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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, December 6, 2018, Vol. 21, No. 242

                            Headlines


A U S T R A L I A

ACTCO-PICKERING METAL: First Creditors' Meeting Set for Dec. 17
ACU RATE: Second Creditors' Meeting Set for Dec. 14
CALATAFIMI ENTERPRISES: First Creditors' Meeting Set for Dec. 13
COMPLETE CAFFE: First Creditors' Meeting Set for Dec. 13
EASTERN GOLDFIELDS: First Creditors' Meeting Set for Dec. 11

EDEN ROAD: First Creditors' Meeting Set for Dec. 14
EYEWEAR COLLECTIVE: Second Creditors' Meeting Set for Dec. 13
R DEVELOPMENTS: First Creditors' Meeting Set for Dec. 14


C H I N A

CHINA: To Push Zombie Firms with 'Business Value' to Restructure


I N D I A

ASHAPURA INTIMATES: CARE Lowers Rating on INR57.50cr LT Loan to C
BALAJI ENAMEL: CARE Assigns B+ Rating to INR2.0cr LT Loan
BISI ENGINEERING: CARE Lowers Rating on INR7.0cr LT Loan to B+
DHRUV COTEX: CARE Reaffirms B+ Rating on INR13cr LT Loan
DOLBY PLYBOARDS: CARE Lowers Rating in INR10.50cr Loan to B+

EUROTEK ENGINEERING: CARE Assigns B+ Rating to INR6.75cr Loan
JET AIRWAYS: In Talks With Etihad Airways on Rescue Deal
KHUSHI FOODS: Insolvency Resolution Process Case Summary
KINGLIKE RETAIL: CARE Migrates 'B' Rating to Not Cooperating
MOMAI APPARELS: CARE Lowers Rating on INR32.50cr Loan to C (SO)

NATRAJ ELECTRO: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
ORTEL COMMUNICATIONS: Insolvency Resolution Process Case Summary
P.M. AGRO: CARE Lowers Rating on INR5.0cr LT Loan to D
PARI AGRO: CARE Raises Rating on INR7cr LT Loan to B-
RAJSHRI IRON: Ind-Ra Hikes Rating on INR146.5MM Loan to B+

SAGAR BUSINESS: CRISIL Maintains 'B' Rating in Not Cooperating
SHELKE CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating
SHETRON LIMITED: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
SHREE RADHA: CRISIL Maintains 'B' Rating in Not Cooperating
SHREE SAI: CRISIL Maintains 'B' Rating in Not Cooperating

SPRAY ENGINEERING: CARE Upgrades Rating on INR21cr Loan to C
SREEPATHY TRUST: CRISIL Maintains 'B' Rating in Not Cooperating
SRI SATYANARAYANA: CRISIL Maintains B Rating in Not Cooperating
SRI SIVA: CRISIL Maintains 'B-' Rating in Not Cooperating
SUKHMANI SHIKSHAN: CRISIL Maintains B Rating in Not Cooperating

SWAMI PALANI: CRISIL Maintains 'B' Rating in Not Cooperating
T.K. GURUSAMY: CRISIL Maintains 'B' Rating in Not Cooperating
TAG OFFSHORE: CARE Migrates D Rating to Not Cooperating Category
TATHYA TEXFAB: CARE Reaffirms B+ Rating on INR10.60cr LT Loan
UMMED EDUCATIONAL: Ind-Ra Affirms 'B' Rating on INR96MM Loan

VITRA INDIA: CARE Reaffirms B+ Rating on INR3.32cr LT Loan
WOMEN'S NEXT: CARE Lowers Rating on INR12.50cr LT Loan to D


M A L A Y S I A

1MDB: Jho Low Maintains Innocence Over New Fund Misuse Charges


P H I L I P P I N E S

SAN FRANCISCO DEL MONTE: Jan. 21 Creditors' Claims Deadline Set


S I N G A P O R E

PACIFIC RADIANCE: Wins One Month Extension on Court Protection


S O U T H  K O R E A

GM KOREA: R&D Separation is Essential to Viability, GM Exec Says


                            - - - - -


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


ACTCO-PICKERING METAL: First Creditors' Meeting Set for Dec. 17
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Actco-
Pickering Metal Industries Pty Ltd, trading as Ridgeback Service
Bodies and Trade Service Bodies, will be held at the offices of
The Institute of Chartered Accountants, at Level 18, 600 Bourke
Street, in Melbourne, Victoria, on Dec. 17, 2018, at 10:00 a.m.

Craig Peter Shepard of KordaMentha was appointed as administrator
of Actco-Pickering Metal on Dec. 5, 2018.


ACU RATE: Second Creditors' Meeting Set for Dec. 14
---------------------------------------------------
A second meeting of creditors in the proceedings of Acu Rate Pty
Ltd has been set for Dec. 14, 2018, at 11:00 a.m. at the offices
of TPH Advisory, at Lower Level, 133 Macquarie Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 13, 2018, at 4:00 p.m.

Tim Heesh of TPH Insolvency was appointed as administrator of Acu
Rate on Nov. 12, 2018.


CALATAFIMI ENTERPRISES: First Creditors' Meeting Set for Dec. 13
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Calatafimi
Enterprises Pty Ltd will be held at the offices of Suite D, Level
14, 241 Adelaide Street, in Brisbane, Queensland, on Dec. 13,
2018, at 11:00 AM

Domenico Alessandro Calabretta of Mackay Goodwin were appointed
as administrators of Calatafimi Enterprises on Dec. 3, 2018.


COMPLETE CAFFE: First Creditors' Meeting Set for Dec. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Complete
Caffe Company Pty Ltd, trading as Caffe Cena, will be held at the
offices of Worrells Solvency and Forensic Accountants, at
Suite 1103, 147 Pirie Street, in Adelaide, SA, on Dec. 13, 2018,
at 9:00 a.m.

Nicholas David Cooper and Dominic Cantone of Worrells Solvency &
Forensic Accountants were appointed as administrators of Complete
Caffe on Dec. 3, 2018.


EASTERN GOLDFIELDS: First Creditors' Meeting Set for Dec. 11
------------------------------------------------------------
Andrew Smith and Martin Jones of Ferrier Hodgson were appointed
Administrators of the following Companies on Nov. 29, 2018,
pursuant to Section 436A of the Corporations Act 2001:

- Eastern Goldfields Limited
- Monarch Nickel Pty Ltd
- Monarch Gold Pty Ltd
- Carnegie Gold Pty Ltd
- Siberia Mining Corporation Pty Ltd
- Mt Ida Gold Operations Pty Ltd
- Ida Gold Operations Pty Ltd
- Pilbara Metals Pty Ltd
- Mt Ida Gold Pty Ltd
- Eastern Goldfields Mining Services Pty Ltd
- Siberia Gold Operations Pty Ltd

A first meeting of Creditors will be held on Dec. 11, 2018 at The
Palace Training Room, at Ground Floor, 108 St Georges Terrace, in
Perth, WA.

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


EDEN ROAD: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------
A first meeting of the creditors in the proceedings of Eden Road
Wine Company Pty Ltd and Murrumbateman Wine Merchants Pty Ltd
will be held at the offices of Deloitte Touche Tohmatsu, at
8 Brindabella Circuit, in Canberra Airport, ACT, on Dec. 14,
2018, at 1:30 p.m.

Vaughan Neil Strawbridge and Timothy Bryce Norman of Deloitte
were appointed as administrators of Eden Road on Dec. 4, 2018.


EYEWEAR COLLECTIVE: Second Creditors' Meeting Set for Dec. 13
-------------------------------------------------------------
A second meeting of creditors in the proceedings of The Eyewear
Collective Pty Ltd has been set for Dec. 13, 2018, at 10:00 a.m.
at the offices of Hall Chadwick Chartered Accountants, Level 4,
240 Queen Street, in Brisbane, Queensland, on Dec. 13, 2018, at
10:00 a.m.

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. 12, 2018, at 5:00 p.m.

Blair Pleash and David Ingram of Hall Chadwick were appointed as
administrators of Eyewear Collective on Nov. 8, 2018.


R DEVELOPMENTS: First Creditors' Meeting Set for Dec. 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
R Developments Pty Ltd will be held at the offices of INRM
Australia Partners, at Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, ACT, on Dec. 14, 2018, at 9:00 a.m.

Frank Lo Pilato of INRM Australia Partners was appointed as
administrator of R Developments on Dec. 4, 2018.



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C H I N A
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CHINA: To Push Zombie Firms with 'Business Value' to Restructure
----------------------------------------------------------------
Reuters reports that China will encourage "zombie" firms that
still retain "business value" to restructure and woo strategic
investors to cut debt to reasonable levels, the state planner
said on Dec. 4.

Reuters says that as part of its efforts to curb soaring
corporate debt and tackle price-sapping capacity gluts in sectors
such as steel and coal, China has promised to improve bankruptcy
procedures and allow vast numbers of loss-making "zombie"
companies to close.

But Beijing has also sought to ensure a smooth exit for hundreds
of insolvent enterprises in a bid to avoid unemployment and
political instability in struggling industrial regions, the
report notes.

"It is necessary to carry out these tasks in an orderly manner,
effectively prevent moral hazards such as debt defaults and the
loss of state assets, and ensure social stability," the National
Development and Reform Commission (NDRC) said in new guidelines
published on its website, Reuters relays.

According to Reuters, the NDRC ordered local governments to
prepare lists of "zombie" firms within three months. The firms
will be encouraged to secure agreements with their creditors and
draw up restructuring plans within six months.

Firms that meet the conditions for immediate bankruptcy and
liquidation will be eliminated, it said, Reuters adds.

China set up a CNY100 billion ($14.6 billion) compensation
mechanism in 2016 to help local authorities find alternative
employment for laid-off workers after warning that its efforts to
streamline its giant but poorly-performing would lead to millions
of job losses, Reuters notes.



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I N D I A
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ASHAPURA INTIMATES: CARE Lowers Rating on INR57.50cr LT Loan to C
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashapura Intimates Fashion Limited (AIFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities-CC       57.50       CARE C Revised from CARE B;
                                   Stable

   Long term Bank
  Facilities-TL        15.00       CARE C Revised from CARE B;
                                   Stable

Detailed Rationale& Key Rating Drivers

The revision in the rating assigned to the bank facilities of
AIFL considers delays in debt servicing of newly availed working
capital facilities from other lender (not rated by CARE). The
rating action also considers the significant deterioration in the
financial performance and liquidity position of AIFL in quarter
and half year ended September 2018 (H1FY19). CARE also notes the
qualified opinion of auditors in H1FY19 limited review report
regarding the uncertainty of the company being a going concern
and the slow realization of its debtors.

Other rating challenges include continuing sharp decline in the
share price of the company and leveraging of equity stake by the
promoter by way of pledge of equity stake and invocation of
pledge by some of the financiers with whom promoters pledged
shares. Other rating weaknesses are stretched working capital
cycle coupled with high utilization of working capital limits;
inherent industry risk marked by increasing competition and
vulnerability to changes in fashion trends.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in the liquidity position: AIFL's liquidity
position has deteriorated significantly in recent time with slow
recovery of its debtors. The borrowings have also increased on
account of the newly availed working capital facilities in recent
months for store expansion. The working capital limits also have
been fully utilized and hence provides no liquidity cushion.

Weakening in credit profile due to delay in deleveraging: During
FY18 (refers to the period April 1, 2017-March 31, 2018), the
company had earned significant extraordinary income of INR 40.69
crore by sales of treasury stock held by AIFL and the management
had proposed to prepay their entire long term loans by the end of
FY18. Further the company had also planned to reduce their
working capital debt in a phased manner. Delay in the above plan
had weakened the credit profile of the company significantly.

Working capital intensive nature of operations: The operations
are highly working capital intensive due to high debtor and
inventory holding. The working capital cycle has further
deteriorated to 236 days in FY18 as compared to 164 days in FY17.
The debtors have significantly increased from INR141 crore as on
March 31, 2018 to INR247 crore as on September, 30 2018.

