengths

* Extensive experience of promoters and their funding support:
Promoters have industry experience of more than a decade through
groupcompany and have undertaken projects in Madhya Pradesh and
Maharashtra. Also, they have brought in capital worth INR4.5
crore (as on March 31, 2018) and are expected to provide need-
based financial aid.

Outlook: Stable

CRISIL believes DHL will continue to benefit from the experience
and funding support of its promoters. The outlook may be revised
to 'Positive' if more-than-expected bookings lead to sufficient
liquidity, along with timely completion of construction work. The
outlook may be revised to 'Negative' if lower-than-expected
booking results in higher dependence on external funding, or if
delay in receipts of customer advances or in execution causes
cost overruns, thereby weakening liquidity.

Set up in 2016 as a partnership concern by Mr Sanjeev Jaiswal, Mr
Nishit Jaiswal, Mr Rishit Jaiswal, and Mr Santosh Kumar Shiv
Prasad Singh, DHL is currently executing a residential-cum-
commercial real estate project, Singapore Life City, at Wardha
Road in Nagpur.


ESSAR STEEL: NCLT Defers Hearings to December 10
------------------------------------------------
The Economic Times reports that the National Company Law
Tribunal's Ahmadabad chapter has deferred the Essar Steel
hearings till the second week of December citing inadequate bench
strength. The court was supposed to hear as many as 21
applications related to Essar Steel resolution on Nov. 28.

While Harihar Prakash Chaturvedi, a member judge was present,
Manorama Kumari, another member from NCLT, Ahmadabad were on
leave, ET says. The court is expected to be back in full strength
early December. It will hear Essar Steel cases on December 10,
the report notes.

Eminent lawyer Abhishek Manu Singhvi appeared on behalf of
ArcelorMittal, which was declared the successful bidder of the
debt ridden Essar Steel, according to the report.

Ravi Kadam, former advocate general of Goa and Maharashtra came
to defend the case on behalf of the committee of creditors (CoC)
that voted in favor of Arcelor Mittal resolution plan, ET says.

According to ET, Essar Steel failed to repay bank loans running
into thousands of crore. Consequently, lenders dragged the
company under Insolvency and Bankruptcy Code. The case has been
going on over 400 days going beyond the stipulated 270-day
timeline amid multiple legal challenges.

While the CoC has filed an application seeking approval for
ArcelorMittal's resolution plan, others like GTI Textile have
challenged it, ET relates.

ET notes that a group of 30 vendors, who had supplied goods and
services to Essar, came together to petition the NCLT's Ahmedabad
chapter asking for their dues worth more than INR600 crore. These
dues are not promised to be repaid fully in the ArcelorMittal
plan, they alleged.

At the beginning of the month, ArcelorMittal's expected
acquisition of Essar Steel faced a further challenge over unpaid
dues at GPI Textiles, a company promoted by LN Mittal's brothers
Pramod and Vinod Mittal, ET relays. The Insolvency and Bankruptcy
Code (IBC) stipulates that promoters of defaulting companies and
persons "connected" to them are barred from participating in bids
for stressed assets.

About two weeks ago, the committee of creditors in the Essar
Steel bankruptcy case sought the dismissal of two applications
that could potentially delay debt resolution at the stressed
steelmaker, ET recalls.

The lenders' committee also sought day-to-day hearing of other
such applications, filed by operational creditors.

Last week, Standard Chartered Bank, the third-largest secured
financial creditor of Essar Steel, filed an application before
the bankruptcy court alleging that the resolution professional
and Essar's committee of creditors (CoC) approved a resolution
plan that does not comply with the Insolvency and Bankruptcy
Code, according to ET.

Standard Chartered did not vote for the Acrcelor's resolution
plan, the report notes.

ET says ArcelorMittal offered to pay INR42,202 crore to banks
under the resolution plan. But, the Ruias, promoters of the Essar
group, had offered to pay INR54,389 crore after the banks
approved Lakshmi Mittal-owned company's the revival plan.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


GEETASHREE PULSES: Ind-Ra Affirms B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Geetashree
Pulses' (GP) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. The instrument-wise rating action is as follows:

-- INR100 mil. Fund-based working capital limits affirmed with
     IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects GP's continued medium scale of
operations, average operating profitability and moderate credit
metrics in FY18. The company has to deal with fluctuations in the
price and availability of coriander seeds.

GP's revenue declined 6.38% to INR637.19 million in FY18 because
of a fall in demand for spices. The EBITDA margin was average in
FY18 but improved to 3.3% (FY17: 3.0%) due to a rise in the
prices of coriander seeds, with an ROCE of 14%. The interest
coverage declined to 1.2x in FY18 (FY17: 1.6x) and the leverage
worsened to 6.4x (3.7x), as increased dependency on short-term
working capital pushed up interest expenses.

Moreover, GP's liquidity position was stretched in FY18 with
negative cash flows of INR53.05 million and available cash
balance of INR12.13 million. The average utilization of the
short-term working capital was 69% during the 12 months ended
October 2018. The ratings also continue to be constrained by the
partnership nature of business.

However, the partners' experience of over two decades in the
trading of coriander seeds lends comfort to the ratings.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics on a sustained
basis could be negative for the ratings.

Positive: Any further improvement in the scale of operations and
credit metrics, all on a sustained basis, could be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2013, GP is a partnership firm primarily engaged
in the trading of coriander seeds. The firm's registered office
is in Kumbhraj, Madhya Pradesh. It is managed by Mr. Ram Kasat
and his family.


GEOGY GEORGE: CRISIL Assigns B+ Rating to INR4.50cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Geogy George (GG).

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility      3.72      CRISIL B+/Stable (Assigned)

   Bank Guarantee          1.50      CRISIL A4 (Assigned)

   Cash Credit             4.50      CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations, and
exposure to risks related to tender-based business and intense
competition in the civil construction segment. These weaknesses
are partially offset by the extensive experience of its
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to risk related to
tender-based business: With revenue of about INR3 crore for
fiscal 2018, the firm has an order book of 12 crore for next 18
months and scale remains small. This restricts ability to bid for
large projects. Turnover is also susceptible to the quantum of
tenders floated and the firm's ability to bid successfully.

