/raid1/www/Hosts/bankrupt/TCRAP_Public/181219.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 19, 2018, Vol. 21, No. 251

                            Headlines


A U S T R A L I A

ABTERRA AUSTRALIA: Second Creditors' Meeting Set for Dec. 27
BUS-ABOUT CHARTERS: Second Creditors' Meeting Set for Jan. 4
MICOS CURTAIN: Second Creditors' Meeting Set for Dec. 27
NT BEVERAGES: First Creditors' Meeting Set for Dec. 27
RESTAURANT PHYSIC: Second Creditors' Meeting Set for Dec. 28

TOOGOOLAWAH WINERY: Second Creditors' Meeting Set for Jan. 3


I N D I A

ALEX EXTRUSIONS: CRISIL Assigns C Rating to INR9.25cr Term Loan
ARIHANT ELASTOPLAST: CRISIL Assigns B+ Rating to INR2.5cr Loan
ATHARVA ADVISORY: Insolvency Resolution Process Case Summary
AZEEM INFINITE: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
DEXINMEDI SOLUTIONS: Insolvency Resolution Process Case Summary

GEMSTONE CERAMIC: ICRA Assigns 'B' Rating to INR6.80cr Loan
HINDUSTAN CONCRETES: Ind-Ra Affirms B+ LT Rating, Outlook Stable
HYPNOTIK CLOTHING: CRISIL Migrates D Rating to Not Cooperating
IMPEX INDIA-DEHRADUN: CRISIL Lowers Rating on INR9.13cr Loan to D
JAY PLAST: CRISIL Migrates B+ Rating to Not Cooperating

KHAITAN ELECTRICALS: Insolvency Resolution Process Case Summary
KMCT GROUP: ICRA Maintains B+ Rating in Not Cooperating Category
KONERU CONSTRUCTIONS: ICRA Maintains B+ Rating in Not Cooperating
KRISHNA TOWERS: CRISIL Migrates B Rating to Not Cooperating
LAMIYA SILKS: CRISIL Migrates 'D' Rating to Not Cooperating

LIQUID SPACE: Insolvency Resolution Process Case Summary
MAKPOWER TRANSFORMERS: Insolvency Resolution Process Case Summary
MEDHATIYA CONSTRUCTION: CRISIL Assign B+ Rating to INR4cr Loan
MICRO INNOVATIONS: Insolvency Resolution Process Case Summary
MIL INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable

OLIVE TEX: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
OMKAR FERTILISERS: ICRA Maintains B Rating in Not Cooperating
ORTHODOX SYRIAN: CRISIL Migrates B Rating to Not Cooperating
PRECISION INFOMATIC: Ind-Ra Withdraws BB+ Long Term Issuer Rating
PROGRESS TRADERS: CRISIL Lowers Rating on INR10cr Cash Loan to B

R P BASMATI: Insolvency Resolution Process Case Summary
RAJ HAIR: CRISIL Reaffirms B+ Rating on INR10cr Bill Discounting
RAJVIR MOTORS: CRISIL Migrates 'B' Rating to Not Cooperating
RATTANINDIA POWER: Close to $500 Million Debt Restructuring
S.B. SAHOO: ICRA Maintains B+ Rating in Not Cooperating

SELENO STEELS: ICRA Maintains 'B' Rating in Not Cooperating
SHAARC PROJECTS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
SHARP GRAPHICS: Insolvency Resolution Process Case Summary
SHRI LAKSHMI: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
STEELFAB ENGINEERING: ICRA Maintains B+ Rating in Not Cooperating

SUNDIAL MINING: CRISIL Lowers Rating on INR9cr Cash Loan to D
SUNSHINE VEGETABLES: Ind-Ra Hikes LT Rating to BB, Outlook Stable
SUSHIL KUMAR: CRISIL Migrates 'B' Rating to Not Cooperating
TATHYA ENGINEERING: Insolvency Resolution Process Case Summary
THANGARAJ EXPORTS: ICRA Assigns 'B' Rating to INR14cr LT Loan

TOSHNIWAL ENT: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
TRIMURTI CORNS: Insolvency Resolution Process Case Summary
TRIVEDI CORP: CRISIL Migrates 'D' Rating to Not Cooperating
TURBOATOM-TPS: CRISIL Migrates B- Rating to Not Cooperating
UNNATI WRITING: CRISIL Assigns B+ Rating to INR11cr Cash Loan

UPSHOT UTILITY: Insolvency Resolution Process Case Summary
VENUS ENTERPRISES: CRISIL Migrates 'B' Rating to Not Cooperating
VISHAL CARS: CRISIL Migrates B- Rating to Not Cooperating
VOHRA FOODS: CRISIL Migrates 'B+' Rating to Not Cooperating


N E W  Z E A L A N D

PRECISION FOUNDRY: Goes Into Receivership; 85 Jobs in Limbo
RCR TOMLINSON: NZ Unit Put Up for Sale After Administration


S O U T H  K O R E A

GM KOREA: KDB Supports Firm's Plan to Spin Off Research Unit


                            - - - - -


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


ABTERRA AUSTRALIA: Second Creditors' Meeting Set for Dec. 27
------------------------------------------------------------
A second meeting of creditors in the proceedings of Abterra
Australia Pty Ltd has been set for Dec. 27, 2018, at 3:00 p.m. at
the offices of A2Z Insolvency Solutions, at Level 5, 154
Elizabeth 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. 27, 2018, at 11:00 a.m.

Ahmad Zeidan of A2Z Insolvency Solutions was appointed as
administrator of Abterra Australia on Aug. 22, 2018.


BUS-ABOUT CHARTERS: Second Creditors' Meeting Set for Jan. 4
------------------------------------------------------------
A second meeting of creditors in the proceedings of Bus-About
Charters & Tours Pty Ltd, trading as Australian Patient
Transport, JR Mechanical and Air Conditioning Solutions and
Patient Transport and Ambulance Service Australia, has been set
for Jan. 4, 2019, at 2:30 p.m. at the offices of Artemis
Insolvency, Level 1 190 Edward Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 3, 2019, at 5:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Bus-About Charters on Nov. 28, 2018.


MICOS CURTAIN: Second Creditors' Meeting Set for Dec. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

   * Micos Curtain Wall Projects Pty Ltd;
   * Micos Curtain Wall Australia Pty. Limited;
   * Micos Aluminium Systems Pty. Limited;
   * Micos (NSW) Pty Ltd; and
   * Micos Administrators Pty. Limited

has been set for Dec. 27, 2018, at 10:00 a.m. at the offices of
Jirsch Sutherland & Co, at Level 27, 259 George 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. 24, 2018, at 4:00 p.m.

Sule Arnautovic of Jirsch Sutherland was appointed as
administrator of Micos Curtain on Nov. 20, 2018.


NT BEVERAGES: First Creditors' Meeting Set for Dec. 27
------------------------------------------------------
A first meeting of the creditors in the proceedings of NT
Beverages Limited and NT Beverages Group Pty Limited will be held
at 22 Hamaura Rd, in East Arm, NT, on Dec. 27, 2018, at 1:30 p.m.

Stewart Alexander McCallum and George Georges of Ferrier Hodgson
were appointed as administrators of Beverages on Dec. 16, 2018.


RESTAURANT PHYSIC: Second Creditors' Meeting Set for Dec. 28
------------------------------------------------------------
A second meeting of creditors in the proceedings of Restaurant
Physic Pty Ltd, trading as No.1 Bent Street by Mike, has been set
for Dec. 28, 2018, at 11:00 a.m. at the offices of HoganSprowles,
Level 9, 60 Pitt 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. 27, 2018, at 4:00 p.m.

Michael Andrew Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of Restaurant Physic on Nov. 29,
2018.


TOOGOOLAWAH WINERY: Second Creditors' Meeting Set for Jan. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Toogoolawah
Winery and Vineyards Pty Ltd has been set for Jan. 3, 2019, at
11:00 a.m. at the offices of SM Solvency Accountants, at Level
8/490, Upper Edward Street, in Spring Hill, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 2, 2019, at 4:30 p.m.

