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

                      A S I A   P A C I F I C

           Thursday, August 23, 2018, Vol. 21, No. 167

                            Headlines


A U S T R A L I A

611 PTY: One Zumbo Business May Have Traded While Insolvent
BC FIRE: First Creditors' Meeting Scheduled for Aug. 30
BENDIGO ULTIMATE: First Creditors' Meeting Set for Aug. 30
CP EAST: First Creditors' Meeting Scheduled for Aug. 29
FOODORA AUSTRALIA: First Creditors' Meeting Set for Aug. 29

GOODCHILD ABATTOIRS: First Creditors' Meeting Set for Aug. 30
INTEGRAL FIRE: First Creditors' Meeting Set for Aug. 30


C H I N A

BEIJING HONGKUN: Fitch Assigns 'B' LT IDR, Outlook Stable
HNA GROUP: Unit Pledges 75% Shares with China Construction Bank


I N D I A

ASTHA BEEJ: CRISIL Migrates B+ Rating to Not Cooperating
BAGHMARI TEA: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
BAJPAI REFRIGERATION: CRISIL Keeps B+ Rating in Not Cooperating
EAGLE STEEL: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
HARSHIL TEXTILES: CRISIL Maintains B- Rating in Not Cooperating

JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
JYOTI STRUCTURES: NCLAT Grants Interim Stay on Liquidation Order
KANAK DEKA: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
RELIANCE COMMUNICATIONS: Crunch Time Comes for Debt Restructuring
S.J.R. INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating

SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR7.7cr Loan
SANTOSHI HYVOLT: CRISIL Maintains B Rating in Not Cooperating
SHANTI DEVI: CRISIL Lowers Rating on INR95cr Term Loan to D
SHREE BHATTER: CRISIL Maintains D Rating in Not Cooperating
SHREE KRIPA: CRISIL Maintains B Rating in Non-Cooperating

SHREE SHIV: CRISIL Maintains D Rating in Not Cooperating
SHIV SHAKTI: CRISIL Maintains 'B' Rating in Not Cooperating
SHIV SNAX: CRISIL Maintains B Rating in Not Cooperating
SHRI OMTEE: CRISIL Maintains D Rating in Not Cooperating
SIRI SMELTERS: CRISIL Maintains D Rating in Not Cooperating

SIYARAM EXPORTS: CRISIL Maintains D Rating in Not Cooperating
SQUARE CERAMIC: CRISIL Maintains B- Rating in Not Cooperating
SRI KAILASANADHA: CRISIL Maintains D Rating in Not Cooperating
SRI SAINATHA: CRISIL Maintains B Rating in Not Cooperating
ST WOVEN: CRISIL Maintains B- Rating in Not Cooperating Category

SULAIMAN STEELS: CRISIL Maintains D Rating in Not Cooperating
SURE CARGO: CRISIL Maintains B- Rating in Not Cooperating
SWARAJ SYNTHETICS: CRISIL Maintains B Rating in Not Cooperating
TEKNOFLOW GREEN: CRISIL Maintains 'B' Rating in Not Cooperating
THIRUMATHI MUTHAMMAL: CRISIL Keeps B Rating in Not Cooperating

TIMES FERRO: CRISIL Maintains B- Rating in Not Cooperating
TURAKHIA POLYMERS: CRISIL Maintains B Rating in Not Cooperating
UJALA PUMPS: CRISIL Maintains D Rating in Not Cooperating
UNITED BROTHERS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
VANNSH LIFE: CRISIL Maintains B Rating in Not Cooperating

VASAVI PIPES: CRISIL Maintains B Rating in Not Cooperating
VIJ AGRO: CRISIL Maintains B Rating in Not Cooperating Category
VIJAYANT AGENCIES: CRISIL Maintains B Rating in Not Cooperating
VIKAS COTTON: CRISIL Maintains B Rating in Not Cooperating


J A P A N

AMON: Anime Production Studio Files for Bankruptcy


M A L A Y S I A

MALAYSIA: Cancels 2 Chinese Projects Fearing Bankruptcy


S I N G A P O R E

JGC VENTURES: Moody's Rates Sr. Unsec. Notes 'B2', Outlook Stable


V I E T N A M

* VIETNAM: Plastic Cos. Fear Bankruptcy Amid Scrap Import Ban


                            - - - - -


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


611 PTY: One Zumbo Business May Have Traded While Insolvent
-----------------------------------------------------------
Dominic Powell at SmartCompany reports that preliminary
investigations by the administrators of dessert king Adriano
Zumbo's cafes have suggested one of the entities in administration
could have been trading while insolvent since
mid-2017.

Three of Mr. Zumbo's businesses, 611 Pty Ltd, Mel611 Pty Ltd and
I'm So Fancy Pty Ltd, entered voluntary administration at the
start of the month, though they continue to trade, SmartCompany
says. Reasons for the voluntary administration were not defined at
the time, however, it was revealed the companies had an
outstanding debt of about AUD10 million.

According to a creditor report sent out last week and seen by
SmartCompany, administrators Anthony Elkerton and Justin Holzman
from DW Advisory alerted creditors that one entity, I'm So Fancy
Pty Ltd, "may have been insolvent from at least early- to mid-
2017".

Furthermore, the administrators stated in the report "it is likely
that the company engaged in insolvent trading prior to our
appointment," SmartCompany relays.

Exact details are still subject to further investigation, with the
administrators admitting they had been limited by time constraints
and had insufficient time to determine a date of insolvency or
"quantify any claim for insolvent trading," according to
SmartCompany.

I'm So Fancy was reportedly a high-end tea room operated by Zumbo
that ceased trading last year. According to the administrators
report, the business chalked up nearly AUD1.2 million in trading
losses since July 2015, and had also not been paying rent since
earlier this year, SmartCompany relays.

Responses from directors, of which Zumbo is the only one, on
explanations for financial difficulties leading up to the
administration of the company were "low turnover" and
"construction surrounding premises for the past four years,"
SmartCompany relates. The administrators said from their "limited"
review, the failure of the company could be attributed to "poor
strategic management" and "poor financial control".

Furthermore, the administrators claim the business had
insufficient working capital to meet its short-term obligations
since the 2016 financial year, has not appeared to have reported a
net-positive asset position and does not appear to have complied
with all tax lodgement obligations, says SmartCompany.

However, the administrators note the business may still be solvent
if it had received financial support from external related parties
up until early 2018.

According to SmartCompany, companies and company directors are
banned from trading or incurring further debt while entities are
insolvent by law under the Corporations Act. Penalties can reach
up to AUD200,000, and directors can be left liable to pay
compensation directly to creditors if found guilty.  If dishonesty
factors into insolvent trading, directors can face higher
penalties of AUD220,000, and can potentially also face jail time.

Speaking to SmartCompany at the time of administration, Mr.
Holzman said the administrators were hopeful for a restructuring
to be proposed by late August.

"We are hopeful of there being a restructuring proposal by way of
a deed of company arrangement that we intend to provide to
creditors in late August," SmartCompany quotes Mr. Holzman as
saying at the time.

However, the report showed no deed of company arrangement has been
proposed at this time, according to SmartCompany.

DW Advisory was appointed as administrator of 611 Pty Ltd, Mel611
Pty Ltd and I'm So Fancy Pty Ltd on July 22, 2018.


BC FIRE: First Creditors' Meeting Scheduled for Aug. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of BC Fire Pty
Ltd, trading as PFS Fire Protection, will be held at Gosford RSL
Club, Executive Room 26 Central Coast Hwy, in West Gosford, NSW,
on Aug. 30, 2018, at 9:30 a.m.

Blair Pleash of Hall Chadwick was appointed as administrator of BC
Fire on Aug. 20, 2018.