* Susceptibility to intense competition in civil construction
segment: Because of low entry barrier in the civil construction
industry, GG has to compete with many local, unorganised players.

Strength

* Extensive experience of proprietor: Presence of more than 30
years in the construction industry has enabled the proprietor to
build strong relationship with several government departments in
Kerala.

Outlook: Stable

CRISIL believes GG will continue to benefit from its proprietor's
extensive experience. The outlook may be revised to 'Positive' if
a significant increase in revenue and profitability leads to a
better financial risk profile. The outlook may be revised to
'Negative' if working capital management weakens, constraining
liquidity; or if a large, debt-funded capital expenditure affects
capital structure.

GG was established as a proprietary firm in 1987 by Mr Geogy
George and undertakes civil construction works in Kerala.


GUPTA INFOTECH: CRISIL Lowers Rating on INR24cr Loans to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Gupta
Infotech (GI) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting        9        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit             3        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Cash Credit/Overdraft   2        CRISIL D (ISSUER NOT
   facility                         COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Import Letter of        3        CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Letter of Credit       0.05      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     6.95      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GI for obtaining
information through letters and emails dated February 28, 2018
and July 31, 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
has not received any information on either the financial
performance or strategic intent of GI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on the company is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has downgraded its rating on the
bank facilities of GI to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

The downgrade reflects the company's continuous overdrawal of
bank lines and invocation of bank guarantee. However, the company
benefits from the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Continuously overdrawn bank limit and invocation of Bank
Guarantee: The company has weak liquidity, leading to continuous
overdrawal of bank lines and invocation of bank guarantee.

Strength

* Extensive experience of the proprietor: The proprietor, Mr
Saurabh Gupta has experience of around 15 years in the industry,
which has enabled the firm to develop strong relationships with
suppliers and customers.

A proprietorship firm set up in 2003 by Mr Saurabh Gupta, GI
manufactures compact fluorescent lamps (CFLs). It recently
diversified into the light-emitting diodes (LED) segment.


INFINITI SOFTWARE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Infiniti Software
Solutions Private Limited (ISSPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

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

   Cash Credit           7          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         1          CRISIL B/Stable (ISSUER NOT
   Credit/Bills                     COOPERATING)
   Discounting Limit

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

ISSPL, incorporated in 2005 and based in Chennai, develops
customized software for booking tickets for flights, trains and
buses, and hotel rooms for corporates and also acts a ticketing
agent. It is promoted by Mr. Ananthapadmanabhan Narasimhan.


JAYARATHANA EXPORTS: CRISIL Lowers Rating on INR8.5cr Loans to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jayarathana Exports (JE) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing        4.3        CRISIL D (Downgraded from
   Credit                           'CRISIL A4')

   Foreign Bill          4.0        CRISIL D (Downgraded from
   Discounting                      'CRISIL A4')

   Long Term Loan        0.2        CRISIL D (Downgraded from
                                    'CRISIL A4')

The rating downgrade reflects delays by the firm in the repayment
on bank loans. The same is on account of weak liquidity.

The ratings also reflect JE's modest scale of operations in the
intensely competitive readymade garments industry. However the
firm benefits from the extensive experience of proprietor in the
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and intense competition: Small scale
of operations, with revenue of around INR16 crore in fiscal 2017,
amid intense competition limits pricing power with customers and
suppliers, thereby constraining profitability. Revenue growth has
been weak over the two years through fiscal 2017 due to muted
demand in the export market.

Strength

* Experience of proprietor: Benefits derived from the
proprietor's experience of over a decade and healthy relations
with customers and suppliers should continue to support the
business. The firm has developed established relations with its
major customers which is evident from repeat orders from them.

JE was set up as a proprietorship firm by Mr Pradeep Shetty in
1992. It manufactures and exports readymade garments. The
manufacturing facilities are in Tirupur, Tamil Nadu.


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

The instrument-wise rating action is:

-- INR200 mil. Fund-based limits (Short-term) migrated to non-
     cooperating category with IND D (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

Established in 1989, Jodhani is a partnership firm, with its head
office in Mumbai and factories in Gujarat. The company is engaged
in the cutting, polishing and marketing of diamonds.


K.K. BUILDERS: CRISIL Keeps B- Rating in Not Cooperating Cat.
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of K.K. Builders
Private Limited (Patna) (KKB) continue to be 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        26.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            4.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 1985 and promoted by Mr Kaushal Kishore Singh,
KKB is a Class 1 civil contractor that undertakes projects for
building roads, bridges, and irrigation segments in Jharkhand and
Bihar. The company also undertakes projects for Central
government entities such as National Projects Construction
Corporation Ltd, Central Public Works Department, and Ircon
International Ltd.


KOMARLA HATCHERIES: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Komarla
Hatcheries (KH) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR114.4 mil. Term loan due on May 2021 assigned with
    IND BB/Stable rating; and

-- INR95.00 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect KH's small scale of operations, indicated by
a revenue of INR900 million in FY18 (FY17: INR999 million). The
decline in revenue was due to a shortage of supply of birds and
hatching eggs. FY18 financials are provisional.

The ratings also reflect the partnership nature of the firm.

The ratings factor in KH's healthy, although volatile, EBITDA
margin of 16.4% in FY18 (FY17: 19.3%). The firm's margin ranged
between 4.2% and 19.3% during FY14-FY18 due to a high production
cost and a demand-supply imbalance. Its return on capital
employed was 34% in FY18 (FY17: 53%).

The ratings, however, are supported by the firm's comfortable
credit metrics. Its net leverage (total Ind-Ra-adjusted net
debt/operating EBITDA) deteriorated to 1.7x in FY18 (FY17: 1.1x),
primarily due to an increase in debt. However, its EBITDA
interest coverage (operating EBITDA/gross interest expense)
improved to 7.0x in FY18 (FY17: 6.3x), primarily on account of a
decrease in interest expenses due to an increase in debt in
4QFY18.