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



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


ALEX EXTRUSIONS: CRISIL Assigns C Rating to INR9.25cr Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities of Alex Extrusions Limited (AEL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Working Capital
   Term Loan             1.25        CRISIL C (Assigned)

   Term Loan             9.25        CRISIL C (Assigned)

   Letter of Credit       .50        CRISIL A4 (Assigned)

   Overdraft             2.00        CRISIL A4 (Assigned)

The ratings reflect the company's modest scale of operations in
the intensely competitive construction material industry, and
weak debt protection metrics. These strengths are partially
offset by promoter's extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With revenue of INR27 crore for
fiscal 2018, scale remains subdued in the highly fragmented
construction material segment.

* Weak debt protection metrics: Given limited ramp up in
operations and negative operating profitability, debt protection
metrics, though expected to improve, are likely to remain weak
over the medium term, with interest coverage ratio of below 2.0
times.

Strength

* Promoter's extensive experience: Industry presence of more than
20 years has enabled the promoter to establish healthy
relationship with potential customers.

AEL, based in Kolkata (West Bengal), is engaged in manufacturing
of water proofing membranes and allied products. The day to day
operations of the company are managed by Mr. Rajesh Tulsian.


ARIHANT ELASTOPLAST: CRISIL Assigns B+ Rating to INR2.5cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Arihant Elastoplast Private Limited
(AEPL).

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

The rating reflects a below average financial risk profile and a
modest scale of operations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
luggage bags industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue was modest at INR12 crore
in fiscal 2018 in highly competitive luggage bags industry

* Below-average financial risk profile: The gearing was high at
over 3 times as on March 31, 2018, and the debt protection
metrics were modest (interest coverage ratio of 1.7 times in
fiscal 2018).

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over two decades in the luggage bags
industry. They have also been extending unsecured loans, which
remained at INR2 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes AEPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if significant increase
in revenue and operating margin and an improved working capital
cycle result in a strengthened financial risk profile. The
outlook may be revised to 'Negative' if the financial risk
profile, particularly capital structure and liquidity, weakens
considerably due to lower-than-expected sales or profitably
impacting cash accrual, or a stretched working capital cycle.


Incorporated in 2007, AEPL manufactures luggage bags. The company
is promoted by Mr. Sanjay Jain and is based in Haridwar,
Uttarakhand.


ATHARVA ADVISORY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Atharva Advisory Services Private Limited
        C 101/102, Green Lawns Apartments
        Aarey Road, Goregoan (E)
        Mumbai 400063

Insolvency Commencement Date: November 27, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 26, 2019

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises Co-Op.
                         Society Ltd
                         2nd floor, 227, P.D. Mello Road
                         Opp: St. George Hospital
                         Mumbai 400001
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    December 13, 2018


AZEEM INFINITE: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Azeem Infinite
Dwelling India 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:

-- INR2.0 bil. NCDs - Series 1 issued on November 16, 2017
     INE265Y07018 coupon rate 12% due on September 2022 migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR1.950 bil. NCDs - Series 2 issued on November 16, 2017
     INE265Y07026 coupon rate 12% due on September 2022 migrated
     to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Azeem Infinite Dwelling India was incorporated in 2016 by the G M
Infinite group to execute five real estate projects. The company
is managed by Gulam Mustafa and Jawind Hussain.


DEXINMEDI SOLUTIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s DexinMedi Solutions Private Limited
        R S No. 241/1 and 241/5
        KalitheerthalKuppam
        Madagadipet Post
        Pondicherry 605107

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019
                               (180 days from commencement)

Insolvency professional: CA. VasudevanNavneeth

Interim Resolution
Professional:            CA. VasudevanNavneeth
                         No. 12, 1st Street
                         Raghavan Colony, Ashok Nagar
                         Chennai 600083
                         E-mail: navneethv@gmail.com

                            - and -

                         "Sai Prasad", First Floor
                         No. 11, 12th Avenue
                         Ashok Nagar
                         Chennai 600083
                         E-mail: dexinirp@gmail.com

Last date for
submission of claims:    December 13, 2018


GEMSTONE CERAMIC: ICRA Assigns 'B' Rating to INR6.80cr Loan
-----------------------------------------------------------
ICRA has assigned a rating of [ICRA]B/[ICRA]A4 to the INR10.80-
crore facilities of Gemstone Ceramic LLP's (GCL's).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan            6.80       [ICRA]B(Stable); Assigned
   Cash Credit          3.00       [ICRA]B(Stable); Assigned
   Bank Guarantee       1.00       [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the nascent stage of the
firm's operations and the risks associated with the stabilisation
of the plant, as per expected operating parameters. The ratings
also remain constrained by the highly fragmented ceramic tile
industry, which results in intense competition. Furthermore, the
ratings also note the cyclicality in the real estate industry,
which is the main end-user sector as well as the vulnerability of
the firm's profitability to volatility in raw material and gas
prices. The assigned ratings also consider Gemstone Ceramic LLP's
(GCL's) financial profile, which is likely to remain leveraged in
the near term, given the debt-funded nature of the project (debt-
to-equity ratio of 2.61 times), and the impending debt
repayments.

The ratings, however, positively factor in the adequate
experience of the promoters in the ceramic industry and the
proximity of the plant to raw material sources by virtue of its
presence in Morbi (Gujarat).

Outlook: Stable

ICRA expects GCL to continue to benefit from the extensive
experience of its promoters in the ceramic industry. The outlook
may be revised to Positive if timely commissioning of the project
and stabilisation of operations lead to higher-than-expected
revenues and subsequently, higher cash accruals. The outlook may
be revised to a Negative if delays in commissioning and
stabilisation of the project lead to lower-than-expected cash
accruals or if a stretch in the working capital cycle weakens the
firm's liquidity position. The timely commissioning of operations
without any significant cost overruns would remain a key rating
sensitivity.

Key rating drivers

Credit strengths

Extensive experience of promoters in ceramic industry: The key
promoters, Mr. Ketan Patel, Mr. Hasmukh Patel, Mr. Kamlesh Patel
and Mr. Ashokkumar Kalariya, have extensive experience in the
ceramic industry vide their association with another entity in
similar business line. The firm will also benefit from the
established relationship of the promoters with the dealers.

Location-specific advantage: The location of the firm's
manufacturing facility in the ceramic tiles manufacturing hub of
Morbi enables it to procure quality raw materials at competitive
price and save on transportation cost.

Credit challenges Risks associated with stabilisation and
successful scale-up of operations: Being in a nascent stage, with
operations yet to be commissioned (expected from December 2018),
the firm is exposed to risks associated with stabilisation and
successful scale-up of the plant's operations, as per the
expected parameters. Moreover, the debt repayments, coupled with
a long gestation period, are likely to keep GCL's credit profile
constrained over the near term.

Intense competition in ceramic industry: The firm faces intense
competition from small and unorganised players, limiting its
pricing flexibility and bargaining power with the customers.
This, further, pressurises its revenues and margins.

Vulnerability of profitability and revenues to fluctuations in
raw material prices and other factors: The firm's profitability
remains vulnerable to the fluctuations in raw material and gas
prices. Any adverse movement in the prices of raw materials and
fuel could impact the margins negatively. This is due to the
firm's limited ability to pass on the price hike, owing to the
intense competition in the ceramic industry.

Liquidity Position

The firm has sanctioned fund-based limits of INR3.00 core to
support its working capital requirements. Going forward, the
firm's liquidity will depend on the timely commissioning and
successful ramp-up of operations, coupled with the ability to
generate adequate cash accruals to meet its high debt repayment
obligations.

Established in March 2018, GCL is setting up a greenfield project
at Morbi to manufacture glazed wall tiles. The unit has an
estimated installed capacity of producing ~28,800 MT of tiles
annually. The firm's commercial operation is likely to commence
from December 2018. The partners have adequate experience in the
ceramic industry vide their association with another entity.