BENDIGO ULTIMATE: First Creditors' Meeting Set for Aug. 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bendigo
Ultimate Building Pty Ltd (as trustee for Eastman Family Trust)
will be held at the offices of SV Partners, Level 17, 200 Queen
Street, in Melbourne, Victoria, on Aug. 30, 2018, at 3:00 p.m.

Timothy James Brace and Michael Carrafa of SV Partners were
appointed as administrators of Bendigo Ultimate on Aug. 20, 2018.


CP EAST: First Creditors' Meeting Scheduled for Aug. 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of CP East Pty
Limited will be held at Level 3, 95 Macquarie Street, in
Parramatta, NSW, on Aug. 29, 2018, at 10:00 a.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as
administrators of CP East on Aug. 20, 2018.


FOODORA AUSTRALIA: First Creditors' Meeting Set for Aug. 29
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Foodora
Australia Pty Limited will be held on Aug. 29, 2018, at
11:00 a.m. at:

  a) Rooms 3 and 4, CPA Australia, Level 3, 111 Harrington
     Street, in Sydney, NSW;

  b) 2000 Areas Flagstaff 5.26 and 5.27, Angliss Conference
     Centre, 555 La Trobe Street, in Melbourne, VIC;

  c) Worrells Solvency & Forensic Accountants, 8th Floor,
     102 Adelaide Street, in Brisbane, Queensland

Simon Cathro of Worrells Solvency was appointed as administrator
of Foodora Australia on Aug. 17, 2018.


GOODCHILD ABATTOIRS: First Creditors' Meeting Set for Aug. 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Goodchild
Abattoirs Pty Ltd will be held at the offices of PwC, Level 15,
125 St Georges Terrace, in Perth, West Australia, on Aug. 30,
2018, at 10:30 a.m.

Simon Guy Theobald and Daniel Bryant of PwC were appointed as
administrators of Goodchild Abattoirs on Aug. 20, 2018.


INTEGRAL FIRE: First Creditors' Meeting Set for Aug. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Integral
Fire Pty Ltd will be held at the offices of SV Partners,
Level 17, 200 Queen Street, in Melbourne, Victoria, on Aug. 30,
2018, at 11:00 a.m.

Timothy James Brace and Michael Carrafa of SV Partners were
appointed as administrators of Integral Fire on Aug. 20, 2018.



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


BEIJING HONGKUN: Fitch Assigns 'B' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Beijing Hongkun
Weiye Real Estate Development Co., Ltd. (Hongkun) a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B'. The Outlook
is Stable.

Hongkun's ratings are constrained by its smaller scale and
relatively short land-bank life, which limits its ability to
deleverage. It has a higher geographical concentration risk than
its peers due to its limited regional diversification. Home-
purchase restrictions that have been strictly implemented in the
pan-Beijing region have created uncertainty for Hongkun's
contracted sales and cash collection outlook, although selling
prices are likely to be backed by firm demand.

The company's ratings are supported by its low-cost quality land
bank, which focuses on the pan-Beijing and Tianjin region. This
results in better gross profit margins than its 'B' rated peers
and also drives contracted sales growth.

KEY RATING DRIVERS

Small Land Bank Limits Deleveraging: Hongkun's leverage, defined
by net debt to adjusted inventory, spiked to 54% in 2017 as a
result of a slower churn rate. This leverage level is in line with
the average of its 'B' rated peers. Hongkun's relatively small
saleable land bank of 3.7 million sq m and moderate land-bank life
of 3.9 years will require the company to use 35%-50% of contracted
sales to replenish its land bank in the next four years to sustain
contracted sales growth at around 20%. This will keep its leverage
at around 50% during the four years, marginally lower than its
current level.

Scale Smaller than Peers: Hongkun's rating is constrained by its
contracted-sales scale. Its 2017 attributable contracted sales
grew 17% yoy to CNY11.7 billion, which is smaller than some of its
'B' and 'B+' rated peers. Fitch expects Hongkun's 2018 contracted
sales to expand 24%, mainly driven by gross floor area (GFA)
growth. Hongkun's future contracted sales growth may be
constrained if it cannot acquire adequate suitable land in 2H18 as
its 5M18 contracted sales rose 24% yoy but it only spent 5.4% of
it to acquire one piece of land in the same period.

Geographical Limitations of Land Bank: Hongkun's rating is also
constrained by its limited regional diversification, which exposes
the company to the more stringent and increasingly tight home-
purchase restrictions in the pan-Beijing region. Hongkun started
acquiring land in cities in the Bohai Rim, namely Beijing, Tianjin
and Hebei, from 2012 and has developed deep relationships with
local governments.

As a result, 77% of its 2017 contracted sales were from that area
while the remaining 23% were from southern China (Hainan), Yangtze
River Delta (Wuxi) and central China (Anhui, Hubei). Fitch expects
a similar geographical distribution in the coming two years, based
on its land-bank distribution.

Low-Cost Quality Land Bank: Hongkun's 2017 average selling price
(ASP) is higher than most 'B' rated peers at CNY15,390 per sq m as
more than 55% of its land bank, in terms of GFA, is located in
Tier 1 and 2 cities. The average land cost of its reserves was
still low at CNY2,512 per sq m as of end-2017. The company has
been prudent in growing its contracted sales and land acquisition,
which allows it to hold lower-cost land acquired on or before 2014
that amounted to 20% of its land reserves.

Hongkun also bought lower-cost land through the primary land
development process in the Bohai Rim region, giving the company
more bargaining power when it comes to acquiring development land
at a reasonable price when it moves to the public-auction stage.

Refinancing Ability Crucial: Around 40% of Hongkun's outstanding
loans were trust loans as of end-2017, which will have to be
repaid once matured as tighter regulation has recently been
imposed on trust-loan refinancing. A significant portion of
Hongkun's debt will mature in 2019 and inability to refinance the
debt will pressure its rating, although management has laid out
detailed refinancing plans. Fitch will closely monitor the
company's execution of the plans.

Weaker Oversight: Hongkun is not a listed company and Fitch
therefore believes limited regulatory oversight and the lack of
independent directors on its board weaken the protection to
creditors. The only regulatory oversight is through the two
Chinese stock exchanges where Hongkun's domestic bonds are traded.
The terms governing Hongkun's borrowings, including the covenants,
are the key protection its creditors have. The continued issuance
of domestic bonds is the only source of financial reports for
investors.

Fitch understands that parent Hongkun Group currently does not
have any material investment other than in Hongkun, the entity
Fitch is rating. However, Hongkun's ratings may be pressured if it
is required to support any major investment by the parent. Fitch
believes corporate governance does not currently constrain its
ratings but any material weakening of the strength of its debt
covenants or any gaps in its corporate governance track record can
place constraints on its ratings.

DERIVATION SUMMARY

Hongkun's business profile is similar to 'B' category peers. The
company's land-bank quality is stronger than most of its 'B+'
peers as its focus within the seven ring roads of Beijing resulted
in the 2017 contracted ASP of CNY15,390 per sq m, higher than that
of other cities. However, Hongkun's rating is constrained by the
limited regional diversification of its land bank, which is
concentrated in the Bohai Rim, with limited exposure in eastern
and southern China, and no developments in western China.

Hongkun's 2017 attributable contracted sales of CNY11.7 billion
were smaller than its 'B+' peers and some of its 'B' rated peers,
but larger than its 'B-' peers. Its 2017 sales churn, indicated by
contracted sales to total debt, of 0.8x is in line with the
average of 'B' rated peers. Hongkun's 2017 EBITDA margin of 29% is
slightly above the average level of its 'B+' and 'B' rated peers
as its relatively low land-cost-to-ASP ratio supports its margin.
Its leverage ratio of 54% is lower than the average of 'B' rated
peers (56%).