Inherent industry risk marked by increasing competition: The
intimate garment industry in India is characterized by a high
degree of fragmentation with majority of the market controlled by
the unbranded and unorganized regional players and the balance by
a few large organized and branded players. A major share of the
lingerie market is held by the mid-market and economy segments,
in terms of both value and volume. The super-premium and premium
segments are relatively smaller, but fast-growing segments. In
the present scenario, the premium and super premium segments of
the lingerie industry are advancing following a consumer shift
from economy and mid-market segment to the premium segment.

Vulnerability to changes in fashion trends: The branded lounge
wear/ night wear segment is driven by fashion trends and its
target segment's aspirations. Therefore, their association with
brands may change. Thus, manufacturers need to constantly
innovate and adapt to the changing preferences of the target
segment. AIFL, with its team of in-house designers who work on
the upcoming season's collections, is expected to have the
ability to adapt to the changing market trends.

Key Rating Strengths

Established brand position: Over the years of its presence, AIFL
has been able to successfully establish various brands viz.
Valentine, N-Line, Night & Day, Valentine Sports, Valentine
Secret Skin and Valentine Pink brands; targeted for mid-income
group segment. AIFL has a strong distribution network with one
hundred and fifteen distributors, ten carrying and forwarding
agents and about ten thousand point of sales. AIFL also has a
diverse product portfolio catering to different segments, thereby
diversifying
its revenue stream.

Incorporated in 2006, Ashapura Intimates Fashion Limited is
engaged in the business of designing, branding, marketing and
retailing of intimate garments under established brands (viz.
Valentine, N-Line, Night & Day, Valentine Sports etc) and
undertakes sales through organized retail chains and own outlets.
All its products are being manufactured by its subsidiary, Momai
Apparels Ltd at its manufacturing facility in Vapi, Gujarat.
However MAL has been merged with the company with appointed date
of April 1, 2016.


BALAJI ENAMEL: CARE Assigns B+ Rating to INR2.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balaji
Enamel Industry (BEL), as:

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

   Short-term Bank
   Facilities           6.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BEL are tempered by
small scale of operations, fluctuation in total operating income
with thin profitability margins, moderate capital structure and
weak debt coverage indicators, seasonal business of writing slate
resulting in working capital intensive nature of business,
constitution of the entity as a proprietorship with inherent risk
of withdrawal of capital, presence in competitive and fragmented
industry. The rating, however, derives its strengths from the
experience of the proprietor for more than a decade in
manufacturing and trading of writing slate.

Going forward, the ability of the entity to increase its scale of
operations and improve profitability margin and ability of the
entity to effectively manage the working capital requirements and
improve capital structure shall remain the key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: BEI was established in the year 2010.
However, the scale of operations of the firm marked by total
operating income (TOI) remained small at INR10.13 crore in FY18
(C.A. certified Prov.,) coupled with low net worth base of
INR1.30 crore as on March 31, 2018(C.A. certified Prov.,) as
compared to other peers in the industry. The small scale limits
the firm's financial flexibility in times of stress and deprives
it from scale benefits

Fluctuation in total operating income and thin profitability
margin: The total operating income (TOI) of the entity increased
from INR9.63 crore in FY16 to INR16.66 crore in FY17 due to
increase in execution of existing orders and addition of new
orders. However, TOI declined to INR 10.13 crore in FY18 (C.A.
Certified Prov.,) due to impact of GST The PBILDT margin of the
firm has been fluctuating during the review period. The PBILDT
margin of the firm has deteriorated from 5.05% in FY16 to 3.44%
in FY17 due to increase in raw material and other expenses like
handling charges and painting charges. However, it is improved to
4.12% in FY18 (C.A. Certified Prov.,) due to decrease in raw
material price at the back of fall in scale of operations.
Further the PAT margin has also been fluctuating in the range of
0.95% to 1.12% due to fluctuation in PBILDT in absolute terms and
interest cost on account of usage of working capital limits and
unsecured loans.

Weak debt coverage indicators: Total debt/GCA improved from
16.90x in FY16 to 11.70x in FY17 due to increase in gross cash
accruals. However total debt/GCA deteriorated to 19.03x in FY18
(C.A Certified Prov.,) due to increase in total debt at the back
of availment of personal loan and unsecured loan coupled with
decrease in gross cash accruals.

The interest coverage ratio of the firm improved from 1.36x in
FY16 to 1.50x in FY17 due to increase in PBILDT absolute terms.
However, interest coverage ratio of the firm deteriorated to
1.44x in FY18 (C.A. Certified Prov.,) due to decrease in interest
cost at the back of repayment of loan and lower utilization of
working capital limit. The total debt/cashflow from operation has
comfortable and decrease from 2.29x in FY17 to 2.55x in FY18(C.A.
Certified Prov.,) due to decrease in current liabilities at the
back of decrease in sundry creditors.

Seasonal business of writing slate resulting in working capital
intensive nature of operations: The operations of the firm are
working capital intensive in nature due to stretched collection
period and inventory period of about three months. Usually the
firm collects 30% of the bill as advance from its customers and
the balance amount is collected within a period ranging between
60 to 120 days from the date of sales and due to GST rate issue
the firm has stopped billing its customers for 4 months in FY18,
resulting to elongation in average collection period i.e., from
95 days in FY16 to 134 days on FY18(CA Certified Prov.,).
Furthermore, the average creditor period also stretched from 96
days in FY16 to 168 days in FY18 (CA Certified Prov.,) due to
delay in realization from customers and the firm has also availed
an additional credit period of up to 4 months from its suppliers.
Usually, the firm makes 80% advance payments to foreign suppliers
for the material imported and the rest 20% is paid on delivery.
However, Further, the average inventory period remained at 80
days in FY18 as the demand for the product is seasonal i.e.
during March-June, when the demand for slates is on a higher
side. Therefore, the firm maintains sufficient quantity of
inventory in hand in order to meet customer requirement on time.
Furthermore, the firm has utilized its working capital to the
extent of 70-80% for the last 12 months ended September 30,
2018.

Constitution of the entity as proprietor firm with inherent risk
of withdrawal of capital: The sole proprietor typically makes all
the decisions and runs the entire business operation. If he
becomes ill or disabled, there may be nobody else who can step in
and keep the business going. Running a business single-handedly
can also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure. The proprietor has
infused capital of INR0.49 crore in FY18 (C.A. Certified Prov.,).

Profitability margins are susceptible to fluctuation in foreign
exchange prices: The purchase made by BEI constitutes 80% of
imports and the balance 20% from local traders. So the
profitability margins of the entity are susceptible to
fluctuation in foreign exchange prices. The firm makes payment to
its suppliers at current exchange rate.

Presence in competitive and fragmented industry: The firm is
engaged in manufacturing of writing slates which is highly
fragmented industry. The firm witnesses intense competition from
both the other organized and unorganized players domestically.

Key Rating Strengths

Experience of the proprietor and key managerial persons for more
than a decade in manufacturing and trading of writing slate.
Mrs.Yakkali Bala Sulochana, proprietor of BEL, has an experience
of more than a decade in the slate manufacturing industry prior
to working with BEL as she worked with her father in similar line
of business. The business of BEL is managed by her along with her
spouse Mr. Kashiwishwanath. The entity is supported by
experienced and qualified management personnel and due to long
term presence in the market, the firm is able to maintain long
term relationship with its customers and suppliers.

Moderate capital structure: The capital structure of the firm
remained moderate marked by debt equity ratio which deteriorated
from 0.05x as on March 31, 2016 to 0.17x as on March 31, 2018
(C.A. Certified Prov) due to increase in long term debt level
(personal loan). However, the overall gearing ratio improved from
2.89x as on March 31, 2016 to 1.72x as on March 31, 2018(C.A.
Certified Prov.,) due to increase in networth at the back of
capital infusion by the proprietor and decrease in working
capital utilizations.

Liquidity Analysis: The current ratio of the entity stood at
1.00x as on March 31, 2018 (C. A. Certified Prov.,) due to
relatively higher receivable and stock as compared to sundry
creditors and working capital on closing balance sheet date ended
March 31, 2018 (C.A. Certified Prov.,). The firm has cash and
bank balances of INR 0.15 crore as on March 31, 2018.

Balaji Enamel Industry (BEL) was established in the year 2010 by
the proprietor Mrs. Yakkali Bala Sulochana. She has established
the business as a family holding business with support of her
husband Mr .Kashiwishwanath. BEL is into manufacturing and
trading of writing slates. Its manufacturing facility is located
at Markapur, in Andhra Pradesh. The BEL imports the raw material-
board from Malaysia, Indonesia, Thailand and Singapore and
plastic parts from Reliance Industries Limited from Andhra
Pradesh and Telangana. The BEL sells writing slates to local
customers and traders in and around Prakasam Dist., and has
installed capacity of 2,00,000 numbers per day.


BISI ENGINEERING: CARE Lowers Rating on INR7.0cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bisi Engineering (BE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank        7.00      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable based on
                                   best available information

Detailed Rationale and key rating drivers

CARE has been seeking information from BE to monitor the ratings
vide e-mail communications/letters dated July 6, 2018,
September 7, 2018, September 13, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on BE's bank facilities will now be denoted as
CARE B+; Stable ISSUER NOT COOPERATING.

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

The revision in the rating takes into account the unavailability
of information as well as lender due diligence could not
conducted.

Detailed description of the key rating drivers

At the time of last rating in September 27, 2017 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

Proprietorship nature of constitution: Proprietorship nature of
constitution with inherent risk of withdrawal of capital,
restricted access to funding and risk of dissolution on account
of poor succession planning.

Small scale of operations: BE is a relatively small player in the
industry marked by total operating income of INR19.57 crore with
a PAT of INR0.73 crore in FY16. Further, the net worth base and
total capital employed was low at INR3.12 crore and INR7.37
crore, respectively, as on March 31, 2016. The small size
restricts financial flexibility in times of stress. However, the
total operating income of the firm has witnessed an erratic trend
during last three years (FY14-FY16) and has marginally declined
in FY16 due to less execution of contracts during the year. The
PBILDT margin also has witnessed an erratic trend during last
three years (FY14-FY16) and has declined in FY16 on account of
higher cost of operations and the same stood at 7.87% in FY16 as
against 8.16% in FY15. However, the PAT margin improved during
the same period and stood at 3.71% in FY16 as against 2.77% in
FY15. The firm has maintained to have achieved total operating
income of INR25.00 crore in FY17 and around INR8.00 crore in
4MFY18.

Working capital intensive nature of business: BE's business,
being into repair & maintenance of erector and special class
boiler, etc., is working capital intensive by nature, marked by
high collection period. . The client profile of the firm includes
mainly government players. The stretched payment mechanism
adopted by the government authorities leads to high average
collection period. Average cash credit utilization is
approximately 90% in last twelve months ending July 31, 2017.

Moderately leveraged capital structure with moderate debt
coverage indicators: The capital structure of the firm remained
moderately leveraged marked by overall gearing ratios at 1.36x as
on March 31, 2016. However, debt-equity ratio improved to 0.11x
as on March 31, 2016 from 0.20x as on March 31, 2015 due to
gradual repayment of term loans. The interest coverage ratio
improved to 2.86x in FY16 due to decrease in interest cost. The
total debt to GCA improved as on March 31, 2016 due to decrease
in debt level and remained at 4.26x as on March 31, 2016.

Intensely competitive nature of the industry with presence of
many unorganized players: BE faces stiff competition from the
organized as well as unorganized players in the industry. This
apart, the firm faces tough competition from various regional and
local players with unorganized industry being highly fragmented.

Key Rating Strengths

Experienced partners and satisfactory track record of operations:
The firm is into milling and processing of rice since 2008 and
thus it has around a decade of track record of operations in the
same line of business. MAFP is currently managed by five partners
Mr. Kashi Nath Hati, Mr.Sujoy Mondal, Mr.Satya Narayan Mondal,
Mr. Soumen Mondal and Mrs. Manta Mondal. All the partners have
around a decade of experience in the same line of business and
the firm is deriving benefits out of the wide experience of the
partners.

Strategic location of the plant and favourable industry
scenarios: MAFP's plant is located in Burdwan, West Bengal which
is close to the vicinity to a major rice growing area of West
Bengal, thus, resulting in logistic advantage. The entire raw
material requirement is met locally from the farmers (or local
agents) helping the firm to save simultaneously on transportation
cost and paddy procurement cost. Further, rice being a staple
food grain with India's position as one of the largest producer
and consumer, demand prospects for the industry is expected to
remain favourable in near to medium term.