HINDUSTAN CONCRETES: Ind-Ra Affirms B+ LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan
Concretes' Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR75.0 mil. Fund-based limits affirmed with IND B+/Stable
    rating; and

-- INR4.0 mil. Non-fund-based limits affirmed with IND A4
    rating.

KEY RATING DRIVERS

The affirmation reflects HC's continued small scale of
operations, despite a rise in revenue to INR310.94 million in
FY18 (FY17: INR152.01 million). The growth in revenue was on
account of an increase in orders from new customers and an
increase in production capacity to 302,080 poles in FY18 (FY17:
70,241 poles). The company's return on capital employed was 13%
in FY18 (FY17: 15%) and EBITDA margins were average at 10.85%
(10.62%).

The ratings continue to factor in the firm's modest credit
metrics as reflected by EBITDA interest coverage (operating
EBITDA/gross interest expenses) of 2.17x in FY18 (FY17: 2.67x)
and net financial leverage (adjusted net debt/operating EBITDA)
of 6.03x (5.87x). The deterioration in credit metrics was due to
an increase in total debt and the consequent rise in interest
expense. Total debt increased to INR204.39 million in FY18 (FY17:
INR96.02 million) owing to new vehicle loan taken for purchasing
trailers.

The ratings remain constrained by HC's tight liquidity position
as reflected by 98.32% average utilization of its fund-based
facilities during the 12 months ended November 2018. Despite an
improvement in the working capital cycle to 187 days (FY17: 270
days) owing to an improvement in inventory days and receivable
days, the working capital cycle remained elongated. Cash flow
from operations continued to be negative at INR51.26 million in
FY18 (FY17: negative INR22.07 million) due to higher working
capital requirement during the period. Cash and cash equivalents
stood at INR0.83 million at FYE18 (FYE17: INR1.30 million).

However, the ratings are also supported by a decade-long
experience of HC's partners in manufacturing of pre-stressed
concrete poles.

RATING SENSITIVITIES

Negative: A sustained deterioration in the profitability margins
and credit metrics will be negative for the ratings.

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

COMPANY PROFILE

Established as a partnership firm in 2015 by Mr. Veeru Manik and
Mr. Pravin Bansal, Jharkhand-based HC manufactures highly durable
and heavy duty pre-stressed concrete poles. These poles are used
extensively in electrical industry, for establishing electrical
connections and fittings.


HYPNOTIK CLOTHING: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Hypnotik
Clothing Private Limited (HCPL) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Packing Credit        6.75     CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

HCPL was set up in December 2010, by Mr Vijay Golani and Ms
Resham Chellaram. The company exports readymade garments
primarily to the US. Garments are manufactured on a job-work
basis from various players in Karnataka, Maharashtra and Gujarat.
HCPL manufactures about 30% of its total volume and the balance
is outsourced.


IMPEX INDIA-DEHRADUN: CRISIL Lowers Rating on INR9.13cr Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Impex India-Dehradun (II-D) to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Proposed Term Loan     0.87       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan              9.13       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects delays in servicing its debt obligation
due to a stretched working capital cycle.

The rating reflects the firm's weak liquidity to serve timely
repayment of debt, dependency on climatic factors such as
sunlight, exposure to regulatory risks, and stretched working
capital cycle. These weaknesses are offset by the presence of a
long-term power purchase agreement with Uttarakhand Power
Corporation Ltd (UPCL).

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing debt because of weak liquidity: Liquidity
got stretched due to delay in payment received from UPCL, due to
which company is facing liquidity stretched and delayed in
payment of its repayment obligation.

* Exposure to regulatory risks and dependence on favorable
climatic conditions: Susceptibility to regulatory risks persists.
Furthermore, any adverse climatic condition is likely to
constrain the plant load factor and the amount of electricity
generated, leading to reduced operating income.

* Stretched working capital cycle: Operations are working capital
intensive, with gross current assets of 333 days as on March 31,
2018, driven by debtors of 120 days. Payments from UPCL are
received within 90-120 days; consequently, liquidity remains
under pressure.

Strength

* Stable revenue profile: A power purchase agreement of 25 years
with UPCL provides stable revenue visibility.

II-D was established as a partnership concern between Mr Rajendra
Mimani, Mrs Saroj Mimani, and Mr Ashish Mimani-with equal profit
sharing ratio-in 1973. The firm was involved in a marketing
business, but has now undertaken a solar power project, backed by
a long-term power purchase agreement with UPCL.


JAY PLAST: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jay Plast
International (JPI) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Term Loan              3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

Incorporated in 2017, JPI is setting up manufacturing unit for
HDPE, LDPE and PP woven bags.


KHAITAN ELECTRICALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Khaitan Electricals Limited

        Registered office:
        A-13, Co-operative Industrial Estate
        Balanagar, Hyderabad 500037

        Corporate office:
        46C, J.L. Nehru Road
        Kolkata 700071

Insolvency Commencement Date: November 28, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Kamalesh Kumar Singhania

Interim Resolution
Professional:            Kamalesh Kumar Singhania
                         AV Insolvency Professionals Pvt. Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th floor
                         Kolkata 700012
                         E-mail: info@avipgroup.co.in
                                 cirp.kel@gmail.com

Last date for
submission of claims:    December 12, 2018


KMCT GROUP: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the rating for the INR50.00-crore bank facilities of
KMCT Group of Institutions (KMCT) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". ICRA had
earlier moved the rating of KMCT Group of Institutions to the
'ISSUER NOT COOPERATING' category due to non-submission of
monthly 'No Default Statement' ("NDS") by the entity.

                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       32.00     [ICRA]B+ (Stable); ISSUER NOT
   Based                          COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Short Term-Non-       1.00     [ICRA]A4; ISSUER NOT
   Fund Based                     COOPERATING; Rating continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long-Term-Short-     17.00     [ICRA]B+(Stable)/[ICRA]A4;
   Term-Unallocated               ISSUER NOT 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.

Kunhitharuvai Memorial Charitable Trust (KMCT) was established in
1999 in Kozhikode, Kerala. The operations of the trust are
managed by Dr. K Moidu, the Chairman and Managing Trustee and Dr.
Navas Komath Moidu, the CEO and Executive Trustee. The trust
manages 24 educational institutions under medical campus,
technical campus and educational campus located in Manassery,
Kallanthode and Kuttipuram, respectively. The trust has one
medical college, one dental college, two engineering colleges,
three nursing colleges, three pharmacy colleges, two polytechnic
colleges, one business school, one teachers' training institute,
one teacher education college, one ayurveda medical college, one
law college, two colleges of architecture, three arts and science
colleges and two institutes of allied health sciences.


KONERU CONSTRUCTIONS: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the ratings for the INR16.00 crore bank facilities of
Koneru Constructions Private Limited (KCPL) continue to remain
under 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/A4; ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund based limits     5.12      [ICRA]B+(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund-based        7.50      [ICRA]A4; ISSUER NOT
   limits                          COOPERATING*; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Unallocated Limits    3.38      [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT 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
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.

Koneru Constructions Private Limited (KCPL), incorporated in
November 2006 by Mr. Koneru Viswa Prasad and Smt D.Bhagya Lakshmi
W/o. Sri K.V.Prasad as directors, is engaged in erecting and
construction of buildings, offices factories, refineries and
furnaces. Currently the company is engaged in executing of Civil,
Mechanical and Engineering works for Indian Railways and private
clients.


KRISHNA TOWERS: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Krishna
Towers (KT) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              10       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

KT, incorporated in 2017, is currently constructing a mall in
chikkalasandra uttarahalli main road, Banglore, Karnataka. The
firm is promoted by Mr. Purushotham.