Hongkun is therefore weaker than its 'B+' peers when the
contracted sales scale, leverage and sales churn factors are
combined. However, it has a stronger business profile and larger
scale than 'B-' peers.

Hongkun has a similar business model and regional focus (Bohai
Rim) as Guorui Properties Limited (B/Stable). Guorui has a wider
geographical footprint and a higher 2017 contracted sales while
Hongkun has a much faster sales churn. Hongkun's 2017 leverage is
also lower than Guorui's while Guorui's EBITDA scale and margin
are higher than that of Hongkun. Guorui's recurring EBITDA to
gross interest coverage is at the same level as Hongkun's.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Attributable contracted sales and GFA sales to rise 20%
    yoy on average in 2018-2021, mainly driven by growth of
    GFA sold

  - Gross margin (including capitalised interest) to stay above
    32% in 2018-2021 but peak in 2018

  - Land-bank life to gradually decrease from 3.9 years in 2018
    to three years in 2021

  - Land purchase cost at 36%-46% of contracted sales in 2018-
    2021

  - Construction cash outflow of 32%-39% of contracted sales in
    2018-2021

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

  - Net debt/adjusted inventory sustained below 40% (2017: 54%)

  - Significant increase in scale, reflected by attributable
    contracted sales exceeding CNY15 billion (2017: CNY11.7
    billion)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - EBITDA margin sustained below 20% (2017 29%)

  - Net debt/adjusted inventory above 55% for a sustained period
   (2017: 54%)

  - The company is unable to refinance a material proportion of
    its maturing 2019 debt in 2018

LIQUIDITY

Adequate Liquidity: Hongkun had unrestricted cash and cash
equivalents of CNY5.5 billion as of end-2017 and CNY1.17 billion
in committed undrawn banking facilities that will expire after
2018, which are adequate to cover CNY3.6 billion in short-term
debt.


HNA GROUP: Unit Pledges 75% Shares with China Construction Bank
---------------------------------------------------------------
South China Morning Post reports that HNA Technology Investments,
a unit of HNA Group, said on Aug. 22 its controlling shareholder
has pledged 75% of the company's shares with China Construction
Bank against loans, heightening the risk of share price fall.

Companies that have pledged a large amount of shares tend to
witness higher volatility in their shares as it's difficult for
them to increase their pledges when prices fall, the report says.
It can cause lenders to sell these shares on the market to
maintain the margin, which can lead to further price falls.

Six other units of the debt-ridden conglomerate have already lost
more than US$10 billion in market value in the past month, the
Post notes.

Controlling shareholder HNA EcoTech Pioneer Acquisition has agreed
to pledge 238.89 million ordinary shares of Hong Kong-listed HNA
Tech to secure a loan from China Construction Bank (Asia), the
Hong Kong banking unit of CCB, China's second largest lender by
assets, the Post discloses citing an exchange filing.

These pledged shares account for 74.75% of the total issued shares
of HNA Tech.

The shares were suspended from trading on Aug. 22, the report
notes.

HNA Group, which was one of China's most acquisitive companies
overseas, is now struggling to use various financing means to
repay more than US$85 billion of debt incurred from its multi-year
buying spree, according to Bloomberg data.

It has pledged large amounts of equity for loans. Bohai Capital, a
Shenzhen-listed financing arm of HNA Group, said earlier this
month its controlling shareholder HNA Capital had pledged 2.1
billion shares against loans, which represented 99% of the shares
held by HNA Capital, says the Post.

But shares have been volatile, the report notes.

Six of the group's mainland-listed units, including Bohai Capital,
have plunged since their respective trading resumption in the past
month, wiping out CNY69 billion (US$10.1 billion) in market value,
based on share prices on Aug. 22, according to the Post.

They include HNA-Caissa Travel Group, Hainan HNA Infrastructure
Investment Group, Hainan Airlines Holding's A shares, CCOOP Group,
and HNA Investment Group.

Among them, HNA Infrastructure Investment has lost 45% since
August 13, when it resumed trading following a six-month halt,
erasing a total of CNY19.5 billion in market value. Hainan
Airlines Holding's A shares have also shed 34% since it restarted
trading on July 19, with CNY18.8 billion of value evaporating, the
Post discloses.

The Post says the only mainland-listed unit that remains suspended
is HNA Technology, formerly known as Tianjin Tianhai Investment
and Tianjin Marine Shipping, as the resumption is pending progress
of its restructuring plan.

HNA has also been offloading assets worldwide to pay down its
debt, including selling stakes in Hilton Worldwide Holdings and
Deutsche Bank this year, the Post relates.

In one of its latest moves, the group is disposing a stake in
Spain's NH Hotel Group to Thailand's Minor International for more
than EUR600 million (US$694.4 million), the report adds.

                          About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.



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I N D I A
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ASTHA BEEJ: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Astha Beej
Company Private Limited (ABC) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Long Term
   Bank Loan Facility    1.81      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Standby Line of
   Credit                0.35      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.34      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ABC for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ABC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABC 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 ABC to 'CRISIL B+/Stable Issuer not cooperating'.

Established on July 26, 1999, (production began from 2005) by Mr.
D K Goel, ABC supplies certified, foundation, and research wheat
and paddy seeds. Operations are managed by Mr. D K Goel, Mr. S K
Goel, and Ms. Ruchin Goel.


BAGHMARI TEA: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Baghmari Tea
Co. Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limit maintained in non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating;

-- INR1 mil. Non-fund-based limit maintained in non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based limit maintained in non-
     cooperating category with Provisional IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Incorporated in 1918, Baghmari Tea Co. manufactures and exports
tea.


BAJPAI REFRIGERATION: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Bajpai
Refrigeration and Bakers Company (BRBC) to CRISIL B+/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

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

   Term Loan              3.75     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with BRBC for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BRBC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BRBC 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 ratings on bank
facilities of BRBC to CRISIL B+/Stable Issuer not cooperating'.

BRBC, a partnership firm set up by Mr M C Bajpai, Mrs Sandhya
Bajpai, and Mr Ashok Lakhan, has an integrated cold chain facility
in Kashipur, Uttarakhand, to supply fresh and chilled food
produce, mainly green peas. Commercial operations commenced in
January 2015.


EAGLE STEEL: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Eagle Steel
Industries Private Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit maintained in
     Non-Cooperating Category with IND BB- (ISSUER NOT
     COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limit
     maintained in Non-Cooperating Category Provisional with IND
     BB- (ISSUER NOT COOPERATING) / Provisional IND A4+ (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 20, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Eagle Steel Industries was established as a proprietorship unit in
2003 and reconstituted as a private limited entity in 2006. It is
engaged in trading of hot-rolled and cold-rolled steel coils, mild
steel plates and aluminum coils.


HARSHIL TEXTILES: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Harshil Textiles
(HT) continues to be 'CRISIL B-/Stable Issuer not cooperating'

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

   Proposed Long Term   3        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility            COOPERATING)

CRISIL has been consistently following up with HT for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of HT continues to be 'CRISIL B-/Stable Issuer not
cooperating'

HT, set up in 2012 as a partnership firm, trades in cotton
shirting fabric. Mr. Pravin Shah, Mrs. Vandana Shah, and Mr.
Harshil Shah are partners in the firm. Mr. Harshil Shah manages
its operations. The firm is based in Mumbai.


JAY BHAVANI: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on bank
facility of Jay Bhavani Ginning Pressing and Oil Industries
(JBGPOI).

                    Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         6.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations and
vulnerability of the operating profitability to volatile raw
material prices. However, these rating weaknesses are partially
offset by extensive experience of the partners and moderate
liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Even
though the revenue witnessed more than 30% growth in fiscal 2018,
(INR42 crore), scale remain modest. Intense competition in the
cotton ginning industry further restricts the firm's bargaining
power with customers, and precludes any benefits from economies of
scale.