Moderate capital structure and debt protection metrics: The
capital structure of the firm remained moderate marked by debt
equity and overall gearing ratios of 0.20x (0.40x as on March 31,
2016) and 1.11x (1.29x as on March 31, 2016) as on March 31,
2017. Furthermore the leverage ratios were improved as on March
31, 2017 on account of repayment of term loans and accumulation
of profit into capital. The debt protection metrics also remained
moderate marked by interest coverage of 2.35x and total debt to
GCA at 8.18x in FY17. Further, the interest coverage improved in
FY17 on account of low interest costs. However the total debt to
GCA deteriorated marginally in FY17 due to low cash accruals from
operations but the same remained moderate at 8.18x in FY17.

Bisi Engineering (BE) was established as a proprietorship firm in
2010 by Mr. Sukanta Bisi. The firm has been engaged in repair &
maintenance of erector and special class boiler with its
registered office located at Sambalpur, Odisha. The firm has
started commercial operations from August, 2010 onwards. The
major client profile of the firm includes reputed names like BHEL
(CARE AA+/A1+), NTPC (CARE AAA/A1+), Hindalco (CARE A1+), etc.


DHRUV COTEX: CARE Reaffirms B+ Rating on INR13cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhruv Cotex Private Limited (DCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           13.00      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DCPL continues to
be constrained by modest scale of operations and low
profitability margins, leveraged capital structure and weak debt
protection metrics. The rating further continues to be
constrained by working capital intensive nature of operations,
presence in the highly competitive and fragmented textile
industry and profit margins susceptible to fluctuations in raw
material prices.

The aforesaid constraints, however, continue to be partially
offset by the strength from experienced and resourceful
promoters, operational support from group entities and location
advantage.
The ability of DCPL to increase the scale of operations and
improve profitability and capital structure along with efficient
management of the working capital amidst the intense competition
are the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Modest scale of operations and low profitability margins: The TOI
of DCPL has marginally increased from INR76.09 crore in FY17 to
INR76.82 crore in FY18 on account of increased demand.
Nevertheless the scale of operations continued to remain modest.
Further the operating margins have remained fluctuating in the
range of 4.91% to 5.57% during last three years ending FY18 owing
to raw material prices and high competition. Further the net
profit margins stood low owing to high interest & depreciation
expenses.

Leveraged capital structure and weak moderate debt protection
metrics: The capital structure of the company remained leveraged
over the years (FY16-FY18) owing to high dependence on external
borrowing to support the operations with low networth base.
Further owing to low profitability and high debt level, the debt
coverage indicators remains weak.

Working capital intensive nature of operations: The operations
continue to remain working capital intensive in nature with funds
blocked in receivables as the company offers its customers an
extended credit period owing to an established relationship as
well as intense competition prevalent in the industry. On account
of this, the utilization of the working capital limit remained
high.

Profit margins susceptible to fluctuations in raw material
prices: The DCPL has no long-term contract with the suppliers of
raw materials and solely depends upon the established
relationships. The prices of raw material (Cotton yarn) are
volatile in nature with raw material contribution more than 75%
towards total cost of production during FY18. Thus it is subject
to risk associated with adverse movement in the raw material
prices.

Presence in the highly competitive and fragmented textile
industry: DCPL operates in the textiles industry and is engaged
into manufacturing of grey fabrics which is characterized as a
highly fragmented industry having low entry barriers with strong
presence of organized and unorganized players and stiff
competition from fabrics imported from China thereby limiting
bargaining power with its customers.

Key rating Strengths

Vast experience of promoters in the textile industry: DCPL is
promoted by Mr Utpal Bhayani and Mrs Alka Desai who look after
the day to day management of the company. Mr Utpal Bhayani has
more than 2 decades of experience in the textiles industry being
associated with the Deesan group since its inception.

Operational support from group entities: DCPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996 and has various companies operating
under it (including DCPL). It has presence in all segments of
cotton textiles starting from cultivation of cotton to
manufacturing of garments. DCPL receives operational support from
the other group companies in terms of procurement of materials
and building customers.

Location advantage: DCPL's manufacturing facility is located at
the Integrated Textile Park in Shirpur, Dhule, Maharashtra which
is in close proximity to cotton producing belts of Dhule,
Amravati and Parbhani and is surrounded by multiple yarn and
textile manufacturing units within the textile park thereby
facilitating in procurement of raw materials.

Incorporated in 2011 by Mr. Utpal Bhayani and Mrs. Alka Desai,
Dhruv Cotex Private Limited (DCPL) is engaged into manufacturing
of woven grey fabrics used for shirting and dress material. It
started commercial operations in July 31, 2014 and at present the
company has 16 looms with capacity to manufacture 1802520 meters
of grey fabric per annum. Its facility is located at Dahiwad,
Shirpur, Dhule. DCPL sells its products in domestic market
majorly to fabric processing units in Delhi and Ahmedabad. DCPL
is a part of the Deesan group which has been in the business of
textile manufacturing since 1996 and has various companies
operating under it (including DCPL). Deesan group has presence in
all segments of cotton textiles starting from cultivation of
cotton to manufacturing of garments. DCPL receives operational
support from the other group companies in terms of procurement of
materials and building customers.

DCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) and consists of 13 SSI units under it.
The GWSS further operates a total of 80 looms via the SSI units
which provide job work services (viz. weaving, warping and sizing
of grey cloth) to DCPL.


DOLBY PLYBOARDS: CARE Lowers Rating in INR10.50cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dolby Plyboards Private Limited (Dolby), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/Short     10.50       CARE B+; Stable/CARE A4
   Term Bank                       Long Term rating revised
   Facilities                      from CARE BB-; Stable and
                                   Short Term rating reaffirmed

Detailed rationale and key rating drivers

The revision in the long term rating assigned to the bank
facilities of Dolby is primarily on account of decline in its
scale of operations coupled with thin profit margins and weak
debt coverage indicators during FY18 (refers to the period
April 1 to March 31). The ratings, further, continues to remain
constrained on account of modest liquidity position marked by an
elongation in working capital cycle during FY18, vulnerability of
its profit margins to raw material price fluctuation and foreign
exchange fluctuation along with its presence in the competitive
and fragmented wood industry.

The ratings, however, continue to derive strength from
experienced promoters of Dolby with established track record of
operations along with location advantage. The ratings, further,
derive strength from its comfortable capital structure as on
March 31, 2018.

The ability of Dolby to improve its overall financial risk
profile by increasing its scale of operations and improving its
profit margins and solvency position along with efficient working
capital management would remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Decline in scale of operations coupled with thin profit margins
On the back of decline in trading activity of high seas sales of
timber and pine logs during FY18, the scale of operations of DPPL
as marked by total operating income (TOI) has declined by 46.75%
y-o-y and stood low at INR10.99 crore during FY18 as against TOI
of INR20.64 crore during FY17. Further, the profitability of the
company continued to remain low as marked by moderate PBILDT of
INR0.59 crore during FY18 as against INR0.69 crore during FY17.
Consequently, the PAT margin also stood thin at 0.79% during
FY18.

Weak debt coverage indicators and modest liquidity position
marked by an elongation in working capital cycle during FY18: The
debt coverage indicators of the company continued to remain weak
marked by total debt to GCA of 14.86 times as on March 31, 2018
as against 13.15 times as on March 31, 2017. Further, Interest
coverage ratio of the company has also deteriorated marginally
and remained moderate at 1.80 times during FY18 as against 2.05
times during FY17.

The liquidity position of the company continued to remain modest
marked by current ratio of 1.73 times as on March 31, 2018 while,
the operating cycle of the company has elongated to 134 days
during FY18 as against 90 days during FY17. The average
utilization of its working capital facilities remained high
around 85% during past 12 months period ended October, 2018.

Vulnerability of profit margins to raw material price fluctuation
and foreign exchange fluctuation along with presence in
competitive and fragmented wood industry: The major raw materials
required by Dolby are Chemicals and Core veneers which is
primarily imported and therefore its price variations are
dependent on the foreign exchange price fluctuations. Hence,
Dolby's inability to pass on the increase in raw material prices
to its customers may put pressure on its profit margins along
with presence of foreign exchange rate fluctuation risk in the
absence of any active hedging policy. Further, Dolby operates in
highly fragmented and competitive wood industry marked by
presence of large number of medium sized players. The industry is
characterized by low entry barrier due to negligible government
policy restrictions, no inherent resource requirement constraints
and easy access to customers and suppliers.

Key Rating Strengths

Experienced promoters with established track record of operations
and location advantage: Mr. Navnit Goyal has total experience of
more than a decade and a half in the same line of business. He is
assisted by Mr. Sushil Kumar Goyal. Further, Dolby's
manufacturing facilities are located at Kutch, which is near to
Kandla port, leading to benefits in terms of good road & rail
connectivity leading to better lead-time; thus facilitating
delivery of finished products in a timely manner.

Comfortable capital structure: The capital structure of the
company stood comfortable marked by an overall gearing ratio at
0.67 times as on March 31, 2018 as against 0.78 times as on
March 31, 2017.

Gandhidham-based (Kutch-Gujarat) Dolby was incorporated as a
Private Limited Company in 2003. Dolby is engaged in the
manufacturing of plywood, lamin board, particle board, veneer
sheets and other panels & board. The company has an installed
capacity of 5,000 Cubic Meter (CBM) Per Annum as on March 31,
2018. Mr Navnit Goyal, who has an experience of more than 15
years in the same line of business, manages the overall
operations of the company. He is assisted by Mr. Sushil Kumar
Goyal. The company sells its products under the brand name of
'DOLBY' and 'DERBY'.


EUROTEK ENGINEERING: CARE Assigns B+ Rating to INR6.75cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Eurotek Engineering Enterprises (EEE), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.75       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of EEE are tempered by
small scale of operations with fluctuating total operating
income, fluctuating PBILDT margins albeit consistency increase in
PAT margins during the period, moderate capital structure and
weak debt coverage indicators, working capital intensive nature
of operation and high customer concentration risk with total
sales made to single customer and constitution of the entity as
partnership firm with inherent risk of withdrawal of capital. The
ratings, however, derives strength from Long track record of the
firm with experience of the partner for more than two decades in
fabrication industry and reputed customer.

Going forward, ability of the company to increase its scale of
operations, profitability margins in competitive environment,
manage working capital requirements efficiently and improve the
capital structure and debt coverage indicators, ability to expand
its geographical and customer reach would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating
income: Despite having a track record close to two decades, the
total operating income (TOI) has been fluctuating due to
fluctuation in orders from its customer and remained small at
INR14.00 crore in FY18(Provisional) with low net worth base of
INR4.16 crore as on March 31, 2018(Provisional) as compared to
other peers in the industry. The TOI declined from INR 12.60
crore in FY16 to INR 7.83 crore in FY17 as the firm received less
orders from its most important client- BHEL firm However, the
firm has achieved total operating income of INR6.5 crore in
5MFY19 (Prov.).

Fluctuation of PBILDT margins albeit consistency in PAT margins
The PBILDT of the firm has been fluctuating during the review
period although remained satisfactory. The PBILDT margin improved
from 5.55% in FY16 to 6.89% in FY18 (provisional) due to decrease
in material cost and overheads. However PAT margins of the firm
improved y-o-y from 0.66% in FY15 to 1.62% in FY18 (provisional)
at the back of absorption of financial expenses and depreciation
provision from operating profits.

Moderate capital structure and weak debt coverage indicators
The firm has moderate capital structure during the review period.
However, the debt equity ratio of the firm remained nil for the
last three balance sheet date ended March 31, 2018 (Prov.) The
overall gearing has been deteriorated year-on-year from 1.54x as
on March 31, 2016 to 1.63x as on March 31, 2018(provisional) due
to higher working capital utilizations. The debt coverage
indicators of the firm also remained weak during the review
period. Total debt/GCA although improved from 25.38x in FY16 to
22.05x in FY18 (provisional) due to increase in cash accruals.
The PBILDT interest coverage ratio of the firm improved from
1.39x in FY16 to 1.59x in FY18 (provisional) due to increase in
PBILDT.

