TCRAP_Public/181212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, December 12, 2018, Vol. 21, No. 246

                            Headlines


A U S T R A L I A

CAMBRIDGE LAW: Second Creditors' Meeting Set for Dec. 20
CLOCK TOWER: Second Creditors' Meeting Set for Dec. 14
FORSYTH HOLDINGS: First Creditors' Meeting Set for Dec. 19
FRASER TAGGART: First Creditors' Meeting Set for Dec. 19
HILARY HOLMES: Second Creditors' Meeting Set for Dec. 19

HMR EXCHANGE: First Creditors' Meeting Set for Dec. 18
LIBERTY SERIES 2016-1: S&P Raises Class F Notes Rating to B+ (sf)
OAS GROUP: SA Homebuilder Collapses Into Liquidation
QUALITY ESTATE: Second Creditors' Meeting Set for Dec. 19
TST & SONS: First Creditors' Meeting Set for Dec. 19


C H I N A

DR. PENG TELECOM: Moody's Lowers CFR to B2, Outlook Negative
LEECO GROUP: Court Freezes Jia Yueting's Faraday Future Assets
REWARD SCIENCE: Moody's Lowers CFR to Ca, Outlook Negative
SHANGRAO CITY: Fitch Affirms BB+ LT IDR, Outlook Stable
SHARING ECONOMY: Reports Sales of Unregistered Securities

YANGZHOU SLENDER: Fitch Assigns BB+ LT IDR, Outlook Stable


I N D I A

ACQUA PEARL: CRISIL Assigns B+ Rating to INR5.15cr Term Loan
ASHA RAM: CRISIL Assigns 'D' Rating to INR5cr Term Loan
BARODA AGRO: ICRA Maintains B+ Rating in Not Cooperating
BIOP STEELS: ICRA Maintains B+ Rating in Not Cooperating Category
CLASSIC AGENCIES: CRISIL Assigns B+ Rating to INR6.36cr Loan

DEEP POULTRY: CRISIL Migrates 'B-' Rating to Not Cooperating
DOOTERIAH & KALEJ: CRISIL Moves B- Rating to Not Cooperating
G. SATHYANARAYANA: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
HARIOM AQUA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
HI-CAN INDUSTRIES: CRISIL Reaffirms B Rating on INR15cr Cash Loan

HINDUSTHAN CALCINED: ICRA Maintains B- Rating in Not Cooperating
LAGU BANDHU: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
LUCKNOW MEDICAL: ICRA Maintains B Rating in Not Cooperating
MOMENTUM TECHSYS: Ind-Ra Moves BB+ LT Rating to Non-Cooperating
NSL SUGARS: ICRA Assigns D Rating to INR219.18cr Term Loan

R.E.C. ISPAT: CRISIL Maintains B Rating in Not Cooperating
RAVI INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
RELIANCE INFRA: CARE Ratings Off from Watch w/ Dev. Implications
ROY APPARELS: CRISIL Migrates B+ Rating to Not Cooperating
SARASWATI UDYOG: CRISIL Lowers Rating on INR40cr Term Loan to D

SHIV SHAKTI: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SHREE DATTA: CRISIL Maintains 'B' Rating in Not Cooperating
SHREE SAI: CRISIL Migrates 'B+' Rating from Not Cooperating
SHREEJI COTTON: ICRA Lowers Rating on INR10.50cr Loan to D
SIDDHI VINAYAK: CRISIL Lowers Rating on INR4.6cr Term Loan to D

SIDWIN FABRIC: ICRA Reaffirms B+ Rating on INR5.0cr Loan
SIGNATURE CERAMIC: ICRA Maintains B+ Rating in Not Cooperating
SP SUPERFINE: ICRA Migrates D Rating to Not Cooperating
SRI THAI: CRISIL Maintains B Rating in Not Cooperating Category
SSS HI-TECH: CRISIL Withdraws D Rating on INR11.5cr Bank Loan

SUNSHINE INFRA: CRISIL Lowers Rating on INR105cr LT Loan to D
T.K. INTERNATIONAL: ICRA Maintains B- Rating in Not Cooperating
TULSIANI CONSTRUCTIONS: ICRA Retains D Rating in Not Cooperating
VEMPARALA VENKAT: CRISIL Hikes Rating on INR5.4cr Cash Loan to B+
VICEROY HOTELS: Deadline for Insolvency Process Extended


M A L A Y S I A

1MDB: Arul Kanda Arrested by MACC Over Report Tampering


S I N G A P O R E

NOBLE GROUP: To Seek Court-Ordered Administration in Bermuda


S O U T H  K O R E A

* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Up in October


V I E T N A M

VIETNAM NATIONAL COAL: S&P Affirms 'B' ICR on Growing Earnings


                            - - - - -


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


CAMBRIDGE LAW: Second Creditors' Meeting Set for Dec. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Cambridge Law
Group Pty has been set for Dec. 20, 2018, at 10:30 a.m. at the
offices of CPA Australia, Level 3, 111 Harrington Street, Sydney
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 19, 2018, at 4:00 p.m.

Nicarson Natkunarajah of Roger and Carson was appointed as
administrator of Cambridge Law on Nov. 15, 2018.


CLOCK TOWER: Second Creditors' Meeting Set for Dec. 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Clock Tower
Systems Pty Limited has been set for Dec. 14, 2018, at 9:00 a.m.
at the offices of DW Advisory, at Level 2, 32 Martin Place, 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 5:00 p.m.

Anthony Elkerton and Cameron Gray of DW Advisory were appointed
as administrators of Clock Tower on Nov. 9, 2018.


FORSYTH HOLDINGS: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Forsyth
Holdings Group Pty Ltd will be held at the offices of Level 1,
Suite 5, 443 Little Collins Street, in Melbourne, Victoria, on
Dec. 19, 2018, at 10:00 a.m.

Mathew Gollant of Courtney Jones was appointed as administrator
of Forsyth Holdings on Dec. 10, 2018.


FRASER TAGGART: First Creditors' Meeting Set for Dec. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fraser
Taggart Motor Engineers Proprietary Limited will be held at the
offices of Level 15 114 William Street, in Melbourne, Victoria,
on Dec. 19, 2018, at 11:00 a.m.

Con Kokkinos & Ivan Glavas of Worrells Solvency were appointed as
administrators of Fraser Taggart on Dec. 10, 2018.


HILARY HOLMES: Second Creditors' Meeting Set for Dec. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of Hilary Holmes
Makeup Pty Ltd has been set for Dec. 19, 2018, at 10:30 a.m. at
Level 1, 5 Everage Street, in Moonee Ponds, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 18, 2018, at 4:00 p.m.

Altan Djenab of Wild Apricot Corporate Insolvency was appointed
as administrator of Hilary Holmes on Nov. 27, 2018.


HMR EXCHANGE: First Creditors' Meeting Set for Dec. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of HMR
Exchange Pty Ltd ATF HMR Exchange Unit Trust, trading as
HMR Referrals, will be held at the offices of Hamilton Murphy, at
Level 1, 255 Mary Street, in Richmond, Victoria, on Dec. 18,
2018, at 11:00 a.m.

Stephen Robert Dixon and Richard Rohrt of Hamilton Murphy were
appointed as administrators of HMR Exchange on Dec. 6, 2018.


LIBERTY SERIES 2016-1: S&P Raises Class F Notes Rating to B+ (sf)
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on five classes of small-
ticket commercial mortgage-backed, floating-rate, pass-through
notes issued by Perpetual Trustee Co. Ltd. as trustee of Liberty
Series 2016-1 SME. At the same time, S&P affirmed its ratings on
two classes of notes.

Liberty Series 2016-1 SME is a securitization of loans to
commercial borrowers, secured by first-registered mortgages over
Australian commercial or residential properties originated by
Liberty Financial Pty Ltd.

The ratings reflect:

-- S&P said, "Our view of the credit risk of the underlying
    collateral portfolio and the credit support provided for the
    rated notes, which is commensurate with that credit risk. Our
    analysis of credit risk is based on our "Principles Of Credit
    Ratings" criteria; however, where factors that affect
    borrower performance are similar to those for residential
    mortgage loans, we have applied similar assumptions." Credit
    support for the rated notes is provided in the form of
    subordination.

-- The underlying pool of assets has a weighted-average
    seasoning of 32 months and a weighted-average current loan-
    to-value ratio of 65.4%. The asset pool consists of 831
    consolidated loans as of Sept. 30, 2018.

-- The transaction has continued to pay down sequentially since
    close, increasing the level of subordination to all rated
    note classes. The outstanding asset balance is AUD262.5
    million as of Sept. 30, 2018.

-- Asset performance has been stable since inception, with a
    moderate level of loans in arrears and only minor losses to
    date. S&P has assumed that loans more than 90 days in arrears
    have defaulted, in line with its "Australian RMBS Rating
    Methodology And Assumptions" criteria, published Sept. 1,
    2011.

-- Exposure to self-managed superannuation funds (SMSFs) loans
    has increased since transaction close to 48% from 36%.
    Although SMSF loans are limited-recourse lending, the risk of
    this affecting borrowers' payment behavior is somewhat
    mitigated by features such as personal guarantees being
    provided by SMSF members for every loan to an SMSF in the
    asset pool. In the absence of a substantial track record and
    performance data on SMSF loans, S&P Global Ratings has
    applied an additional adjustment in its credit-support
    calculation.

-- The transaction benefits from a number of structural
    mechanisms, including an amortizing liquidity facility equal
    to 3.0% of the outstanding balance of the rated notes, and
    principal draws, which are sufficient under our stress
    assumptions to ensure timely payment of interest. In
    addition, a cash reserve of A$2.65 million, which has built
    up from excess spread, provides additional support to the
    transaction. S&P's cash-flow analysis also reflects that a
    minimum margin will be maintained on the assets.

-- The transaction passes our stressed cash-flow modeling
    scenarios at their respective rating levels, having the
    ability to make timely interest and ultimate payment of
    principal.

  RATINGS RAISED

  Liberty Series 2016-1 SME
  Class       To             From
  B           AAA (sf)       AA (sf)
  C           A+ (sf)        A (sf)
  D           BBB+ (sf)      BBB (sf)
  E           BB+ (sf)       BB (sf)
  F           B+ (sf)        B (sf)

  RATINGS AFFIRMED

  Liberty Series 2016-1 SME
  Class       Rating
  A1          AAA (sf)
  A2          AAA (sf)


OAS GROUP: SA Homebuilder Collapses Into Liquidation
----------------------------------------------------
Bension Siebert at InDaily reports that OAS Group has gone under,
leaving 40 suburban houses unfinished and AUD2.4 million in debt
to dozens of creditors.

Liquidator Tim Clifton, of Clifton Hall, told InDaily his firm
was yet to establish whether or not insurance had been taken out
that would ensure those houses do eventually get built.

The company owes 80 unsecured creditors an estimated total of
AUD2.27 million, according to a document registered with the
Australian Securities and Investments Commission (ASIC) and
obtained by InDaily.

All unsecured creditors are South Australian except for four
Victorian and one Western Australian company, and the Australian
Tax Office. The ATO is owed an estimated AUD10,000.

The creditor most out of pocket is AJV Pty Ltd, owed AUD500,000.

A total of AUD137,000 is owed to the only secured creditor,
Westpac bank, InDaily.

According to the document cited by InDaily, the company has
AUD316,400 worth of assets and AUD141,000 worth of realisable
values.