* Exposure to volatility in raw material prices: Profitability is
linked to raw material prices, as raw material cost, mainly
cotton, accounted for 90% of operating income in fiscal 2018.
Thus, any sharp fluctuation in raw material prices can adversely
impact the operating margin.

Strengths

* Extensive experience of partners: The two decade-long experience
of the partners, their strong understanding of local market
dynamics, and healthy relationships with cotton farmers, will
continue to support the business risk profile.

* Moderate liquidity: Liquidity is marked by cash accrual of
INR0.33 crore against nil debt, and moderate bank limit
utilization averaging 60-70% for the 15 months through June 2018.

Outlook: Stable

CRISIL believes JBGPOI will continue to benefit over the medium
term from its partners' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations and profitability, leads to better-than-expected cash
accrual and a stronger financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile, weakens because
of increased working capital debt or large debt-funded capital
expenditure; or if operations are affected by any change in
government policies.

Incorporated in 2003, JBGPOI gins and presses cotton into bales
and extracts cotton seeds. Its manufacturing facility is located
at Morbi, Gujarat. Operations are managed by Mr Jatin J Khakkar
and his family.


JYOTI STRUCTURES: NCLAT Grants Interim Stay on Liquidation Order
----------------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Aug. 20 granted interim stay on the liquation
order against Jyoti Structures Ltd.

According to Livemint, the three-judge NCLAT bench headed by
Justice S.J. Mukhopadhyay was hearing a plea filed by more than
800 employees of the corporate debtor and a group of investors led
by Sharad Sanghi, the chief executive of Netmagic Solutions,
against the liquidation.

In July, the Mumbai bench of the National Company Law Tribunal
(NCLT) had ordered liquidation of the debt-ridden company after it
rejected the resolution plan submitted by resolution professional
(RP) Vandana Garg, Livemint notes.

Livemint says the Mumbai-based contractor received only one bid
from a consortium of investors led by Sanghi. The resolution plan
involved an upfront payment of INR170 crore. The remaining amount
was to be repaid over 15 years. The construction firm owes around
INR7,625 crore to a group of lenders, including INR1,961 crore to
State Bank of India. Under the Insolvency and Bankruptcy Code, a
resolution plan has to be arrived at within 270 days, failing
which the firm goes into liquidation.

Considering that the resolution plan entailed a deep haircut, it
initially failed to garner the required 75% of votes from
creditors in favor of the plan during online voting on March 26,
Livemint recalls. On April 2, the last day of the 270-day period,
the RP filed a plea in NCLT seeking an extension of the deadline,
as some creditors could not participate in online voting and
wanted to send their votes for consideration, the report notes.

Some lenders who had rejected the plan were willing to reconsider
their stance. By April 6, the RP was able to garner 81% of votes.

One of the secured lenders DBS Bank, which has a share of 0.84% of
the total secured debt, moved NCLT in May opposing the plan,
Livemint relates.

The next hearing of the matter in NCLAT will be held on
September 18.

                  About Jyoti Structures

Jyoti Structures Limited operates as an engineering, procurement,
tower testing, manufacturing, and construction company in the
transmission lines, substations, and distribution sectors in
India and internationally.

Jyoti was referred to the NCLT for proceedings under the
Insolvency and Bankruptcy Code (IBC) in June 2017.

The company owes lenders around INR70 billion, and was part of
the Reserve Bank of India's first list of stressed companies to
be taken for insolvency proceedings.


KANAK DEKA: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kanak Deka'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:

-- INR70 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 2, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

Kanak Deka is engaged in trading of hardware and construction and
leasing of properties.


RELIANCE COMMUNICATIONS: Crunch Time Comes for Debt Restructuring
-----------------------------------------------------------------
Denise Wee at Bloomberg News reports that Reliance Communications
Ltd., the Indian mobile operator that defaulted on its dollar
bonds last year, is up against the clock.

According to Bloomberg, the company controlled by Indian
billionaire Anil Ambani is in the midst of restructuring the
$300 million U.S. currency notes and plans to meet those
bondholders on Aug. 24 to seek approval on extraordinary
resolutions. Those talks come ahead of a Aug. 27 deadline set by
the country's central bank for firms with delinquent accounts and
under other conditions to implement resolution plans with local
lenders to stave off insolvency proceedings, Bloomberg notes.

The timing is tight for Reliance Communications. Its onshore
lenders will agree to a restructuring only if they know that the
dollar bonds are also being restructured, in line with so-called
inter-conditional agreements on debt, said one person with
knowledge of the matter, Bloomberg relays. The outcome of the
talks this month may sway how much the company's debt holders will
get repaid in the end.

"It's a lose-lose for creditors and the company if Reliance
Communications goes into insolvency," Bloomberg quotes Mihir
Chandra, head analyst at SC Lowy, as saying. "Creditors would take
longer to get repaid" with lower recoveries likely, and
shareholders would be wiped out, he added.

Bloomberg notes that India's large delinquent borrowers face an
Aug. 27 deadline to put in place a resolution plan, as the
nation's regulator pushes its lenders to recast and clean up $210
billion of bad loans in their balance sheets. Reliance
Communications' default was India's most high-profile one on
international debt since the nation's insolvency and bankruptcy
code was passed in May 2016, and its debt talks are being closely
watched, Bloomberg says.

According to Bloomberg, the company expects to complete the sale
of assets including spectrum and telecom towers by the end of
August, thereby "accelerating its overall debt resolution plan,"
it said earlier this month.

Resolving its debt would mean coming to an agreement with offshore
bondholders, the report states. Reliance Communications earlier
this month offered to repay holders at a discount to principal
value, prompting a plunge in bond prices.

"Reliance Communications' proposal to bondholders was worse than
the market expected," Chandra, as cited by Bloomberg, said. "We
think it's likely that bondholders will push for a better deal."

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2018, The Economic Times said the dedicated bankruptcy
court has admitted three insolvency petitions filed against
Reliance Communications and its subsidiaries, by Ericsson,
dealing a severe blow to the telco's plans of selling most of its
wireless units to Reliance Jio Infocom (Jio).  The decision,
which came after nearly eight months since the Swedish telecom
equipment maker moved the National Company Law Tribunal's (NCLT)
Mumbai bench to recover INR1150 crore in dues, effectively makes
the Anil Ambani owned carrier bankrupt, the second such after
Chennai-based Aircel, ET said.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.


S.J.R. INFRASTRUCTURE: CRISIL Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of S.J.R.
Infrastructure Private Limited (SJRIPL) continues to be 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         5          CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Lease Rental          15          CRISIL B+/Stable (ISSUER NOT
   Discounting Loan                  COOPERATING)

   Proposed Long Term    10          CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with SJRIPL for
obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SJRIPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'

SJR Infrastructure Private Limited (SJRIPL) was promoted in 1999
by Mr. S. Jayarama Reddy. Earlier, the company was engaged in
infrastructure development like roads, underpasses, bridges, etc.
In 2003, the company forayed into real estate development and
developed SJR I-Park, a commercial office space.


SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR7.7cr Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
loan facilities of Sahyadri Healthcare and Diagnostics Private
Limited (SHD). The rating reflects the dependence of the company
on a single property to generate revenue, 100% customer
concentration, nominal pricing linked entirely to the tenant's
revenue, and gap between operating cash flows and repayment
obligation. These weaknesses are partially offset by strong tenant
with proven track record in operations, low vacancy risk and fund
support from promoters and affiliate entities.

                        Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Long Term
   Bank Loan Facility    4.85       CRISIL B+/Stable (Reaffirmed)

   Term Loan             7.70       CRISIL B+/Stable (Reaffirmed)

Analytical Approach

CRISIL has treated unsecured loans in the books of SHD, estimated
at INR11.48 crore as at March 31, 2018, as neither debt nor equity
as these loans do not carry any rate of interest, are subordinated
to the company's external debt and are likely to remain in the
business for atleast three years.