Working capital intensive nature of operations: The operating
cycle of the firm was elongated during review period and stood at
261 days in FY17 due to high inventory period of 133 days on
account of its nature of business operations. The firm maintains
average level of raw materials and WIP inventory of around 3
months due to the nature of business i.e. order based works
executed by the firm. The manufacturing undergoes various stages
and time depends upon the level of customization and capacity of
the finished product. The firm collects the payments from its
customers within 60-90 months from the date of billing but in
FY18, the average debtor period improved on the back of increase
in TOI. The firm further receives a credit period of one month
from its suppliers. To bridge the working capital requirement
gap, the firm utilizes sanctioned overdraft facilities of
INR6.75crore. The average utilization of working capital facility
stood at 95% for the last 12 months ended August 31, 2018.

High customer concentration risk with total sales made to single
customer: The firm's entire supplies are being done to BHEL;
despite of the reputed and corporate client of the firm, the
entire revenues of the firm are dependent on the single customer.
Hence due to the concentrated revenues of the firm from single
customer, lack of orders or reduction in volumes demanded by BHEL
would directly impact the revenues and margins of the firm.

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

Key Rating Strengths

Long track record of the firm with experience of the partner for
more than two decades in fabrication industry: EEE was
established in 1998 by Mr. Baburaj and Mrs. Saraswathi. Mr.
Baburaj is a Diploma in civil engineering (DCE). He is the
Managing Partner of the firm who takes care of day to day
operations and has more than two decades of experience in the
fabrication of boiler components since inception of the business.
The other partner is well qualified and has more than two decades
of experience in the industry. Mr Settu, H/o Mrs. Saraswathi
assists Mr Baburaj in managing the day to day activities of the
firm. The firm has established good relationship with suppliers
and customers due to established track record and presence in the
business for a longer period of time.

Government initiative in Power sector: The government initiatives
and investments can be attributed as the key market drivers. As a
result of increased government spending on electrification and
rising power demands, the electrical equipment manufacturers are
likely to get benefitted. Programmes such as RGGVY (Rajiv Gandhi
Grameen Vidyutikaran Yojana) and R-APDRP (Revised Accelerated
Power Development and Reforms Program) are bolstering the demand
for electrical equipments such as switch gears, conductors,
capacitors and transformers. Transformers being used in
generation, transmission as well as distribution network has
experienced healthy growth over the last few years and the market
is further set to rise as a result of increased governmental
focus towards rural electrification.

Liquidity Analysis: The current ratio of the entity stood at
1.41x as on March 31, 2018 (C. A. Certified Prov.,) due to
relatively higher receivable as compared to sundry creditors on
closing balance sheet date ended March 31, 2018 (C.A. Certified
Prov.,). The firm has cash and bank balances of INR 0.82 lakhs as
on March 31, 2018.

Association with reputed corporate i.e. BHEL from past 20 years
with current order worth INR 15.5 crore: The firm is majorly
supplying all of its materials to Bharat Heavy Electricals
Limited (BHEL) only. With the established relation with BHEL, the
promoters are being able to get repeated orders from them and
realization of receivables of the firm on time. The firm has
current orders worth around INR 15.50crore from BHEL as on April
04, 2018 for supply of Boilers and Supporting Components and
which is likely to execute by December.

M/s. Eurotek Engineering Enterprises (EEE) was established in the
year 1996 as a partnership firm by Mr. Baburaj (Managing Partner)
and Mrs. Saraswathi as a partner. The firm is engaged in
manufacturing of boiler related ancillaries and components with
an installed capacity of 4200 MT (Metric Tonnes) per annum at
Trichy, Tamil Nadu. EEE manufactures the boiler related
components like Plus Column, Box Column, Bracing Assy, Buckstay
Bean, Duct Transition wall, auto welded Beams etc. The firm
purchases raw material like steel and iron from suppliers located
in Tamil Nadu, Odisha and west Bengal. The firm sells its final
product to Bharat Heavy Electrical Limited (BHEL, IND AA+;
Stable/ IND A1+ affirmed as on September 25. 2017).


JET AIRWAYS: In Talks With Etihad Airways on Rescue Deal
--------------------------------------------------------
Reuters reports that Etihad Airways is holding talks with Jet
Airways Ltd and its bankers on a rescue plan for the debt-laden
Indian carrier, two sources aware of the matter said.

According to Reuters, the sources said executives from Etihad and
Jet have met some of the airline's bankers in Mumbai in recent
days to discuss ways to address its cash flow issues and evaluate
the carrier's future business plan.

Etihad, which owns 24 percent stake in Jet Airways, is also
considering investing fresh funds in the airline if it can agree
on the structure, one of the sources said, adding that no deal
has been finalized, Reuters relays.

The sources did not want to be named as the discussions are
private, Reuters notes.

Reuters relates that Jet, which is India's biggest full service
carrier by market share, is in desperate need of cash. The 25-
year-old airline, founded by Naresh Goyal, owes money to lessors
and vendors, has delayed salary payments to pilots and senior
executives and is cutting flights on non-profitable routes to
save money, according to Reuters.

Reuters relates that India is one of the world's fastest-growing
domestic aviation markets but high fuel prices, a weak rupee and
intense price wars in the country, which is dominated by no-
frills airlines like Interglobe Aviation Ltd's) IndiGo, has
exacerbated Jet's woes in recent months.

Etihad has already come to Jet's rescue once when it picked up a
24 percent stake in the carrier in 2013 but the situation is
different this time, Reuters states.

While the Abu Dhabi-based carrier is invested in Jet, it has lost
money in other airline ventures such as Alitalia and Air Berlin
and may be wary of loosening the purse strings again, said
another source, Reuters relays.

Also, with tighter lending norms and a liquidity crisis in India,
bankers may be hesitant to lend more to the struggling airline,
the report states.

According to Reuters, news channel CNBC-TV18 on Dec. 4 reported
citing sources that Jet is close to finalising a deal under which
Etihad will inject fresh funds in the airline.

Goyal, who is founder and majority shareholder, has assured the
airline's pilot union that the funding, which will likely result
in route restructuring and more flights to Abu Dhabi, could take
place as early as mid-December, the channel said, Reuters relays.

Goyal has also assured pilots that there will be no delays in
salary payments from April 1, according to the channel.

Jet and Etihad did not immediately respond to Reuters' emails
seeking comment.

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.


KHUSHI FOODS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Khushi Foods Limited
        808, Parswanath Business Park
        Survey No. 836, F.P. No. 1/2
        Nr. Auda Garden, Prahladnagar
        Ahmedabad 380051, Gujarat, India

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 30, 2019
                               (180 days from commencement)

Insolvency professional: Ashok Pranshanker Pathak

Interim Resolution
Professional:            Ashok Pranshanker Pathak
                         F/904, Titanium City Center
                         100 feet Anandnagar Road
                         Nr. Indian Oil Petrol Pump
                         Satellite, Ahmedabad 380015
                         E-mail: csashokppathak@gmail.com
                                 ip.csashokppathak@gmail.com

Last date for
submission of claims:    December 10, 2018


KINGLIKE RETAIL: CARE Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Kinglike
Retail Ventures Private Limited (KRVPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.00       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale and key rating drivers

CARE has been seeking information from KRVPL to monitor the
ratings vide email communications/letters dated July 6, 2018,
September 7, 2018, September 13, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on KRVPL's bank facilities will now be denoted
as CARE B; Stable ISSUER NOT COOPERATING. The banker also could
not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating in September 19, 2017 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

Project risk: KRVPL is currently setting up a jewellery showroom
at Begusarai, Bihar as per the standard set out by the Titan
Company Limited (brand owner of Tanishq). The project is
estimated to be set up at a aggregate cost of INR4.50 crore,
which is proposed to be financed by way of promoter's
contribution of INR3.50 crore and term loan of INR1.00 crore. The
company has already spent INR3.00 crore towards the project till
August 31, 2017 funded by promoter's contribution only. Since,
the company spent around 67% of total project cost till August
31, 2017, the project implementation risk exits. However, the
project is expected to be operational from October, 2017.
Furthermore, the debt portion of the project is yet to be tide-up
and thus project funding risk also cannot be ignored. Going
forward, it is very crucial for the company to achieve financial
closure as envisaged and complete the on-going project without
any cost and time overrun.

Working capital intensive nature of operations: The operation of
the company is working capital intensive as the company is
required to hold adequate inventories of various kinds of
jewelries for display as well as for timely supply of its
customer's demand. Furthermore, the company is also required to
pay to its creditors in advance or on delivery of traded goods.
Therefore it requires large working capital funds for smooth
function of its operations. However, it will make sales in cash
which will mitigate its working capital requirement to some
extent.

Exposed to volatility in traded materials: The prices of gold and
diamond jewellery are highly volatile in nature. The management
has stated that to mitigate the risk of volatility in gold and
diamond jewellery prices they will purchase gold jewellery on
daily basis equivalent to the quantity sold. However they will be
exposed to the risk of volatility in gold and diamond jewellery
prices to the extent of inventory holding.

Competitive nature of industry with presence of many unorganized
players: The Gems and Jewellery (G&J) industry has limited
restriction in terms of entry barriers for new players given
lower government regulations and technological dependence. The
Indian G&J industry is very competitive with unorganized sector
dominating the market and is highly fragmented in nature. There
are few key domestic private sector players in the retail
jewellery segment but they comprise a mere 4% of the total
jewellery market while the remaining are mainly family run
businesses. Therefore, being a new entrant in the market, the
entity is exposed to intense competition from other established
players operating in the same region.

Key Rating Strengths

Experienced promoters: Mr. Abhishek Kumar (aged 41 years), has
around 15 years of experience in diversified business line
through his associate companies namely 'Litchica Products Pvt
Ltd', 'Juntos Technologies Pvt Ltd', 'Srijan Global Agro Private
Ltd.' and 'Lavanya Finvest Pvt Ltd.'. He will look after the day
to day operations of the company. He will be supported by other
director Mr. Arvind Kumar Sinha (aged, 67 years) who has also
long experience in diversified business.

KRVPL was incorporated in July 2017 by Mr. Abhishek Kumar and Mr.
Arvind Kumar Sinha for setting up a jewellery showroom at
Begusarai, Bihar. The Company has already received letter of
intent dated August 05, 2017 from Titan Company Limited (TCL) for
franchise business of its Tanishq jewellery and currently KRVPL
is setting up a jewellery showroom as per the standard set out by
TCL. The total project cost for the setting up the showroom is
estimated at INR4.50 crore which will be financed by term loan of
INR1.00 crore and INR3.50 crore by the promoter's contribution.
The financial closure for the debt is yet to betide-up. However,
the company has already spent INR3.00 crore towards the project
till August 31, 2017 funded by promoter's contribution only. The
showroom of the company is estimated to be operational by October
2017.


MOMAI APPARELS: CARE Lowers Rating on INR32.50cr Loan to C (SO)
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Momai Apparels Limited (MAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       32.50      CARE C (SO) Revised from
   Facilities                      CARE B (SO); Stable

* Backed by the unconditional and irrevocable corporate guarantee
from Ashapura Intimates Fashions Limited (AIFL) to the lenders of
Momai Apparels Limited (MAL) for repayment of debt obligations of
MAL.

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of Momai Apparels
Limited (MAL) factors in credit enhancement in the form of
unconditional and irrevocable corporate guarantee extended by
Ashapura Intimates Fashion Limited (AIFL) to the lenders of MAL
for repayment of the obligation on the bank facilities. In the
event of default by MAL, the guarantor (AIFL) will repay the dues
to the lender on demand.

The revision in the rating assigned to the bank facilities of
Ashapura Intimates Fashion Limited (AIFL) considers delays in
debt servicing of newly availed working capital facilities from
other lender (not rated by CARE). The rating action also
considers the significant deterioration in the financial
performance and liquidity position of AIFL in quarter and half
year ended September 2018 (H1FY19). CARE also notes the qualified
opinion of auditors in H1FY19 limited review report regarding the
uncertainty of the company being a going concern and the slow
realization of its debtors.