The ratings are also supported by KH's comfortable liquidity,
indicated by an 89.1% average maximum utilization of its working
capital limits for the 12 months ended October 2018. At FYE18,
the company had unutilized credit lines totalling INR6.1 million
and a cash balance of INR21.0 million. Its cash flow from
operations declined to INR55.0 million in FY18 (FY17: INR75
million) due to a fall in operating EBITDA owing to an increase
in variable cost Also, as of October 2018, the firm had an
outstanding term loan of INR114.4 million, which will be fully
repaid by end-May 2021.

The ratings are further supported by the firm's established track
record of over four decades and the promoters' over five decades
of experience in the poultry industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and the EBITDA margin, leading
to deterioration in the credit metrics, all on a sustained basis,
could be negative for the ratings.

Positive: A substantial rise in the revenue, while maintaining
the credit metrics, all on a sustained basis, could be positive
for the ratings.

COMPANY PROFILE

KH is a Bengaluru-based partnership firm that is engaged in the
poultry business in Karnataka, Tamil Nadu and Kerala.


M.P. AGARWALA: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of M.P. Agarwala (MPA)
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            6         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 2010, MPA is a proprietorship firm set up by Mr.
Mahabir Prasad Agarwala. The firm undertakes civil construction
of buildings, roads, and bridges for the public works departments
of Assam and Meghalaya, and for the North- East Council.


MAA MANGLA: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Maa Mangla Ispat
Private Limited (MMIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       0.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     1.45      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Working Capital
   Term Loan              5.55      CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2004, MMIPL manufactures sponge iron. The company
is promoted by Mr. Manoj Kumar Agarwal and Mr. Ravi Kumar
Agarwal. The facility is in Raigarh (Chhattisgarh).


MAHESHWARA ENTERPRISES: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maheshwara
Enterprises - Karimnagar (ME) continues 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         0.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)
   Proposed Cash
   Credit Limit           0.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Established in 1999, ME is engaged in cotton ginning. Based out
of Karimnagar in Telangana, the firm is promoted by Mr. Desu
Ravinder and his family.


MANAV RICE: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Manav Rice Mills
(Manav) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            18        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Manav was set up in 1994 as a partnership firm in Jalalabad,
Punjab. It mills and markets rice, and has milling capacity of 3
tonne per hour. Its daily operations are managed by key promoter
Mr. Rajesh Nagpal.


MGM GREEN: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of MGM Green Energy
Limited (MGEL) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term     3.07        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan             16.43        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

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

MGEL, incorporated in April 2012, was earlier part of MGMML. MGEL
was formed after MGMML demerged its green energy division. Apart
from transferring the green power division to MGEL, MGMML also
transferred its investments in several group entities to MGEL.


MINEX INDIA: CRISIL Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Minex India (Minex)
continues to be 'CRISIL D Issuer not cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         9        CRISIL D (ISSUER NOT COOPERATING)

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

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


NAACHIYARS: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Naachiyars (NC)
continues 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)

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'.

Established as a partnership firm in 2015, Naachiyars (NC) is
engaged in the retailing of readymade garments for men, women and
children with one retail outlet in Madurai (Tamil Nadu). The firm
started commercial operations in August 2015. The firm is
promoted and managed by Mr. N Balasubramaniam.


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

The instrument-wise rating actions are:

-- Term loan due on March 2022 migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR19.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 8, 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, Narayanadri Hospitals and Research
Institute is a 250-bed multi-specialty hospital.


NARULA BUILD: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Narula Build Well
Private Limited (Narula) continues to be 'CRISIL B/Stable/CRISIL
A4 Issuer not cooperating'.

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

   Cash Credit           3.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Narula was set up in 2000 as a civil contractor in Amritsar,
Punjab. The company was started by Mr. Rashpal Singh Narula and
his son Mr. Parminder Singh. It undertakes projects in civil
construction, primarily road construction, for local, state, and
central government agencies.


NEXA PAPERS: CRISIL Assigns B+ Rating to INR7.44cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Nexa Papers LLP (NPLLP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             7.44       CRISIL B+/Stable (Assigned)
   Bank Guarantee        1          CRISIL A4 (Assigned)
   Cash Credit           5          CRISIL B+/Stable (Assigned)

The ratings reflect exposure to risks related to project
implementation and expected modest scale of operations. These
rating weaknesses are partially offset by extensive experience of
the partners in same line of business and comfortable liquidity
profile supported by well phased repayment schedule and healthy
accruals expected.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations are expected to
remain modest in a highly competitive industry. And also there
are many competitors in and around the firm in the same locality.
Therefore, scale of operations remain a key monitor able factor
in the medium term.

* Exposure to risks related to project implementation: As the
firm is still in project stage, it is exposed to project related
risks. Timely stabilization of operations and ramp up in scale of
operations remain a key rating sensitivity factor over the medium
term.

Strengths

* Extensive experience of the partners: Partners have experience
of close to 2 decades in the kraft paper industry through
associate concern Sardar Paper Mills Private Limited. Their
experience is expected to help the firm in timely stabilization
of operations and ramp up in sales.

* Comfortable liquidity profile: Operations are expected to start
in Feb-April 2019 but repayment of the term loan starts from
October 2019. With only INR68 lakhs of repayment in FY20, firm is
expected to have surplus cash accruals. Therefore, liquidity
profile is expected to remain comfortable.

Outlook: Stable

CRISIL believes that NPLLP will benefit from the long experience
of its partners in the industry. The outlook may be revised to
'Positive' in case of healthy ramp up in sales leading to healthy
profitability. Conversely the outlook may be revised to
'Negative' in case of rough take off in the project leading to
low cash accruals which in turn would affect the liquidity
profile.

Incorporated in 2017, NPLLP is a Gujarat based entity which is
setting up a plant to manufacture kraft paper used in corrugated
boxes. Partners of the firm are Mr. Vijaykumar Fultariya, Mr.
Kishanbhai Zalawadiya and family.

Operations of NPLLP are expected to commence by Feb-April 2019.