InDaily understands the company had applied to become an H2
member of the Master Builders' Association, suggesting that it
builds between 10 and 49 houses a year, and that the membership
application had not been ratified.

According to InDaily, Clifton Hall said in a statement that the
directors of OAS Group had blamed a downturn in the housing
industry for its collapse.

"The company's directors have highlighted the continued downturn
in the housing industry, increased competition and low margins as
the cause of the company's demise," Clifton Hall said.

Liquidator Timothy Clifton stated that it was disappointing to
see a further building company unable to continue in the
marketplace.

Mr. Clifton added that he is considering the full financial
position of the company and will report to creditors in due
course, InDaily relays.

OAS Group is a South Australian construction company.  It has
been operating since 2013.


QUALITY ESTATE: Second Creditors' Meeting Set for Dec. 19
---------------------------------------------------------
A second meeting of creditors in the proceedings of Quality
Estate Distributors NSW Pty Ltd has been set for Dec. 19, 2018,
at 9:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, 9 Castlereagh 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. 18, 2018, at 5:00 p.m.

Simon Cathro of Worrells was appointed as administrator of
Quality Estate on Nov. 20, 2018.


TST & SONS: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of TST & Sons
Retail Marketing Pty Ltd, trading as Golden Banana Fruit Market,
will be held at the offices of One Wharf Lane, Level 20, 171
Sussex Street, in Sydney, NSW, on Dec. 19, 2018, at 3:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of TST & Sons on Dec. 7, 2018.



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


DR. PENG TELECOM: Moody's Lowers CFR to B2, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Dr. Peng Telecom & Media
Group Co., Ltd.'s corporate family rating to B2 from Ba3.

At the same time, Moody's has downgraded Dr. Peng Holding
Hongkong Limited's senior unsecured rating to B2 from Ba3. The
notes are unconditionally and irrevocably guaranteed by Dr. Peng
Telecom.

The outlook on the ratings remains negative.

RATINGS RATIONALE

"The downgrade and negative outlook reflect Dr. Peng Telecom's
pressured operating performance and significantly weakened
liquidity; both factors of which have made it more challenging
for the company to refinance the bulk of its maturities in 2020,
considering its limited long-term sources of financing," says
Danny Chan, a Moody's Analyst.

"The downgrade also reflects Dr. Peng Telecom's weakening cash
flow generation, amid intense competition and ongoing investment
needs," adds Chan who is also Moody's Lead Analyst for Dr. Peng
Telecom. "These factors position the company in the B rating
category."

Dr. Peng Telecom's refinancing risk will remain high over the
next 18 months, as its offshore bond approaches maturity in June
2020. The company will face repayment needs of RMB5.1 billion in
1H 2020, mainly comprising the USD454.35 million worth of
outstanding offshore bonds and the two onshore bonds puttable in
April 2020 and June 2020.

At the same time, the company's liquidity has weakened
substantially over the past six months, owing to weakened
operating cash flow generation and high capital expenditure and
share repurchases in 2018, resulting in a sharp reduction in its
cash balance to RMB1.9 billion at September 30, 2018 from RMB3.3
billion at the end of 2017.

If the company continues its share repurchase plan, such a
strategy could further reduce its cash buffer. In the 11 months
between January and November 2018, Dr. Peng Telecom purchased up
to RMB402 millions of its own shares.

Moody's points out that the stabilization of Dr. Peng Telecom's
operating performance remains uncertain. Moody's anticipates that
Dr. Peng Telecom will continue to show a decline in its broadband
revenue over the next one to two years, given the aggressive
pricing strategies of its competitors and the increasing usage of
mobile network over fixed broadband, which have posed structural
threats to the company's core-broadband business.

While its broadband business remains sluggish, contribution from
other businesses will be limited in the near term. Moody's notes
that the company is gradually shifting to internet data center
operation. However, heavy capital requirements and a long back-
pay cycle for its data center business will limit the pace of
expansion.

As such, the company will likely report a mid-high single digit
decline in revenue over the next 12-18 months, following a 17%
year-on-year fall in revenue in the nine months to September 30,
2018, based on Moody's estimates.

Moody's expects that the company will report operating cash flow
(OCF) of around RMB1.5-RMB2.0 billion per annum over the next 12-
18 months; a result which is significantly lower than the RMB3.0-
RMB4.0 billion per annum registered during 2014-2017.

Meaningful recovery in OCF will be unlikely over the next one to
two years, against the backdrop of strong competition in
broadband services in China. While Moody's expects that Dr. Peng
Telecom will reduce its capital expenditure after paying down the
outstanding construction cost for its broadband business in 2018,
its likely OCF in the next one to two years would be insufficient
to meet its reduced capital requirement; thereby resulting in
sustained negative free cash flow.

Moody's will continue to monitor the company's progress on the
refinancing and expansion of its onshore and offshore funding
channels.

Moody's notes that Dr. Peng Telecom obtained certain facilities
in the past nine months. Access to long-term committed funding
will be crucial in sustaining its credit quality, as its
outstanding bonds approach maturity in 2020.

Dr. Peng Telecom's B2 CFR reflects the company's ownership of a
last mile broadband network, early entrant advantage and
established network coverage. These credit positives are balanced
against the rapid changes in the industry, increasing competition
and more aggressive financial policy that has included a series
of acquisitions and will likely include capital distributions.

The negative ratings outlook continues to incorporate Moody's
concern over the intense competition from well-sourced and large-
sized rivals in a market with significant regulatory risk, as
well as the heightening refinancing risks.

Moody's points out that the ratings do not face upward pressure,
given the negative ratings outlook.

Nevertheless, Moody's could revise the outlook to stable if Dr.
Peng Telecom: (1) demonstrates meaningful progress on refinancing
its upcoming maturities; (2) develops a sustainable business plan
to stop the decline in its sales and operating cash flow; and (3)
generates free cash flow.

But Moody's could downgrade the ratings if: (1) Dr. Peng Telecom
makes little or no progress on refinancing its upcoming
maturities or pursues other corporate activities that further
weaken its liquidity; (2) the company's revenue and cash flow
further weaken; and/or (3) its credit metrics weaken further or
free cash flow remains negative over a prolonged period.

The principal methodology used in these ratings was
Telecommunications Service Providers published in January 2017.

Dr. Peng Telecom & Media Group Co., Ltd. is the fourth-largest
telecommunications operator in China by revenue. It is also the
largest private telecommunications operator in the country by the
same measure, offering broadband internet access and application
services across 26 provinces and 212 cities.

Headquartered in Beijing, the company was founded in 1985 and
listed on the Shanghai Stock Exchange (600804.CH) in 1994. At
December 31, 2017, Chairman Yang Xue Ping and his spouse held an
approximate 11.4% stake in the company.


LEECO GROUP: Court Freezes Jia Yueting's Faraday Future Assets
--------------------------------------------------------------
South China Morning Post reports that China's heavily indebted
businessman Jia Yueting is set to lose control of the electric
car start-up Faraday Future, after a court in the British Virgin
Islands ordered freezing his shareholding in the wannabe Tesla
killer.

SCMP relates that the Eastern Caribbean Supreme Court in the BVI
last week ruled in favor of Jia's creditor, To-Win Capital, and
allowed it to proceed with freezing his 33 per cent stake in
Faraday Future controlled through his nominees and various layers
of offshore holding companies.

According to the report, the ruling vindicates an arbitration
award given by the Beijing Arbitration Commission in favor of To-
Win Capital against Jia in January.

"This is significant because it is the first known success by Jia
Yueting's creditors to freeze and enforce rulings against his
assets outside China, particularly in the offshore
jurisdictions," the report quotes Shaun Wu, a partner at the law
firm Kobre & Kim in Shanghai, which represents To-Win Capital, as
saying.

"We know that many creditors are queuing at Jia's gates to get
their money back, but the domestic assets under Jia are mostly
already frozen, and so we are setting out to seize his most
important offshore assets, namely his shareholdings in Faraday
Future held through BVI structures," he added.

Jason Kang, another lead lawyer at Kobre & Kim based in Hong
Kong, said that the ruling now means that Jia cannot freely deal
with his 33 per cent stake in the company or transfer it to
someone else, the report relays.

According to SCMP, Kang said that to enforce a judgment or award
given in the BVI, the first step that a creditor has to take is
make an application to the court to obtain ownership of the
stake.

Jia is one of China's most high-profile entrepreneurs who once
openly challenged Apple and Tesla for being outdated. The founder
of the internet conglomerate LeEco Group ran into trouble as his
business crumbled under the weight of heavy debt last year, SCMP
discloses.

Leshi, the Shenzhen-listed arm of LeEco Group, is also owed
billions of yuan by companies related to the LeEco Group.

SCMP says Jia went into self-exile in the US after missing a
deadline set by the Beijing Securities Regulatory Bureau, which
ordered him to return to China before the end of 2017.

In an open letter published last year, Jia had asked his wife and
younger brother to represent him and handle regulatory issues
relating to the billions owed in China, the report recalls.
However, he insisted that he would "do everything he could to
solve any debt problems with both the listed and unlisted
companies", from the US.

He stressed that the only hope to turn things around was "to
guarantee volume production and to ensure the delivery of the
FF91," referring to the luxury electric car that LeEco was
developing with Faraday Future in California, according to SCMP.

However, as Faraday Future's financial condition deteriorated it
closed down a plant and laid off people, the report states.

But in a dramatic turn of events in June, Evergrande Health
Industry Group, a subsidiary of China's second largest developer
China Evergrande, announced that it would acquire a 45 per cent
stake in Faraday Future for US$2 billion through a network of
offshore holding companies, the report says.

But that relationship turned sour in October as Evergrande Health
and Faraday Future were embroiled in a lawsuit regarding the
investment.

This has triggered lay-offs, furloughs and people leaving since
October, as the financial situation has worsened, Faraday Future
said a statement issued this month, adds SCMP.


REWARD SCIENCE: Moody's Lowers CFR to Ca, Outlook Negative
----------------------------------------------------------
Moody's Investors Service has downgraded Reward Science and Tech.
Industry Grp. Co Ltd's corporate family rating to Ca from B3.

At the same time, Moody's has downgraded to Ca from B3 the rating
on the 7.25% 3-year senior unsecured notes issued by Reward
International Investment Limited and guaranteed by Reward.

The outlook on the ratings remains negative.

RATINGS RATIONALE

The change in the ratings follows Reward's announcement of the
default on its domestic commercial paper issued in 2017 and due
on December 6, 2018. The defaulted amount totaled RMB322.5
million (around $47 million), and will likely trigger cross
default on its US-dollar senior unsecured notes.

Moody's is concerned about the amount of recovery for
bondholders. According to the company's announcement, the reason
for the failure to pay was because of insufficient funds.

Moody's notes that the company reported a cash balance of RMB4.2
billion at September 30, 2018 and short-term debt - including
bills payable - of RMB2.1 billion as of the same date. In
addition, Reward issued RMB300 million in 3-year medium term
notes on August 1, 2018.

The company was cited in December 2017 for regulatory violations
by the China Securities Regulatory Commission, including the
misappropriation of funds from onshore bond proceeds,
inadequacies on information disclosure, and weak financial
management and poor accounting quality.

The negative ratings outlook reflects the uncertainty of the
recovery.

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Headquartered in Beijing, Reward Science and Tech. Industry Grp.
Co Ltd engages in the production and marketing of dairy and other
food products, as well as daily consumer products (mainly
cleaning products), and other businesses, such as the leasing of
commercial property and hotels.