LAMIYA SILKS: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lamiya Silks
- Triprayar (LS) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           4.9       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Cash         0.33      CRISIL D (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Term Loan              .77      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

LS is a Kerala-based firm, engaged in retailing of readymade
garments. The firm was set up by Mr Abdul Jabbar in 2008. Daily
operations are being managed by Mr Abdul and his son, Mr Ashik.


LIQUID SPACE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Liquid Space Entertainment Private Limited
        No. 744/95-96, Gajendra Nagar
        Anepalya Main Road, Adugodi Post
        Bangalore 560030
        Karnataka India

Insolvency Commencement Date: November 29, 2018

Court: National Company Law Tribunal, Bangalore Bench

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

Insolvency professional: Thirupal Gorige

Interim Resolution
Professional:            Thirupal Gorige
                         No. 87, 2nd Floor
                         21st Cross, 7th Main
                         N S. Palya, BTM 2nd Stage
                         Bangalore 560076, India
                         E-mail: gthirupal@gmail.com

Last date for
submission of claims:    December 14, 2018


MAKPOWER TRANSFORMERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Makpower Transformers Private Limited
        Marshall House, Room No. 235
        33, Netaji Subhas Road, 2nd Floor
        Kolkata 700001

Insolvency Commencement Date: November 30, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Pradeep Kumar Goenka

Interim Resolution
Professional:            Pradeep Kumar Goenka
                         AV Insolvency Professionals Pvt Ltd.
                         Bajarang Kunj, Room No. 412 & 413
                         2B, Grant Lane, 4th Floor
                         Kolkata 700012
                         E-mail: goenka.pradeep@gmail.com
                                 cirp.mtpl@gmail.com

Last date for
submission of claims:    December 14, 2018


MEDHATIYA CONSTRUCTION: CRISIL Assign B+ Rating to INR4cr Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Medhatiya Construction Company Private
Limited (MCCPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              4         CRISIL B+/Stable (Assigned)

   Working Capital
   Demand Loan            2.85      CRISIL B+/Stable (Assigned)

The rating reflects the significant salability risks associated
with its ongoing projects and susceptibility to cyclicality in
the real estate sector. These weaknesses are offset by the
extensive experience of MCCPL's promoters in the real estate
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Risks associated with ongoing project: MCCPL is developing a
residential complex in Patna, Bihar at an estimated cost of
INR10.5 crore. Thus, the company's operating performance will
remain susceptible to timely completion of the project and flow
of advances from customers.

* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical and
affected by volatile prices, opaque transactions, and a highly
fragmented market structure. Hence, business will remain
susceptible to risks arising from any industry slowdown and delay
in flow of advances.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over a decade and the company's
successful project implementation track record should continue to
support the business.

Outlook: Stable

CRISIL believes that MCCPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of better than-expected bookings and
receipt of customer advances, leading to increased cash flows.
The outlook may be revised to 'Negative' if time or cost overrun
or slower-than-expected ramp up in customer bookings leads to low
cash flows and weakens financial risk profile, especially
liquidity.

Incorporated in 2006, MCCPL is engaged in residential real estate
development.


MICRO INNOVATIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Micro Innovations Pvt. Ltd

        Registered office:
        3A, National Library Avenue
        Kolkata WB 700027

Insolvency Commencement Date: November 16, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Ashish Singh

Interim Resolution
Professional:            Mr. Ashish Singh
                         Flat No. 515, Baghban Apartment
                         Sector-28, Rohini
                         New Delhi 110042
                         E-mail: ashishsinghcs@gmail.com

                            - and -

                         407 Indraprakash Building
                         Barakhamba Road
                         New Delhi 110001
                         E-mail: microinnovations.ip@gmail.com

Last date for
submission of claims:    December 12, 2018


MIL INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR22 mil. Fund-based facilities affirmed with IND BB+/Stable
     rating; and

-- INR65 mil. Non-fund-based facilities affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The affirmation reflects MIL's continued small scale of
operations and volatile operating profitability due to the
fragmented nature of the industrial lining industry. MIL's
revenue improved marginally to INR306 million in FY18 from INR295
million in FY17 due to an increase in realizations of rubber
lining. The company recorded revenue of INR220 million in 8MFY19.
At end-November 2018, it had an order book of INR120 million,
which will be executed before March 2019. The return on capital
was 5% in FY18 and the EBITDA margin declined to a modest 7.3% in
FY18 from 10.1% in FY17 because the company could not immediately
pass on an increase in raw material cost to end-customers and
also due to a rise in other variable costs.

The ratings benefit from MIL's comfortable credit metrics. EBITDA
interest cover (operating EBITDA/gross interest expense)
deteriorated to 5.3x in FY18 (FY17: 7.0x) as the absolute EBITDA
declined to INR22 million in FY18 (FY17: INR30 million). The
company's net debt remained negative due to a cash balance of
INR120 million and it had restricted cash of INR10 million in
FY18. The management expects the credit metrics to remain
comfortable over the medium term due to the absence of debt-led
capex.

Additionally, the ratings factor in MIL's comfortable liquidity
position, with 80% average use of the fund-based facilities for
the 12 months ended October 2017. The company's cash flow from
operations raised to INR23 million in FY18 from INR18 million in
FY17 due to improvement in the cash conversion cycle. As of March
2018, the company had an unutilized credit line of INR13 million
and it did not have any term loan.

The ratings also continue to be supported by the promoters'
experience of more than five decades in the manufacturing of
rubber and polytetrafluoroethylene lining.

RATING SENSITIVITIES

Negative: Any substantial decline in operating profitability
leading to a sustained deterioration in the credit metrics, all
on a sustained basis, will be negative for the ratings.

Positive: A substantial increase in revenue and operating
profitability while maintaining the credit metrics, all on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

MIL manufactures anti-corrosion and anti-abrasion lining and
products, such as rubber and polytetrafluoroethylene lining, for
chemical and tire manufacturing industries.


OLIVE TEX: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Olive Tex Silk
Mills 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:

-- INR4.6 mil. Long-term loan* due on August 2018 migrated to
    non-cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR300 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating.

* Awaiting information

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

COMPANY PROFILE

Incorporated in 2007, Olive Tex Silk Mills is engaged in garment
manufacturing at two sites in Vapi (Daman and Diu district). In
addition, it has two parcels of land in Tarapur (Mumbai) for
fabric weaving.


OMKAR FERTILISERS: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR10.00 crore bank facilities of
Omkar Fertilisers Private Limited (OFPL) continue to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-Fund       4.30      [ICRA]B(Stable); ISSUER NOT
   based limits                   COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated          5.70      [ICRA]B(Stable)/[ICRA]A4;
   Limits                         ISSUER NOT 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
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.

Omkar Fertilisers Private Limited was incorporated in the year
2010 to start a plant with a capacity of 30000 TPA for the
manufacturing of NPK Fertilizers. The total project cost was
INR8.50 crore which was funded by INR4.50 crore of debt and
INR4.00 crore of equity. The company started its commercial
production in the month of June, 2013. The company has its plant
in the west Godavari district of Andhra Pradesh.


ORTHODOX SYRIAN: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of The Orthodox
Syrian Church Society (Regd.) (TOSCS) to 'CRISIL B/Stable Issuer
not cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Term Loan            18        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

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

Established in 1978, TOSCS was set up to build and operate a
church in Chandigarh. Subsequently, the society set up a school,
St. Mary's School, in Chandigarh in 1989. The school is
affiliated to Central Board of Secondary.


PRECISION INFOMATIC: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Precision
Infomatic (M) Private Limited's (Precision) Long-Term Issuer
Rating of 'IND BB+'.  The outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR140 mil. Fund-based working
    capital limits are withdrawn; and

-- The IND BB+ rating on the INR20 mil. Non-fund-based working
    capital limits are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated March 31, 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
Precision.

COMPANY PROFILE

Incorporated in 1996, Precision is a Chennai-based company
offering IT infrastructure services, system integration and
biometric solutions. It also provides annual maintenance contract
services to its clients.