P. PRAFUL: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of P. Praful And
Company Agency (India) Private Limited (PPCA) continues to be
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Incorporated in 2010, PPCA is promoted by the Ahmedabad
(Gujarat)-based Bhalakia family. The company trades in specialty
chemicals, which it supplies to industries such as textile,
pharmaceutical, and food products. It has its warehouses in
Hyderabad, Jodhpur, Mumbai, and Bengaluru.


PANKAJ PHULWANI: CRISIL Reaffirms B+ Rating on INR1.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Pankaj Phulwani (PP).

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Bank Guarantee     5         CRISIL A4 (Reaffirmed)
   Cash Credit        1.5       CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations, exposure to
risks related to tender-based business and revenue concentration,
and below-average financial risk profile. These rating weaknesses
are partially offset by the experience of the promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations, and exposure to risks related to
tender-based business: Intense competition in the electrical
engineering, procurement and construction (EPC) industry, and the
tender-driven nature of business constrain scale of operations
and profitability. Operating income was INR6.59 crore in fiscal
2018.

* Revenue concentration risks: Operations are entirely in Madhya
Pradesh. Customer concentration risks also persist, as Madhya
Pradesh Madhya Shetra Vidyut Vitran Company Ltd is the sole
customer.

* Below-average financial risk profile: PP's financial risk
profile was below average, as reflected in gearing of 2.22 times
and small networth of INR4.52 crore as on March 31, 2018. The
company has average debt protection metrics with interest
coverage of 2.5 times in fiscal 2018.

Strength

* Extensive industry experience of promoter: Key promoter, Mr
Pankaj Phulwani, has around 20 years' experience in installing
transmission lines and substations. The experience should help
the firm scale up operations over the medium term.

Outlook: Stable

CRISIL believes PP will continue to benefit over the medium term
from the promoters' experience. The outlook may be revised to
'Positive' if ramp-up in revenue, operating margin and cash
accrual, or improvement in networth through fresh capital
infusion strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low revenue and cash
accrual, stretch in working capital cycle or unanticipated capex
weakens the financial metrics.

Set up in 2011, PP is a proprietorship firm promoted by Mr Pankaj
Phulwani. It erects and commissions transmission and distribution
lines and also electric substations. It is based in Madhya
Pradesh.


PROMPT PULP: CRISIL Maintains 'C' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Prompt Pulp and
Fibres Private Limited (PPFPL) continues to be 'CRISIL C Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.25       CRISIL C (ISSUER NOT
                                    COOPERATING)

   Long Term Bank        5.25       CRISIL C (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with Prompt Pulp and
Fibres Private Limited (PPFPL) 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 PPFPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on PPFPL,
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 PPFPL, continues to be 'CRISIL C Issuer not
cooperating'.

PPFPL was set up in 2006 by Mr. Anand Dayama, Mrs. Renu Agarwal,
Mr. Vijay Agarwal, and their family members. The company
manufactures tissue, napkin, and poster papers. It commenced
operations in 2014 at its plant in Medak district, Telangana.


R. NATARAJAN: CRISIL Maintains B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of R. Natarajan (RN)
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         1          CRISIL A4 (ISSUER NOT
                                     COOPERATING)

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

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

RN, based in Pondicherry, executes civil contracts. The firm is
promoted by Mr. R Natarajan.


R.V.R. TECHNOLOGIES: Ind-Ra Migrates B Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.V.R.
Technologies 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:

-- INR65 mil. Fund-based limits migrated to non-co-operating
    category with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 8, 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 1984, R.V.R Technologies is a Bhopal-based
company engaged in the trading and manufacturing of bicycle tubes
and tires.


RADHE RADHE: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of M/s Radhe Radhe
Fibers (RRF) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11.9       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     4.76      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             1.34       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

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

Set up as a partnership firm in 2011 by Mr. Radheshyam Agrawal
and Mr. Sunil Agrawal, RRF gins and presses cotton and extracts
oil from cotton seed. Ginning capacity is 300 bale per day while
oil seed crushing capacity is 500 quintal per day. Both the units
are in Chopda in Jalgaon District.


SAI MAATARINI: Ind-Ra Cuts INR13,973.5BB Loan Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sai Maatarini
Tollways Limited's (SMTL) bank facilities as follows:

-- INR13,973.5 bil. Term loans (long-term) due on October 2027
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by SMTL due to
liquidity issues.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
lead to a positive rating action.

COMPANY PROFILE

SMTL is a special purpose vehicle, incorporated to implement a
166.17km lane expansion (two-to-four-laning) between Panikolli
and Rimuli in Odisha on National Highway 215, under a 24-year
concession agreement from the National Highways Authority of
India ('IND AAA'/Stable).


SHIV FLOUR: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Shiv Flour Mill
(SFM) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          2.96        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   1.54        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan            8.00        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in 2011, SFM processes wheat flour and has capacity
of 120 tonne per day. Its manufacturing facility is in
Murshidabad, West Bengal. SFM is equally owned by Mr. Goutam
Bhakat and Ms. Nafisa Begam along with their families.


SHREEJI ENTERPRISE: CRISIL Assign B+ Rating to INR2.95cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shreeji Enterprise - Ahmedabad (SE).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             2.95       CRISIL B+/Stable (Assigned)

   Proposed Long Term    0.46       CRISIL B+/Stable (Assigned)
   Bank Loan Facility

   Bank Guarantee        0.59       CRISIL A4 (Assigned)

   Cash Credit           2.00       CRISIL B+/Stable (Assigned)

The rating reflects SE's average financial risk profile, small
scale of operations, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
the promoter in trading metal scrap and manufacturing castings
through associate concerns.

Analytical Approach

Unsecured loan of INR83 lakh extended by the promoter as on
March 31, 2018, has been treated as neither debt nor equity. This
is because the loan is subordinated to bank debt and expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Working-capital-intensive operations: Working capital
requirements are large, with gross current assets of 233 days as
on March 31, 2018, driven by inventory and debtors of around 73
and 103 days, respectively. Creditors of 65-70 days, however,
relieve some of the pressure on working capital.