SHANGRAO CITY: Fitch Affirms BB+ LT IDR, Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed Shangrao City Construction Investment
Development Group Co., Ltd.'s (SCID) Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB+' with a Stable
Outlook. Fitch has also affirmed the rating on SCID's USD300
million senior unsecured bonds due 2020 at 'BB+'.

SCID is a China-based government-related entity established in
2002 to construct and invest in public works such as roads,
bridges, social housing, parks, and water treatment facilities,
in Shangrao. Agent construction for infrastructure and social
housing accounted for 92% of total revenue, followed by land
development at 2% in 2017. Fitch expects the local government's
development and investment plan to be a catalyst for SCID's
revenue growth as the majority of the company's revenue is
associated with public works.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: Under SCID's legal
status, the local government does not bear the ultimate liability
for its debt if it defaults. Nevertheless, de facto government
ownership and the government's significant influence on the
overall operation of SCID reinforce Fitch's expectation that the
government has a high propensity to extend SCID support.

The State-owned Assets Supervision and Administration Commission
of Shangrao, the only de-facto shareholder of SCID, appoints the
company's senior management and assesses the company's
performance. The majority of projects that SCID carries out are
awarded by the local government, with the project budgets,
financing practices and progress to be reported to the local
government.

'Strong' Support Track Record and Expectations: The local
government has a track record of supporting SCID by awarding it
public works. In addition, the government provided financial
support, including fund contributions and injections of paid-in
capital, to compensate for the weak profitability of the public
works and strengthen SCID's capital base. Subsidies were also
provided to help SCID service its debt. Fitch expects the support
to continue as SCID's public works are important, but are capital
intensive and require financial support to be viable.

'Moderate' Socio-Political Implications of Default: Fitch expects
a default by SCID to adversely impact the municipality's urban
development and the local economy indirectly due to the strategic
importance of the infrastructure projects and other public
welfare-related business, such as public transportation. However,
SCID's default would not necessarily lead to substantial
disruption in service provision as other GREs and private-sector
companies may provide substitutes.

'Very Strong' Financial Implications of Default: SCID is the
primary financing and investment platform that the government
uses to facilitate urban development projects. Most of the
company's debt is related to public works in the city, which
gives the local government incentive to avoid insolvency at SCID.
In addition, various financial institutions, including policy
banks and commercial banks, are involved in the entity's
financing, and the institutions' willingness and capacity to lend
to other GREs could be reduced should SCID default.

High Leverage Constrains Standalone Profile: Total revenue rose
95% to CNY4.1 billion in 2017 from CNY2.1 billion in 2016 due to
solid growth in agent construction. However, cost overruns due to
construction delays led the gross profit margin to shrink to 3.8%
from 14.5%. The margin is likely to return to normal from 2018 as
the contractual framework should support a stable margin (11% in
9M18).

Constant investment in public works led to a rise in Fitch-
adjusted net debt to EBITDA to 38x in 2017 (2016: 20x). Fitch
expects liquidity to continue to be reliant on external financing
and leverage to remain high in the medium term, which constrain
SCID's standalone credit profile to the 'B' category under
Fitch's Rating Criteria for Public-Sector, Revenue-Supported
Debt.

RATING SENSITIVITIES

Triggers for Upgrade: A revision in Fitch's perception of
Shangrao Municipality's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations would lead to a change in ratings. Positive rating
action may be triggered by a revised assessment of the socio-
political implications of a default that enhances the
municipality's incentive to provide legitimate support. An
improved standalone credit profile may also result in positive
rating action.

Triggers for Downgrade: A downgrade may result from a weakening
of the socio-political and/or financial implications of a
default, or deterioration in its assessment of the municipality's
support record, or a dilution of the government's shareholding.


SHARING ECONOMY: Reports Sales of Unregistered Securities
---------------------------------------------------------
Sharing Economy International Inc. has filed a Form 8-K with the
Securities and Exchange Commission attaching an exhibit setting
forth all of the sales of the Company's securities not registered
under the Securities Act of 1933, as amended from Sept. 30, 2017
to date. The Shares were issued in consideration for, among other
things, human resource services, consulting services, marketing
and advertising services, investor relations advisory services,
business development, financial advisory services, accounting
services, director bonuses, staff bonuses, software development
services, and IT support services. As at Nov. 13, 2018, the
Company had 7,537,925 shares of common stock issued and
outstanding.

The full-text copy of the Exhibit is available at no
charge at https://is.gd/IfCIJp

                      About Sharing Economy

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

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

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

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


YANGZHOU SLENDER: Fitch Assigns BB+ LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned China-based Yangzhou Slender West Lake
Tourism & Development Group Co., Ltd. Long-Term Foreign- and
Local-Currency Issuer Default Ratings of 'BB+'. The Outlook is
Stable.

SWL's ratings are credit-linked to, but not equalised with,
Fitch's internal assessment of Yangzhou municipality in eastern
China. The link is reflected in SWL's very strong status,
ownership and control by the government, its moderate level of
support and the weak socio-political and strong financial
implications of a default. SWL is rated under Fitch's Government-
Related Entities Rating Criteria with a top-down approach.

KEY RATING DRIVERS

'Very Strong' Status, Ownership, and Control: SWL is registered
as a limited liability company under China's company law and it
is 100% directly owned by the municipality via Administration
Committee of Yangzhou Shugang-Slender Westlake Scenic Spot. Its
group strategy and mission are largely supervised and monitored
by SWLAC, which ultimately reports to the municipal government.
The 'Very Strong' attribute reflects the full ownership by
government.

'Moderate' Support Track Record, Expectations: SWL has been
granted the concession rights, which have no expiration, to
operate and charge admission fees for the Slender West Lake Park,
a scenic lake and garden with traditional Chinese architecture in
the centre of Yangzhou. The company has received consistent
subsidies since 2013 although the amounts have been declining
since 2015, mainly due to the absence of interest expense and
general tourism subsidies. Capital injections, through rebates on
land sale revenue and exemptions on debt, made up around 4% of
total assets at end-2014 and end-2015. The issuer reported
another CNY1 billion in capital injection in 2017. SWL also had
CNY1.54 billion of debt due to the government after a debt-swap
programme as of 1H18, which Fitch expects to be written off as a
capital injection in the next few years although the timing is
uncertain. SWL also had CNY1.8 billion of debt the municipality
has pledged to repay. The 'Moderate' factor assessment reflects
the irregularity of the capital injections compared with peers
with stronger attributes.

'Weaker' Socio-Political Implications: SWL is tasked with
upgrading the tourist assets within Yangzhou, which are crucial
for boosting the regional economy and its fiscal status. The
sector is considered an unusual development sector for
traditional Chinese local urban infrastructure developers, and is
more vulnerable to social or political changes and economic
cycles. Yangzhou's tourism industry contributed 7.7% of its gross
domestic product in 2017, an increase from 0.2% in 2016,
according to the issuer. Despite the material contribution to the
local economy, the industry SWL operates in has private and
public competitors and the availability of existing tourism
infrastructure in neighbouring regions would also offset the
social impact should SWL fail. The socio-political implications
of a default were therefore assessed at 'Weaker' in comparison
with GREs in other business sectors that are more closely linked
with social-wellbeing or daily necessities.

'Stronger' Financial Implications: SWL is one of the larger GREs
under the Yangzhou municipal government with total assets of
around CNY23.8 billion at end-1H18. SWL borrows from local
commercial banks, often from their municipal branches. Around 20%
of SWL's total debt at end-August 2018 was long term in nature
due to the local government debt-swap programme and other
government-funded programmes. A default by SWL would
significantly increase the funding constraints of other GREs
under the municipality as the failure would be seen as closely
related to the fiscal situation of the local government.

Poor Standalone Credit Profile: Fitch sees SWL's standalone
credit profile in the 'B' category at best, based on its
assessment of a weaker financial profile, and mid-range revenue
defensibility and operating risk, weighed down by SWL's high
leverage both historically and in its forecast period of 2018-
2020. SWL's financial profile is constrained by decreasing
profitability in core business segments and surging debt growth,
accompanied by a decline in government subsidies with irregular
capital injections. The EBITDA margin dropped from above 21% in
2014 to 15.81% in 2017, and under Fitch's rating-case scenario
the trend will continue, with the margin eventually sliding to
10.39% by 2020. As a result, its interest coverage ratio, or
EBITDA/gross interest rate, will probably continue to remain
under 1x up to 2020 (0.3x in 2017). Fitch expects net debt/EBITDA
to jump to 80x-100x from 67x at end-2017 under Fitch's rating-
case scenario, which is slightly stressed based on a through-the-
cycle rating methodology.

'Mid-Range' Revenue Defensibility: SWL's operating revenue has
been decreasing since 2015 as a result of a slowdown in the
completion of tourism projects and a recent drop in the admission
price for SWL Park. Fitch believes demand for SWL's business will
be generally stable due to the constant upgrade of tourism
infrastructure in the city and the increasing popularity of
domestic tourism. However, the benefits are offset by the lack of
pricing power for SWL as the markup for its tourism construction
business fell from 20% to 5% starting 2017, the government's
introduction of discounts for admission to SWL Park in April
2017, and the intense competition in SWL's other business
segments, including garden construction and property development,
which have all constrained SWL's revenue defensibility.

'Mid-Range' Operating Risk: SWL can recover part of its operating
costs related to tourism construction and operation through
government support, including occasional cost overruns, which
occurred in about 5% of the construction projects SWL undertook,
according to the company. The still-robust domestic labour market
and the easy availability of the raw materials needed for
construction contribute to a 'Stronger' resource management
attribute. However, its capital planning and management are
assessed at 'Neutral' based on a record of generally efficient
behaviour, leading to an overall 'Mid-Range' assessment of its
operations.

RATING SENSITIVITIES

A revision of Fitch's perception of Yangzhou's ability to provide
subsidies, grants or other legitimate resources allowed under
China's policies and regulations would lead to a change in
ratings.

A downgrade may result from a significant weakening of its
assessment of the status, ownership and control, support track
record and expectations and financial implications of a default
by SWL.

An upgrade may result from a significantly improved support track
record and expectations, a change in business scope that leads to
a higher assessment of the social-political implications or any
strengthening in the financial implications of a default by SWL.

A significant improvement in the standalone credit profile of SWL
may result in a rating change under the GRE criteria.



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


ACQUA PEARL: CRISIL Assigns B+ Rating to INR5.15cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facility of Acqua Pearl Properties (India) Private
Limited (APPIPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             5.15       CRISIL B+/Stable (Assigned)

The rating reflects the company's exposure to initial phase of
operation amid intense competition in the warehouse industry in
Kerala, and its below-average financial risk profile. These
rating weaknesses are partially offset by the extensive
experience of APPIPL's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial phase of operation and exposure to intense competition
in the warehouse industry in Kerala: The warehouse industry in
Kerala is regulated by the government. Rental rates, fixed by the
Department of Agricultural Marketing, limit the scope for players
to leverage their strengths and geographical advantages.
Furthermore, the industry is highly fragmented, with presence of
many players. The company has commenced commercial operations
from June 2018, adequate capacity utilization and ramp-up in
sales remain a key rating sensitivity.

* Below-average financial risk profile: Financial risk profile is
expected to be below-avrage due to a small networth and debt
funded project capex. Networth is expected to be small and
gearing high at INR0.7 crore and 11.57 times, respectively, as on
March 31, 2019. Though low accretion to reserves will keep
networth subdued, gradual term debt repayment will help improve
the gearing.