Key Rating Drivers & Detailed Description

Weaknesses

* Dependence on single property and tenant: SHD has only one
property i.e. land and building at Shimoga, which it has let out
to Narayana Hrudayalaya Limited (NHL), where the latter operates
its Sahyadri Narayana Multispecialty Hospital (SNMH). The company
is entirely dependent on a single property and single tenant,
thereby exposing it to revenue and customer concentration risks.

* Nominal pricing and gap between cash flows and repayment
obligation: SHD's cash flow consists solely of its entitlement to
5% of SNMH's revenue. The lease rent is nominal, in keeping with
the service motive of the management. Moreover, there will be no
escalation in the rent in the near future. As a result, SHD's cash
flows are expected to fall short of its repayment obligation,
albeit supported by fund support from its promoters.

Strengths

* Strong tenant with proven track record and low vacancy risk
NHL has a strong presence in the affordable medical care segment,
with about 5,500 operating beds across India. It has made sizeable
investments in setting up SNMH and the hospital is critical to
NHL's reputation. All of this translates into negligible vacancy
risk for SHD going forward.

* Fund support from promoters: SHD's liquidity is strongly
supported by fund support from its promoters and affiliate
entities. This is in the form of interest-free, unsecured loans in
the company, which cumulated to INR11.48 crore as at March 31,
2018.

Outlook: Stable

CRISIL believes SHD will continue to benefit from its strong
tenant and fund support from promoters. The outlook may be revised
to 'Positive' if a sharp growth in SNMH's revenue leads to a
commensurate rise in the company's revenue, leading to higher cash
flows and reduced dependence on promoter funding. Conversely, the
outlook may be revised to 'Negative' if a slump in the hospital's
topline leads to a dip in the company's revenue, leading to
further mismatch between the company's cash flow and repayment
obligation.

Incorporated in 2009, SHD has leased out its premises in Shimoga,
Karnataka to NHL, where the latter operates and manages SNMH. The
company is promoted by Mr Raghavendra and Mr Vijayendra
Yedyurappa, the sons of Mr B S Yedyurappa, the former chief
minister of Karnataka.


SANTOSHI HYVOLT: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Santoshi Hyvolt
Electricals Private Limited (SHEPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         11        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit             4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Letter of Credit        4        CRISIL A4 (ISSUER NOT
                                    COOPERATING)
   Proposed Short Term
   Bank Loan Facility      6        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SHEPL for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SHEPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'

SHEPL was set up in 1967 as a partnership, Hyvolt Electricals, and
reconstituted in its present form in August 2014. The company
manufactures copper conductors and catenary wires, and is a
registered supplier to the Indian Railways. SHEPL has a
manufacturing unit in Delhi and is managed by Mr. Kaushal Mittal.


SHANTI DEVI: CRISIL Lowers Rating on INR95cr Term Loan to D
-----------------------------------------------------------
CRISIL is downgraded the ratings on bank facilities of Shanti Devi
Charitable Trust (Regd.) (SDCT) from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        13.5       CRISIL D (Downgraded from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Cash Credit            3.2       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan             95.0       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated its
ratings on the bank facilities of SDCT to 'CRISIL B+/Stable/CRISIL
A4 Issuer Not Cooperating' vide rating rationale dated June 11,
2018. However, management has started sharing information
necessary for a comprehensive review of the ratings. Consequently,
CRISIL is downgraded the ratings from 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' to 'CRISIL D/CRISIL D'.

The downgrade reflects the stretch in liquidity, as reflected in
delay in repayment of term debt by SDCT. This was due to negative
cash accrual of INR3.5 crore reported in fiscal 2018, after the
Ministry of Health and Family Welfare disapproved the scheme for
renewal of admissions to the MBBS programme, for the third batch
on May 1, 2018. Resultantly, the debt protection metrics also
weakened, as reflected in interest coverage and net cash accrual
to adjusted debt ratios of -0.02 and -0.04 time, respectively, for
fiscal 2018. In June 2018, the High Court of Punjab and Haryana
ordered the college to undergo another inspection by the Medical
Council of India, for renewal of admissions. While provisional
admissions were allowed during this period, they were subject to
certain conditions. Outcome of the inspection shall be critical
for improvement in liquidity and financial risk profile of the
trust.

The ratings also reflect the modest scale of operations with
presence restricted to one location, and limited track record of
operations. These weaknesses are partially offset by extensive
experience of SDCT's trustees.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity and debt protection metrics: The trust was not
able to service its term debt as per schedule, due to negative
cash accrual of -INR3.5 crore reported in fiscal 2018. This was
because the Ministry of Health and Family Welfare disapproved the
scheme for renewal of admissions to the MBBS programme, for the
third batch on May 1, 2018. As a result, debt protection metrics
also weakened, as reflected in interest coverage and net cash
accrual to adjusted debt ratios of -0.02 and -0.04 time,
respectively, for fiscal 2018.

* Modest scale of operations with presence at a single location:
SDCT operates a hospital and medical college at Panipat in
Haryana. The modest scale of operations is also reflected in
estimated revenue of INR22 crore in fiscal 2018.

* Limited track record of operations of college: The medical
college commenced operations only in the academic session 2016-17.
Though full occupancy was reported in the first year, absence of a
proven track record could constrain growth prospects.

Strength

* Extensive experience of trustees: The trustee family has spent
two decades in the education industry, through other trusts
running institutes, which offer engineering, management, and
medical courses.

SDCT, which was set up in 2006, runs a medical college and 300-bed
hospital, NC Medical College and Hospital at Panipat (Haryana).


SHREE BHATTER: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Bhatter
Industries (SBI) continues to be 'CRISIL D Issuer not
cooperating'.

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit        7        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SBI for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SBI continues to be 'CRISIL D Issuer not
cooperating'

Shree Bhatter Industries (SBI) was established in 2011 as a
partnership firm based out of Jodhpur (Rajasthan). The firm is
engaged in processing of guar seeds to produce guar gum splits and
the bye-products, guar korma, and guar churi. The firm has an
installed capacity to process about 40 tonnes per day (TPD).


SHREE KRIPA: CRISIL Maintains B Rating in Non-Cooperating
---------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Shree
Kripa Agro (SKA; part of the Metalore group) to 'CRISIL D/CRISIL
D/Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL A4/Issuer
Not Cooperating', as there has been continuous overdrawals in the
cash credit limit for more than 30 days.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL B/Stable
                                    ISSUER NOT COOPERATING')

   Foreign Documentary      5       CRISIL D (ISSUER NOT
   Bills Purchase                   COOPERATING; Downgraded
                                    from 'CRISIL A4 ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with SKA for obtaining
information through letters and emails dated April 28, 2017, and
May 9, 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 SKA. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for SKA
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.

Based on the last available information and banker feedback,
CRISIL has downgraded the ratings to 'CRISIL D/CRISIL D/Issuer Not
Cooperating' from 'CRISIL B/Stable/CRISIL A4/Issuer Not
Cooperating', as there has been continuous overdrawals in the cash
credit limit for more than 30 days.

The Metalore group, set up in 2001, exports steel utensils,
polyester yarn, cosmetics and standard toiletries, and
agricultural commodities, mainly to the UAE. The group also trades
in these commodities in the domestic market. Recently, it started
processing and selling edible oil (mustard and soya bean) in the
domestic market.


SHREE SHIV: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Shiv Shakti
Cot-Fab Private Limited (SSSCF) continues to be 'CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           1.5         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term   10.32        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan             8.18        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SSSCF for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSSCF continues to be 'CRISIL D Issuer not
cooperating'

Incorporated in 2012, SSSCF is promoted by Ahmedabad (Gujarat)-
based Sindhav family. It undertakes jobwork for dyeing grey fabric
and has installed capacity of close to 150,000 metres per annum.
It commenced operations in December 2013.