* Average financial risk profile: Capital structure is
average'with gearing and total outside liabilities to tangible
networth at around 2.07 and 3.23 times, respectively, as on March
31, 2018'on account of the debt-funded capital expenditure
undertaken recently. Networth was low at INR2.89 crore. Debt
protection metrics are weak, too: interest coverage and net cash
accrual to total debt ratios were around 1.98 times and 0.07
time, respectively, in fiscal 2018.

Strengths

* Promoter's extensive experience: Benefits from the promoter's
experience of around two decades in metal scrap trading and about
four years in manufacturing castings, and established relations
with customers and suppliers should continue to support business
risk profile.

Outlook: Stable

CRISIL believes SE will continue to benefit from its promoter's
extensive experience. The outlook may be revised to 'Positive' if
higher-than-expected sales and profitability strengthens capital
structure and liquidity. The outlook may be revised to 'Negative'
if stretch in working capital cycle, or any large debt-funded
capex weakens financial risk profile.

SE commenced trading in scrap (mainly mild steel, stainless
steel, and aluminium), and started manufacturing castings in
2017. Mr Ramgopal Tiwari is the promoter.


SHRI MAHESH: CRISIL Assigns B+ Rating to INR8cr LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Shri Mahesh Co-Op Spinning Mills Limited (SMML).

                        Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Long Term
   Bank Loan Facility       8        CRISIL B+/Stable (Assigned)

The rating reflects risks related to timely stabilisation and
commensurate ramp-up in sales during the initial phase of
operation, susceptibility to volatility in cotton prices. These
rating weakness are partially offset by the experience of the
promoters in yarn spinning industry and strategic location of
facility ensuring ample availability of cotton bales.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to stabilisation and off take risks: Operations will
commence from December 2018. Since, there is intense competition
in spinning industry, marked by the presence of several small
players. Hence, stabilisation and commensurate ramp-up in
revenues during the initial phase of operations will remain
critical, and will be monitored closely.

* Susceptibility to volatility in cotton prices: Cotton
availability is highly dependent on monsoon. Further the cotton
production, government interventions and fluctuations in global
cotton output have resulted in sharp fluctuations in cotton
prices in past, and impacted players' margins. Further the cotton
yarn industry is intensely competitive owing to the presence of a
large number of players and limited product diversification which
limits the bargaining power of yarn players. .

Strengths:

* Promoter' extensive experience in cotton yarn spinning
business: The promoters of the company have been associated in
the yarn spinning business since last 29 years and have
established healthy relation with potential customers and
suppliers, which will help scale up operations.

* Locational Advantage: The manufacturing unit is in Kolhapur
(Maharashtra), with ample availability of cotton. This will
facilitate facile proximity to key raw materials, and thus
minimises transit cost, and shall help execute orders on time.

Outlook: Stable

CRISIL believes SMML would benefit over the medium term from
promoter' extensive industry experience. The outlook may be
revised to 'Positive' if timely stabilisation leads to sales
growth and profitability, and better financial risk profile. The
outlook may be revised to Negative if lower-than-expected
accruals, or stretch in working capital cycle, leads to
deterioration in financial risk profile, especially liquidity.

Incorporated in December, 1994 by Mr Satyanarayan and other
directors, SMML is setting up a cotton yarn spinning mill in
Kolhapur, Maharashtra. Commercial operations are expected to
start from December, 2018.


SHRI SARAVANA: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Saravana
Industries Private Limited's (SSIPL) Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based facilities affirmed with IND B+/
    Stable/IND A4 rating; and

-- INR253 mil. Non-fund-based facilities affirmed with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect SSIPL's continued tight liquidity position.
The company over utilized its fund-based limits up to 28 days
over the 12 months ended October 2018 due to a stretch in
receivables. The company's cash flow from operations was INR8
million in FY18, with available cash balance standing at INR5.73
million and restricted cash of INR34.12 million. FY18 are
provisional in nature.

The ratings also reflect SSIPL's small scale of operations.
Revenue surged to INR349 million in FY18 (FY17: INR260 million),
primarily driven by the execution of more orders. The company has
an order book of INR2,188.5 million, out of which INR454.3
million will be completed by end-FY19.

The ratings also reflect SSIPL's moderate credit metrics due to
modest profitability. Net leverage (adjusted net debt/operating
EBITDAR) was 2.2x in FY18 (FY17: 2.8x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) was 2.0x
(1.6x). The improvement in credit metrics was due to an increase
in absolute EBITDA and a reduction in total debt. EBITDA margins
were volatile in the range of 6.4%-12.6% over the four years
ended FY18 and declined to 6.7% in FY18 from 8.2% in FY17 on
account of volatility in raw material prices and other variable
expenses. Return on capital employed of the company was 4.8% in
FY18.

The company is engaged in hydro-mechanical work which forms a
small portion in the dam construction or water reservoir
construction works, which limits the company order book.
Moreover, project execution takes three to four years; hence, the
working capital requirements are high.

The ratings, however, are supported by the promoter's over two
decades of experience in hydro mechanical operations.

RATING SENSITIVITIES

Negative: A fall in the revenue and EBITDA margin leading to
deterioration in the credit metrics and/or a further stress in
the liquidity position, all on a sustained basis, could be
negative for the ratings.

Positive: An increase in the revenue and EBITDA margin leading to
an improvement in credit metrics, and an improvement in
liquidity, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

Founded as a proprietorship firm in 1989 by Mr. S Kandasamy,
Madurai-based SSIPL was reconstituted as a private limited
company in April 2008. SSIPL undertakes hydromechanical
operations, which involve the design, procurement, fabrication,
manufacture, installation, testing and commissioning of complete
hydro-mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates.


SHRI SHANTI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Shanti
Solvex 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:

-- INR45.80 mil. Term loans due on February 2021 migrated to
    Non-Cooperating Category with IND BB- (ISSUER NOT
    COOPERATING) rating; and

-- INR100.00 mil. Fund-based working capital limits migrated to
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 13, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shri Shanti Solvex was incorporated in August 2013 to operate a
solvent extraction plant in Morena, Madhya Pradesh. The plant
commenced commercial operations in April 2015.