Strength:

* Extensive experience of the promoters: The decade-long
experience of the promoters in the warehouse business, and their
healthy relationships with traders and farmers, will support the
ramp-up and business risk profile.

Outlook: Stable

CRISIL believes APPIPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
higher than expected cash accruals because of strong ramp-up in
sales or infusion of capital, strengthens the financial risk
profile and risk absorption capacity. The outlook may be revised
to 'Negative' if lower cash accruals or stretch in receivables,
or any large capital expenditure, weakens liquidity.

APPIPL was set up in 2018, by Mr Salim. The company provides
warehouse facilities to shrimp growers.


ASHA RAM: CRISIL Assigns 'D' Rating to INR5cr Term Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Asha Ram Tek Ram Educational Trust (ARTRET).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Term Loan               5         CRISIL D (Assigned)

The rating reflects delays by the trust in servicing its term
debt.

Rating also factors in weak financial risk profile and small
scale of operations. These ratings weaknesses are partially
offset by the trustees experience in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing term debt: Servicing of the term loans of
INR5.00 crore has been irregular, because net cash accruals are
insufficient for the purpose. There are delays of 40-60 days in
the repayment of principal and interest by the trust.

* High gearing and low net-worth: ARTRET has a hHigh gearing as
on March 31, 2018 on account of low networth, constrain financial
risk profile as of March 2018. Accumulated losses and high debt
keep debt protection metrics weak.

* Small scale of operations: With operations commencing only in
fiscal 2015, scale remains modest, with an operating income of
INR1.25 crore in fiscal 2018. However, the trust has incurred
losses due to high interest cost.

Strength:

* Extensive experience of the trustees: The trustees have
experience of more than a decade in diversified businesses.

ARTRET, registered in 2011, operates Asha Jyoti Vidyapeeth School
in Faridabad (Haryana). The school is affiliated to the Central
Board of Secondary Education. Mr Satyavir Dagar and Mrs Prem
Lamba are the key promoters.


BARODA AGRO: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------
ICRA said the long term and the short term rating for the bank
facilities of Baroda Agro Chemicals Limited (BACL) continues to
remain under the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-         10.30      [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                      COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Fund based-         14.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non-Fund Based       1.50      [ICRA]A4 ISSUER NOT
   Limits                         COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Non fund based      (5.75)     [ICRA]A4 ISSUER NOT
   Short term                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Baroda Agro Chemicals Limited (BACL) was incorporated in 1996 by
Mr. K.V Rao. BACL is engaged in the manufacture of insecticide,
pesticide and fungicide formulations. The company operates from
its manufacturing facility located at Halol near Vadodara city
with an installed capacity of ~265 KL/per day. BACL enters into
contract manufacturing as well as job work with respect to
generic pesticide formulation and can produce formulations in
varying forms like Emulsifiable Concentrates (EC), Dusting
Powders (DP), Granules (G), Wettable Powders (WP), Soluble
Powders (SP), Suspension Concentrates (SC), Flowables Slurries
(FS), Water Disbursable Granules (WDG), Dry Flowables (DF) and
Soluble Granules (SG).


BIOP STEELS: ICRA Maintains B+ Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR33.50-crore bank facilities of
BIOP Steels & Power Private Limited (BSPPL) continue to remain in
the 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term-Fund       19.00      [ICRA]B+ (Stable); ISSUER NOT
   Based facilities                COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short Term-Non       14.50      [ICRA]A4; ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   facilities                      to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

BIOP Steels & Power Private Limited (BSPPL) is part of the "Modi
Group of Companies" headed by Mr. Santosh Kumar Modi. BSPPL was
incorporated in the year 2010 and is engaged in the manufacture
of sponge iron. The plant is located in Bellary district of
Karnataka and has its own sponge iron manufacturing unit in
Belagal (near Bellary) with the capacity of 200 MT per day using
iron ore and coal as the basic raw materials.


CLASSIC AGENCIES: CRISIL Assigns B+ Rating to INR6.36cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Classic Agencies (CA).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Working
   Capital Facility     .64         CRISIL B+/Stable (Assigned)

   Cash Credit         6.36         CRISIL B+/Stable (Assigned)

   Long Term Loan      1.00         CRISIL B+/Stable (Assigned)

The rating reflects a modest scale and working capital intensive
nature of operations, and a below-average financial risk profile.
These weaknesses are partially offset by the experience of more
than 20 years of the partners in the home appliances dealership
industry and an established relationship with customers and
principals.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue was INR14.16 crore in
fiscal 2018. The scale has also declined marginally over past
three years through 2018. The business is restricted to limited
geographies and intense competition rstrict the scale of
operation.

* Working capital-intensive nature of operations: Gross current
assets and debtors were high at 254 and 168 days, respectively,
as on March 31, 2018, resulting in substantial dependence on
external debt and high bank line. Operations are likely to remain
working capital intensive over medium term.

* Below-average financial risk profile: The networth was modest
and the gearing high at INR2.57 crore and 2.74 times,
respectively, as on March 31, 2018. Debt protection metrics were
average: the interest coverage ratio was 1.6 times in fiscal
2018. The financial risk profile is likely to remain below
average over medium term.

Strengths
* Industry experience of the partners: The partners have an
experience of 20 years in the home appliances distribution
business in Kerala. This has enabled them to establish a healthy
relationship with customers and shop owners in the region and
maintain stable business operations.

Outlook: Stable

CRISIL believes CA will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if there is significant improvement in operating
profitability, leading to higher cash accrual and a healthy
capital structure. The outlook may be revised to 'Negative' in
case of lower-than-expected revenue or profitability, or a
stretch in the working capital cycle, resulting in deterioration
in the financial risk profile, particularly liquidity.

CA is a partnership firm of Mr. Jayaprakashan, Mr Obaidullah
Khan, Mr. Unnikrishnan and Mr. V. Mani. The firm, based in
Kozhikode, is a dealer in electrical home appliances of Bajaj
Home Appliances, Bosch and Crompton Greaves Ltd etc.


DEEP POULTRY: CRISIL Migrates 'B-' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Deep Poultry
Farm (DPF) to 'CRISIL B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            2        CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              4.5      CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DPF for obtaining
information through letters and emails dated August 27, 2018,
October 26, 2018 and October 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DPF to 'CRISIL B-/Stable Issuer not cooperating'.

Deep Poultry Farm (DPF) was established in 2016, to purchase
poultry unit for 100,000 commercial layer birds along with feed
mill. The total estimated cost of the project is Rs.7.57 Crore.


DOOTERIAH & KALEJ: CRISIL Moves B- Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Dooteriah &
Kalej Valley Tea Estates Private Limited (DKVTE) to 'CRISIL B-
/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           7.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        8.1       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DKVTE for
obtaining information through letters and emails dated August 28,
2018 and September 28, 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 DKVTE. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on DKVTE is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DKVTE to 'CRISIL B-/Stable Issuer not cooperating'.

Dooteriah & Kalej Valley Tea Estates Pvt Ltd (DKVTE),
incorporated in January 1983 is engaged in manufacture, supply
and export of various kinds of tea, including green tea, and
black tea. The company has three tea estates, Dooteriah, Kalej
Valley and Pashok in Darjeeling.


G. SATHYANARAYANA: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has affirmed G. Sathyanarayana
Reddy Transport's (G. Sathya) Long-Term Issuer Rating at 'IND BB-
'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. (increased from INR25 mil.) Fund-based working
     capital limits affirmed with IND BB-/Stable/IND A4+ rating;
     and

-- INR55 mil. (increased from INR50 mil.) Non-fund-based working
     capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects G. Sathya's continued small scale of
operations. In FY18, the revenue increased to INR149 million
(FY17: INR88 million) on account of a stable order book. The
company booked revenue of INR97 million for April-November 2018.

The ratings continue to reflect G. Sathya's modest liquidity,
indicated by an average maximum working capital utilization of
83% for the 12 months ended November 2018. At end-FY18, the
company had a cash balance of INR0.26 million (end-FY17: INR4.77
million). Cash flow from operations remained negative at INR3.94
million in FY18 (FY17: negative INR16.69 million), mainly because
of a change in working capital.

The ratings also remain constrained by G. Sathya's modest credit
metrics due to average operating profitability. The EBITDA margin
rose to 8.3% in FY18 (FY17: 6.2%), with return on capital
employed of 14% (8%), because of the execution of high-margin
work orders. However, interest coverage (operating EBITDA/gross
interest expense) deteriorated to 2.25x in FY18 (FY17: 2.74x) as
net expenses increased to INR5.48 million (INR2 million).
Additionally, net leverage (adjusted net debt/operating EBITDAR)
remained high, though it improved to 3.54x (5.82x) due to an
increase in absolute EBITDA.

The ratings, however, are supported by the proprietor's
experience of over two decades in providing transportation
services.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue and operating
profitability, leading to deterioration in the overall credit
metrics, all on a sustained basis, will lead to a negative rating
action.

Positive: A significant increase in the scale of operations and
operating profitability, leading to an improvement in the credit
metrics, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

G. Sathya, based in Warangal (Dist), was incorporated in 2011 as
a proprietor ship firm by Mr. Gandra Sathya Narayana Reddy. The
firm is engaged in the transportation of coal, oil and sand.


HARIOM AQUA: Ind-Ra Assigns BB LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hariom Aqua
Culture Private Limited (HAPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR106 mil. Fund-based facilities assigned with IND
     BB/Stable/IND A4+ rating; and

-- INR18.95 mil. Long-term loans due on December 2021 assigned
     with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect HAPL's medium scale of operations as
indicated by revenue of INR871 million in FY18 (FY17: INR572
million). The growth in revenue was on account of a rise in
contract farming and an increase in production due to a change in
shrimp species.

The ratings also factor in by the company's modest credit metrics
as reflected by gross interest coverage (operating EBITDA/gross
interest expenses) of 2.41x in FY18 (FY17: 2.41x) and net
leverage (adjusted net debt/operating EBITDA) of 3.27x (2.46x).
The deterioration in the credit metrics was on account of an
increase in debt to fund its working capital requirements.

The ratings are also constrained by HAPL's tight liquidity
position with 98% average utilization of the fund-based limits
during the 12 months ended October 2018. At FYE18, the company
had a cash balance of INR12 million (FY17: INR31 million). Cash
flow from operations turned negative to INR45 million in FY18
from positive INR37 million in FY17 due to mainly an increase in
working capital.

However, the ratings benefit from the company's healthy EBITDA
margin of 4.2% in FY18 (FY17: 3.9%) with a return on capital
employed of 21% (20%). The increase in margins was attributed to
a reduction in cost of goods sold.

The ratings are also supported by HAPL's promoters' over two
decades of experience in shrimp farming, leading to longstanding
relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue and operating
profitability margins, leading to an improvement in the credit
metrics on a sustained basis would be positive for the ratings.

Negative: Any deterioration in the revenue and operating
profitability margins leading to a sustained deterioration in the
credit metrics would be negative for the ratings.

COMPANY PROFILE

Incorporated in January 2010 by Mr. Suresh Patel and Mr. Hitesh
Patel, HAPL is engaged in shrimp farming and trading of products
related farming such as feeds, seeds, probiotics and aerator.


HI-CAN INDUSTRIES: CRISIL Reaffirms B Rating on INR15cr Cash Loan
-----------------------------------------------------------------
CRISIL reaffirmed its rating on the long-term bank facilities of
Hi-Can Industries Private Limited (HIPL) at 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL B/Stable (Reaffirmed)
   Term Loan               1       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its weak financial risk profile
because of stretched liquidity and subdued debt protection
metrics, and working capital-intensive and small scale of
operations. These weaknesses are partially offset by the
extensive experience of its promoters and established
relationship with customers and suppliers.