PROGRESS TRADERS: CRISIL Lowers Rating on INR10cr Cash Loan to B
----------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility
of Progress Traders (PT) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects deterioration in PT's financial risk
profile, reflected in high total outside liabilities to tangible
networth (TOL/TNW) ratio of 17.61 times as on March 31, 2018
(vis-a-vis 12.7 times a year ago).  Interest coverage ratio has
been weak at below 1.5 times for the two fiscals through 2018.
Financial risk profile may remain weak over the medium term, with
no large capital infusion.

The rating also factors in modest scale of operations in the
highly fragmented steel industry. These weaknesses are partially
offset by the experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: TOL/TNW ratio was high at 17.61
times as on March 31, 2018. Debt protection metrics were weak due
to low profitability, with interest coverage and net cash accrual
to adjusted debt ratios of 1.36 times and 0.03 time,
respectively, for fiscal 2018.

* Modest scale of operations: Intense competition may continue to
constrain scalability, pricing power, and profitability. Revenue
was about INR66 crore in fiscal 2018.

Strength

* Experience of the proprietor: Benefits from the proprietor's
experience of over a decade, his strong understanding of local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes PT will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
higher-than-expected revenue and profitability strengthens
business risk profile. Conversely, the outlook may be revised to
'Negative' if steep decline in cash accrual, stretched working
capital cycle, or any large, debt-funded capital expenditure
weakens financial risk profile and liquidity.

PT was set up in 2007 at Cuddalore (Tamil Nadu) by the
proprietor, Mr Habibur Rahman. The firm trades in steel scrap,
steel billets, and thermo-mechanically treated bars.


R P BASMATI: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: R P Basmati Rice Limited

        Registered office:
        Village Madanpur GT Road
        Karnal Haryana 132001

Insolvency Commencement Date: November 29, 2018

Court: National Company Law Tribunal, Panchkula Bench

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

Insolvency professional: Harvinder Singh

Interim Resolution
Professional:           Harvinder Singh
                        11 CSC DDA Market A Block Saraswati Vihar
                        New Delhi, National Capital Territory of
                        Delhi 110034
                        E-mail: harvinder@akgandassociaters.com
                                rp.rpbasmati@gmail.com
                        Mobile: 9810046631

Last date for
submission of claims:    December 13, 2018


RAJ HAIR: CRISIL Reaffirms B+ Rating on INR10cr Bill Discounting
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Raj
Hair International Private Limited (RHIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting       10       CRISIL B+/Stable (Reaffirmed)

   Packing Credit         36       CRISIL A4 (Reaffirmed)

   Proposed Long Term      1.2     CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

The ratings reflects modest scale of operations and large working
capital requirement. However, these weaknesses are partially
offset by extensive experience of promoters in the human hair
products industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The firm had a modest scale of
operations as indicated by the revenue of INR44 crores in fiscal
2018. Further, the revenue is expected to be modest in the medium
term.

* Working capital intensity in operations: The operations of the
firm was working capital intensive in nature as indicated by the
gross current asset (GCA) days of 544 days in fiscal 2018. The
GCA days were high on account of large inventory holding and
stretched in receivables.

Strength:

* Strong track record in human hair products industry: The
promoter, Mr R Benjamin Cherian, has been in the human hair
products business for nearly three decades. His strong customer-
oriented skills have helped the company expand its base
significantly, and maintain healthy relations with customers. The
firm will continue to benefit from the extensive experience of
the promoters.

Outlook: Stable

CRISIL believes RHIPL will maintain its established position in
the human hair products business over the medium term, backed by
the extensive experience of its promoter. The outlook may be
revised to 'Positive' if sustained increase in cash accrual leads
to significant improvement in liquidity and capital structure.
The outlook may be revised to 'Negative' if a decline in
profitability, considerable stretch in working capital cycle, or
any large debt-funded capital expenditure, weakens the financial
risk profile.

RHIPL was set up as proprietorship firm called Raj Impex in 1980,
and was reconstituted as a private limited company with the
current name in 2011. It processes and conditions human hair
products. Operations are managed by the promoter, Mr George B
Cherian.


RAJVIR MOTORS: CRISIL Migrates 'B' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rajvir
Motors (RM) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           2.75      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

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

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

RM was established in 2005 and started business operations in
2006 as a service station for Maruti Suzuki India Ltd (MSIL). In
2008, it changed its franchise to Chevrolet India.  Later, in
2014, the company shifted its business model to a multi-brand
workshop and started servicing different automobile brands
including Maruti and Chevrolet. The company operates through
three workshops, one each in Manali, Rampur, and Shimla, all in
Himachal Pradesh.

Currently, RM is planning to diversify into construction
activities and has also initiated road and civil construction
projects.


RATTANINDIA POWER: Close to $500 Million Debt Restructuring
-----------------------------------------------------------
Sanjai and Saloni Shukla at Bloomberg News report that
RattanIndia Power Ltd., an electricity generator backed by hedge
fund Farallon Capital Management, is close to restructuring about
$500 million of stressed loans, according to people with
knowledge of the matter.

Bloomberg relates that the company, which is building coal-fired
power plants to produce 5,400 megawatt of electricity -- enough
to light up 7 million rural homes in India -- has offered to pay
banks 52 percent of the obligations of its project in Amravati in
Maharashtra state, the people said. The talks with creditors are
on-going and there's no certainty they will result in a
transaction, Bloomberg relays citing the people, who asked not to
be identified because the discussions are private.

Varde Partners Inc.'s local venture with billionaire Kumar
Mangalam Birla's company is helping RattanIndia founder Rajiv
Rattan fund the so-called one-time settlement, the people, as
cited by Bloomberg, said. The deal will be the first for Aditya
Birla Asset Reconstruction Co., one of the people said. Rattan
and a spokeswoman at Aditya Birla Group didn't respond to emails
seeking comment, Bloomberg notes.

A resolution outside the bankruptcy process may accelerate the
revival of the project, Bloomberg says. The nation's power
industry accounted for INR5.65 trillion ($79 billion) of loan
exposure as of March, including debt that would be considered
delinquent under new rules, Bloomberg discloses citing a report
by a lawmakers' panel. Concerns about slow resolutions have
stifled investment in the industry at a time when demand for
electricity is rising 6 percent a year, Bloomberg states.

RattanIndia is developing coal-fired power projects in Amravati
and Nasik in Maharashtra state. The company, formerly known as
Indiabulls Power Ltd., has about INR82 billion of debt, according
to the people, Bloomberg relays. The company's shares have
dropped about 58 percent this year.

Lenders led by State Bank of India have sought to sell the assets
to see if they can get a better value, according to the people
cited by Bloomberg. The creditors issued an advertisement this
month seeking bids.


S.B. SAHOO: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------
ICRA said the rating for the bank facilities of S.B. Sahoo & Co.
Pvt. Ltd. (SBSCPL) 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
   ----------      -----------    -------
   Fund Based-          7.00      [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                    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
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.

Incorporated in November 2010, S.B. Sahoo & Co. Pvt. Ltd.
(SBSCPL) is currently engaged in the trading of cement, fly ash
bricks and steel products like TMT bars and rods. The company is
an authorized dealer for reputed cement, bricks and steel product
manufacturers. In 2011, the company took over the entire business
of the partnership firm, M/s S.B. Sahoo which was in the same
line of business since 2005.


SELENO STEELS: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for the bank facilities of Seleno Steels
Limited (SSL) 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
   ----------      -----------    -------
   Fund Based-          6.00      [ICRA]B (Stable) ISSUER NOT
   Cash Credit                    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
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.

Incorporated in 2001, SSL is promoted and managed by Mr. Rajesh
Agarwal and his family members. The company is engaged in the
manufacturing of sponge iron with an annual production capacity
of 45,000 tons per annum (TPA). The manufacturing facility is
located at Raigarh in Chattisgarh with three DRI kilns of
capacity 50 TPD (tons per day) each.