SRIYASH VYAPAAR: CRISIL Lowers Rating on INR7cr Overdraft to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank facility
of Sriyash Vyapaar Private Limited (SVPL) to 'CRISIL D' from
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              7         CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects delay in servicing of debt by the company.

The company also faces intense competition, and has small scale
of operations and weak liquidity and financial risk profile.
However, it benefits from the extensive experience of its
promoters in the steel industry.

Key Rating Drivers & Detailed Description

* Delay in debt servicing because of weak liquidity
The company has inadequate liquidity to honour the repayment of
the overdraft facility.

Weaknesses

* Exposure to intense competition and small scale of operations:
The steel trading industry has many organised and unorganised
players, which restricts pricing flexibility. SVPL's revenue
declined sharply to INR10 crore in fiscal 2018 from INR37 crore
in fiscal 2017 due to reduced demand. Scale and profitability
will remain low over the medium term.

* Weak liquidity and financial risk profile: The company has
inadequate liquidity to honour the repayment of the overdraft
facility. Networth was small at INR2.18 crore as on March 31,
2018, but is expected to increase over the medium term with
accretion to reserves. Because of limited open credit from
supplier, the company depends on bank limit to fund working
capital requirement, leading to high total outside liabilities to
tangible networth ratio of 5.8 times as on March 31, 2018.
Interest coverage was average at 0.8 time for fiscal 2018, and is
likely to remain subdued over the medium term.

Strength

* Extensive experience of the promoters: Presence of more than
two decades in the steel industry has enabled the promoters to
establish healthy relationships with suppliers and customers.

Incorporated in November 2010 and promoted by Mr Anil
Kishorepuria and Mr Anubhav Kishorepuria, SVPL trades in thermo-
mechanically treated bars and pipes manufactured by Tata Steel
Ltd and Durgapur Steel Ltd, among others. It also deals in
tractors made by Indo Farm Equipment Ltd.


T. KANAGARAJ: CRISIL Reaffirms 'B' Rating on INR5.0cr Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on bank facilities of
T. Kanagaraj (TK) at 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      .33          CRISIL A4 (Reaffirmed)
   Cash Credit        5.00          CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations with geographical and customer
concentration in revenue: Revenue was modest at INR10.84 crores
in fiscal 2018 in the highly fragmented civil construction
industry dominated by a few large players. Furthermore, there is
geographical and customer concentration in revenue, resulting in
vulnerability to changes in government priorities towards
infrastructure development.

* Below-average financial risk profile: The gearing was high at
over 4 times and the net worth small at INR3.3 crores, as on
March 31, 2018. The debt protection metrics were weak, with net
cash accrual to total debt and interest coverage ratios of 1.4%
and 1.2 times, respectively, in fiscal 2018.

Strength

* Extensive industry experience of the proprietor: The
proprietor, Mr T Kanagaraj, has close to three decades of
experience in the civil construction business and has executed
various projects for the government of Tamil Nadu. This has
helped to establish a healthy relationship with key suppliers,
resulting in smooth sourcing of raw materials, and with
customers, leading to stable revenue growth over the years.

Outlook: Stable

CRISIL believes TK will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if a significant increase in the scale of
operations and profitability, along with better working capital
management, results in an improvement in the financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
declines or working capital requirement increases, leading to
further weakening of the financial risk profile.

TK was set up in 1998 as a proprietorship firm. It undertakes
civil construction works (laying and repairing of roads) in
Palani, Tamil Nadu, and functions primarily as a contractor for
the state Public Works Department.



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


UNIVERSAL ENTERTAINMENT: S&P Assigns 'BB-' ICR, Outlook Negative
----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'BB-' long-term
issuer credit rating to Japan-based pachislot and pachinko
machine provider Universal Entertainment Corp. (UE), which also
operates the Okada Manila casino resort complex in the
Philippines. The outlook on the long-term issuer rating is
negative. At the same time, S&P has assigned its 'BB-' issue
credit rating to the proposed U.S. dollar-denominated secured
bonds the company plans to issue to finance completion of the
construction of its casino resort hotel and repay borrowings.

S&P said, "The rating on the company reflects our view that
stagnant business performance is mainly due to decreased unit
sales as a result of regulatory changes, despite a solid position
in its core pachislot and pachinko gaming machine business as a
leading manufacturer in Japan. We also base the rating on UE's
limited business size and scope and concentration of assets in a
single location and country risk that the company faces in its
casino resort business. We view the business as having high
potential growth but still in a start-up phase. The ratio of UE's
debt to EBITDA is likely to deteriorate materially in fiscal 2018
(ending Dec. 31, 2018) due to business underperformance and its
plan to raise funds. However, we expect its profitability and
core financial ratios to improve rapidly in fiscal 2019 and
onward because we believe the company will introduce new models
in the domestic pachislot and pachinko parlors business, reduce
costs, and begin fully operating Okada Manila. We incorporate
these factors into our rating." The issue rating on the bonds is
equivalent to that on the issuer rating because of the debt's
senior secured status.

Pachislot and pachinko gaming machine makers face declines in
numbers of units sold, because of a delay in regulatory approval
for new models. The business segment's operating margin had
exceeded 25% for several years recently but dropped to slightly
below 20% in fiscal 2017, and the company made a JPY1.9 billion
operating loss from this pachinko and pachislot machine business
in the nine months to the end of September 2018. However, UE has
made progress in introducing new models that meet new
regulations. Given the company's strong product development
capability, a reduction in manufacturing costs, and its
strategies to concentrate sales activities on leading pachislot
and pachinko hall operators, S&P expects the company to maintain
strong competitiveness and a solid position in the domestic
market in the near future.

S&P said, "We see high growth potential in the overseas casino
resort business that UE launched in 2017. We base our view on the
Philippines' strong economic growth, the casino resort's good
location easily accessible from major cities in the region, and
its advantages compared with neighboring facilities. However, the
business is limited in scale and scope and is exposed to risk of
concentration on a single asset. Considering UE's limited record
of developing a start-up business in an emerging market, we
believe it will take more time to fully ramp up its casino
business and gain competitiveness in it.