SHIV SHAKTI: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facility of Shiv Shakti Re-Rolling
Mills Private Limited (SRMPL) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SRMPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Headquartered in Mumbai, SRMPL manufactures TMT bars. It was
incorporated by Mr. Vijay Mittal and family in 1998. The
manufacturing facilities are in Jalna (Maharashtra); it procures
majority of its raw materials from another company promoted by the
Mittal family, Matsyodari Steel and Alloys Pvt Ltd (rated, 'CRISIL
B/Stable/Issuer not cooperating').


SHIV SNAX: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiv Snax Private
Limited (SSPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            0.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     5.0       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

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

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSPL was incorporated in 2008, promoted by the Madan family and
their related Jeewani family. The company manufactures biscuits on
a job-work basis for Parle Products Pvt Ltd (Parle); it commenced
commercial operations in November 2010 at its manufacturing
facility in Raipur, Chhattisgarh. The promoters have around 35
years' experience in biscuit manufacturing through one of their
group companies under which they manufactured their own brand of
biscuits. They shut down operations of this company in 2008 to
start manufacturing biscuits for Parle.


SHRI OMTEE: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------
CRISIL said the rating on bank facilities of Shri Omtee Steel
Private Limited (SOSPL) continues to be 'CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          10        CRISIL D (ISSUER NOT
                                  COOPERATING)

   Proposed Term Loan    2.11     CRISIL D (ISSUER NOT
                                  COOPERATING)

   Term Loan            10.39     CRISIL D (ISSUER NOT
                                  COOPERATING)

CRISIL has been consistently following up with SOSPL for obtaining
information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SOSPL continues to be 'CRISIL D Issuer not
cooperating'

SOSPL, incorporated in 2009 and promoted by the Jain family,
manufactures thermo-mechanically treated (TMT) bars. The company
has recently backward integrated into manufacturing billets from
sponge iron. Operations are managed by Mr. Deepak Jain and his
brother, Mr. Anil Jain.


SIRI SMELTERS: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Siri Smelters and
Energy Private Limited (SSEPL) continues to be 'CRISIL D Issuer
not cooperating'

                  Amount
   Facilities   (INR Crore)    Ratings
   ----------   -----------    -------
   Cash Credit      6.45       CRISIL D (ISSUER NOT COOPERATING)
   Term Loan        8.55       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SSEPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSEPL continues to be 'CRISIL D Issuer not
cooperating'

SSEPL was incorporated in 2011 and its day-to-day activities are
managed by its managing director, Mr. Mohan Sajja. The company
manufactured ferro alloys, and has temporarily closed down its
manufacturing activities at its plant in Bobbili (Andhra Pradesh).


SIYARAM EXPORTS: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of Siyaram Exports India
Private Limited (SEIPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL D (ISSUER NOT
                                   COOPERATING)

   Foreign Exchange       .02      CRISIL D (ISSUER NOT
   Forward                         COOPERATING)

   Working Capital       1.79      CRISIL D (ISSUER NOT
   Demand Loan                     COOPERATING)

CRISIL has been consistently following up with SEIPL for obtaining
information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

SEIPL, incorporated in 1986, manufactures and exports bed linen,
table linen, mattress, cushion cover, and pillow cover. It is
located in Durgapura (Jaipur). The daily operations of the company
are managed by Mr.Satish Chandra Katta.


SQUARE CERAMIC: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Square Ceramic
Private Limited (SCPL) continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        1.15        CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit           1.25        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan             5           CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SCPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2002 in Morbi, SCPL manufactures floor tiles. The
company is promoted by Mr. Arvindbhai Jivrajbhai Aghara and Mr.
Chamanbhai Jivrajbhai Aghara.


SRI KAILASANADHA: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Kailasanadha
Textiles Pvt Ltd (SKT) continues to be 'CRISIL D Issuer not
cooperating'

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6         CRISIL D (ISSUER NOT COOPERATING)
   Long Term Loan     9.04      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SKT for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SKT continues to be 'CRISIL D Issuer not
cooperating'

SKT was set up in 2013 Mr. Tulabandula Paripurna Krishna Rao, Mr.
T. Ram Kalyan, and their family members. The company is engaged in
ginning and pressing of raw cotton. The firm's ginning unit is
located in Guntur district in Andhra Pradesh.


SRI SAINATHA: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Sri Sainatha Rice
Industries (SSRI) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Cash Credit         6        CRISIL B (ISSUER NOT COOPERATING)
   Long Term Loan      4        CRISIL B (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with SSRI for obtaining
information through letters and emails dated February 28,
2018 and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established as a partnership firm in 2013 and based in Nizamabad
(Telangana), SSRI mills and processes paddy into rice, rice bran,
broken rice, and husk. The firm is promoted by Mr. Ravinder Kuna
and Mrs. Shashikala Kuna. The operations are managed by Mr. Naresh
Kuna.


ST WOVEN: CRISIL Maintains B- Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of ST Woven Bags
Private Limited (SWBPL) continues to be 'CRISIL B-/Stable/CRISIL
A4 Issuer not cooperating'.

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

   Export Packing
   Credit                0.3        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        7.2        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SWBPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SWBPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'

SWBPL was incorporated in 2011 by Jaipur-based Tak family. The
company manufactures polypropylene bags, and is promoted by Mr.
Sharad Kumar Tak and his brothers.


SULAIMAN STEELS: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sulaiman Steels
Private Limited (SSPL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        3.7        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    2.3        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SSPL continues to be 'CRISIL D Issuer not
cooperating'

SSPL, incorporated in 2012 in Cheyyar, Tamil Nadu, manufactures
mild steel ingots.


SURE CARGO: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sure Cargo Control
Private Limited (SCCPL) continues to be 'CRISIL B-/Stable/CRISIL
A4 Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        0.1         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Overdraft             1           CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan             3.9         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SCCPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SCCPL continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

SCCPL was incorporated in 2008, promoted by Mr. Ram Ratan Singhi;
it is based in Gurgaon (Haryana). It sells products such as
strapping belts and bags and also provides cargo packaging and
transportation services.


SWARAJ SYNTHETICS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Swaraj Synthetics
Private Limited (SSPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                    Amount
   Facilities    (INR Crore)      Ratings
   ----------    -----------      -------
   Cash Credit        4.00        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING)

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

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2004, SSPL manufactures various kinds of suiting
fabrics, primarily for uniforms, under the brand, Raghav Suiting.
Its manufacturing facilities are located in Bhilwara (Rajasthan)
and the company is promoted by Mr. Santosh Agal and family.


TEKNOFLOW GREEN: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Teknoflow Green
Equipments Private Limited (TGEPL) continues to be 'CRISIL
B/Stable Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           3.75        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan             9.50        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with TGEPL for obtaining
information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Teknoflow Green Equipments
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Teknoflow Green Equipments
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
Rating category or Lower'

Based on the last available information, the rating on bank
facilities of TGEPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

The Teknoflow group, based at Nashik and promoted by Mr. Lakshman
Pachkwade is engaged in fabrication and exports exhaust systems,
storage tanks, and acoustical structures. It currently derives
most of its revenue from exhaust systems supplied for its key
customer Universal AET, USA.

TI, a proprietorship has been into fabrication business for the
past two decades. TGEPL, was incorporated in 2012, to set up a
larger fabrication facility for the group and to foray into larger
product categories. TGEPL commenced commercial operations in 2015-
16 (refers to financial year, April 1 to March 31).