Other rating challenges include continuing sharp decline in the
share price of the company and leveraging of equity stake by the
promoter by way of pledge of equity stake and invocation of
pledge by some of the financiers with whom promoters pledged
shares. Other rating weaknesses are stretched working capital
cycle coupled with high utilization of working capital limits;
inherent industry risk marked by increasing competition and
vulnerability to changes in fashion trends.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in the liquidity position: AIFL's liquidity
position has deteriorated significantly in recent time with slow
recovery of its debtors. The borrowings have also increased on
account of the newly availed working capital facilities in recent
months for store expansion. The working capital limits also have
been fully utilized and hence provide no liquidity cushion.

Weakening in credit profile due to delay in deleveraging: During
FY18 the company had earned significant extraordinary income of
INR40.69 crore by sales of treasury stock held by AIFL and the
management had proposed to prepay their entire long term loans by
the end of FY18. Further the company had also planned to reduce
their working capital debt in a phased manner. Delay in the above
plan had weakened the credit profile of the company
significantly.

Working capital intensive nature of operations: The operations
are highly working capital intensive due to high debtor and
inventory holding. The working capital cycle has further
deteriorated to 236 days in FY18 as compared to 164 days in FY17.
The debtors have significantly increased from INR141 crore as on
March 31, 2018 to INR247 crore as on September 30, 2018.

Inherent industry risk marked by increasing competition: The
intimate garment industry in India is characterized by a high
degree of fragmentation with majority of the market controlled by
the unbranded and unorganized regional players and the balance by
a few large organized and branded players. A major share of the
lingerie market is held by the mid-market and economy segments,
in terms of both value and volume. The super-premium and premium
segments are relatively smaller, but fast-growing segments. In
the present scenario, the premium and super premium segments of
the lingerie industry are advancing following a consumer shift
from economy and mid-market segment to the premium segment.

Vulnerability to changes in fashion trends: The branded lounge
wear/ night wear segment is driven by fashion trends and its
target segment's aspirations. Therefore, their association with
brands may change. Thus, manufacturers need to constantly
innovate and adapt to the changing preferences of the target
segment. AIFL, with its team of in-house designers who work on
the upcoming season's collections, is expected to have the
ability to adapt to the changing market trends.

Key Rating Strengths

Established brand position: Over the years of its presence, AIFL
has been able to successfully establish various brands viz.
Valentine, N-Line, Night & Day, Valentine Sports, Valentine
Secret Skin and Valentine Pink brands; targeted for mid-income
group segment. AIFL has a strong distribution network with one
hundred and fifteen distributors, ten carrying and forwarding
agents and about ten thousand point of sales. AIFL also has a
diverse product portfolio catering to different segments, thereby
diversifying
its revenue stream.

MAL [erstwhile Momai Apparels Private Limited (MAPL)] is engaged
in the business of manufacturing lounge wear, comfort wear and
intimate wear primarily for AIFL. MAL belongs to Ashapura group
which has been promoted by Mr Harshad Thakkar and his family.
Incorporated in 2006, Ashapura Intimates Fashion Limited is
engaged in the business of designing, branding, marketing and
retailing of intimate garments under established brands (viz.
Valentine, N-Line, Night & Day, Valentine Sports etc) and
undertakes sales through organized retail chains and own outlets.
All its products are being manufactured by its subsidiary, Momai
Apparels Ltd at its manufacturing facility in Vapi, Gujarat.
However MAL has been merged with the company with appointed date
of April 1, 2016.


NATRAJ ELECTRO: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Natraj Electro
Casting Private Limited's (NECPL) Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limit affirmed with IND B+/Stable
    rating;

-- INR200 mil. Long-term loan due on March 2025 affirmed with
    IND B+/Stable rating; and

-- INR15.35 mil. Non-fund-based limits affirmed with IND A4
    rating.

KEY RATING DRIVERS

The affirmation reflects NECPL's lack of an operational track
record as it started its commercial operation in November 2017,
which has resulted in a small scale of operations, modest EBITDA
margin and moderate credit metrics. Revenue was INR228 million,
EBITDA margin was 11.3%, ROCE was 7%, interest coverage was 1.6x
and net financial leverage (adjusted debt/operating EBITDAR) was
10.96x during FY18. FY18 was the first year of operations for the
company.

The ratings further reflect the tight liquidity position of the
company, as reflected from its average utilization of around 93%
of the working capital limits during the 12 months ended October
2018 along with one instance of over utilization which was
regularized within a day. Its cash flow from operation was
negative INR51.26 million in FY18, with available cash balance of
INR1.63 million.

The ratings are supported by the locational advantage of the
company's plant by being located close to Durgapur which is one
of the major industrial cities of West Bengal and well known for
abundant availability of manpower.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
the overall credit metrics will be positive for the ratings.

Negative: A sustained decline in the scale of operations will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2004, NECPL owns and runs a 45,000mt/annum kraft
paper manufacturing facility in Burdwan, West Bengal. The company
has earned revenue of INR408 million during April-October 2018.


ORTEL COMMUNICATIONS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Ortel Communications Limited

        Registered office:
        B-7/122A, Safdarjung Enclave
        New Delhi 110029, India

        Corporate office:
        C-1, Chandrasekharpur
        Behind RMRC, BDA Colony
        Bhubaneswar 751016, Odisha, India

Insolvency Commencement Date: November 27, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Anil Bhatia

Interim Resolution
Professional:            Anil Bhatia
                         M-17, 4th Floor
                         Main Market, Greater Kailash-2
                         New Delhi 110048
                         E-mail: anilbhatia815@gmail.com
                                 ortel.cirp@gmail.com

Last date for
submission of claims:    December 11, 2018


P.M. AGRO: CARE Lowers Rating on INR5.0cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
P.M. Agro Products Private Limited (PAPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           5.00       CARE D Revised from CARE B;
                                   Stable

Detailed Rationale & Key rating Drivers

The revision in the rating of P.M. Agro Products Private Limited
(PAPL) takes into account overdrawing in the cash credit account
for more than 30 days.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous overdrawing in the cash credit account: As per banker
interaction, there is continuous overdrawing in the cash credit
account for more than 30 days owing to stressed liquidity
position.

PAPL was incorporated as a private limited company in 2010 to
take over the proprietorship business of M/s P.M Dal Udyog (PDU).
PAPL is engaged in processing and trading of Arhar Dal (Toor dal)
and trading of dal chuni (used as cattle feed) and sells its
product under the brand name Baba Gold, Rasoi Gold, Son Pari and
Ganga Yamuna.


PARI AGRO: CARE Raises Rating on INR7cr LT Loan to B-
-----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pari Agro Exports (PAE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       7.00      CARE B-; Stable Revised from
   Facilities                     CARE D

Detailed Rationale and key rating drivers

The revision in rating assigned to the bank facilities of PAE
takes into consideration the delay free track record. The rating,
however, continues to be constrained by its small scale of
operations, low profitability margins, leveraged capital
structure and weak debt coverage indicators. The rating is
further constrained by working capital intensive nature of
operations, foreign currency fluctuation risk, fragmented and
competitive nature of industry and partnership nature of
constitution. The rating, however, derives strength from the
experienced partners and favourable location of operations.

Going forward, the ability of the firm to profitably scale-up its
operations while improving the overall solvency position would
remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Mr. Vaneet Sachdeva has an experience of
around two decades and Mr. Varun Sachdeva has nearly 16 years of
experience and has been associated with PAE since its inception.
The partners have adequate acumen about various aspects of
business which is likely to benefit PAE in the long run.

Favorable manufacturing location: PAE's manufacturing unit is
located in Amritsar, Punjab. The area is one of the hubs for
paddy/rice, leading to its easy availability. The presence of PAE
in the vicinity of paddy-producing regions gives it an advantage
over competitors operating elsewhere in terms of easy
availability of the raw material as well as favorable pricing
terms.

Key Rating Weaknesses

Delay free track record: Due to the weak liquidity position of
the firm, there had been instances of over-utilization of Cash
credit limit (CC), which were not settled for more than 30 days,
in the past. However, since June 2018, the conduct of the account
has remained satisfactory and the firm has been timely servicing
its debt obligation.

Small scale of operations with low profitability margins: The TOI
of the firm decreased from INR34.29 crore in FY17 to INR24.29
crore in FY18 due to lower quantity sold owing to lower demand
received from the existing clients. The small scale limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. However, the PBILDT margins improved from
4.66% in FY17 to 6.15% in FY18 due to increased sales of basmati
rice having higher margins.

Leveraged capital structure: The capital structure of the firm
continued to remain leveraged marked by overall gearing ratio of
4.07x as on March 31, 2018 as against 3.99x as on March 31, 2017.
The leveraged capital structure is on account of working capital
intensive nature of business operations.

Weak debt coverage indicators: The debt coverage indicators
remained weak marked by interest coverage ratio of 1.19x in FY18
and total debt to GCA ratio of 61.11x for FY18.

Working capital intensive nature of operations: The operating
cycle of the firm stood elongated at 168 days for FY18 (PY: 147
days). Owing to the seasonality of paddy harvest, entities
engaged in the paddy processing industry have to accumulate an
adequate amount of raw material inventory to ensure uninterrupted
production throughout the year. Furthermore, basmati rice
requires longer ageing of the semi-finished rice for better
quality, which further elongates the inventory holding period of
the firm. This led to average inventory period of 316 days for
FY18 (PY: 261 days). The firm also offers a credit period of up
to two to three months to its customers, however, delay in
realization of funds resulted in an average collection period of
141 days for FY18.

Foreign currency fluctuation risk: The income from exports
constituted approx. 35% of the total income in FY18 while the raw
material procurement is done completely from the domestic market,
thereby exposing the firm to risks associated with adverse
fluctuations in the foreign currency. With cash outlay for sales
in domestic currency & chunk of sales realization in foreign
currency and in the absence of any hedging mechanism, the firm is
exposed to the fluctuation in exchange rates.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the concentration of rice millers around the paddy-
growing regions makes the business intensely competitive.
Additionally, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

Partnership nature of constitution: PAE's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision of the lenders.

Pari Agro Exports (PAE) is Amritsar (Punjab) based, partnership
firm established in 2009 by Mr. Vaneet Sachdeva and Mr. Varun
Sachdeva sharing profit and loss equally. The firm is engaged in
the processing of paddy and has two manufacturing facilities, one
located at Tarn Taran (rented facility), Punjab and another at
Ajnala Road (owned facility), Punjab having a total installed
capacity of 62500 Tonnes of paddy Per Annum, as on October 31,
2018. PAE procures paddy directly from local grain markets
through commission agents located in Punjab. The firm majorly
exports rice to Middle East, Europe, North America, Africa, South
East Asia and Australia through several distributors and also
sells directly to several big retailers. The firm sells rice
under the brand name of 'Pari', 'Kitchen King', 'Vani', 'Bells'
and 'Regal' in seven states including Punjab, Gujarat, Himachal
Pradesh, Rajasthan, Maharashtra, Tamil Nadu and NCR through
dealers.


RAJSHRI IRON: Ind-Ra Hikes Rating on INR146.5MM Loan to B+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Rajshri Iron
Industries Private Limited's (RIIPL) Long-Term Issuer Rating to
'IND B+' from 'IND B (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR146.5 mil. Fund-based limits upgraded with IND B+/Stable
     rating;

-- INR53.5 mil. (increased from INR3.5 mil.) Non-fund-based
     limits affirmed with IND A4 rating; and

-- The IND B+ rating on the INR33.3 mil. Term loans due on
    February 28, 2018 are withdrawn (paid in full).

KEY RATING DRIVERS

The upgrade reflects an improvement in RIIPL's revenue, leading
to an improvement in its credit metrics. Revenue grew to
INR868.64 million in FY18 (FY17: INR532.55 million) on account of
an increase in sales volume. The company reported an EBITDA
profit of INR46.99 million in FY18 as against a loss of INR166.35
million in FY17. The improvement in EBITDA was attributed to the
increase in sales volume, leading to better absorption of fixed
costs. The company's return on capital employed was 6% and
margins were modest at 5.41% in FY18. EBITDA interest coverage
(operating EBITDA/gross interest expenses) stood at 2.2x and net
financial leverage (net debt/operating EBITDA) at 4.2x in FY18.