Analytical Approach

For arriving at the rating, unsecured loans of INR3.92 crore (as
on March 31, 2018) from promoters have been treated as neither
debt nor equity as these are expected to remain in business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Debt protection metrics were
average, with net cash accrual to total debt and interest
coverage ratios of 0.03 time and 1.3 times, respectively, in
fiscal 2018. Also, liquidity is stretched, as reflected in high
bank limit utilisation and modest cash accrual, which was,
however, sufficient to repay term debt.

* Working capital-intensive operations: Gross current assets were
high at 367 days as on March 31, 2018, due to large inventory of
282 days and receivables of 108 days.

* Modest scale of operations in competitive segment: The tin can
industry is fragmented because of low entry barrier following
limited capital and technology requirements, short gestation
period, and easy availability of raw materials. This limits
pricing pressure, leading to a small scale of INR19.26 crore in
fiscal 2018.

Strengths

* Extensive experience of promoters: Key promoter, Mr Shailesh
Makadia, has about a decade's experience in the tin can industry.
Focus on delivering high-quality cans has resulted in a strong
clientele. Promoters have also supported operations by extending
interest-free unsecured loans.

* Established clientele: The company deals with reputed customers
such as includes established names such as Himalya International
Ltd, Patson Foods (India) Pvt Ltd, Gujarat Co-operative Milk
Marketing Federation Ltd and others.

Outlook: Stable

CRISIL believes HIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if improvement in revenue and profitability leads to
higher-than-expected cash accrual, along with better working
capital management. The outlook may be revised to 'Negative' if
substantially low cash accrual, further deterioration in working
capital management, or sizeable debt-funded capital expenditure
leads to deterioration in financial risk profile, especially
liquidity.

Incorporated in 2009 and promoted by Mr Shailesh Makadia and his
brother, Mr Nilesh Makadia, HIPL manufactures metal tin cans that
are used to package food products. Facility in Vadodara, Gujarat,
has capacity of about 9,200 can per hour.


HINDUSTHAN CALCINED: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the ratings for the INR12.0-crore bank facilities of
Hindusthan Calcined Metals Private Limited (HCMPL) continue to
remain in the 'Issuer Not Cooperating' category. The ratings are
denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund        8.0      [ICRA]B- (Stable); ISSUER NOT
   Based facilities               COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-Fund       4.0      [ICRA]A4; ISSUER NOT
   based facilities               COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Hindusthan Calcined Metals Private Limited (HCMPL) was
incorporated in the year 2003 and is engaged in the manufacturing
of sponge iron. The company is promoted by Mr S.K Modi and his
family members. The manufacturing unit is located in Bellary
district of Karnataka with an installed capacity of 200 MT per
day. Other group companies of HCMPL are involved in mining and
related businesses.


LAGU BANDHU: Ind-Ra Withdraws 'BB' Long Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Lagu Bandhu
Motiwale Private Limited's (LBMPL) Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating action is:

-- The IND BB rating on the INR200 mil. Fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings based on the
receipt of a no dues certificate from the rated facilities'
lender. Ind-Ra will no longer provide analytical and rating
coverage for LBMPL.

COMPANY PROFILE

LBMPL is engaged in the retailing of gold and diamond jewelry.


LUCKNOW MEDICAL: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the INR6.5 crore bank facilities of
Lucknow Medical Agencies (LMA) continues to remain in the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA] B
(Stable), ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund       6.5        [ICRA]B (Stable) ISSUER NOT
   based/Cash                      COOPERATING, Rating continues
   Credit                          to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Established in 1999 as a partnership firm, LMA has been engaged
in the wholesaling and distribution of pharmaceutical drugs in
the domestic market for more than a decade in Delhi. The firm's
product portfolio consists of more than 9,000 branded drugs,
which are procured directly through the pharma manufacturers.
Some of the key suppliers include Cipla Ltd., Sun Pharma Limited,
Sanofi India Ltd., Abbott India Ltd. Etc. LMA's operating income
has witnessed steady growth over the years aided by deeper
penetration in the existing markets. Further, addition of new
suppliers thereby resulting in enhanced product portfolio has
also supported volume growth for the firm. Post FY13, LMA's
revenues have witnessed significant growth in the operating
income owing to increasing volume along with marginal increase in
the realizations which have been transferred by the
pharmaceutical companies to the distributors. Going forward, the
firm's revenues are expected to derive support from the
management's increasing focus on expanding its presence and
adding new suppliers.


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

The instrument-wise rating actions are:

-- INR125 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR75 mil. Proposed non-fund-based limits migrated to non-
     cooperating category with Provisional IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Momentum Techsys is an IT distribution and services provider
specializing in IT infrastructure development, unified
communication networks, electronic security and surveillance
devices, and audio-visual systems.


NSL SUGARS: ICRA Assigns D Rating to INR219.18cr Term Loan
----------------------------------------------------------
ICRA has assigned [ICRA]D ratings to the bank facilities of NSL
Sugars Limited (NSL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           219.18      [ICRA]D; Assigned

   Fund-based-
   Working Capital
   Facilities           99.49      [ICRA]D; Assigned

Rationale

The assigned rating factors in the delay in the debt servicing
obligations owing to the company's stretched liquidity position.
NSL's financial profile is weak as is evident from losses at net
level, weak capital structure and weak debt coverage metrics in
FY2016-FY2018. Further, in the absence of adequate working
capital facilities, NSL Sugars Limited (NSL) and its subsidiary,
NSL Krishnaveni Sugars Limited (KSL), are dependent on timely
infusion of promoter funds to meet their working capital
requirements. The rating is also constrained by the risks
associated with the inherent cyclicality in the sugar business;
the agro-climactic conditions related to cane production; the
Government policies on import duties; the pricing and offtake of
cogeneration power and ethanol; and the counterparty credit risk
associated with sale of power to the utilities in Karnataka and
Maharashtra. In addition, the tenure mismatch between the power
purchase agreement (PPA) of the co-generation units and the debt
repayment period (PPA is ending in FY2021 for Koppa and Aland
while repayment is till FY2027) would expose these co-generation
units to demand and tariff risks post FY2021.

However, ICRA takes note of the significant experience of the
promoters in the sugar industry; and the forward integrated
operations with cogeneration and distillery units, which provide
additional revenue stream and cushions profitability during sugar
downturn. Also, the expected improvement in cane crushing
activity in SY2019 is likely to support the by-products'
profitability performance.
Key rating drivers

Credit strengths

Significant experience of promoters in sugar industry: NSL was
incorporated in 1999 and the promoters have extensive experience
of over 15 years in the sugar industry.

Forward-integrated operations: NSL's sugar operations, with a
capacity of 20,000 TCD, are forward integrated with a 94-MW
cogeneration unit and a 60-KLPD distillery unit. The forward
integrated profile of sugar operations (with cogeneration and
distillery units) cushions profitability during sugar downturn
Expected improvement in cane crushing in SY2019: Cane crushing is
expected to increase to around 24 lakh MT in SY2019 from around
18 lakh MT in SY2018, supported by good monsoons. Also, the
forward integrated units - cogeneration and distillery - are
likely to benefit from this increase in cane crushing.

Credit challenges

Delays in debt servicing: Delays in debt servicing owing to NSL's
stretched liquidity position.

Weak financial profile: NSL's financial profile is weak as is
evident from the decline in operating income over the last two
years (majorly due to significant decline in the cane crushing
activity in SY2017), moderate operating profitability, losses at
net level, weak capital structure and debt coverage metrics.
Dependence on promoter funds due to inadequate working capital
facilities: The absence of adequate working capital facilities
for NSL and its subsidiary, KSL, could constrain the cane
crushing activity. These companies are dependent on timely
infusion of promoter funds to meet their working capital
requirements.

Exposure of co-generation unit to demand and tariff risk: Tenure
mismatch between the power purchase agreement (PPA) of the co-
generation units and the debt repayment period (PPA is ending in
FY2021 for Koppa and Aland while repayment extends till FY2027)
would expose these units to demand and tariff risks post FY2021.

Vulnerability of profitability to agro-climatic and regulatory
risks: Profitability of sugar mills remains exposed to the
cyclicality of the sugar industry, agro-climatic risks related to
cane production, and Government policies related to sugar trade.

Liquidity Position:

Continuous losses since FY2016 have adversely impacted the
company's liquidity position. In addition, NSL's working capital
facilities have been completely utilised, resulting in stretched
liquidity.

Incorporated in 1999, NSL Sugars Limited (NSL) was promoted by
Nuziveedu Seeds Group. The company manufactures and markets
sugar, generates power and produces ethanol. The company has
three units, two at Koppa and Aland in Karnataka and the third at
Pawarwadi in Maharashtra. NSL has a 6000-TCD sugar plant along
with a 30-MW cogeneration plant and a 60-KLPD distillery at Koppa
in the Mandya district of Karnataka and a 7000-TCD sugar plant
along with a 34-MW cogneration plant in Aland, Karnataka. Jay
Mahesh Sugar Industries Limited (JMSIL) was took over by NSLSL in
FY2012 and amalgamated into NSLSL. Currently, JMSIL is
operational with a 7000-TCD sugar unit and a 30-MW cogen unit.
NSL has two subsidiaries, NSL Sugars (Tungabhadra) Ltd, (fully
owned) and NSL Krishnaveni Sugars Ltd. The latter is 74% owned by
NSL. The Group Holding Company is Mandava Holdings Pvt Ltd.
In FY2018, on a provisional basis, the company reported a net
loss of INR54.01 crore on an operating income of INR541.71 crore,
as compared to a net loss of INR150.97 crore on an operating
income of INR536.49 crore in the previous year.


R.E.C. ISPAT: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of R.E.C. Ispat Private
Limited (REC) 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 REC 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 REC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on REC, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

Set up in 2004, by Mr. Subhash Bhararia, REC is engaged in
trading of iron and steel products. The company is based out of
Vishakhapatnam in Andhra Pradesh.


RAVI INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ravi Industries -
Harij (RI) continue to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Long Term
   Bank Loan Facility     1.89      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              2.11      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RI 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 RI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RI, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

RI was founded as a partnership firm by the Hiraj (Gujarat)-based
Thakker family in 2012. The firm undertakes the extraction of oil
and production of de-oiled cakes from cotton seeds.


RELIANCE INFRA: CARE Ratings Off from Watch w/ Dev. Implications
----------------------------------------------------------------
CARE said the ratings on the bank facilities/instruments of
Reliance Infrastructure Ltd (R-Infra) have been put on 'Credit
Watch with Developing Implications' in view of announcement by R-
Infra entering into a definitive agreement with Adani
Transmission Limited for 100% sale of its integrated Mumbai power
business. The rating has been removed from 'Credit Watch with
Developing Implications' on account of completion of sale of R-
Infra's integrated Mumbai power business and receipt of updates
form the company with regards to the expected receipt of money
from arbitration awards and regulatory assets.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank      2,489.60      CARE B; Stable Removed from
   Facilities                        Credit Watch with Developing
                                     Implications and assigned
                                     Stable Outlook

   Short-term Bank       700.00      CARE A4; Removed from Credit
   Facilities                        Watch with Developing
                                     Implications

   Long-term Non-        295.00      CARE B; Stable Removed from
   Convertible                       Credit Watch with Developing
   Debenture-1                       Implications and assigned
                                     Stable Outlook

   Long-term Non-        600.00      CARE B; Stable Removed from
   Convertible                       Credit Watch with Developing
   Debenture-2                       Implications and assigned
                                     Stable Outlook

Detailed Rationale & Key Rating Drivers

The ratings on the bank facilities/instruments of R-Infra
continues to be tempered by exposure to group/associate
entities in the form of loans and advances extended by R-Infra,
delay in the receipt of money from arbitration awards and
regulatory assets which has impacted the financial profile and
liquidity profile of R-Infra.