THIRUMATHI MUTHAMMAL: CRISIL Keeps B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Thirumathi Muthammal
Textiles Private Limited (TMTPL) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .08        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          4.00        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan       4.88        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Bank         .55        CRISIL A4 (ISSUER NOT
   Guarantee                        COOPERATING)

   Proposed Long Term    .49        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with TMTPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TMTPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

TMTPL, incorporated in 1980 by Mr. P Narayana Samy and his family
members, is based in Trichy (Tamil Nadu). It manufactures
polyester-cotton blended yarn.


TIMES FERRO: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Times Ferro Alloys
Limited (TFAL) continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          25.96       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Corporate Loan        4.47       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Funded Interest       1.89       CRISIL B-/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

   Term Loan             2.49       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Working Capital       3.92       CRISIL B-/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with TFAL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TFAL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

TFAL was set up in 2008 by Mr. T C Agarwal. It produces ferrous
alloys such as silico manganese and Ferro manganese. The company's
production facilities are in Durgapur (West Bengal).


TURAKHIA POLYMERS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Turakhia Polymers
Private Limited (TPPL) continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit           10         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TPPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of TPPL continues to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

TPPL, set up in 2003 in Mumbai, is a DCA and consignment stockist
for IOCL since 2010 for Mumbai, Goa, Daman, and Silvassa regions.
The company deals in polymers such as polypropylene, high-density
polyethylene, and linear low-density polyethylene for IOCL.
Moreover, TPPL imports and trades in polymers (other than those it
deals for IOCL).

The operations are managed by Mr. Janak Turakhia and his sons, Mr.
Dharmesh Turakhia and Mr. Mitesh Turakhia.


UJALA PUMPS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Ujala Pumps Private
Limited (UPPL) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         30       CRISIL D (ISSUER NOT COOPERATING)
   Letter of Credit    18       CRISIL D (ISSUER NOT COOPERATING)
   Rupee Term Loan      7       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with UPPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of UPPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'

Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures
water pumps, which it sells under its Ujala brand. The company
primarily manufactures mini mono-bloc pumps and submersible pumps,
along with jet pumps and centrifugal pumps.


UNITED BROTHERS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned United Brothers
Polytech LLP (UBPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits assigned with IND BB/Stable
     rating; and

-- INR50 mil. Non-fund-based limits assigned with IND
     BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect UBPL's modest scale of operations, with
revenue of INR20 million in FY18 (FY17: INR21 million). This
includes the commission earned on the sale of HPCL Mittal Energy
Ltd.'s (HMEL) polymer products and the interest income earned on
the credit extended to customers. FY18 financials are provisional
in nature. According to the management, the firm has achieved
revenue of around INR5 million till June 2018.

The ratings also reflect UBPL's weak credit profile due to the
working capital intensive nature of operations. Net leverage
increased to 2.8x in FY18 (FY17: 1.6x) while interest coverage
reduced slightly to 1.6x (1.8x) on account of an increase in debt
to fund working capital requirements.

The firm does not have any inventory on its books. It makes
payments to HMEL on behalf its customers and charges interest for
the extended credit. The company faces a high counterparty risk,
with outstanding debtor of INR85 million as against net worth of
INR49.79 million in FY18.

The ratings are supported by the company's healthy operating
margin of 57.4% in FY18 (FY17: 62.8%) and return on capital
employed of 11% (14%), as the firm books revenue in the form of
commission and interest. The firm has been a del credere agent for
HMEL since 2014 and it has built strong relations with its
suppliers and customers over the years. Also, the firm has
moderate liquidity with the use of the fund-based limits being 72%
over the 12 months ended June 2018.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

UBPL was established as a partnership firm in August 2012. The
firm is an agent and a consignment stockist for the distribution
and marketing of HPCL Mittal Energy's polypropylene products in
Maharashtra, Daman and Silvassa.


VANNSH LIFE: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Vannsh Life Sciences
Private Limited (VLSPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.35       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       13.65       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VLSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2009 and based in Hyderabad, VLSPL is engaged in
setting up of Active Pharmaceutical Ingredient (API) unit. The
company is promoted by Mr. K V Ravindra and Mr. Sandadi V Reddy.


VASAVI PIPES: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Vasavi Pipes Private
Limited (VPPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

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

CRISIL has been consistently following up with VPPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VPPL, incorporated in 2006, is a part of the Vasavi group. It
trades in PVC pipes and fittings. It is based in Guntakal (Andhra
Pradesh) and is managed by Ms. S Sridevi.


VIJ AGRO: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Vij Agro Exports
Private Limited (Vij Agro) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            60         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with Vij Agro for
obtaining information through letters and emails dated May 31,
2018 and June 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Vij Agro Exports Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Vij Agro Exports Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or Lower'

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

Incorporated in 1999, the Vij group mills and processes basmati
rice (Pusa 1121 quality). The group is promoted by Mr. Sunil Kumar
Vij, his two brothers, Mr. Sachin Kumar and Mr. Pravin Kumar, and
their mother, Mrs. Naresh Kumari Vij. Its processing unit is in
Ferozepur, Punjab.


VIJAYANT AGENCIES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Vijayant Agencies
Private Limited (VAPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

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

   Proposed Cash
   Credit Limit           5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)
   Proposed Long Term
   Bank Loan Facility     1        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with VAPL for obtaining
information through letters and emails dated May 31, 2018 and
June 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VAPL was incorporated in 2008, promoted by Mr. Manoj Kabra and Mr.
Jayant Kabra; it is based in Jalgaon, Maharashtra. The company is
an authorised distributor of mobile phones and accessories for
Samsung India Electronics Pvt Ltd, fast-moving consumer products
for Marico Industries Ltd, and Tata Tiscon steel bars.


VIKAS COTTON: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the rating on bank facilities of Vikas Cotton
Industries Private Limited (VCIPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      .3       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan              1.2       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with VCIPL for obtaining
information through letters and emails dated May 31, 2018 and June
30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

VCIPL, based in Kadi (Gujarat), was incorporated in 2005 and
promoted by the Patel family. The company is engaged in ginning
and pressing of raw cotton. It has its facility at Kadi, with a
capacity of more than 350 bales of cotton per day.



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


AMON: Anime Production Studio Files for Bankruptcy
--------------------------------------------------
Paul Chapman at Crunchyroll reports that according to documents
filed in the Tokyo District Court, Musashino-based production
studio company amo has filed for bankruptcy.

The company's capital assets were valued at JPY3 million
(US$27,000). Their outstanding debts are still being investigated,
Crunchyroll discloses.

Crunchyroll says spokespeople for the company stated that they had
business arrangements through the beginning of 2018, but the state
of future business is currently unknown.

Founded in November of 1993, amo provided production cooperation
and assistance for such high profile titles as Black Clover,
Oreimo, and Gintama Season 4.



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


MALAYSIA: Cancels 2 Chinese Projects Fearing Bankruptcy
-------------------------------------------------------
Amanda Erickson at The Washington Post reports that Malaysian
Prime Minister Mahathir Mohamad announced on Aug. 21 he will
shelve two major infrastructure projects by Chinese companies for
being simply too expensive for his debt-ridden country.

The Washington Post says the rejection of the projects, part of
China's signature Belt and Road Initiative, was in stark contrast
to the prime minister's cozy dinner with Chinese President Xi
Jinping the day before, when they said they were "optimistic"
about their shared future and promised to "enhance mutual
political trust."

"I believe China itself does not want to see Malaysia become a
bankrupt country," the report quotes PM Mahathir Mohamad as
saying. "China understands our problem and agreed."

One of the projects, dubbed the East Coast Rail Link, would have
connected the South China Sea with strategic shipping routes in
Malaysia's west, providing an essential trade link. The other was
a natural gas pipeline in Sabah, a Malaysian state on the island
of Borneo, the report says.

According to the report, Mahathir said several key details,
including compensation, still have to be worked out.