The ratings factor in RIIPL's modest liquidity position as
indicated by 96% average utilization of the working capital
limits during the 12 months ended November 2018. Cash flow from
operations declined to INR7.2 million in FY18 (FY17: INR40.27
million) owing to an increase in working capital requirement.
Cash and cash equivalents stood at INR19 million at FYE18 (FYE17:
INR21 million).

However, the ratings remain supported by the company's promoters'
a-decade-long experience in the iron and steel industry.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit metrics and
liquidity profile, on a sustained basis, would lead to a negative
rating action.

Positive: A further improvement in the profitability leading to
an improvement in the overall credit metrics on a sustained basis
would lead to a positive rating action.

COMPANY PROFILE

Incorporated in October 2004, RIIPL manufactures sponge iron at
its plant is located in Jamuria, West Bengal. The company
commenced commercial operations in FY10. Abhishek Sharma is the
promoter.


SAGAR BUSINESS: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Sagar Business
Private Limited (SBPL) 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 SBPL 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 SBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBPL 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 rating on bank
facilities of SBPL 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.

SBPL was set up in 1983, as a private limited company by Mr.Sunil
Kishorepuria and family. It trades in iron and steel product in
Odisha. The company is an authorised exclusive project
distributor for TSL in Odisha for its Tiscon brand of
thermomechanically treated bars. In 2011-12 (refers to financial
year, April 1 to March 31), the company was appointed as
exclusive business development partner for Structura (the hollow
steel section product of TSL). The company was also appointed as
a Channel partner of Tata Wiron (Tata Global Wires Division) and
as the Channel Partner of Philips India Ltd and offers lighting
solutions to its customers.


SHELKE CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shelke Construction
(SC) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      6          CRISIL A4 (ISSUER NOT
                                  COOPERATING)
   Cash Credit         7          CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

SC was set up as a proprietorship firm by Mr. Babanrao Dagadu
Shelke in 1995. The Pune-based firm constructs barrages, canals,
and dams in Maharashtra. It is registered as a Class 1 contractor
with the Public Works Department, Pune.


SHETRON LIMITED: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) affirmed Shetron Limited's
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR320.1 mil. (reduced from INR343.1 mil.) Long-term loan
    due on January 2031 affirmed with IND BB/Stable rating;

-- INR287.5 mil. (reduced from INR362.5 mil.) Fund-based
    facilities affirmed with IND BB/Stable/IND A4+ rating; and

-- INR390.0 mil. Non-fund-based facilities affirmed with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Shetron's modest and volatile EBITDA
margin due to fluctuations in raw material prices and competition
from the unorganized sector. EBITDA margin ranged between 12.4%
and 16.1% during FY15-FY18 and reduced to 12.4% in FY18 (FY17:
15.5%) due to higher raw material prices and sales decline in the
battery division to 29.9% in FY18 (FY17: 41.9%) which fetches
higher margins than cans division. ROCE was 11% in FY18.

The ratings continue to reflect the company's tight liquidity.
Average utilization of the fund-based facility and non-fund based
facility was about 98% and 92%, respectively, during the 12
months ended October 2018 and cash balance was INR2.6 million at
FY18 (FY17: INR63.1 million). Its fund flow from operations and
cash flow from operations have been positive since FY15. The
company had unutilized credit lines of INR3.1 million in FY18.

The ratings are constrained by Shetron's moderate credit metrics.
In FY18, EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.8x in FY18 (FY17: 1.7x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 3.5x
(3.5x).

The ratings are also constrained by Shetron's medium scale of
operations Revenue increased to INR1,682.5 million in FY18 (FY17:
INR1,487.4 million) on account of an increase in the volumes of
cans sold. The company booked a turnover of INR1,060.0 million in
1HFY19 and had an order book of INR299.2 million for next four
months.

The ratings are also supported by the company's promoter's more
than three decades of experience in the business of metal
packaging and battery jackets manufacturing that has helped them
in establishing healthy relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
margin leading to an improvement in the credit metrics on a
sustained basis will be positive for the ratings.

Negative: Deterioration in the EBITDA margin leading to
deterioration in the credit metrics on a sustained basis could be
negative for the ratings.

COMPANY PROFILE

Shetron is a Bangalore-based company, listed on the Bombay Stock
Exchange. It was established in 1980 by Mr. Diwakar S. Shetty and
his associates jointly with the Karnataka State Industrial &
Investment Development Corporation. The company manufactures
metal packaging, printed metal sheets, metal cans & lug caps for
foods and dry-cell battery jackets & components.


SHREE RADHA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Radha Krishna
Vinimay Private Limited (SRKVPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

SRKVPL, incorporated in 2012 in Ranchi (Jharkhand), trades in
steel, cement and high sea sales. The company is promoted by Mr.
Amit Sarawgi and Ms. Swati Sarawgi who has 15 years' experience
in trading of steel and cement products.


SHREE SAI: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Sai Marketing
and Trading Co. (SSMTC) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

Set up in 2005 as a proprietorship firm by Mr. Sunil Devkinandan
Zawar, SSMTC provides multiple services for government agencies.
It is based in Jalgaon (Maharashtra) and supplies food grains,
pulses, and other food items to government agencies under mid-day
meal scheme and ashram shala scheme. It has also entered into a
contract with Rajasthan State Transport Corporation (RSTC) for
carriage of parcels, courier, and allied services through state-
run buses.


SPRAY ENGINEERING: CARE Upgrades Rating on INR21cr Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Spray Engineering Devices Limited (SEDL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       21.00      CARE C; Stable Revised from
   Facilities                      CARE D
   (Fund Based)

   Short-term Bank      16.00      CARE A4 Revised from CARE D
   Facilities
   (Non-Fund Based)

CARE has withdrawn the rating assigned to the proposed Non-Fund
based facility of SEDL with immediate effect since the said
facility was neither sanctioned nor does the company plans to get
it sanctioned in the near future. The above action has been taken
at the request of SEDL.

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Spray Engineering Devices Limited (SEDL) takes into account
improvement in the debt servicing track record of the company,
increasing scale of operations in FY18 (Audited; refers to
the period April 1 to March 31) and healthy order book position.
The ratings continue to derive strength from the long track
record of operations with experienced promoters, established
business relations with the customers and comfortable solvency
position.

The ratings, however, remain constrained by the history of past
delays & debt restructuring, fluctuating profitability margins,
working capital intensive nature of operations, fortunes linked
to the sugar Industry and susceptibility of margins to adverse
fluctuations in the foreign currency and raw material prices.

Going forward, SEDL's ability to manage its working capital
requirements efficiently, increase its scale of operations while
sustaining the profitability margins and timely execution of the
order book will remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Improvement in the debt servicing track record: Because of the
weak liquidity position of the company, there had been instances
of devolvement of the Letter of Credit (LC), which were not
settled for more than 30 days, in the past. However, since the
end of July-2018, the conduct of the account has remained
satisfactory and the company has been timely servicing its debt
obligation.

Experienced promoters with established business relationship with
customers: The promoters of the company are having an extensive
experience of 25 years through their association with SEDL and
prior engagements in the sugar industry. Additionally, the
promoters are supported by a team of experienced and qualified
professionals highly experienced in the technical, finance and
marketing fields. Furthermore, SEDL's established track record of
operations has enabled the company to establish strong business
relationships with its clientele in the market, which has led to
repeat orders. Furthermore, SEDL holds a number of intellectual
assets both at national and international level which gives the
company competitive advantages over its competitors.

Healthy scale-up of operations in FY18 and strong order book
position: On the back of increased orders, the operating income
of the company has grown at a healthy rate of ~92% in FY18.
Though in H1FY19 (Prov.), the total operating income remained
muted at ~INR33 cr, the company has a strong unexecuted order
book of 386.62 Cr., as on October 27, 2018, providing revenue
visibility for the future. The orders are projected to be
executed over the period of next 5 years.

Comfortable overall solvency position: The company had a
comfortable capital structure with long-term debt-to-equity
ratio of 0.03x, as on March 31, 2018 and overall gearing ratio of
0.71x, as on March 31, 2018. The debt coverage indicators of the
company have also remained at a satisfactory level with total
debt to GCA ratio of 3.22x, as on March 31, 2018 and interest
coverage ratio of 2.26x in FY18.

Key Rating Weaknesses

History of past delays, debt restructuring: Due to continued
losses, leading to tight liquidity position, the debt of the
company was restructured in March-2013. However, the loans
covered under restructuring stand completely repaid as on date.
Further, there were instances of delay in the repayment of the
term debt obligation by the company, till Jul-2017, owing to cash
flow mismatches. However, the company completely pre-paid the
entire term debt outstanding in the last week of July-2017. There
were also instances of LC devolvement in the past. However, since
the end of July-2018, the conduct has remained satisfactory.

Weak liquidity position: The operations of the company have
remained working capital intensive in nature as depicted by
high average working capital limit utilization levels of
approximately 95% in the last 12 months, ended Oct 2018. There
were also instances of limit overutilization in the last 12
months. The company had unencumbered cash and bank balance of
INR0.14. crore, as on March 31, 2018. There is no external term
debt liability on the company apart from the loans raised against
the Fixed Deposits Receipts and vehicle loans (outstanding of
INR1.99 Cr., as on March 31, 2018). For the vehicle loans
availed, the company has a repayment obligation of INR0.15 Cr. in
FY19, which is proposed to be met through the internal accruals.

Fluctuating profitability margins: The PBILDT margins of the
company have remained fluctuating in the past marked by PBILDT
and PAT margins of 4.20% and 1.74%, respectively in FY18 as
compared to PBILDT and PAT margins of 4.48% and 0.19%,
respectively in FY17 (excluding INR7.73 crore against a claim of
earlier years). The profitability margins of the company depend
on various factors like various types of orders executed, sales
mix and clientele of the company.

Fortunes linked to the sugar Industry: SEDL's products find
application in the sugar industry which is cyclical in nature.
Sugarcane is the key raw material used for the manufacturing of
sugar and sugar related products. The availability and yield of
sugarcane depends on factors like rainfall, temperature and soil
conditions, demand-supply dynamics, government policies, etc. The
seasonality of the business has significant impact on the
profitability and sustainability of sugar mills which can have an
impact on the profitability and sustainability of companies like
SEDL. However, the company is diversifying its revenue stream and
has started catering to other industries viz. paper industry,
waste water management and dyeing industries.

Exposure to foreign currency fluctuation risk and volatility in
raw material prices: The margins of SEDL are vulnerable to
adverse fluctuation in the foreign exchange rates. In FY18, the
company received ~21% of its income from exports while the
imports amounted to 9% of raw material cost. Though the same
provides natural hedge to some extent, the profitability margins
of the company remain susceptible to any adverse fluctuations in
the foreign currency rates, for the unhedged portion.
Furthermore, the major raw materials required for the operations
of the company is steel, prices of which are fluctuating in
nature and move in tandem with global demand-supply factors. The
same can also impact the profitability margins of the company
going forward.

Spray Engineering Devices Limited (SEDL) was formed by merger of
two partnership firms, namely Spray Engineering Devices (started
in 1992) and C&C Systems in FY05. SEDL is promoted by Mr. Vivek
Verma and Mr. Prateek Verma, having it's cooperate office at
Mohali, Punjab and three manufacturing units in Baddi, Himachal
Pradesh, with an installed capacity of processing 50 tonnes sheet
metal per day. The Company is engaged in the manufacturing of
cooling and condensing system, its automation and energy saving
equipments (majorly used in the Sugar Industry) and is also a
turnkey supplier for the sugar plants.


SREEPATHY TRUST: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sreepathy Trust
(ST) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

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

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

ST, set up in 2009, manages an educational institution in
Thrissur, Kerala, offering courses in the engineering stream. The
trust is managed by chairman Mr. P Sankaran Namboodiripad.


SRI SATYANARAYANA: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Satyanarayana
Raw and Boiled Rice Mill Private Limited (SSRM) continue to be
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.15       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          40.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Derivatives           1.40       CRISIL A4 (ISSUER NOT
   Facility                         COOPERATING)

   Export Packing       26.00       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING)

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

   Proposed Long Term    9.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

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

SSRM was set up in 1998 by Mr. Bonda Venkateswara Rao. The
company mills and processes paddy into rice; it also generate by-
products such as broken rice, bran, and husk. The company's rice
milling unit is located in the West Godavari district in Andhra
Pradesh.