"We expect the company's EBITDA margin to improve to about 5% in
fiscal 2018 from negative in fiscal 2017 and to about 20% in
fiscal 2019. However, we expect its earnings to rise more slowly
than we had expected, taking into account operational losses from
its domestic pachislot and pachinko machine business, potential
litigation costs in the casino business, and a delay in
construction and an additional investment burden in its casino
business. Considering all these factors, we assess the company's
business risk profile as weak."

The company's debt rose in recent years and exceeded JPY250
billion as of the end of fiscal 2017 to cover a total of about
JPY300 billion in construction costs and investments in relation
to the launch of its casino resort business. However, the company
received US$2.6 billion in cash in 2018 to settle a dispute and
spent the cash on debt repayment. As a result, its outstanding
debt balance decreased to about JPY40 billion, almost equal to
cash and equivalents as of the end of September 2018.

S&P said, "Nevertheless, we believe UE's debt to EBITDA may
deteriorate and far exceed 5.0x at the end of fiscal 2018,
considering further deterioration in its pachislot and pachinko
machine business in Japan and larger-than-expected investments in
its casino resort business, in addition to its planned
fundraising. Meanwhile, company profits in the casino resort
business as measured by EBITDA increased steadily through October
2018, and annual capital spending is likely to decrease to about
JPY20 billion in fiscal 2019 and onward. Consequently, we expect
debt to EBITDA to recover to about 2.0x at the end of 2019. Given
these factors, we assess the company's financial risk profile as
significant.

"We assess UE's management and governance as fair. Okada Holding
Ltd., a family-owned and run business, holds a 67% stake in the
company. UE's management team is endeavoring to renew and
intensify its management and governance, but it has a pending
litigation against former Chairman Kazuo Okada. Accordingly, we
see a possibility that the litigation may have an unpredictable
effect on the company's management policy and business strategy,
which may affect earnings."

S&P assumes the following in its base-case scenario for UE:

-- Real GDP growth in Japan of 0.9% in 2018 and 1.2% in 2019
    (September 2018 estimate);

-- Real GDP growth in the Philippines of 6.7% in 2018 and 6.8%
in 2019 (September 2018 estimate);

-- A decline in consolidated revenue to slightly over JPY100
    billion in fiscal 2018 (50% each from pachinko/pachislot
    business and casino business), and a 20%-30% year-on-year
    annual increase in fiscal 2019;

-- Rapid improvement in profitability in fiscal 2019 and onward
    thanks to new models and full operation of its casino resort;

-- A material decrease in capital expenditures to about JPY20
    billion in fiscal 2019 and onward from a peak of about JPY70
    billion in fiscal 2018; and

-- Acceleration of debt repayment and construction of Okada
    Manila, using proceeds from corporate bond issuance of about
    JPY30 billion in fiscal 2018.

With this, under S&P's base-case scenario it assumea the
following financial ratios for UE:

-- An improved EBITDA margin of about 5% in fiscal 2018 from
    negative in fiscal 2017 and of about 20% in fiscal 2019
thanks to full operation of its casino resort;

-- A rise in debt to EBITDA to over 5.0x as of the end of
    December 2018, followed by rapid improvement to about 2.0x
    toward the end of December 2019.

S&P said, "We assess UE's liquidity as adequate. The company had
cash and deposits almost equivalent to outstanding debt as of the
end of September 2018. In addition, we expect its liquidity
sources to cover more than 1.2x its uses over the next 12 months.
We assume its principal liquidity sources for the next 12 months
include cash and equivalents of about JPY40 billion and funds
from operations of about JPY30 billion. Its principal liquidity
uses include about JPY22 billion in debt repayment and about
JPY35 billion in annual capital expenditures. Loan agreements the
company and its affiliates have undertaken include financial
covenants that the company and its affiliates are unlikely to
break at this stage. However, pressure on the company's liquidity
amid the continued difficult financing environment may grow over
the short term if a recovery of its business performance is
delayed and its financial health does not recover at an early
stage.

"The outlook is negative. The negative outlook reflects our view
that the company's short-term liquidity may come under stronger
pressure if its business performance or financial health fails to
recovery quickly, or if the company fails to raise funds as
planned. We may consider a downgrade if we see stronger
uncertainties over the company's short-term liquidity over the
next six to 12 months. Specifically, we may lower the rating if a
recovery of its financial health is slower than we expect because
the company maintains high-level investment in fiscal 2019 and
onward, and, as a result, debt to EBITDA stays above 3.0x.
Conversely, we will consider an upward revision of our outlook to
stable if we believe UE's debt to EBITDA will improve to below
2.0x. This scenario would occur if the company quickly progresses
its fundraising plans and potential asset sales, stabilizes its
liquidity over the next six to 12 months, and profits from a
recovery of its pachislot and pachinko machine business."



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


* SC Withdraws Recognition of Singapore Audit Firm RT LLP
---------------------------------------------------------
Supriya Surendran at The Edge Financial Daily reports that the
Securities Commission's (SC) audit oversight board (AOB), has
withdrawn the recognition of Singapore-based audit firm RT LLP
and its partner Su Chun Keat.

According to the report, the SC said in a statement on Nov. 29
that RT LLP and Su breached AOB's conditions of recognition as
they failed to comply with a notice issued by the SC which
required them to submit the audit working papers of a client, a
public-listed company and its subsidiaries within a prescribed
time.

The Edge Financial Daily relates that the AOB's action was taken
under Section 31Q of the Securities Commission Act 1993. The
section grants the AOB power to revoke, withdraw or suspend
registration or recognition of an auditor if the auditor
contravenes any terms or conditions imposed by the AOB.

In its statement, the SC did not name the public-listed company
whose audit working papers RT LLP had failed to submit, the
report notes.

The Edge Financial Daily says that a quick check with Bursa
Malaysia showed that RT LLP is the auditor of China-based
Practice Note 17 (PN17) company Multi Sports Holdings Ltd, based
on Multi Sports' 2017 annual report.

RT LLP was also formerly the auditor of another PN17 China-based
company, HB Global Ltd, before their resignation in December last
year, the report discloses citing a Bursa Malaysia filing by HB
Global.