SHAARC PROJECTS: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shaarc Projects
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:

-- INR35 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SPL was established in 2011 as a closely-held public limited
company with its registered office in Gujarat. The company
undertakes industrial civil construction projects including the
construction of gas pipelines, drainage pipes, water pipelines,
and plant sheds for various state-owned companies and well-
established private players in many states across India. It has
also received sub-contracts works, to be executed overseas.


SHARP GRAPHICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sharp Graphics Private Limited
        C-22, First Floor Patparganj
        Industrial Area, Delhi
        DL 110092 IN

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019
                               (180 days from commencement)

Insolvency professional: Prateek Mittal

Interim Resolution
Professional:            Prateek Mittal
                         B-702 Hare Krishna Valley Apartment
                         Sector 18A, Dwarka
                         New Delhi 110078
                         E-mail: Prateekmittal16@gmail.com

                            - and -

                         29A, DDA SFS Flats, Pocket 1
                         Sector 7 Dwarka
                         New Delhi 110075
                         E-mail: Prateek.mittal@finvalresearch.in

Last date for
submission of claims:    December 17, 2018


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

The instrument-wise rating action is:

-- INR215 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 16, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Shri Lakshmi Ganapathy Industries is
engaged in trading of paper products and has solar power plants
in Andhra Pradesh. Until December 2016, the company was involved
in the trading of FMCG goods for ITC Limited.


STEELFAB ENGINEERING: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------------
ICRA said the rating for INR60.00-crore bank facilities of
Steelfab Engineering Corporation continues to remain under
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING". ICRA had earlier
moved the ratings of SEC to the 'ISSUER NOT COOPERATING' category
due to non-submission of requisite information by the entity to
undertake surveillance of the ratings.

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-        60.00       [ICRA]B+(Stable) ISSUER NOT
   Term Loans                     COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
SEC, 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. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

The rating is based on limited information on the entity's
performance since the time it was last rated in August 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

Promoted by Late Pramod Shah in 1970, Steelfab Engineering
Corporation was originally engaged in designing, engineering,
detailing, manufacturing, erecting, and cladding of pre-
engineered buildings. In 1994, however, the promoters shifted
these operations to other sister concerns and ventured into the
real estate sector. The firm is currently managed by Mr. Jignesh
P. Shah, Mr. Chirag P. Shah and Mrs. Jyoti P. Shah. The firm
commenced development of its first independent real estate
project under its division, ANA Realty, in January 2014. The
project is proposed to include six residential towers and one
commercial tower and is proposed to be developed in phases. Phase
I is proposed to comprise 176 flats in two towers of 22 floors
each.


SUNDIAL MINING: CRISIL Lowers Rating on INR9cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Sundial Mining and Metals LLP (SMML) to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects continuous overdrawn for more
than 30 days in its Cash Credit facility and delays in payment of
interest because of the stretched liquidity due to working
capital intensive operations.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            9         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Proposed Cash          3         CRISIL D (Downgraded from
   Credit Limit                     'CRISIL B/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Limited track record and modest scale of operations in the
highly fragmented bauxite and Iron trading segment: The firm
reported moderate revenue of INR6.25 cr in 2017-18 (refers to
financial year, April 1 to March 31). Scale of operations will
continue to be moderate considering the highly fragmented nature
of the bauxite trading market, with the presence of larger
players which source directly from self-owned or leased mines and
export directly to international markets. Business risk profile
is expected to remain constrained over the medium term by the
small scale of operations and its limited track record of
operations in the bauxite trading business.

* Susceptibility of revenue and margins to any adverse impact of
government regulations and volatility in raw material prices:
SMML's revenue and profitability are exposed to regulatory risks
related to bauxite trading. While domestic bauxite exporters thus
far have been able to pass on the input cost increases on account
of the strong demand from China, the regulatory interventions
undeniably have reduced the export competitiveness. Operations
are likely to remain vulnerable to risks related to regulatory
changes in bauxite mining and trading.

Strengths

* Extensive experience of promoter in the mineral trading
segment:
The promoter is on the verge of getting approvals iron ore and
manganese mines acquired in Keonjha (Odisha). The promoter's
extensive industry experience resulted in established
relationships with dealers in the export market and with
suppliers in the domestic markets, ensuring a steady and
predictable supply of raw material. CRISIL believes that the
company will continue to benefit from the experience of its
promoters over the medium term.

Set up in September 2013 and based in Bengaluru, SMML trades in
and exports bauxite. It primarily exports to China. The firm's
operations are managed by its managing partner, Mr. G Ravi Kumar.


SUNSHINE VEGETABLES: Ind-Ra Hikes LT Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sunshine
Vegetables Private Limited's (SVPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR43.40 mil. (reduced from INR59.10 mil.) Term Loan due on
     October 2022 upgraded with IND BB/Stable rating; and

-- INR22.50 mil. (increased from INR15.00 mil.) Fund-based
     working capital limit Long-term rating upgraded; short-term
     rating affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an increase in SVPL's revenue by 42.51% yoy
to INR167.80 million in FY18, owing to a strong product demand
and an enhanced storage capacity with the setting up of a cold
storage facility by the company. Also, the EBITDA margin rose to
a healthy 21.26% in FY18 from 19.55% in FY17 and the return on
capital employed was 23%. This was because the new cold store has
improved the shelf life and quality of the produce, and the
company was able to realize higher prices for its products.

However, the scale of operations remains small and the yields are
volatile because of the seasonal nature of the business (the
procurement happens during the harvesting season i.e. February-
April).

The upgrade also reflects SVPL's comfortable credit metrics. With
the growth in operating profitability, the interest coverage
increased to 5.96x in FY18 (FY17: 3.11x), while the net leverage
improved to 1.35x (3.39x).

The ratings factor in the company's comfortable liquidity
position, as evident from the 41% average utilization of its
fund-based working capital limits during the 12 months ended
October 2018. The company's cash flow from operations amounted to
around INR31.38 million in FY18 (FY17: negative INR3.13 million)
and cash and cash equivalent was INR2.05 million (INR11.98
million).

RATING SENSITIVITIES

Negative: A substantial decline in the operating profitability
leading to deterioration in the overall credit metrics on a
sustained basis could be negative for the ratings.

Positive: Successful implementation of the capex leading to a
substantial improvement in the top line as well as profitability,
which would result in an improvement in the credit metrics, all
on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2009, SVPL is engaged in carrot farming and has a
cold storage capacity of 5,000MT.


SUSHIL KUMAR: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sushil Kumar
Munish Kumar (SKMK) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Warehouse Receipts       10      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Based in Hissar (Haryana), SKMK is engaged in trading of cotton
bales. The firm was incorporated in 2005 as a partnership firm by
partners Mr.Sushil Kumar and his son, Mr. Munish Kumar.


TATHYA ENGINEERING: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Tathya Engineering & Infraproject Pvt. Ltd
        321, First floor
        Kumud Villa, V.P. Road
        Mumbai 400004

Insolvency Commencement Date: November 27, 2018

Court: National Company Law Tribunal, Pune Bench

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

Insolvency professional: Mr. Pramod Jain

Interim Resolution
Professional:            Mr. Pramod Jain
                         C-104, Water's Edge Society
                         Vishalnagar, Pimple Nilakh
                         Pune 411027
                         E-mail: pramod7jain@gmail.com

Last date for
submission of claims:    December 11, 2018


THANGARAJ EXPORTS: ICRA Assigns 'B' Rating to INR14cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR14.00-
crore long-term proposed facilities of Thangaraj Exports. The
outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term-
   Unallocated          14.00      [ICRA]B (Stable); Assigned

Rationale

The assigned rating is constrained by the firm's nascent stages
of operations with commercial operations yet to commence and
financial closure yet to be attained. The rating factors in the
agro-climatic risks associated with the availability of fruits
and vegetables of desired quality and quantity and the
vulnerability of the firm's profit margins to adverse movements
in agro commodity prices. Nonetheless, the long-term sourcing
arrangements that the firm is likely to enter with the farmers,
is expected to mitigate the aforesaid risk to some extent. The
rating also considers the susceptibility of the firm's profit
margins to variations in foreign exchange to the extent of
unhedged foreign exchange exposure.