SRI SIVA: CRISIL Maintains 'B-' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Siva Stone
Exports India Private Limited (SIPL) continues to be 'CRISIL B-
/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            20        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

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

Incorporated in December 2013 in Ongole, Andhra Pradesh, and
promoted by Mr. Siva Narayana and his family members, SIPL
processes and exports granite slabs.


SUKHMANI SHIKSHAN: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sukhmani Shikshan
Sansthan (SSS) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term      13.4      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

SSS, incorporated as a society is engaged in providing primary
and secondary education through its school 'Kings & Queen World
School' located at Bithoor Road, Kanpur (Uttar Pradesh). The
society is managed by its key promoter Mr. Manminder Singh.


SWAMI PALANI: CRISIL Maintains 'B' Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Swami Palani
Anadavar Spinners (India) Private Limited (SPAL) continue to be
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Goods Loan             4         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         0.8       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Overdraft              7.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

SPAL, set up in 1996 and based in Tiruppur, manufactures cotton
yarn. Its operations are managed by promoters Mr. R Kittusamy and
his son, Mr. K Prabhu.


T.K. GURUSAMY: CRISIL Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of T.K. Gurusamy Nadar
And Sons Sri Koodalingam Pattu Centre Pvt Ltd (TKG) continues to
be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.3        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

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

TKG was originally set up as a proprietorship concern in 1959; it
was reconstituted as a partnership firm in 1961, and then as a
private limited company in 2006. The company retails apparel in
Kovilpatti, Tamil Nadu. Its operations are managed by its
promoter, Mr. A Suthahar.


TAG OFFSHORE: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Tag
Offshore Limited (TOL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      929.00     CARE D; Issuer not cooperating;
   Facilities-                    Based on best available
   Term Loan                      information

   Long term Bank       30.00     CARE D; Issuer not cooperating;
   Facilities-                    Revised from CARE C on the
   Fund Based                     basis of best available
                                  information

   Short-term Bank      56.00     CARE D; Issuer not cooperating;
   Facilities-                    Revised from CARE A4 on the
   Non Fund Based                 basis of best available
                                  information

Detailed Rationale& Key Rating Drivers

CARE has been seeking information from (TOL) to monitor the
rating(s) vide e-mail communications/letters dated August 9,
2018, November 14, 2018 and November 19, 2018. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Tag Offshore Ltd.'s bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
debt servicing by the company as confirmed by the bankers of the
company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: The company is currently
classified as an NPA by its bankers. There have been ongoing
delays in servicing the debt obligations by the company.

TAG Offshore Ltd. (TOL) was incorporated to provide marine
support service to ports/terminals, offshore exploration and
production and marine construction activities. Subsequent to the
incorporation, TOL acquired the offshore business of Essar
Shipping Limited in 2003. Under the said acquisition, TOL
purchased three Anchor Handling Tug Supply Vessels (AHTSV) owned
by Essar Shipping with the entire man-power associated with these
vessels. TOL caters to the offshore services requirements of Oil
and Natural Gas Corporation (ONGC) as well as port/terminal
requirements of Jawaharlal Nehru Port Trust (JNPT), Cochin Port
Trust (CPT) and Kandla Port Trust (KPT) with its fleet of 25
vessels. Majority of the vessels are deployed on long-term
contract with tenure ranging from 2 years to 5 years. The vessel
profile consists of 11 AHTSV (Anchor Handling Tug Supply
vessels), 6 HT (Harbour Tugs), 1 FFSV and 6 PSV (Platform Supply
Vessels) and 1 Tanker. The company is managed by a four-member
Board of Directors that comprises 2 Apparao family members, Mr.
Godfrey Pimenta, and Shiben Kaul.


TATHYA TEXFAB: CARE Reaffirms B+ Rating on INR10.60cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tathya Texfab Private Limited (TTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           10.60      CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities            0.15      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of TTPL continues to
be constrained on account of modest scale of operations with low
capitalization, low profit margin, leveraged capital structure,
weak debt coverage indicators and moderate liquidity position
with moderately working capital intensive nature of operations.
The ratings are also constrained on account of its presence in
highly competitive and fragmented textile industry,
susceptibility of margins to volatility in raw material prices.

The rating however, derives strength from experienced promoters
in the textile industry and support from associate entities in
similar industry, operational support from group entities and
locational advantage.

The ability of TTPL to increase its scale of operations and
improve profitability margins and capital structure along with
efficient management of working capital requirement are the key
rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Modest scale of operations and low profitability margins: The
scale of operation grew at CAGR (Compounded Annual Growth Rate)
of 559.12% during the period FY16-FY18 with on y-o-y growth of
157.50% to INR101.66 crore in FY18 {vis-a-vis INR39.48 crore in
FY17} owing to increase in volume of goods sold during the year
due to higher demand received from existing customers and
addition of new customers. Nevertheless the scale of operations
continued to remain modest, which limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. PBILDT margins remained fluctuating in the range of
2.55% to 6.22% during last three years ended as on March 31, 2018
on account of high competition. Further the net profit stood low
to 0.61% (vis-Ö-vis 0.54% in FY17) due to high interest &
depreciation expenses.

Leveraged capital structure coupled with weak debt protection
metrics: The capital structure of the company remained leveraged
over the years (FY16-FY18) owing to high dependence on external
borrowing to support the operations with low networth base with
low cash accruals. Further owing to low profitability and high
debt level, the debt coverage indicators remains weak.

Moderate liquidity position owing to working capital intensive
nature of operations: The operations are continue to remain
moderately working capital intensive in nature with funds blocked
in receivables as the company offers its customers an extended
credit period owing to an established relationship as well as
intense competition prevalent in the industry. On account of
this, the utilization of the working capital limit remained high.
Further liquidity position is marked by moderate current ratio
and low operating cycle. While the current ratio was at 1.06
times, its quick ratio remained at 1.04 times as on March 31,
2018.

Profit margins susceptible to fluctuations in raw material
prices: The TTPL has no long-term contract with the suppliers of
raw materials and solely depends upon the established
relationships. The prices of raw material (Cotton yarn) are
volatile in nature with raw material contribution more than 80%
towards total cost of production during FY18. Thus it is subject
to risk associated with adverse movement in the raw material
prices.

Presence in the highly competitive and fragmented textile
industry: TTPL operates in a highly competitive and fragmented
industry. The company witnesses intense competition from both
organized and unorganized players. This fragmented and highly
competitive industry results into price competition thereby
affecting the profit margins of the companies operating in the
industry.

Key rating Strengths

Vast experience of promoters in the textile industry: TTPL is
promoted by Mr. Chintan Patel and Mr. Sunil Mandora who look
after the day to day management of the company. Further the
promoters have more than 2 decades of experience in the textiles
industry being associated with the Deesan group since its
inception.

Operational support from group entities: TTPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996 and has various companies operating
under it (including TTPL). It has presence in all segments of
cotton textiles starting from cultivation of cotton to
manufacturing of garments. Further all the group entities of TTPL
have similar management and similar marketing, logistics and
distribution network. Thereby enabling to get orders from the
reputed players and maintain the market image.

Location advantage: TTPL's manufacturing facility is located at
the Integrated Textile Park in Shirpur, Dhule, Maharashtra which
is in close proximity to cotton producing belts of Dhule,
Amravati and Parbhani and is surrounded by multiple yarn and
textile manufacturing units within the textile park thereby
facilitating in procurement of raw materials.

Tathya Texfab Private Limited (TTPL) was incorporated in 2012 by,
Mr. Chintan Patel, Mr. Raheshyam Dayma, Mr. Kamlesh Agarwal, Mr.
Sanjay Morya, Ms. Shobha Mandora and others. TTPL is engaged in
manufacturing of grey fabric which finds end use in wide width
bed sheets and furnishings. The entity does sale of fabric, job
work- fabric, job work sizing and scrap sale. At present the
company has 1 loom with capacity to manufacture 73800 metres of
grey fabric per annum. Its facility is located at Dahiwad,
Shirpur, Dhule. The entity indirectly exports its grey fabric
through agents. Although, TTPL was incorporated in 2012 but the
commercial production for sizing commenced in November 2015 and
for looms it started in June 2016, when the project was
completed.


UMMED EDUCATIONAL: Ind-Ra Affirms 'B' Rating on INR96MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
Ummed Educational Foundation's (UEF) bank facility as follows:

-- INR96 mil. Term loan due on March 2025 affirmed with
    IND B/Stable rating.

KEY RATING DRIVERS

The rating is constrained by UEF's lack of an operational track
record and tight liquidity profile, along with a heavy debt
burden. The first academic batch commenced in April 2018 with
total student strength of 71. The school runs classes from pre-
primary level to class VII. The available funds decreased to
INR5.80 million in FY18 (FY17: INR37.92 million). The foundation
does not have any working capital facility. Ind-Ra expects UEF's
liquidity position to remain tight in FY19.

For funding the total school establishment cost of INR135
million, UEF availed a term loan of INR96 million, while the
balance INR39 million was brought in by way of equity. The
foundation does not have any major capex plans in the medium
term.

Debt service coverage ratio and interest coverage ratio were weak
at 1.17x in FY18 (FY17: 0.97x). Ind-Ra expects UEF's debt/current
balance before interest and depreciation, debt service coverage
ratio and interest service coverage ratio to improve in the
medium term with the commencement of operations in FY19.

RATING SENSITIVITIES

Negative: Slow expansion of the school, a lower-than-expected
headcount or high leverage leading to a continued strained
liquidity position could lead to a rating downgrade.

Positive: A high student demand leading to high income and an
improvement in liquidity, both on a sustained basis could trigger
a rating upgrade.

COMPANY PROFILE

UEF was incorporated under Section 25 of the Companies Act, 2013,
in February 2014. Its school will provide education from the pre-
primary level to the senior secondary level.


VITRA INDIA: CARE Reaffirms B+ Rating on INR3.32cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vitra India Glass Private Limited (VIGPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           3.32       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VIGPL is
constrained by its small scale of operations, lack of backward
integration vis-a-vis volatility in raw material prices,
competition from organized sector players, working capital
intensive nature of operations and leveraged capital structure.
The aforesaid constraints are partially offset by its experienced
management and strategic location of the plant.

Going forward, the ability of the company to increase its scale
of operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: VIGPL is a relatively small player in
the toughened glass business with total operating income and net
profit of INR12.83 crore and INR0.45 crore, respectively, in
FY18. The small size restricts the financial flexibility of the
entity in times of stress. Further, the tangible net worth was
also low at INR3.38 crore as on Mar.31, 2018. The company has
achieved total operating income of INR9.00 crore in 7MFY19.

Lack of backward integration vis-Ö-vis volatility in raw material
prices: The company does not have any long term agreement for
supply of input materials (float glass) and hence is exposed to
volatility in the prices of the input materials.

Competition from organized sector players: VIGPL is exposed to
competition from organized sector players in the toughened glass
market. In spite of being capital intensive, the entry barrier in
glass manufacturing segment is low and poses a major challenge to
the company.

Working Capital Intensive Nature of Business: VIGPL is primarily
engaged in manufacturing of toughened glass and accordingly its
operations are working capital intensive. The same is reflected
by the higher working capital requirement for the company and the
average utilization for the same remained at about 98% for the
last 12 months ending on October 31, 2018.

Leveraged capital structure: The capital structure have improved
in FY18 over FY17 with improvement in debt equity ratio and
overall gearing ratio on account of scheduled repayment of term
loans over the period and accretion of profits to reserve.
However, the same remains leveraged as marked by debt equity
ratio of 1.44x and overall gearing ratios 1.96x as on March 31,
2018.

Furthermore, the interest coverage ratio have improved and
remained satisfactory at 2.52x in FY18. However, total debt
to GCA improved marginally to 6.38x as on March 31, 2018 as
against 8.76x as on March 31, 2018 due to significant increase in
GCA levels during the period.