The ratings factor in the substantial increase in the order book
position in the EPC (Engineering Procurement and Construction)
business thereby providing revenue visibility in the near term.

Timely receipt of money from the arbitration awards and
regulatory assets and realization of funds extended to group
companies (loans and advances and investments) are key rating
sensitivities.

CARE has withdrawn the rating assigned to the NCD issues of
INR365 crore of R-Infra with immediate effect, as the company has
repaid the aforementioned NCD issues in full and there is no
amount outstanding under the issue as on date.

Detailed description of the key rating drivers

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances continued to
remain high at around INR13,558 crore as on March 31, 2018 which
has impacted the liquidity profile and financial risk profile of
R-Infra. Timely and complete recovery of the same is a key rating
sensitivity.

Delay in receipt of arbitration award and regulatory assets: R-
Infra had won Delhi Metro arbitration award against DMRC (Delhi
Metro Rail Corporation) worth INR 5,300 crore including interest
of which R-Infra received INR306 crore as immediate relief to
ensure than no account of lenders of DAMEPL (Delhi Airport Metro
Express Private Limited) turns NPA. Hon'ble Delhi HC has directed
DMRC to service entire debt of DAMEPL worth INR 1,618 crore. The
timely receipt of DMRC award is a key rating moniterable. Also,
the company had claims with regards to regulatory assets from the
power business and arbitration money expected from the road
projects, Mumbai Metro project and EPC business.

Key Rating Strengths

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on September 30, 2018, R-
Infra has an order book position exceeding INR27,800 crore as on
September 30, 2018. The improvement in the order book position
provides revenue visibility in the EPC segment in the near term.

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the Reliance ADAG (controlled by Mr. Anil D Ambani). Reliance
Infrastructure Ltd. is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads
and Metro Rail in the Infrastructure space and the Defence
sector.

R-Infra through its SPV/Associates has presence in the power
businesses. Also, R-Infra Ltd through its SPVs has executed a
portfolio of infrastructure projects such as a metro rail project
in Mumbai on build, own, operate and transfer (BOOT) basis;
eleven road projects with total length of about 1,000 kms on
build, operate and transfer (BOT) basis. Reliance Infrastructure
Ltd. also provides Engineering, Procurement and Construction
(EPC) services for developing power and road projects.

The Company has entered into the defence sector. The Maharashtra
Government has allotted land at Mihan near Nagpur for the
development of smart city for the defence sector known as
Dhirubhai Ambani Aerospace Park (DAAP). Reliance Infrastructure
Ltd. associate Reliance Naval and Engineering Ltd. (RNEL), houses
dry dock facility to build warships and other naval vessels.


ROY APPARELS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Roy Apparels
Private Limited (RAPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           1.95      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Long Term Loan        6.5       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     .55      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RAPL for obtaining
information through letters and emails dated October 24, 2018 and
October 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RAPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 1992 and promoted by Mr. ND Roy RAPL manufactures
garments such as T-shirts, caps, jerseys, hoodle jackets, and
track paints for large corporates.


SARASWATI UDYOG: CRISIL Lowers Rating on INR40cr Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Saraswati Udyog India Limited (SUIL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

The ratings reflect delay in the servicing of debt obligations.


                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            38        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Cash Term Loan         40        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Inland/Import          10        CRISIL D (Downgraded from
   Letter of Credit                 'CRISIL A4+')

   Long Term Loan          2        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     13        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

   Working Capital         2        CRISIL D (Downgraded from
   Demand Loan                      'CRISIL BB-/Stable')


The rating continues to reflect below-average financial risk
profile and working capital intensive nature of operations. The
weaknesses is partially offset by promoters' extensive experience
in paper industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: SUIL has a below average
financial risk profile, marked by weak capital structure and
average debt protection metrics. The gearing level stood at 7.9
times in fiscal 2018. Further, interest coverage and net cash
accruals to total debt was 1.8 and 0.09 times respectively in
fiscal 2018.

* Working capital intensive operations: The Company has intense
working capital operations, reflected in gross current assets
(GCA) days of 283 days as on 31 March, 2018. GCA is high on
account of high inventory holding days and stretched in
receivables.

Strength:

* Promoter's extensive experience in paper business: The
promoters have an experience of more than 25 years in the paper
and paper board industry. CRISIL believes that SUIL will continue
to benefit from its promoter's extensive experience in this
industry.

SUIL, incorporated in 1991, is engaged in manufacturing of coated
duplex board which are used in packaging. The company
manufactures these boards at its facility located in Namakkal,
Tamil Nadu. The company is being managed by Mr. Balusamy.Anandan.


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

The instrument-wise rating action is:

-- INR113.9 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shiv Shakti Wahan is an authorized dealer of Mahindra & Mahindra
Limited's (IND AAA/Stable) vehicles in Darbhanga, Bihar and also
provides sales, service and spares facilities.


SHREE DATTA: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Shree Datta
Fertilizers and Chemical Private Limited (SDFCPL) continues to be
'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash
   Credit Limit           1.0       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SDFCPL 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 SDFCPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on SDFCPL,
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

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

SDFCPL was set up by Mr. Ashok Ratanlal Soni in 1999. It
manufactures nitrogen, phosphorous, and potassium (NPK)
granulated mixed fertilisers. The company sells these primarily
through a network of dealers in and around Vidarbha.


SHREE SAI: CRISIL Migrates 'B+' Rating from Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Shree Sai Hasti Agro
(SSHA) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of SSHA from 'CRISIL B+/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.35       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

   Proposed Long Term    8.25       CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B+/Stable ISSUER
                                    NOT COOPERATING')

The rating reflects the working capital-intensive nature, and
small scale, of SSHA's operations in the intensely competitive
rice milling industry, and the firm's average financial risk
profile. These rating weaknesses are partially offset by the
extensive experience of the proprietor.

Analytical Approach

Unsecured loans received from the proprietor have been treated as
neither debt nor equity as the loans carry interest that is lower
than the market rate, and will remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Turnover was a modest INR45.73
crore in fiscal 2018.  While large players have better
efficiencies and pricing power, the smaller players have lower
pricing flexibility and profitability.

* Working capital-intensive operations: Gross current assets and
inventory were sizeable at 170 and 160 days, respectively, as of
March 2018. Creditors of 80-90 days relieve some of the pressure
on working capital. Bank limit of INR9.35 crore has been almost
fully utilized. Operations will, likely, remain working capital
intensive over the medium term as well.

* Average financial risk profile: Capital structure remains
average, with high gearing and total outside liabilities to
tangible networth (TOLTNW) ratios of around 6.02 and 14.09 times,
respectively, and low networth of INR1.63 crore, as of March
2018. Debt protection metrics are average, with interest coverage
and net cash accrual to total debt (NCATD) ratios of around 1.70
times and 0.03 time, respectively, for fiscal 2018.

Strengths

* Experience of the proprietor and established relationship with
customers and suppliers: Benefits from the proprietor's
experience of more than a decade, and strong relationships with
stakeholders in the rice industry, should continue to support the
business.

Outlook: Stable

CRISIL believes SSHA will continue to benefit from the
proprietor's extensive experience and established relationships
with suppliers and customers. The outlook may be revised to
'Positive' if revenue, profitability and cash accrual increase,
leading to a stronger financial risk profile. The outlook may be
revised to 'Negative' in case of any large, debt-funded
expansion, a substantial decline in revenue and profitability, or
stretch in working capital cycle, leading to weakening in the
financial risk profile.

SSHA, set up as a proprietorship firm in 2007 by Mr Pragnesh
Kumar R Naik, initially traded in paddy. From December 2012, it
started manufacturing rice flakes. Operations are managed by Mr
Naik. Its manufacturing facility is in Navsari, Gujarat.


SHREEJI COTTON: ICRA Lowers Rating on INR10.50cr Loan to D
----------------------------------------------------------
ICRA has revised the long-term rating for the bank facilities of
Shreeji Cotton Industries (SCI) to [ICRA]D ISSUER NOT COOPERATING
from [ICRA]B+ ISSUER NOT COOPERATING. The rating continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]D; ISSUER NOT COOPERATING" for the bank
facilities of the company.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based-        10.50     [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Revised from [ICRA]B+(Stable);
                                Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

Rationale
The rating downgrade follows the delays in debt servicing by SCI
to the lender(s), as confirmed by them to ICRA.

Established in 2006, Shreeji Cotton Industries (SCI) is a
partnership concern managed by Mr. Ravji Ramani and Mr. Jiva
Ramani. The company is engaged in ginning and pressing of raw
cotton to produce cotton bales and cottonseeds. SCI's
manufacturing facility is located at Jasdan, Rajkot District,
Gujarat and is currently equipped with 24 ginning machines and 1
pressing machine having an installed capacity to produce 220
cotton bales per day (24 hours operation).


SIDDHI VINAYAK: CRISIL Lowers Rating on INR4.6cr Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Siddhi
Vinayak Alloys (SVA) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating' as the company has
defaulted in term loan repayment as per the feedback received
from its banker.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3.4       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Term Loan              4.6       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SVA for obtaining
information, through letter and email, dated December 31, 2017
and June 29, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not obtained any information on either the financial
performance or strategic intent of SVA. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B' rating category or lower.'

Based on the best available information, CRISIL has downgraded
the rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B/Stable Issuer Not Cooperating' as the company has defaulted in
term loan repayment as per the feedback received from its banker.

SVA was set up as a partnership firm of Mr Jigar Patel and his
family, in September 2014. The Mehsana (Gujarat)-based firm has
been formed to manufacture mild steel castings for engineering
companies.


SIDWIN FABRIC: ICRA Reaffirms B+ Rating on INR5.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR5.00-crore1 fund-based facilities of Sidwin Fabric Private
limited. ICRA has also reaffirmed the ratings of
[ICRA]B+(Stable)/[ICRA]A4 for the INR5.03-crore unallocated
limits of SFPL. The outlook on the long-term rating is Stable.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based limit      5.00      [ICRA]B+ (Stable); Reaffirmed
   Unallocated Limits    5.03      [ICRA]B+ (Stable)/A4;
                                   Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by the
moderate scale of operations and the stretched working capital
position, leading to full utilisation of working capital limits.
The rating also factors in the vulnerability of the company's
profitability to fluctuations in raw material prices, low
bargaining power with suppliers, and intense competitive pressure
in the technical textile industry. ICRA also notes that the
company is undertaking a debt-funded capex to enhance its
capacity and add new products, thus exposing it to project risk.
The debt towards the said capex, along with the high working
capital requirement, is expected to keep the credit profile
constrained in near to medium term.

The rating reaffirmation, however, continues to favourably factor
in the experience of the promoters in non-woven textile segment.
ICRA also notes the stable demand outlook for the non-woven
fabric and its multiple applications across various industries.