The assigned rating, nevertheless, derives comfort from the long
experience of the promoter and the promoter's family in the
fruits and vegetables exports segment which has facilitated in
establishing strong-ties with the customers and suppliers. The
rating favourably factors in the reasonable order book position
of the firm which provides moderate revenue visibility in the
near term.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that the firm will
benefit from the experience of the promoter in the fruits and
vegetables export segment. The outlook may be revised to Positive
if the firm is able to scale up operations by successfully
fulfilling the customer orders, while maintaining the
profitability and coverage indicators at adequate levels. The
outlook may be revised to Negative, in case the commencement of
commercial operations is delayed beyond ICRA's expectations or
the scale of operations or profitability is lower than
anticipated levels.

Key rating drivers Credit strengths

Extensive experience of the promoter in the exports of fruits and
vegetables: The firm's proprietor and her family have established
presence in the fruits and vegetables exports segment. The same
has facilitated in establishing strong-ties with the customers
and suppliers and is expected support the growth prospects of the
firm.

Sizeable order-book position provides reasonable revenue
visibility: Thangaraj Exports has started to receive orders for
exports of various fruits and vegetables, majorly from customers
based out of middle-eastern countries such as Kuwait, Saudi
Arabia, Bahrain and United Arab Emirates, among others. The
orders-in-hand are for a period of one year and are therefore
expected to provide reasonable revenue visibility in the near
term.

Credit challenges

Nascent stages of operation: Thangaraj Exports was incorporated
in August 2018 with an objected to undertake exports of fruits
and vegetables. The entity's operations are in nascent stages
with the full-fledged commercial operations yet to commence.
Besides, with the pending sanction of bank facilities, the firm
is yet to attain financial closure.

Agro-climatic risks associated with availability of fruits and
vegetables: The firm would be exposed to the agro-climatic risks
associated with the availability of fruits and vegetables of
desired quality and quantity and the related adverse movements in
agro commodity prices. Nonetheless, the long-term sourcing
arrangements that the firm is likely to enter with the farmers,
is expected to mitigate the aforesaid risk to some extent.

Susceptibility of profit margins to fluctuations in foreign
exchange: Thangaraj Exports is expected to derive its entire
revenues from exports of fruits and vegetables to middle-eastern
countries. The firm's earnings are therefore expected to be
susceptible to fluctuations in foreign exchange rates, to the
extent of the unhedged exposure.

Liquidity Position

Thangaraj Exports is yet to commence commercial operations. The
firm's working capital intensity is expected to be moderately
high owing to advances that would be provided to the farmers for
securing fruits and vegetables of desired quantity and quality.
The firm's liquidity position is likely to be supported by the
working capital limits of INR14.0 crore which is expected to be
availed in the near term.

Thangaraj Exports was incorporated in August 2018 as a
proprietorship firm by Ms. Jenish Rani with an objective to
undertake exports of fruits and vegetables, with middle-eastern
countries as major export destinations. The firm has so far
received orders from customers based out of Saudi Arabia,
Bahrain, Kuwait and United Arab Emirates (UAE) for banana,
cluster beans, onion, papaya, yam, corm, coconut, cucumber,
tapioca, green chili and drumstick, among others and commercial
operations are likely to commence in Q4 FY2019. The firm's
promoter, Ms. Jenish Rani, was earlier associated as a manager in
an entity established by her father Mr. G T Robinson, who has an
extensive experience in fruits and vegetables exports.


TOSHNIWAL ENT: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Toshniwal
Enterprises Controls 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 know
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR270 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on October 11, 1991, Toshniwal Enterprises Controls'
promoter directors are Rajesh Toshniwal and Kamal Kishore
Toshniwal. The company generates 70% of its revenue from
providing various services such as telecom test and measurement
service, telecom and broadcasting and others, and the rest from
various in-house network product sales.


TRIMURTI CORNS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Trimurti Corns Agro Foods Private Limited
        GAT No. 987 AT Perne Phata Taluka Haveli
        Pune 412216

Insolvency Commencement Date: November 20, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 19, 2019

Insolvency professional: Mr. Sandeep Dar

Interim Resolution
Professional:            Mr. Sandeep Dar
                         208, Plot no. 1A, Jalaram Market
                         Sector 19, Vashi
                         Navi Mumbai 400705
                         E-mail: cs.sandeepdar@gmail.com

Last date for
submission of claims:    December 17, 2018


TRIVEDI CORP: CRISIL Migrates 'D' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Trivedi Corp
Private Limited (TCPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee          5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            15        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Working Capital        13        CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING; Rating Migrated)

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

Incorporated in 1991, TCPL manufactures stone products such as
monuments, columns, and carved panels, and processes stones such
as marble, at its facility at Abu Road, Rajasthan.


TURBOATOM-TPS: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Turboatom-
TPS Projects Limited (TTPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         28       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

TTPL was setup in April 2002 by Mr. B R Oberai. It proposes to
install an 8-megawatt (MW) biomass (agro residues such as cotton,
tur, and soyabean stalks) power plant at Talegaon village in
Wardha. The company has got approval for 12 MW from MEDA
(Maharashtra Energy Development Agency); it will first install 8
MW in phase I.


UNNATI WRITING: CRISIL Assigns B+ Rating to INR11cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Unnati Writing Products Private Limited
(Unnati).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           11        CRISIL B+/Stable (Assigned)
   Term Loan              3        CRISIL B+/Stable (Assigned)

The rating reflects the company's large working capital
requirement, small scale of operations amid intense competition,
and susceptibility to volatility in raw material prices and
foreign exchange (forex) rates. These weaknesses are partially
offset by the extensive experience of the promoters in the
writing instruments segment, and the company's healthy operating
margin, resulting in comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: The company had gross
current assets of 334 days as on March 31, 2018. Operations are
expected to remain working capital intensive over the medium
term.

* Small scale of operation amid intense competition: The small
scale is reflected in net sales of INR31.45 crore over the last
fiscals through 2018. The company is exposed to intense
competition from players in the unorganised sector, leading to
pricing pressure. Although competitive pressure is expected to
increase with rising import from China, the risk is partially
offset by the relatively high quality of Indian pens. The intense
competition will keep Unnati's scale of operations modest over
the medium term.

* Susceptibility of operating margin to volatility in raw
material prices and forex rates: The company's profitability is
vulnerable to volatility in the price of its key raw material,
plastic granules. Steady rise in polymer prices, which are
correlated with crude oil prices, will hit operating
profitability, as increase in raw material prices cannot be fully
passed on. Raw materials constitute 65-70% of the company's
sales. CRISIL believes volatility in raw material prices will
continue to impact profitability over the medium term.

Strengths:

* Extensive experience of the promoters in the writing
instruments segment: The promoters have been in the writing
instruments industry for more than 2 decades and have developed
healthy relationships with customers, both domestic and overseas,
resulting in repeat orders. Also, geographically diversified
revenue will help the company withstand any slowdown or change in
consumer preferences in a particular region.

* Healthy operating profitability resulting in comfortable debt
protection metrics: Debt protection metrics remained comfortable,
reflected in interest coverage of 1.7 times in fiscal 2018. The
ratios are expected to remain comfortable over the medium term
because of expected healthy profit.

Outlook: Stable

CRISIL believes Unnati will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if increase in cash accrual or efficient
working capital management strengthens liquidity. The outlook may
be revised to 'Negative' if decline in revenue and profitability
weakens the financial risk profile or if any large, debt-funded
capex weakens the capital structure.