At the time of writing, it was not clear which other Bursa
Malaysia-listed firm has engaged RT LLP as its auditor, The Edge
Financial Daily notes.



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


ORION HEALTH: Investors Should Accept Buyback Offer, Analyst Says
-----------------------------------------------------------------
Nikki Mandow at BusinessDesk reports that Orion Health
shareholders should take advantage of the company's buyback offer
and get out with whatever money they can, according to an analyst
who covers the stock.

Stephen Ridgewell, deputy head of institutional research at
Craigs Investment Partners, told BusinessDesk the first half 2019
results announced on Nov. 29 were "somewhat meaningless" given
the company has sold 75 percent of the only profitable part of
the company, its Rhapsody health data integration product.

On Oct. 31, the company announced Rhapsody was being sold to UK
private equity company Hg (formerly Mercury) for NZ$205 million.
Hg was also taking a stake in the population health management
unit, leaving Orion owning only its hospitals division outright,
the report says.

The problem is that the remaining two parts of Orion's business,
hospitals and population health management, are struggling,
Mr. Ridgewell told BusinessDesk.

Population health revenue declined 8 percent to NZ$49.2 million
in the six months ended Sept. 30, but contributed a smaller loss
of NZ$17.8 million to the group than a year earlier, the report
relays. Revenue at the hospitals unit increased 8 percent to
NZ$5.1 million, but the loss of NZ$3.3 million, widened from
NZ$830,000 a year earlier.

"There would have to be a very substantial improvement in
operating performance for those businesses to be sustainable,"
the report quotes Mr. Ridgewell as saying.

According to BusinessDesk, Orion chair Andrew Ferrier, a former
CEO of Fonterra, said the company was focusing on getting the two
remaining businesses to be "operating cashflow neutral as soon as
we possibly can". But pushed on specifics, he wasn't clear on a
timeframe.

"We are hoping to be as close to cashflow breakeven in the second
half as we can," he said, adding the company was still working
through the 2020 cashflow numbers, BusinessDesk relays.

BusinessDesk relates that Mr. Ferrier said he believed there was
enough cash to fund the two units through to profitability.
However, Mr. Ridgewell strongly urged shareholders to take the
buyback option, the report states.

He said the health data integration company had "presented
Orion's first-half position in the best possible light" at
today's presentation, BusinessDesk relays.

"But the reality is [founder and CEO] Ian McCrae and the board
have overseen a substantial reduction in shareholder value since
the IPO in 2014.

"With the company failing to spell out how it intends to fund the
ongoing operating losses if these segments continue to perform
below management expectations, or a clear growth pathway, we see
little value in Orion's remaining businesses aside from its
residual 25 percent shareholding in Rhapsody. However, even this
may need to be sold within the next 12-18 months to fund ongoing
losses from the remaining segments, unless performance
substantially improves."

BusinessDesk relates that the Orion Health board has a history
since listing in 2014 of failing to meet its financial
projections.

Mr. Ferrier gave more details about the buyback, narrowing the
estimated range to NZ$1.20-NZ$1.25 a share, and saying the exact
buyback price should be set within the next week. Payments will
start in December, BusinessDesk notes.

BusinessDesk says the outlook wasn't always so grim for Orion
Health, which began life as a startup making IT products used by
health providers to get systems talking to each other - whether
it be patient records, hospital data or drug information.
International sales were strong - it still sells 90 percent of
its products overseas.

But since its IPO, financial performance has been woeful, the
report noes. The share price tanked from a peak of more than
NZ$6 in 2014, to 67 cents earlier this year, before sneaking back
above NZ$1 in July.

The buyback price is only a small improvement on the NZ$1.17 the
shares are trading at today [Nov. 29], BusinessDesk says.

BusinessDesk recalls that this time last year, in the notes to
the accounts for the six months ended Sept. 30, 2017, Orion's
auditors PwC talked about "a material uncertainty that may cast
significant doubt about the group's ability to continue as a
going concern".

Today [Nov. 29], the results talked about the company as a "going
concern'. But the directors acknowledged "the uncertainty and
risks" associated with ongoing performance at the population
health and hospitals units, BusinessDesk says.

Headquartered in Auckland, New Zealand, Orion Health Group
Limited engages in the development, implementation, hosting,
sale, and support of software for the healthcare IT market.



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


NEWSTEAD TECHNOLOGIES: Sells 10 Nubox Stores to Elush
-----------------------------------------------------
Tiffany Fumiko Tay at The Strait Times reports that Newstead
Technologies, which was placed under provisional liquidation in
October following the sudden closure of several of its stores,
said on Nov. 30 it has reached an agreement to sell its 10 Nubox
stores.

Elush (T3), another Apple reseller which operates the iStudio and
Epicentre stores, is buying the stores for an undisclosed sum,
The Strait Times relates citing an statement issued by Newstead's
liquidators.

The transition is expected to be completed by Jan. 31, 2019, the
statement added, the report relays.

"In the interim, Newstead wishes to reassure customers and
partners that it is still business as usual for all 10 NuBox
outlets, and that the company will continue to honour all
transactions and service commitments during this transition
period," the statement, as cited by The Strait Times, said.

Newstead, which was established in 1998, operated more than a
dozen stores, including Apple reseller Nubox and electronics
concept store Digital Style. It was also touted as the largest IT
anchor for the upcoming Funan mall.

In early October, Newstead began voluntary winding-up
proceedings, the report recalls. About a week later, it said it
had completed a reorganisation of the company that saw 40 per
cent of its 250 staff let go. It also said it was business as
usual at all 10 Nubox outlets as well as selected Newstead
stores.

A spokesman for liquidator Acres Advisory said on Nov. 30 that
two Newstead stores at Nex mall and Jurong Point are still in
operation, add The Strait Times.

"The winding down process is still ongoing and we estimate that
the earliest we can conclude is 2020," she said.

Established in 1998, Newstead owns brands such as Digital Style,
Nubox and @notebook.com, and has outlets in several shopping
malls in Singapore.



                             *********

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,
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                 *** End of Transmission ***