Key Rating Strengths

Experienced management: The main promoter of VIGPL, Mr. Dinesh
Kumar aged about 57 years has more than two decades of experience
in similar line of business and is involved in the strategic
planning and running the day to day operations of the company. He
is being duly supported by the other director's along with a team
of experienced personnel.

Strategic Location of the plant: The plant is strategically
located at Bihta, near Patna (Bihar), in close proximity to the
sources of major raw material, reasonable proximity to end users
with availability of necessary infrastructure (like railways,
roads, ports, airports, power, labour and water).

Incorporated in 2012, Vitra India Glass Private Limited commenced
its operations in December 2015. VIGPL was promoted by Kumar
family of Bihar having decade long experience in similar line of
business. VIGPL has a state-of-the-art toughened glass plant with
an installed capacity of 20,000 sq. meters at its plant located
at Srirampur Gaon, Bihta, Danyinwa, Patna.

The company sources its major raw materials (i.e. float glass)
from Saint-Gobain India Private Limited. This apart, they also
source its raw materials from Modiguard, Glod Plus glass Industry
Private Limited and Hindustan National Glass Company Limited. Mr
Rahul Kumar looks after the day to day operations of the entity
with the help of other three directors' along with a team of
experienced personnel.


WOMEN'S NEXT: CARE Lowers Rating on INR12.50cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Women's Next Loungeries Limited (WNLL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       12.50      CARE D Revised from CARE B;
   Facilities                       Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
WNLL is mainly on account of delays in servicing of debt owing to
weak liquidity position.

Establishing a track record of timely servicing of debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation: As per banker interaction,
there are overdues in cash credit account and account is
classified as SMA 2.


Incorporated in December 2010 as Shiv Lingeries Private Limited
by Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and
subsequently converted to public limited company in 2012 with its
name changed to Women's Next Loungeries Ltd. (WNLL) and listed
with Bombay Stock Exchange in 2014. WNLL is engaged in the
business of manufacturing (constitutes 70% of total revenue in
FY17) of lingerie, loungerie, pajamas, t-shirts and night suits
and trading (constitutes 30% of total revenue in FY17) of fabric.
The company sells ~70% of products to Ashapura Intimates Fashion
Ltd.(AIFL) (CARE B; Stable (revised from CARE BBB-; Under Credit
watch with Negative Implications) under their brand name of
'Valentine' and rest is sold to its other distributors through
organized retail chains and distributors under the own brand name
of 'Women's Next'. Further company procures 65% of its total raw
materials viz. grey fabric and elastic from Momai Apparels Ltd.
(CARE B (SO); Stable (revised from CARE BBB- (SO); Under Credit
watch with Negative Implications) (subsidiary of AIFL) and rest
of the raw materials viz. buttons, buckles, hooks, etc. from
domestic suppliers. WNLL has manufacturing unit which is located
at Bhiwandi, Thane with an annual installed capacity of 16.49
lakh pieces.



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


1MDB: Jho Low Maintains Innocence Over New Fund Misuse Charges
--------------------------------------------------------------
Anisah Shukry and Elffie Chew at Bloomberg News report that
Malaysian financier Low Taek Jho has maintained his innocence
over new charges of money laundering as the government steps up
legal action against those who had allegedly embezzled from state
investment fund 1MDB.

"Low will not submit to any jurisdiction where guilt has been
predetermined by politics and there is no independent legal
process," according to a statement issued by his attorneys,
Bloomberg relays. "It is clear that Mr. Low cannot get a fair
trial in Malaysia."

Mr. Low was charged on Dec. 4 along with associate Tan Kim Loong
and three other former employees of 1MDB, namely former executive
director of finance Terence Geh Choh Heng, former business
development director Casey Tang and ex-general counsel Jasmine
Loo, Bloomberg discloses citing a statement from the police.

Bloomberg relates that the charges presented against Mr. Low are
in relation to offences under the Anti-Money Laundering and Anti-
Terrorism Act:

  - receipt of $700 million from 1MDB in September 2009
  - receipt of funds totaling $330 million from 1MDB in 2011

Separately, Messrs. Low and Tan were charged with similar
offences for receiving $126 million in relation to the issuance
of Islamic medium term notes by Terengganu Investment Authority
Bhd. in May 2009, Bloomberg discloses. The former 1MDB employees,
Tang, Loo and Geh, were slapped with charges involving criminal
breach of trust and money laundering offences. All five were
charged in absentia as their whereabouts are not known.

Bloomberg says this is not the first set of criminal charges
against Mr. Low. In August, Malaysian police laid out eight
counts of money laundering charges against Mr. Low. Each carries
a maximum fine of MYR5 million, a jail term of as long as five
years, or both, Bloomberg notes.

Bloomberg adds that Singapore, whose financial system and banks
were used as conduits for some of the illicit funds, filed
charges against Mr. Low in 2016 when it issued a warrant of
arrest. The city state had also requested that Interpol publish a
red notice for Mr. Low in 2016.

1Malaysia Development Bhd., better known as 1MDB, is at the heart
of a scandal which allegedly saw $4.5 billion misappropriated
from the fund. Mr. Low, who previously said he did consulting
work for 1MDB, is portrayed by some global investigators as the
mastermind behind some of the schemes involving missing funds. He
has been described as the "best witness" to provide information
on alleged crimes at 1MDB, Bloomberg says.

                            About 1MDB

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

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

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

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

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

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

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



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


SAN FRANCISCO DEL MONTE: Jan. 21 Creditors' Claims Deadline Set
---------------------------------------------------------------
All creditors of the closed San Francisco del Monte Rural Bank,
Inc. have until January 21, 2019 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed San Francisco del Monte Rural Bank and
include depositors whose deposits exceed the maximum deposit
insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, at 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., in Makati City. Claims filed by mail must
have a postmark dated not later than January 21, 2019. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after January 21, 2019 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

San Francisco del Monte Rural Bank was ordered closed by the
Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
November 8, 2018 and PDIC, as the designated Receiver, was
directed by the MB to proceed with the takeover and liquidation
of the closed bank in accordance with Section 12(a) of Republic
Act No. 3591, as amended. The bank is located at #958-964 Del
Monte Ave. corner San Pedro Bautista St., Brgy. Damayan, 1st
District, Quezon City.

All requests and inquiries relating to San Francisco del Monte
Rural Bank shall be addressed to the PDIC Public Assistance
Department through mail at the 6th Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, or through telephone
numbers (02) 841-4630 or 841-4631. Depositors and creditors
outside Metro Manila may call the PDIC Toll Free Hotline at 1-
800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., in Makati City, Monday to Friday,
8:00 AM to 5:00 PM. Inquiries may also be sent as private message
at Facebook through www.facebook.com/OfficialPDIC.



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


PACIFIC RADIANCE: Wins One Month Extension on Court Protection
--------------------------------------------------------------
The Strait Times reports that struggling offshore and marine
group Pacific Radiance has been given an extension of moratoria
on certain legal proceedings against the company, which were due
to expire on Dec. 11.

The board added in a bourse filing on Dec. 5 that it intends to
apply to the High Court for another extension at its next
hearing, which will be held on the new expiry date of Jan. 14,
2019, the report says.

The Strait Times relates that the moratoria, which Pacific
Radiance asked for and was granted in late July, offer interim
protection from various legal processes against its property.

But the board noted on Dec. 5 that two vessels have since been
deemed not integral to Pacific Radiance's planned restructuring -
a change reflected in the court's order. It has reached an
agreement with creditor Standard Chartered to sell the vessels,
it added, the report relays.

According to the report, the group had said in July that
moratoria would give it enough time to work on its restructuring
plan.

The report says the noteholders have since agreed, in a September
vote, to redeem their notes in a cash-and-equity option - that
is, $37,500 in cash and 2.104 million Pacific Radiance shares for
every $250,000 of notes held, as well as warrants pegged at an
exercise price of 2.8 cents.

                      About Pacific Radiance

Headquartered in Singapore, Pacific Radiance Ltd. --
http://www.pacificradiance.com/-- an investment holding company,
owns, manages, and operates offshore vessels in Asia, Africa,
Australia, and South America. It operates through three
divisions: Offshore Support Services, Subsea Business, and
Complementary Businesses. The company operates a fleet of 139
offshore vessels comprising subsea vessels, anchor handling tugs,
platform supply vessels, ocean tugs and supply vessels, offshore
barges, accommodation and maintenance support vessels, and other
specialized vessels for the offshore oil and gas industry.

As reported in the Troubled Company Reporter-Asia Pacific on
July 25, 2018, Pacific Radiance Ltd on July 23 made an
application to the Singapore High Court under section 211B(1) of
the Companies Act (Cap.50) to seek interim protection against
legal proceedings that will regress the Group's ongoing
discussions with the various stakeholders.

The Application sought, inter alia, orders that:

(a) no appointment shall be made of a receiver or manager over
    any property or undertaking of the Company

(b) except with the leave of Court,

    (i) no legal proceedings may be commenced or continued
    against the Company,

    (ii) no execution, distress or other legal process against
    any property of the Company shall be commenced, continued
    or levied,

    (iii) no steps to enforce any security over any property of
    the Company or to repossess any goods held by the Company
    under any chattels leasing agreement, hire-purchase agreement
    or retention of title agreement shall be taken or continued
    and

   (iv) no right of re-entry or forfeiture under any lease in
    respect of any premises occupied by the Company may be
    enforced (collectively the relief sought in (a) and (b), the
    "Moratorium") for a period from the date of the grant of the
    Application until December 11, 2018 or until further order.

Pursuant to section 211B(8) of the Companies Act, during the
period commencing on the filing of the Application and ending on
the earlier of 30 days after the Application is made and the date
on which the Application is decided by the Court, the Moratorium
takes effect automatically and no order may be made for the
winding up of the Company (the "Automatic Moratorium").

Pacific Radiance said the Automatic Moratorium and the
Moratorium, if granted, will allow the Group an opportunity and
adequate time to continue to finalise the restructuring and
investment.



====================
S O U T H  K O R E A
====================


GM KOREA: R&D Separation is Essential to Viability, GM Exec Says
----------------------------------------------------------------
Yonhap News Agency reports that General Motors Co. Vice President
Barry Engle recently flew to South Korea to underscore the
necessity of a separate R&D corporation for the viability of its
loss-making South Korean unit, GM Korea said Dec. 5.

GM Korea didn't provide details of the GM executive's schedule in
Korea but confirmed he had a meeting with Lee Dong-gull, chairman
of the state-run Korea Development Bank (KDB), the second-biggest
shareholder of the carmaker after GM, Yonhap says.

Yonhap relates that the state lender also confirmed the meeting,
without giving details.

His unscheduled visit comes after a Seoul court ruled against GM
Korea's plan to establish GM Technical Center Korea, Ltd.,
accepting the KDB's request for an injunction against the R&D
separation plan, according to Yonhap.

In response to the court's decision, GM Korea said it was
disappointed and "respectfully" disagreed with the ruling on the
appeal by the KDB, Yonhap says.

"We are reviewing all of our appeal options and remain committed
to establishing the stand-alone GM Technical Center Korea to
better position our operations for future work," the company said
in a text message on Nov. 28, Yonhap relays.

Last month, the KDB brought the R&D issue to the court, citing
that no prior agreement was made. GM Korea's union has strongly
opposed the plan because it sees it as a step by GM to scale down
its production facilities in Korea over time, Yonhap recalls.

GM Korea originally planned to set up GM Technical Center Korea
on Dec. 3, the report notes.

GM holds a 77 percent stake in GM Korea, with the KDB and SAIC
Motor controlling 17 percent and 6 percent, respectively.

In May, GM and the KDB signed an agreement to permit a lifeline
worth a combined KRW7.7 trillion (US$6.7 billion) -- KRW6.9
trillion from GM and KRW810 billion from the KDB -- to keep the
money-losing Korean unit afloat.

In the 2014-2017 period, GM Korea posted KRW3.134 trillion in
accumulated net losses due to a lack of new models and weaker
demand, Yonhap discloses.

                          About GM Korea

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.

GM Korea continued to post net losses worth an accumulated
KRW3.134 trillion from 2014-2017 due to lower demand for its
models, according to Yonhap News.



                             *********

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

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

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


                            *********


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

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

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

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

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



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