Outlook: Stable

ICRA believes that SFPL will continue to benefit from the
experience of the promoters and the favourable demand prospects
for the non-woven fabric. The outlook may be revised to Positive
if substantial growth in revenue and profitability leads to
higher-than-expected net cash accruals, or infusion of equity and
better working capital management ease the liquidity situation.
Conversely, the outlook may be revised to Negative if lower-than-
expected sales and profitability results in lower-than-expected
cash accruals; or in case higher-than-expected debt-funded capex
or stretch in the working capital cycle stretches the capital
structure and overall liquidity.

Key rating drivers

Credit strengths

Stable demand and multiple application of non-woven fabric: The
company manufactures non-woven fabric ranging from 8 GSM to 200
GSM. Non-woven fabrics are characterised by some unique features,
such as absorbency, liquid repellence, resilience, stretchable,
softness and bacterial barrier, which find varied application in
healthcare and hygiene products, surgical products, agro
commodities packaging, apparel. The benefits associated with
these fabrics are likely to result in favourable demand
prospects.

Extensive experience of management in non-woven textile segment:
Sidwin Fabric Private Limited was incorporated in 2012 and the
promoters have five-year long experience in the non-woven textile
segment.

Credit challenges

Average financial risk profile: The company's operating income
witnessed a 22% growth to INR31.39 crore in FY2018 from INR25.76
crore in FY2017 with increase in sales volume. The operating
profitability stood modest at 8.37% in FY2018 (compared to 8.74%
in FY2017). The net margin stood at 3.34% in FY2018. The gearing
of the company stood at 1.36 times as on March 31, 2018, which is
expected to moderate in the near to medium term due to the
proposed debt-funded capex towards capacity enhancement. The debt
protection metrics remained moderate with TD/OPBITDA of 2.76
times, interest coverage of 2.20 times and an NCA/TD of 20% as on
March 31, 2018. The liquidity position remained tight due to
stretch in receivable days and relatively low credit period
received from suppliers. Consequently, the working capital limit
was fully utilised during the 15-month period, from August 2017
to October 2018; additionally, the bridge financing was done from
time to time.

Risk associated with brownfield debt-funded capex and successful
scale up of operations: The company remains exposed to risks
associated with debt-funded capex and successful scale up of
operations as per the expected parameters. Moreover, the debt-
funded nature of the project is likely to keep the credit profile
constrained in the medium term.

Vulnerability of profitability to fluctuations in raw material
prices; limited bargaining power with suppliers: The key raw
material required for manufacturing non-woven fabric is
polypropylene (PP), which is a crude oil derivative. Hence, the
company's profitability remains vulnerable to adverse
fluctuations in raw material prices as its ability to pass on the
price increase is limited. The company procures its raw material
from distributors of Indian Oil Corporation Ltd. (IOCL) and
Reliance Industries Ltd. (RIL). Due to its relatively small-scale
operations, SFPL's bargaining power with suppliers remains low.

Margins subject to pressure from intense competition: The
domestic non-woven industry is highly fragmented and dominated by
the unorganised sector because of low capital requirements and
low techno intensive sector. Thus, modest-scale players such as
SFPL face stiff competition that leads to pricing pressure.

Incorporated in the 2011, Sidwin Fabric Private Limited (SFPL)
manufactures non-woven polypropylene fabrics. The company
commenced commercial production from June 2012 from its
manufacturing facility in Himatnagar. The annual installed
capacity of the unit is dependent on the linear density,
expressed in GSM (gram per square metre) of the fabric being
manufactured, which is around 2,700 MTPA. With the existing
machinery, the company can manufacture non-woven fabrics of GSM
ranging from 8-200 and having width of 3.2 metres. The company's
products find application in various industries such as
agriculture, medical and hygiene and packaging.

In FY2018, the company reported a net profit of INR1.05 crore on
an operating income (OI) of INR31.39 crore as against a net
profit of INR0.47 crore on an OI of INR25.76 crore in FY2017. In
6MFY2019 (provisional unaudited financial statements), the
company reported a net profit of INR0.52 crore on an OI of
INR16.62 crore.


SIGNATURE CERAMIC: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the long term and the short term rating for the bank
facilities of Signature Ceramic Pvt. Ltd. (SCPL) continues to
remain under the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          1.79       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fund based-          3.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund based-      1.40       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Signature Ceramic Pvt. Ltd. (SCPL) is a walltiles manufacturer
with its plant situated at Morbi, Gujarat. The company was
established in October 2009, while the company commenced its
operations in July 2010. Signature Ceramics is managed by Mr.
Pravin Kundariya and Mr. Girish Loriya along with other
directors. The plant has an installed capacity to produce 18 lacs
boxes of wall tiles per annum. Signature Ceramics currently
manufactures wall tiles of size 12" X 12", 12" X 18" and 12"X 24
with the current set of machineries at its production facilities.


SP SUPERFINE: ICRA Migrates D Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
SP Superfine Cotton Mills Private Limited (SSCMPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-        66.94     [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Rating moved to the 'Issuer Not
                                Cooperating' category

   Fund based          8.00     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating moved to the 'Issuer Not
                                Cooperating' category

   Unallocated        28.52     [ICRA]D ISSUER NOT COOPERATING;
   Limits                       Rating moved to the 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of best
available information about the issuer's performance.

Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution as the rating may not
adequately reflect the credit risk profile of the entity.

Promoted by Mr. Velusamy in 1995, SSCMPL manufactures cotton yarn
in the count range of 40s to 80s, with 40-50s forming a major
share of the production. The company has an installed capacity of
28,224 spindles and its spinning unit is located in Attur, Tamil
Nadu.


SRI THAI: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Thai
Moogambigai Enterprises (STME) continue to be 'CRISIL B/Stable
Issuer not cooperating'.

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

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of STME and Sri Andal Azhagar Enterprises
(SAAE) together referred to as the 'Thai Andal' group.  The
consolidated approach is because both the entities are engaged in
similar line of business, belong to the same promoter group and
derive considerable operational and business synergies from each
other.

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

Established in 2012 as a proprietorship firm, Sri Thai
Moogambigai Enterprises (STME) is engaged in granite quarrying
and trading. Based in Chennai, Tamil Nadu, the firm is promoted
by Mr. M. P. Balaji

Established in 2012 as a proprietorship firm, SAAE is engaged in
granite quarrying and trading. Based in Chennai, Tamil Nadu, the
firm is promoted by Mr. A.M. Babu.


SSS HI-TECH: CRISIL Withdraws D Rating on INR11.5cr Bank Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of SSS
Hi-Tech Constructions Private Limited (SSS) and subsequently
withdrawn the ratings at the company's request and on receipt of
a no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        11.5       CRISIL D (Reaffirmed and
                                    Withdrawn)

   Cash Credit            3.0       CRISIL D (Reaffirmed and
                                    Withdrawn)

   Standby Fund Based
   Working Capital        3.5       CRISIL D (Reaffirmed and
                                    Withdrawn)

SSS, promoted by Mr P M Srinivasan, undertakes civil construction
contracts in Tamil Nadu.


SUNSHINE INFRA: CRISIL Lowers Rating on INR105cr LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Sunshine
Infra Engineers India Private Limited (SIPL) to 'CRISIL D/CRISIL
D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+' on
account of current delays in debt servicing.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         70        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL A4+')

   Proposed Long Term    105        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL BB+/Stable)

   Secured Overdraft      35        CRISIL D/Issuer Not
   Facility                         Cooperating (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL BB+/Stable)

CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated August 27, 2018,
October 26, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not obtained any information on either the financial
performance or strategic intent of SIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B' rating category or lower.'

Based on the best available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+' on account of current delays in
debt servicing.

SIPL was set up in 2010 by Smt. Lalitha Kumari and her business
associates. The company undertakes integrated projects for
construction of concrete and asphalt roads, including
installation of streetlights. It also undertakes projects
involving resurfacing of roads. The company is based in Hyderabad
(Telangana), and caters to state government entities in South
India.


T.K. INTERNATIONAL: ICRA Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the rating for the INR12.50 crore bank facilities of
T.K. International Limited continues to remain in the 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA] B-
(Stable)/A4; ISSUER NOT COOPERATING".

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Fund-       2.75      [ICRA] B-(Stable); ISSUER NOT
   based/Cash Credit               COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Long Term/Fund-       9.25      [ICRA] B-(Stable); ISSUER NOT
   based/Term Loan                 COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

   Short Term/Non        0.50      [ICRA] A4; ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

TK, incorporated in 1982, is engaged in the development and
management of hotels and resorts and is currently managing two
owned hotels and three leased hotels. The company's first hotel
started operations in 1985 in Puri, and in 1999, it commenced the
operations of its resort in Shimla. The company also operates
three leased properties in Ratnagiri, Odisha, awarded by the
Department of Tourism under the PPP model, with an aggregate of
43 rooms. TK also has additional revenue streams from time share
customers and ticketing business.

In FY2016, the company reported a net profit of INR0.36 crore on
an operating income of INR25.31 crore, as compared to a net
profit of INR1.00 crore on an operating income of INR25.38 crore
in the previous year.


TULSIANI CONSTRUCTIONS: ICRA Retains D Rating in Not Cooperating
----------------------------------------------------------------
ICRA said the rating for the INR30.0 crore bank facilities of
Tulsiani Constructions & Developers Limited (TCDL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] D, ISSUER NOT COOPERATING.

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-Term Fund      30.0     [ICRA]D ISSUER NOT COOPERATING;
   based/Term Loan              Rating continues to remain in the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Tulsiani Constructions & Developers Limited (TCDL) is a flagship
company of the Tulsiani Group which has several companies
undertaking real estate project in Lucknow, Allahabad and other
regions of Uttar Pradesh. TCDL is promoted by Allahabad based
Tulsiani family and is engaged in the business of construction of
residential and commercial building in Allahabad for last 14
years. TCDL is currently undertaking three residential projects
in Lucknow and Aallahabad region.


VEMPARALA VENKAT: CRISIL Hikes Rating on INR5.4cr Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Vemparala Venkat Rao Cotton Industries (VVR) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.4       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Long Term Loan        .65      CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term   1.95      CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

The upgrade reflects improvement in VRR's financial risk profile,
particularly liquidity. The firm is expected to generate net cash
accruals which would adequate to service repayment obligations
over the medium term. Moreover, the bank limits have been
utilized at an average of 90% over the 12 months through August
2018 providing moderate cushion.

The rating reflects to reflect the firm's below-average financial
risk profile because of small networth, high gearing, and subdued
debt protection metrics. The rating also factors in large working
capital requirement, susceptibility of profitability to
volatility in cotton prices, and vulnerability to regulatory
changes and intense competition in the cotton ginning industry.
These weaknesses are partially offset by partners' extensive
experience in the cotton industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile is
below average marked by small net worth, high gearing and below
average debt protection metrics. Debt protection metrics is
characterized by estimated interest coverage ratio and NCATD of
1.72 times and 6% respectively for the Fiscal 2018.

* Large working Capital requirement and susceptibility of
profitability to volatility in cotton prices: Large working
capital requirement is reflected in GCA of around 117 days,
estimated as on March 31 2018. High GCA days emanate from
moderate debtor cycle and high inventory requirement of the
company. Also, cotton prices are volatile, as the crop is
vulnerable to rainfall or even a pest attack. Volatility in
cotton prices will continue to impact profitability over the
medium term.

* Vulnerability to regulatory changes and intense competition in
the cotton ginning industry: Cotton industry is highly regulated
by Government of India (GOI) in terms of minimum support prices
and export conditions resulting in Vulnerability to any adverse
regulatory changes. Also, the industry is highly fragmented with
intense competition among the players.