At a news conference on Aug. 21, a Chinese spokesman said Xi was
"deeply satisfied" with the visit, the report relays. "China has
always carried out economic and trade and investment cooperation
with other countries on the principle of mutual benefit," he said.

"Of course, cooperation between any two countries will inevitably
lead to some problems, and different views may emerge at different
times," the official said, adding that the countries would
continue to work together, the Washington Post relays.

Mahathir's decision is a big blow for China, said Marina Rudyak,
who studies Chinese foreign aid at Heidelberg University. "Xi
Jinping frames BRI as China's contribution in a 'new era' where
China is a responsible global player," she wrote in an email, the
report relays. "This means the canceled projects signify a failure
of China's economic diplomacy."

With its Belt and Road Initiative, China thought it could
outperform Western projects "while at the same time helping
Chinese companies to internationalize," the report quotes Ms.
Rudyak as saying. "Turns out, there is a reason for all those
bulky international standards China had frequently portrayed as
obsolete and obstructing development."

The World Bank, which funds infrastructure projects in many
developing countries, has said the Belt and Road Initiative comes
with potential benefits and risks, according to the Washington
Post. In a blog post this spring, a senior World Bank economist
said successful BRI projects could improve infrastructure and
commerce in countries that have had difficulty integrating into
the world economy.

But the economist, Michele Ruta, added that for some countries,
"the financing required for BRI projects may expand debt to
unsustainable levels," the report says.  Big infrastructure
projects can also carry "environmental, social, and corruption
risks," he said, especially "in countries involved in the BRI,
which tend to have relatively weak governance."



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


JGC VENTURES: Moody's Rates Sr. Unsec. Notes 'B2', Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
rating of B2 to the proposed senior unsecured notes to be issued
by JGC Ventures Pte. Ltd. The proposed notes are guaranteed by
Modernland Realty Tbk and most of its subsidiaries; and rank pari
passu with the 2019 notes and 2024 notes.

The rating outlook is stable.

Modernland will use the net proceeds from the proposed issuance
towards redemption of its 2019 notes, existing bank loans, capital
spending and other working capital purposes.

RATINGS RATIONALE

"The proposed notes are not exposed to either legal or structural
subordination risk. Hence the rating is in line with Modernland's
B2 corporate family rating," says Jacintha Poh, a Moody's Vice
President and Senior Analyst.

At June 30, 2018, 82% of Modernland's total debt was unsecured.
While the majority of Modernland's borrowings are at the holding
company level, the notes are guaranteed by all major subsidiaries.

"The increase in borrowings from the proposed notes can be
accommodated in Modernland's B2 corporate family rating and is in
line with our expectation that the company will increase capital
spending to replenish its land bank," adds Poh, who is also
Moody's Lead Analyst for Modernland.

Moody's expects Modernland's key credit metrics will weaken in
2018 because of (1) a decline in revenue owing to lower
contributions from one-off land sales; and (2) an increase in debt
owing to higher capital spending to replenish its land bank.

Leverage -- as measured by adjusted debt/homebuilding EBITDA --
will weaken to 4.8x in 2018 from 3.7x for the 12 months ended June
30, 2018. Interest coverage -- as measured by homebuilding
EBIT/interest expense -- will also weaken to 2.1x from 2.4x over
the same period. Nonetheless, these metrics remain within
Modernland's B2 rating parameters.

Modernland's B2 corporate family rating reflects the company's
ability to execute one-off land sales to its joint ventures, which
continued to support its marketing sales achievement. While the
one-off land sales have created volatility in Modernland's revenue
and cash flows, its joint ventures with reputable partners
mitigate development and funding risk and support growth.

Modernland's rating is constrained by its small scale and lack of
geographic diversity outside Greater Jakarta. The company is also
exposed to the cyclical property sector, with limited
contributions from the more stable and recurring income stream of
its investment properties.

The rating outlook is stable, reflecting Moody's expectation that
Modernland will (1) achieve its sales target; (2) maintain
financial discipline while pursuing growth; and (3) successfully
refinance its debt maturities over the next 12-18 months.

The ratings could be upgraded if Modernland successfully executes
its expansion strategy - supported by sustained improvements in
its sales performance and positive free cash flow generation - and
maintains solid liquidity in the form of cash balances and
committed facilities. Credit metrics that will support a ratings
upgrade include adjusted debt/homebuilding EBITDA below 3.5x, and
adjusted homebuilding EBIT/interest coverage above 3.0x on a
sustained basis.

However, the ratings could be downgraded if: (1) Modernland fails
to implement its business plans; (2) the property market
deteriorates, leading to protracted weakness in Modernland's
operations and credit profile; or (3) Modernland makes large
capital spending including land acquisition that weakens its
liquidity profile.

Moody's would consider downgrading the rating if: (1) adjusted
debt/homebuilding EBITDA rises over 5.0x; (2) adjusted
homebuilding EBIT/interest coverage falls below 2.0x; and (3) cash
holdings and committed facilities are insufficient to cover the
company's short term borrowings.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Modernland Realty Tbk is an integrated property developer in
Indonesia that focuses on industrial town development, residential
development and township development. It also has small exposures
to the hospitality and commercial property segments. The company
listed on the Jakarta Stock Exchange in 1993, and is controlled by
the Honoris family through direct ownership and various holding
companies, including a 9.6% stake held by AA Land Pte. Ltd.



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


* VIETNAM: Plastic Cos. Fear Bankruptcy Amid Scrap Import Ban
-------------------------------------------------------------
Vietnam News reports that plastic companies are facing possible
bankruptcy after 4,000 tonnes of plastic scrap, raw material for
their production, have been held up at ports for tests to ensure
they meet import criteria.

The Government has stipulated that only "clean" plastic scrap with
less than 2 per cent impurity can be imported. But the industry
complained indignantly that authorities have not defined "clean,"
VN says.

VN relates that Ho Duc Lam, chairman of the Viet Nam Plastics
Association (VPA) told an industry meeting on Aug. 21: "If the
Government does not have any solution for import of the plastic
scrap [at ports], many enterprises would go bankrupt."

The report notes that the industry depends on import of plastic
scrap to feed 80% of its production.

VN says the General Department of Customs cracked down on scrap
import in June fearing Viet Nam would be flooded with scrap after
China slapped a total ban on imports of all kinds of scrap.

Nhua Le Tran company is one of Viet Nam's 10 largest plastic scrap
importers and among the worst hit by the ban.

"We have signed contracts to supply plastic through the year but
now we cannot because of lack of raw materials," the report quotes
Tran Vu Le, Nhua Le Tran's director, as saying.  "Locally recycled
plastic cannot be used because of poor quality.

"Now we have two choices: One is to pay compensation to our
customers [because we cannot supply], the other is to use non-
recycled plastic instead of scrap. In the latter case we will
suffer 10 per cent losses instead of making 10 per cent profits."

The Viet Nam Plastics Association also warned of huge losses for
the industry, the report states.

Around 5,000 containers of plastic scrap are being held at ports
for up to two months now and importers have to pay charges of
US$50-US$100 per container per day of delay.  Each container is
worth US$10,000.

"The importers do not know what to do with the containers because
these charges might be higher than the value of the scrap," the
report quotes Lam as saying.  "Enterprises have had to suspend
production and pay compensation to buyers due to delays."

VN says the scrap belongs to 50 member companies of VPA and 10
other importers.

Lam also revealed that many companies have invested VND100-VND200
billion ($45-$90 million) in facilities to recycle plastic scrap
and are languishing with feedstock, the report relays.

"We fully agree with the Government's policy to ban all kinds of
scrap that cannot be recycled to protect the environment.

"But the Government should find a solution for importers who have
licences to import plastic scrap."

He urged authorities to speed up inspection of the scrap
containers, the report adds.



                             *********

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.


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

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

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

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

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



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