Unnati was set up as a partnership firm by Mr Sudarshan Gupta,
his brother Mr Suranjan Gupta, and Mr Raj Kumar Goel in 2001. It
was reconstituted as a private limited company in 2009. The
company manufactures ball pens, fountain pens, roller pains and
gel pens.


UPSHOT UTILITY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Upshot Utility Services Private Limited
        H-20, Jeevanandam Salai
        13th Street, K K Nagar, Chennai
        TN 600078, India

Insolvency Commencement Date: November 29, 2018

Court: National Company Law Tribunal, Tirupur Bench

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

Insolvency professional: K Muruganadan

Interim Resolution
Professional:            K Muruganadan
                         No: 10, KPN Colony 2nd Street
                         Union Mill Road
                         Tirupur 641601
                         Tamilnadu
                         E-mail: kanandca@gmail.com

Last date for
submission of claims:    December 12, 2018


VENUS ENTERPRISES: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Venus
Enterprises - Chennai (Venus) to 'CRISIL B/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term       10        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING; Rating
                                      Migrated)

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

Set up as a proprietorship firm by Mr Pandurangan Murali in 2008,
Venus provides manpower services to manufacturing and logistics
companies. The firm is based in Chennai and has a workforce of
1200 workers (as on June 30, 2017).


VISHAL CARS: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vishal Cars
Private Limited (VCPL) to 'CRISIL B-/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.25       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Electronic Dealer     8.00       CRISIL B-/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING; Rating Migrated)
   (e-DFS)

   Term Loan            12.50       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

Established in June 26, 2013, VCPL, promoted by Mr Vishal Singh
and Mr Amit Singh, is a Lucknow-based auto dealer in Tata Motors'
Jaguar and Land Rover.


VOHRA FOODS: CRISIL Migrates 'B+' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vohra Foods
Private Limited (VFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         11         CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long        1.5       CRISIL B+/Stable (ISSUER NOT
   Term Bank Loan                 COOPERATING; Rating Migrated)
   Facility

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

Established in 2008 in Ferozepur, Punjab, by Mr Raj Kumar, Mr
Mohit Kumar, Mr Pankaj Kumar, Ms Shashi Rani, and Ms Raj Karni,
VFPL mills and processes parmal, paddy, and basmati rice for the
domestic market.



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


PRECISION FOUNDRY: Goes Into Receivership; 85 Jobs in Limbo
-----------------------------------------------------------
Anuja Nadkarni at Stuff.co.nz reports that Precision Foundry's 85
staff went on Christmas leave without knowing the Auckland metal
foundry had been placed into receivership.

Precision Foundry, formerly Masport Foundries, was taken over by
private equity firm Challenge Partners in 2014. Precision Foundry
is the trading name of MFL Limited, the report says.

Challenge Partners director Paul Ayers told Stuff Precision
Foundry had faced a number of challenges over the past year.

"Particularly the continued high New Zealand dollar, lack of
margin preventing reinvestment in the aging plant and then
customer confidence being shaken by a 10-month period of reduced
production following significant unforeseeable failure, has meant
that MFL has exhausted its financial reserves," Mr. Ayers told
Stuff.

Stuff relates that E tu industry coordinator Ron Angel said the
firm's workers had been sent on leave for the Christmas break
without being told about the receivership.

"We are deeply appalled that the employer has done this, knowing
full well this was coming and that their workers didn't know. Nor
did the union," the report quotes Mr. Angel as saying.

"We understood the company had some financial challenges, but
this has come as a complete surprise.

"We are now working hard to contact our members, to let them know
what is happening, and to ensure they know their rights and
entitlements."

Stuff notes that the union is also seeking an urgent meeting with
the receiver.

"It's another example of a company which has been down-sizing
over time and now it looks like the end has come. That is always
very hard news for those involved and especially just before
Christmas."

KordaMentha receivers Grant Graham and Pravin Bhana have been
appointed on Dec. 18, Mr. Ayers said.

According to Stuff, Mr. Graham said the receivers were working
with management to consider the company's options.

"We will write to all staff this week confirming their individual
entitlements and updating them on the situation," Mr. Graham
said, notes the report.

Stuff relates that Mr. Ayers said other businesses under
Challenge Partners portfolio were unaffected.

Other businesses in the portfolio include Fieldmaster, plastics
engineering firm LEP and Shuk Engineering.

Precision Foundry was one of New Zealand's biggest manufacturers
of cast ductile and alloy iron.


RCR TOMLINSON: NZ Unit Put Up for Sale After Administration
-----------------------------------------------------------
John Anthony at Stuff.co.nz reports that a contractor working on
Auckland's City Rail Link has been placed into administration and
put up for sale.

In November, Australian stock exchange listed company RCR
Tomlinson was placed into voluntary administration, with its
administrators McGrathNicol immediately putting the 120-year-old
company up for sale, Stuff says.

RCR Tomlinson has three subsidiaries in New Zealand: RCR
Infrastructure (NZ), RCR Building Products (NZ) and RCR Energy.

Stuff notes that earlier this year RCR Infrastructure (NZ) won a
major City Rail Link (CRL) contract called C7 to deliver all of
the underground rail systems for the project including rail
tracks, signalling, overhead lines, control systems and room fit-
out, communications and building works.

The 3.4 kilometre CRL rail network in Auckland is one of New
Zealand's biggest ever transport projects, costing $3.4 billion,
the report notes.

According to Stuff, on Dec. 18 McGrathNicol partners Conor
McElhinney and Andrew Grenfell said in a statement they had been
appointed voluntary administrators of RCR New Zealand by the
board of directors of the New Zealand companies.

Stuff relates that the directors had advised that the New Zealand
businesses were in a cash-positive position and had continued to
trade in a "self-sufficient and cash-flow-positive manner" since
its parent RCR Tomlinson went into administration on November 21,
the statement said.

However, the New Zealand businesses were guarantors for certain
liabilities of the Australian businesses, it said, the report
relays.

Australian creditors were now demanding recovery of money from
guarantors they believed may be in a cash position to pay, it
said.

The administrators had taken control of RCR New Zealand and
intended to continue operating the companies on a "business as
usual" basis while working with the Australian administrators to
assist in the sale process they were currently undertaking, which
included the New Zealand businesses, Stuff adds.

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

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



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


GM KOREA: KDB Supports Firm's Plan to Spin Off Research Unit
------------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) said it supports GM Korea Co.'s plan to spin off its
research unit, marking a reversal from the lender's opposition to
the controversial scheme that is also strongly opposed by the
carmaker's labor union.

Yonhap relates that Lee Dong-gull, governor of the KDB, told
reporters that the bank will drop a legal action against GM Korea
over the spin-off plan after the two sides complete talks on the
plan's details.

Under the plan, GM Korea will set up a new entity that will
handle automotive engineering and design, while the parent will
focus on manufacturing and sales, Yonhap says.

According to Yonhap, Mr. Lee said GM Korea pledged to provide
works to the new entity over the next 10 years and the spin-off
plan would help GM Korea cut costs.

Yonhap says the KDB's decision came after GM Korea recently
submitted details of its spin-off plan to the bank, the second-
largest shareholder of GM Korea.

Last week, the KDB said it will complete its injection of US$750
million into the South Korean unit of General Motors Co. later
this month, Yonhap recalls.

The KDB and GM signed a deal in May on the rescue package for GM
Korea.  Under the agreement, the KDB pledged to inject $750
million, while GM agreed to provide $3.6 billion in fresh loans
to keep GM Korea afloat.

Yonhap relates that in June, the KDB injected $375 million into
GM Korea, but the bank had said the remaining half may not be
provided amid concerns that the U.S. carmaker may keep only its
research facility in South Korea and eventually shut down its
manufacturing facilities here.

The remaining $377 million will be provided to GM Korea on
Dec. 26, the KDB said, Yonhap relays.

The May agreement prohibits GM from selling any stake in GM Korea
over the next five years and limits GM's right to sell shares or
assets in GM Korea for 10 years, adds Yonhap.

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***