Strengths

* Extensive industry experience of the promoter, and established
relationships with customers and suppliers: Though VVR was
incorporated in 2012, Mr. Ram Babu, the promoter has prior
experience in the industry of over 2 decades in the cotton
industry by way of trading of cotton and bales in his personal
capacity which has helped it successfully maintain its business
risk profile.

Outlook: Stable

CRISIL believes VVR will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if there is increase in revenues and
profitability coupled with sustained working capital management,
and improvement in capital structure with sizeable capital
infusion. The outlook may be revised to 'Negative' if revenues or
profitability declines steeply, or capital structure weakens due
to large debt-funded capital expenditure or stretch in working
capital cycle.

VVR was established in 2012 as a partnership firm by Mr. V Ram
Babu and his family members. The firm gins and presses raw
cotton. Its facility is in Guntur, Andhra Pradesh.


VICEROY HOTELS: Deadline for Insolvency Process Extended
--------------------------------------------------------
The Hindu BusinessLine reports that in a move that could
potentially enable in finding a suitor under the corporate
insolvency resolution process (CIRP), the National Company Law
Tribunal-Hyderabad has extended the deadline to evaluate some
plans.

The Hyderabad-based hospitality chain Viceroy Hotels Limited may
perhaps find a suitor, with the NCLT extending the deadline for
resolving the case, the report says.

According to the report, the Judicial Member Ratakonda Murali,
while allowing a petition to permit extension of period by
exuding 45 days for counting the CIRP process, allowed Resolution
Professional (RP) and the Committee of Creditors additional time.

The time period was extended to enable the Resolution
Professional and CoC to review the Resolutions Plans which have
been already filed.

The Hindu BusinessLine says the NCLT felt that since the time
extension was required to enable the CoC to consider the
Resolutions Plans which have already been received by the RP,
this was fit case to allow the extend deadline. The CoC will now
be able to examine five plans and take an appropriate decision.

After admitting a petition moved by Asset Reconstruction Company
(India) Limited, who is the financial creditor, the NCLT had
appointed K Koteswara Rao as Interim Resolution Professional and
later had extended the period of resolution by 90 days beyond the
180 days permitted for the process, the report discloses.

Since the CIRP period ended on December 6, a separate petition
was moved by the debtor to extend the deadline and facilitate in
finding an appropriate resolution plan, The Hindu BusinessLine
relates.

Among the suitors are Mahal Hotels, which had submitted a revised
resolution Plan. All the five resolution plans were sent to BDO
for certification of eligibility criterion, the report adds.



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


1MDB: Arul Kanda Arrested by MACC Over Report Tampering
-------------------------------------------------------
The Star reports that former 1Malaysia Development Berhad (1MDB)
group president and chief executive officer Arul Kanda Kandasamy
has been arrested and will be charged today, Dec. 12 over the
1MDB audit report tampering case.

His lawyer Datuk N. Sivananthan confirmed that Arul Kanda was
formally arrested by the Malaysian Anti-Corruption Commission
(MACC) at on Dec. 11, The Star relates.

"They (MACC) will be producing him in court on Dec. 12 to be
charged along with (former Prime Minister) Datuk Seri Najib (Tun
Razak)," Sivananthan told reporters at the MACC headquarters, the
report relays.

Sivananthan said Arul Kanda is likely to face a single charge
under Section 23 of the MACC Act, the report adds.

"As far as we know, it is only Datuk Seri Najib and Arul. I'm not
sure if there's any other person who is going to be charged
tomorrow," the lawyer, as cited by The Star, said.

Najib was arrested on at 11:00 a.m. on Dec. 10 after being
questioned by the MACC but was released on bail at 1:00 p.m. on
the same day.

On Nov. 25, Auditor-General Tan Sri Dr Madinah Mohamad had said
that one of the changes made to the 1MDB final audit report was
the removal of a paragraph or paragraphs mentioning the presence
of fugitive businessman Low Taek Jho or Jho Low, The Star
recalls.

She revealed that the directive to make the changes had come from
Tan Sri Shukry Salleh, who had served as the principal private
secretary to Najib when he was prime minister, the report notes.

                            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.



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


NOBLE GROUP: To Seek Court-Ordered Administration in Bermuda
------------------------------------------------------------
Navin Sregantan at The Business Times reports that Noble Group
said that it will apply to the Bermudian court for a hearing on
Dec. 14 for a court-ordered administration in Bermuda to complete
the restructuring of the company into New Noble.

In a filing with the Singapore Exchange on Dec. 11, Noble said:
"This approach is intended to preserve the underlying business
and operations for the benefit of its stakeholders," the report
relays.

As a result of the restructuring of Noble, existing shareholders
of the company would still have a total of 20 per cent of shares
in New Noble allocated to them under the current restructuring
plan even though Singapore regulators have not permitted for
Noble's listing status to be transferred to New Noble, according
to the Business Times.

The report relates that the board of the commodity trader said
that such a course of action is "the only means available to it"
to implement restructuring that is in the interests of all
stakeholders of the company.

If the company cannot be restructured in this manner, Noble said
that it will have to enter a full liquidation process. This will
result in no recovery for shareholders and holders of the
company's perpetual capital securities, and also materially
lesser recoveries for creditors, the report relays.

"The board anticipates that, subject to the order being made by
the Bermuda court on Dec. 14, the restructuring effective date
will occur on Dec. 18 and the perpetual capital securities
exchange will be implemented as planned," Noble, as cited by The
Business Times, said.

Therefore, the company has agreed to an extension of the long-
stop date under both the English and Bermuda schemes from
Dec. 11 to Dec. 31, 8:59 a.m. London time to allow further time
to complete the restructuring, the report says.

The Business Times adds that Noble also expects to agree to an
extension of the original long-stop date under the restructuring
support agreement to Dec. 31, 8:59 a.m. London time.

"The board remains of the strong view that the restructuring is
in the best interests of all of the company's stakeholders,
including its creditors and shareholders, and has taken steps so
that the restructuring may be implemented save for the transfer
of the listing," Noble said, the report relays.

Day-to-day operations of the group remains unaffected and
business should continue as usual, The Business Times adds.

                        About Noble Group

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

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

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

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

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

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

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



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


* SOUTH KOREA: Banks' Loan Delinquency Rate Edges Up in October
---------------------------------------------------------------
Yonhap News Agency reports that the delinquency rate for South
Korean banks' won-denominated loans edged up in October due to a
slight rise in the number of firms that failed to repay their
debts, government data showed.

The rate for bank loans more than 30 days overdue stood at 0.58
percent at the end of October, up 0.03 percentage point from a
month earlier, Yonhap discloses citing data from the Financial
Supervisory Service.

Compared with a year ago, the rate was up 0.1 percentage point,
the FSS said, Yonhap relays.

According to Yonhap, the delinquency rate for loans extended to
firms fell 0.06 percentage point on-month to 0.85 percent in
October.

The delinquency rate for loans to households also rose 0.01
percentage point on-month to 0.27 percent at the end of October,
according to the data.

The FSS said it will keep close tabs on loan delinquency trends
to prevent rising market interest rates from leading to more
overdue loans, adds Yonhap.



=============
V I E T N A M
=============


VIETNAM NATIONAL COAL: S&P Affirms 'B' ICR on Growing Earnings
--------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term issuer
credit rating on Vietnam-based coal producer Vietnam National
Coal and Mineral Industries Holding Corp. Ltd. (Vinacomin). The
outlook remains stable.

The rating recognizes Vinacomin's improving earnings performance,
backed by steady operations, cost management, and supportive
market conditions. It also reflects S&P's view that reducing
capital spending will also strengthen the company's financial
position. However, Vinacomin has yet to demonstrate plans to
improve its liquidity management.

Steady operations at Vinacomin's coalmines and contribution from
the new alumina mines, Nhan Co and Tan Rai, will continue to
underpin steady EBITDA generation. The company's coal sales
volume reached 31.0 million tons in the first nine months of
2018, compared with 33.6 million tons in full-year 2017. S&P
estimates EBITDA from its coal business will account for about
53% of total EBITDA, which it forecasts at about Vietnamese dong
(VND) 20 trillion in 2018.

The company's coal sales volume will rise toward 38.0 million
tons per year by 2020, supported by sale to domestic power
producers. Vietnam Electricity Corp. (EVN), Vinacomin's key
customer, announced on Oct. 23, 2018, that it will need about
29.0 million tons of coal for power generation in 2019. S&P
estimates that Vinacomin will supply at least 75% of that amount.

S&P said, "We expect production at Vinacomin's alumina mines to
reach full capacities of 1.3 million ton a year in 2019 and
alumina prices to remain favorable at US$400 per ton due to
undersupply. Tan Rai reached full capacity of 650,000 tons this
year while the utilization rate at Nhan Co was about 89% as of
Sept. 30, 2018. In our estimates, the alumina business will
account for 25%-28% of total EBITDA over the next one to two
years, a significant increase from 10% in 2017. In particular, we
expect the export of alumina (assumed at two-thirds of total
production) will double the U.S. dollar-denominated EBITDA,
consequently strengthening the company's servicing capability for
debt denominated in the same currency.

"Vinacomin's state-mandated cost management initiatives will
continue to reduce operating costs, in our opinion. A cut of
20,000 jobs in 2018 reduced selling, general, and administrative
expenses to VND5.7 trillion, or 7.7% of total sales, as of Sept.
30, 2018, from 11%-12% historically. The company also plans to
enhance efficiency through use of technology over the next two to
three years.

"In our view, heavy reliance on short-term debts caps Vinacomin's
credit quality. We estimate that about 30% of the company's debt
consists of short-term financial liabilities, which are subject
to three- to six-month rollover. Significantly lower cash flow
from operations, driven by volatility in commodity prices, or
substantial working capital requirements could threaten the
company's ability to manage its liquidity.

"We do not foresee an increase in debt, given Vinacomin is
unlikely to pursue any large investment at least over the next
one to two years. The government of Vietnam no longer guarantees
offshore loans for state-owned enterprises if the loans are to
fund projects that are not on its priority.

"We expect Vinacomin to prioritize debt repayment over capital
spending. Actual debt repayment is critical to the sustainable
improvement in Vinacomin's credit quality, as a lower debt load
would reduce the sensitivity of credit metrics to changing
commodity prices.

"The stable outlook reflects our view that Vinacomin will
maintain stable operations over the next 12 months, with an
ability to roll over its short-term debts and without sizable
capital spending.

"We may lower the rating if Vinacomin's EBITDA interest coverage
declines to below 2.5x." This could be due to rising cost of
borrowing or higher debt on sizable negative free operating cash
flows amid a deteriorating pricing environment. If the price of
coal sold to EVN declines below US$65 per ton, it would likely
threaten the company's earnings quality.

S&P said, "We may also lower the rating if Vinacomin's U.S.
dollar income fails to cover its dollar-denominated expenses.
This could materialize if lower hard currency-denominated export
revenues coincide with Vinacomin's taking on more U.S.-dollar
debt, or higher interest rates. The scenario could also stem from
severe disruption at alumina mines resulting in less than 50%
utilization rate together with the alumina price falling below
US$250 per ton.

"We would raise the rating on Vinacomin if the company reduces
permanently its reliance on short-term debt and improves its
liquidity position. An upgrade would also require the company to
maintain disciplined capital spending, with a ratio of FFO to
debt remaining above 20%. This could happen if supportive trading
conditions and more disciplined capital spending translate into
excess cash flow, which the company allocates to debt reduction,
while raising longer-dated debts."



                             *********

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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